Common use of MORTGAGE BOND Clause in Contracts

MORTGAGE BOND. 6.1.1. Should the Purchaser require a loan in order to pay the Consideration Payable or any part thereof, then this sale shall be subject to the suspensive condition that the Purchaser obtains within 30 (thirty) days from date of signature hereof a loan for an amount as set out in paragraph 10 of Schedule 1 hereof, secured by a mortgage bond on the customary conditions from a financial institution against security of the Erf. 6.1.2. The Purchaser undertakes to forthwith lodge the required application for the said loan and supporting documents with the financial institution and to do everything that may be necessary to acquire the said loan. It is recorded that this clause is for the sole benefit of the Purchaser. 6.1.3. In the event of the Purchaser failing to apply for the said loan within 10 (ten) days after date of signature hereof, he/she shall be deemed to have waived and renounced the benefit of this clause and this clause shall no longer apply, and the Agreement shall accordingly no longer be subject to this condition, and the Purchaser shall then be obliged to pay the balance of the purchase price to the Attorneys as set out in clause 4 above, alternatively and within the sole discretion of the Developer exercised in writing, the sale shall lapse and shall be of no further force and effect. 6.1.4. The Developer shall during the loan application period be entitled to continue marketing of the Erf and accept other offers in respect of the Erf. 6.1.5. The Seller shall proceed with the first offer where all the suspensive conditions are fulfilled and where written confirmation is received by the Attorney in this regard. All other accepted offers will be terminated in that event and the parties reciprocally and irrevocably acknowledge that they shall have no further claims against one another arising out of the agreements that lapse as a result.

MORTGAGE BOND. 6.1.1. Should the Purchaser require a loan in order to pay the Consideration Payable or any part thereof, then 8.1 If this sale shall be agreement is subject to the suspensive condition that approval of a loan/bond granted to the Purchaser obtains within 30 (thirty) days from date of signature hereof a loan for an amount as set out in paragraph 10 of Schedule 1 hereof, secured PURCHASER by a mortgage bond on Bank or any other Financial Institution then such approval is to be gained by no later than the customary conditions from a financial institution against security number of days as detailed under 3.10 of the ErfSCHEDULE, after signature of this agreement. 6.1.2. 8.2 The Purchaser PURCHASER undertakes to forthwith lodge pay all costs relating to the required application for the said loan and supporting documents with the financial institution and to do everything that may be necessary to acquire the said loan. It is recorded that this clause is for the sole benefit registration of the Purchaser. 6.1.3. In the event of the Purchaser failing above bond and further undertakes to apply for the said loan sign all necessary documents within 10 7 (tenSEVEN) days after date of signature hereof, he/she shall be deemed having been requested to have waived and renounced do so by the benefit of this clause and this clause shall no longer apply, and CONVEYANCER. 8.3 Should the Agreement shall accordingly no longer be subject PURCHASER: 8.3.1 fail to this condition, and obtain approval for the Purchaser shall then be obliged to pay loan within the balance of the purchase price to the Attorneys as set out period specified in clause 4 above, alternatively 8.1: 8.3.1.1 this AGREEMENT shall terminate and within the sole discretion of the Developer exercised in writing, the sale shall lapse and shall be of no further force and or effect. 6.1.4. The Developer shall during 8.3.1.2 the loan application period be entitled to continue marketing of the Erf and accept other offers in respect of the Erf. 6.1.5. The Seller shall proceed with the first offer where all the suspensive conditions are fulfilled and where written confirmation is received deposit paid by the Attorney PURCHASER in this regard. All other accepted offers will terms of clause 6.2.1, together with any interest and bank charges accrued in terms of clause 6.2.1, shall be terminated in that event refunded to the PURCHASER, whereupon the SELLER and the parties PURCHASER reciprocally and irrevocably acknowledge that they shall have no further claims claim the one against one another arising out the other. 8.3.2 failure to apply for the loan/bond or to provide the requested/required information within the period will be considered as a breach and will be treated as per clause 27 of the agreements agreement if the agreement was subject to a bond/loan being granted. 8.4 Should a prospective mortgagee require that lapse a matching investment be made to procure the said loan, any raising fee or administration charge connected therewith shall be for the account of the PURCHASER who accepts liability in respect thereof. 8.5 Should the bond approval be withdrawn once having been approved or not effected for any reason it will be considered as a resultbreach and the SELLER shall have the right to act in terms of clause 27 hereof.

MORTGAGE BOND. 6.1.1. (SUSPENSIVE CONDITION) 7.1 Should the Purchaser require a loan finance to secure the balance purchase price as contained in order to pay clause 6.3.2 of this Agreement read with paragraph 3.3 of the Consideration Payable or any part thereofSchedule, then this sale Agreement shall be subject to the suspensive condition that and conditional upon the Purchaser obtains within 30 (thirty) days from date of signature hereof a being granted loan for an amount as set out in paragraph 10 of Schedule 1 hereof, finance to be secured by a mortgage bond on bond, for the customary conditions amount specified in paragraph 4 of the Schedule, from a financial institution against security South African registered commercial bank, and such loan must be approved in writing by no later than the date provided for in paragraph 4 of the ErfSchedule or such extended period as the Seller in its sole discretion may determine. The said approval shall be irrevocable save for providing that transfer of the Section be passed to the Purchaser. 6.1.2. 7.2 The Purchaser hereby undertakes timeously to forthwith lodge the required application for the said loan and supporting documents with the financial institution do all such things and to do everything that sign all such documents as may be necessary to acquire apply for and procure the said loan. It is recorded that this clause is for approval and to furnish written proof to the sole benefit Seller of the Purchasergranting or refusal thereof. 6.1.3. 7.3 In the event that the Purchaser’s loan finance application is subject to the provisions of the Purchaser failing National Credit Act 34 of 2005, the suspensive condition pertaining to apply for the said loan within 10 (ten) days after date of signature hereof, he/she shall be deemed to have waived and renounced the benefit of this clause and this clause shall no longer apply, and the Agreement shall accordingly no longer be subject to this condition, and the Purchaser shall then obtaining loan finance to be obliged to pay the balance of the purchase price to the Attorneys secured by a mortgage bond, as set out in clause 4 7.1 above, alternatively and within shall be deemed to be fulfilled upon signature by the sole discretion Purchaser of the Developer exercised bank’s pre-agreement statement and quotation (“the loan finance approval”). In the event that the condition in writingclause 7.1 above is not fulfilled, the sale shall lapse and this Agreement shall be of no further force and effect.effect and neither Party shall have any claim against the other, except that: 6.1.4. The Developer 7.3.1 the Seller shall during refund to the loan application period be entitled Purchaser the deposit referred to continue marketing in clause 3.2 of the Erf and accept other offers in respect of Schedule, with accrued interest, and 7.3.2 the ErfPurchaser shall be obliged to immediately vacate the Section, if the Purchaser has taken occupation as referred to clause 9 below. 6.1.5. The Seller shall proceed with the first offer where all the suspensive conditions are fulfilled and where written confirmation is received by the Attorney in this regard. All other accepted offers will be terminated in that event and the parties reciprocally and irrevocably acknowledge that they shall have no further claims against one another arising out of the agreements that lapse as a result.