Common use of MORTGAGE BOND Clause in Contracts

MORTGAGE BOND. 16.1 This AGREEMENT is subject to the PURCHASER obtaining a bond in principle from a bank on its usual terms in the amount as specified in Clause 11 of the Annexure "A" if any. In this regard, it is specifically recorded that the PURCHASER shall be obliged to source his/ her/ its bond finance from such mortgage originator appointed by the SELLER in writing. The PURCHASER shall take all steps, do all things and sign all documents required by such originator for the purposes of pursuing any mortgage bond application required in terms hereof. Should the PURCHASER not source his / her bond finance from the mortgage originator appointed by the SELLER, then unless payment of the purchase price by the PURCHASER is made in cash without registration of a mortgage bond, the PURCHASER shall be liable for all costs incidental to the registration of the Mortgage Bond that would have been payable by the SELLER. In such event, the PURCHASER shall pay all bond registration costs within 2 (two) days of request.

MORTGAGE BOND. 16.1 This AGREEMENT is subject to the PURCHASER obtaining a bond in principle from a bank on its usual terms in the amount as specified in Clause 11 of the Annexure "A" SCHEDULE, if any. In this regard, it is specifically recorded that the PURCHASER shall be obliged to source his/ her/ its bond finance from such mortgage originator appointed by the SELLER in writing. The PURCHASER shall take all steps, do all things and sign all documents required by such originator for the purposes of pursuing any mortgage bond application required in terms hereof. Should the PURCHASER not source his / her bond finance from the mortgage originator appointed by the SELLER, then unless payment of the purchase price by the PURCHASER is made in cash without registration of a mortgage bond, the PURCHASER shall be liable for all costs incidental to the registration of the Mortgage Bond Transfer that would have been payable by the SELLER. In such event, the PURCHASER shall pay all bond registration Transfer costs within 2 (two) days of requestrequest by the SELLER's ATTORNEYS to the SELLERS's ATTORNEYS.