MORTGAGE FINANCE. 3.1 This sale shall be subject to and conditional upon the Purchaser procuring the Mortgage Loan from a bank or other financial institution no later than the date provided for in clause (d) of the Schedule or such extended period as the Seller in its sole discretion may determine.
3.2 In the event that a loan is approved for an amount less than the Mortgage Loan and the Purchaser accepts such lesser amount, the Purchaser undertakes to furnish the Seller's Conveyancers with either payment or a bank guarantee for the shortfall within 14 (fourteen) days from the date of the granting of the aforesaid loan.
3.3 The Purchaser hereby undertakes timeously to do all such things and to sign all such documents as may be necessary to apply for and procure the approval of the Mortgage Loan from a bank or other financial institution and to furnish written proof to the Seller of the granting or refusal thereof.
3.4 The suspensive condition pertaining to the Mortgage Loan shall be deemed to be fulfilled upon the issue by the bank or financial institution of a letter of final grant or accepted quotation.
3.5 In the event that the condition in clause 3.1 is not fulfilled, this Agreement shall be of no force or effect and neither party shall have any claim against the other, except that:
3.5.1 the Seller shall instruct the Conveyancers or the Agent to refund to the Purchaser the Deposit with accrued interest;
3.5.2 The Purchaser shall be obliged to immediately vacate the Property.
3.6 The Conveyancers shall attend to the registration of the mortgage bond required as security for such loan.
MORTGAGE FINANCE. 3.1 This sale shall be subject to and conditional upon the Purchaser procuring the Mortgage Loan from a bank or other financial institution no later than the date provided for in clause (d) of the Schedule or such extended period as the Developer in its sole discretion may determine in writing.
3.2 In the event that a loan is approved for an amount less than the Mortgage Loan and the Purchaser accepts such lesser amount, the Purchaser undertakes to furnish the Developer’s Conveyancers with either payment or a bank guarantee for the shortfall within 7 (seven) days from the date of the granting of the aforesaid loan.
3.3 The Purchaser appoints JJR Incorporated / Xxxxx & Xxxxx Attorneys, as the Bond Attorneys, to attend to the registration of a Mortgage Bond against the Property, simultaneously with the registration of the Property into the name of the Purchaser. The Purchaser accepts this clause as reasonable for the better control and speedy finalization of the transaction.
3.4 The Purchaser hereby undertakes timeously to do all such things and to sign all such documents as may be necessary to apply for and procure the approval of the Mortgage Loan from a bank or other financial institution and to furnish written proof to the Developer of the granting or refusal thereof.
3.5 The suspensive condition pertaining to the Mortgage Loan shall be deemed to be fulfilled upon the issue by the bank or financial institution of a letter of grant in principle or a pre-agreement statement and quotation.
3.6 In the event that the condition in clause 3.1 is not fulfilled or the Purchaser is unable to accept a loan for an amount less than the Mortgage Loan as provided for in clause 3.2, this Agreement shall be of no force or effect and neither party shall have any claim against the other, except that the Developer shall instruct the Conveyancers to refund to the Purchaser the Deposit with accrued interest;
MORTGAGE FINANCE. 13.1 This agreement is subject to the condition that the Purchaser (or the Seller or its agent, if any, on the Purchaser's behalf) is able to raise a loan, within the time frames stipulated in clause 9 of the Schedule of Particulars, upon the security of a first mortgage bond to be passed over the Unit for a sum of not less than the amount shown in 6 of the Schedule of Particulars. Such bond shall be substantially on the same terms and conditions as bonds granted by any bank or other financial institution in respect of similar properties and for Purchasers of a similar financial standing. This condition shall be deemed to have been fulfilled upon written advice by the lender to the Seller or the Purchaser that it is prepared to make the loan notwithstanding that funds might not immediately be available and notwithstanding that the final approval of the loan cannot be given until the sectional plans have been approved.
13.2 The Purchaser undertakes to use his/her/its best endeavours to raise the aforesaid loan and furthermore undertakes to sign all such documents as are reasonably necessary for this purpose. The Purchaser warrants that he/she/it earns sufficient to obtain the bond in the amount indicated. 14 JOINT AND SEVERAL LIABILITY Should this agreement be signed by more than one person as Purchaser, the obligation of all such signatories shall be joint and several.
MORTGAGE FINANCE. The Buyer shall immediately submit and diligently pursue an application for mortgage finance over the Property and should make every effort to ensure that an offer of advance is secured before the Exclusivity Period.
MORTGAGE FINANCE. 13.1 This agreement is subject to the condition that the Purchaser (or the Seller or its agent, if any, on the Purchaser's behalf) is able to raise a loan, within the time frames stipulated in paragraph 5 of the Schedule of Particulars, upon the security of a first mortgage bond to be passed over the Unit for a sum of not less than the amount shown in paragraph 5 of the Schedule of Particulars. Such bond shall be substantially on the same terms and conditions as bonds granted by any bank or other financial institution in respect of similar properties and for Purchasers of a similar financial standing. This condition shall be deemed to have been fulfilled upon written advice by the lender to the Seller or the Purchaser that it is prepared to make the loan notwithstanding that funds might not immediately be available and notwithstanding that the final approval of the loan cannot be given until the sectional plans have been approved. It is expressly recorded that a "pledge/pre-bond approval" does not constitute the necessary approval in principle in terms of this agreement.
13.2 The Purchaser undertakes to use his/her/its best endeavours to raise the aforesaid loan and furthermore undertakes to sign all such documents as are reasonably necessary for this purpose. The Purchaser warrants, to the best of his/her knowledge and belief, that he/she/it earns sufficient to obtain the bond in the amount indicated. 14 JOINT AND SEVERAL LIABILITY Should this agreement be signed by more than one person as Purchaser, the obligation of all such signatories shall be joint and several.
MORTGAGE FINANCE. (a) In the event that the Purchase Price or portion of it is to be made up from finance from a building society or registered financial institution, the Purchaser undertakes to (and notwithstanding and without prejudice to his obligation to pay the Purchase Price by the due date for payment in terms of this Agreement):
(i) take all steps as may be reasonable and necessary to secure the grant of the loan;
(ii) accept any loan so offered on reasonable terms;
(iii) authorise the Seller or his agent to deal directly with any building society or registered financial institution that may be involved; and
(iv) not do any act or thing which could preclude him from securing, or which could prejudice him in securing, any such loan.
(b) The Purchaser shall also furnish to the attorneys attending to the registration of the mortgage bond on behalf of the building society or registered financial institution, the costs of the registration upon their demand.
MORTGAGE FINANCE. 18.1 It is recorded that the purchaser requires a loan or loans on security of a mortgage bond or bonds over the property for the mortgage finance.
18.2 If the purchaser is unable to obtain such loan or loans at rates of interest, terms of repayment and other terms and conditions no more onerous than those applicable to loans granted by any bank or company controlled by any bank on security of like property prior to the guarantee date, then and in such event either of the parties hereto may cancel this agreement by notice in writing to the other of them and in this event all monies (other than occupation interest) paid by the purchaser shall immediately be refunded to the purchaser.
MORTGAGE FINANCE. 7.1 The Purchaser wishes to raise a loan in the amount as set out in clause 3.1.3 for purposes of funding the purchase of the Property.
7.2 The Purchaser shall utilise the services of the Seller’s Bond Originator to make application to a registered commercial bank for a loan in the amount required upon the security of a first mortgage bond to be passed over the title deed for the Property simultaneously with transfer.
7.3 The Purchaser undertakes to use his best endeavours to assist the Seller’s Bond Originator in order to raise the loan in as set out in clause 7.1 and furthermore undertakes to sign all such documents as are reasonably necessary for this purpose. The Purchaser warrants that he has sufficient income to procure the aforesaid loans.
7.4 If the loan is not raised within 30 (Thirty) days from date of acceptance of this offer to purchase by the Seller by the time period may be extended by the Seller on written notice to the Purchaser for a further period or periods not exceeding a total of 90 days, failing which this agreement shall lapse and no longer be of any force or effect.
MORTGAGE FINANCE. The Allottee(s) may with the prior consent of the Company, in writing, and other competent authorities mortgage or charge theSaid Premises(s) to such bank/financial institution/government authority or any other person(s) as may be permitted by the Company provided that in the event of sale or foreclosure of the mortgaged Said Premises, the remaining payment under this Agreement shall have priority over the said mortgage or charge as the case may be.
MORTGAGE FINANCE a loan of not less than R ………………………………………. (…………………………………………………………………………………………………. ) to be granted by a bank or similar financial institution for the purpose of paying the PURCHASE PRICE to be secured by a first mortgage bond over the PROPERTY which loan shall be granted within 15 (fifteen) days of signature of this agreement by the PURCHASER (which deadline may be extended by the SELLER at the SELLER'S sole option for a period of 15 days). The SELLER need not give notice to the purchaser of any such extension.
