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;
Appears in 1 contract
Samples: Sale Agreement
MORTGAGE FINANCE. 3.1 This sale 15.1 The provisions of this agreement, are subject to the suspensive condition that the Purchaser (or the Seller or the Seller’s agent, on the Purchaser's behalf) is able to raise a loan upon the security of a first mortgage bond to be passed over the section for a sum of no less than : R ( ) (“the Mortgage Loan”) The parties record that acceptance of a quotation letter and/or pre-agreement statement issued by a financial institution offering a mortgage loan to the Purchaser, including a term that it is subject to the sectional title register being opened, shall constitute fulfillment of the suspensive condition to this agreement. The Purchaser shall be subject obliged to and accept, within 5 (five) days of a quotation letter and/or pre- agreement statement being granted by the financial institution.
15.2 Notwithstanding the aforegoing, a quotation letter and/or pre-agreement statement issued by the financial institution offering the mortgage loan to the Purchaser conditional upon the cancellation of a mortgage xxxx registered against another property will not be deemed to be fulfillment by 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 writingsuspensive condition.
3.2 In the event 15.3 The parties record 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 have waived the issue suspensive condition by the bank or financial institution of accepting a quotation letter of grant in principle or a and/or pre-agreement statement for a mortgage loan of a lesser amount than reflected in 15.1 and quotationthe Purchaser shall be obliged to effect payment of the balance of the purchase price on demand.
3.6 15.4 In the event that the condition in clause 3.1 is aforesaid mortgage loan cannot fulfilled or be raised within 30 days of the date of signature by the Purchaser is unable to accept a loan for an amount less of this agreement, or within such extended period not exceeding 14 days as the Seller may in writing in its sole discretion allow, the provisions of this agreement, other than the Mortgage Loan those as provided for in clause 3.215.4.1 and 15.4.2, this Agreement shall lapse and be of no further force or effect and neither party effect, in which event:-
15.4.1 the Purchaser shall have any claim against vacate the other, except that unit and restore it to the Developer Seller in the same condition in which it was delivered;
15.4.2 the Seller shall instruct the Conveyancers to refund to the Purchaser the Deposit amounts paid in terms of clauses 3.1 and 3.2. together with accrued interest;any further monies paid by the Purchaser. Should any amount still be due to the Seller as occupational interest or charges to restore the unit as referred to in clause 15.4.1 then the Seller shall be entitled to deduct the same before effecting the refund.
15.5 The Purchaser undertakes to provide and sign all documents necessary to fulfil the suspensive condition immediately on request of the relevant financial institution and/or their agent and/or the developer’s agent, who shall use their best endeavours to procure the mortgage loan from a financial institution.
15.6 In the event the Purchaser does not furnish the financial institution and/or their agent and/or the developer’s agent, within 7 days of request with all documents requested, alternatively attend to complete and submit a mortgage loan application within 7 days of signature hereof to a financial institution, the suspensive condition shall be deemed to have been fulfilled.
15.7 In the event that this agreement is subject to the Purchaser requiring a mortgage loan, as contemplated in clause 15.1 above, then should the Seller at any time prior to the fulfilment of the suspensive condition, obtain another bona fide offer to purchase the section, which offer it, in it’s sole discretion, finds more acceptable and wishes to accept, then the Purchaser shall notified of such fact in writing and have 72 (seventy-two) hours (excluding Saturdays , Sundays and Public Holidays) from time of receipt of such notification to waive in writing the benefit of the suspensive condition in this agreement, thereby binding the the Purchaser unconditionally to this agreement, failing which this agreement shall lapse and be of no further force or effect.
Appears in 1 contract
MORTGAGE FINANCE. 3.1 This sale 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 subject to substantially on the same terms and conditional upon the Purchaser procuring the Mortgage Loan from a conditions as bonds granted by any bank or other financial institution no later than 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 date provided for in clause (d) 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 Schedule or such extended period as loan cannot be given until the Developer in its sole discretion may determine in writing.
3.2 In the event sectional plans have been approved. It is expressly recorded that a loan is approved for an amount less than "pledge/pre-bond approval" does not constitute the Mortgage Loan and the Purchaser accepts such lesser amount, the necessary approval in principle in terms of this agreement. 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 use his/her/its best endeavours to raise 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 loan and speedy finalization of the transaction.
3.4 The Purchaser hereby furthermore undertakes timeously to do all such things and to sign all such documents as may 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. Should this agreement be necessary signed by more than one person as Purchaser, the obligation of all such signatories shall be joint and several. Should the Purchaser be a company or close corporation or trust or should the Purchaser have nominated a company or close corporation or trust as co-Purchaser, the signatory to apply for and procure the approval this agreement warrants that she/he is duly authorized to enter into this agreement on behalf of the Mortgage Loan from a bank company or other financial institution close corporation and to furnish written proof to the Developer hereby binds himself as surety and co-principal debtor in favour of the granting or refusal thereof.
3.5 The suspensive condition pertaining to Seller for all the Mortgage Loan shall be deemed to be fulfilled upon the issue by the bank or financial institution obligations 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 in terms of this agreement (including any amounts which may become owing arising out of any breach of this agreement) and renounces the Mortgage Loan as provided for in clause 3.2benefits of excussion, this Agreement shall be division, cession of no action and de duobus vel pluribus xxxx debendi the meaning and full force or effect and neither party shall have any claim against effects of such benefits the other, except that the Developer shall instruct the Conveyancers to refund to the Purchaser the Deposit with accrued interest;signatory/surety acknowledges he knows and understands.
Appears in 1 contract
Samples: Purchase and Sale Agreement
MORTGAGE FINANCE. 3.1 12.1 This sale 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 12 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 clause 10 of the Schedule. Such bond shall be subject to substantially on the same terms and conditional upon the Purchaser procuring the Mortgage Loan from a conditions as bonds granted by any bank or other financial institution no later than 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 date provided for in clause (d) 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 Schedule or such extended period as loan cannot be given until the Developer in its sole discretion may determine in writingsectional plans have been approved.
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 12.2 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 use his/her/its best endeavours to raise 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 loan and speedy finalization of the transaction.
3.4 The Purchaser hereby furthermore undertakes timeously to do all such things and to sign all such documents as may be are reasonably necessary for this purpose. The purchaser warrants that he/she/it earns sufficient to apply for and procure obtain the approval of bond in the Mortgage Loan from a bank or other financial institution and to furnish written proof to the Developer of the granting or refusal thereofamount indicated.
3.5 12.3 The suspensive condition pertaining in 12.1 is inserted for the benefit of the purchaser who shall be entitled, at any time prior to the Mortgage Loan time period for the fulfilment thereof, to waive the benefit thereof, on written notice to the seller.
12.4 Should the in principal approval be for a lesser amount than the amount for in 9 of the schedule of particulars, the purchaser shall be deemed entitled to, on written notice to the seller or it’s agent, accept the loan amount set out in the in principal approval, which notice must be fulfilled upon delivered to the issue seller prior to the date in 12 of the schedule of particulars, whereafter this agreement shall come into full force and effect.
12.5 The shortfall being the difference between the loan amount and the actual amount approved shall be secured by bankers guarantees acceptable to the seller and delivered to the seller's conveyancers or paid into trust with the seller's conveyancers (and be invested in terms of clause 5.1) within 14 days from written request by the bank or financial institution seller's conveyancers, which request will be made on submission of a letter of grant in principle or a pre-agreement statement and quotationthe sectional title plans to the Surveyor General’s offices.
3.6 12.6 In the event that the condition in clause 3.1 is not fulfilled loan approved, at any time prior to transfer, be withdrawn, whether on instruction from the purchaser or the Purchaser is unable to accept a loan for an amount less than the Mortgage Loan as provided for in clause 3.2any other reason by such financial institution, this Agreement shall it will be of no force or effect and neither party shall have any claim against the other, except regarded that the Developer suspensive condition was met at a prior date and the purchaser shall instruct continue to be bound by the Conveyancers to refund to provisions of this agreement and shall secure the Purchaser loan amount and do so by no later than 10 days from withdrawal of the Deposit with accrued interest;loan.
Appears in 1 contract
Samples: Terms and Conditions of Sale
MORTGAGE FINANCE. 3.1 This sale 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 subject to substantially on the same terms and conditional upon the Purchaser procuring the Mortgage Loan from a conditions as bonds granted by any bank or other financial institution no later than 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 date provided for in clause (d) 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 Schedule or such extended period as loan cannot be given until 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 sectional plans have been approved. 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 use his/her/its best endeavours to raise 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 loan and speedy finalization of the transaction.
3.4 The Purchaser hereby furthermore undertakes timeously to do all such things and to sign all such documents as may are reasonably necessary for this purpose. The Purchaser warrants that he/she/it earns sufficient to obtain the bond in the amount indicated. Should this agreement be necessary signed by more than one person as Purchaser, the obligation of all such signatories shall be joint and several. Should the Purchaser be a company or close corporation or trust or should the Purchaser have nominated a company or close corporation or trust as co-Purchaser in terms of 16, the signatory to apply for and procure the approval this agreement warrants that she/he is duly authorized to enter into this agreement on behalf of the Mortgage Loan from a bank company or other financial institution close corporation and to furnish written proof hereby binds himself as surety and co-principal debtor in favour of the Seller for all the obligations of the Purchaser in terms of this agreement (including any amounts which may become owing arising out of any breach of this agreement) and renounces the benefits of excussion, division, cession of action and de duobus vel pluribus xxxx debendi the meaning and full force and effects of such benefits the signatory/surety acknowledges he knows and understands. This agreement is subject to the Developer resolutive condition that the Purchaser may nominate a third party Purchaser ("the nominated Purchaser") under this agreement as follows: the nominated Purchaser need not be in existence at the time this agreement is signed but must be in existence at the time of the granting or refusal thereof.
3.5 The suspensive condition pertaining nomination; both the nomination and the nominated Purchaser's acceptance of the nomination must be in writing and must be delivered to the Mortgage Loan Seller within 24 hours of signature of this agreement (or such extended date as the parties may agree in writing) failing which the right to nominate will lapse and the original Purchaser will remain bound as Purchaser under this agreement; if a nomination and an acceptance are duly delivered as set out above, the sale to the original Purchaser will automatically fall away and be dissolved on such delivery and a new sale to the nominated Purchaser on the same terms and conditions will automatically simultaneously come into existence provided that: reference to the date of this agreement will continue to refer to this date and not to the date of the new agreement; the deposit, if any, paid by the original Purchaser will be refundable by the Seller to the original Purchaser on payment by the nominated Purchaser of the new deposit, provided that the nominated Purchaser may pay the new deposit to the original Purchaser in discharge both of the nominated Purchaser's liability to pay the new deposit to the Seller and the Seller's liability to refund the old deposit to the original Purchaser; there shall be deemed to be fulfilled upon the issue no consideration whatsoever payable 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 nominated 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 or to the Deposit with accrued interest;Seller arising out of the cancellation of this sale and the coming into existence of the new sale pursuant to this clause. the original Purchaser's rights to nominate a third party as Purchaser is conditional on the original Purchaser not being in breach of any obligation under this agreement. The original Purchaser will automatically be bound as surety and co-principal debtor for the nominated Purchaser's obligations to the Seller arising out of this sale (including any amounts which may become owing arising out of any breach of this Agreement) and renounces the benefits of excussion, division, cession of action and de duobus vel pluribus xxxx debendi the meaning and full force and effects of such benefits the original Purchaser acknowledges he knows and understands. It is recorded that the Agent has agreed that if a new sale to the nominated Purchaser comes into existence pursuant to this clause, commission will only be payable to the Agent on the new sale to the nominated Purchaser and not on the sale to the original Purchaser which has fallen away.
Appears in 1 contract
Samples: Purchase and Sale Agreement
MORTGAGE FINANCE. 3.1 This sale shall be 14.1 The provisions of this agreement, are subject to and conditional upon the suspensive condition that the Purchaser procuring (or the Mortgage Loan from a bank Seller 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 agent, on the Purchaser's behalf) is able to raise a bank guarantee for loan upon 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 security of a Mortgage Bond against first mortgage bond to be passed over the Property, simultaneously with the registration section for a sum 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 no less than This condition pertaining to the Mortgage Loan shall be deemed to be have been fulfilled upon the issue written advice by the bank lender to the Seller or the Purchaser that it is prepared to make the loan subject to the register being opened and notwithstanding that funds might not immediately be available. The parties record that acceptance of a quotation or letter issued by a financial institution offering a loan to the Purchaser shall constitute fulfillment of a letter the suspensive condition to this sale and such acceptance shall be given within 5 (five) days of grant in principle or a pre-agreement statement and quotationthe quotation being granted by the financial institution.
3.6 14.2 In the event that the condition in clause 3.1 is aforesaid loan cannot fulfilled or be raised within 21 days of the date of signature by the Purchaser is unable of this agreement or in each case within such extended period not exceeding 30 days as the Seller may in writing in its sole discretion allow, the provisions of this agreement other than those relating to accept a loan for an amount less than the Mortgage Loan as provided for in clause 3.2, this Agreement non-refundable deposit shall lapse and be of no further force or effect and neither party effect, in which event:-
14.2.1 the Purchaser shall have any claim against vacate the other, except that unit and restore it to the Developer Seller as provided in this agreement;
14.2.2 the Seller shall instruct the Conveyancers to refund to the Purchaser the Deposit amount paid in terms of clause 3.1. Should any amount still be due to the Seller as occupational interest or charges to restore the unit as referred to in clause 9.1.2 then the Seller shall be entitled to deduct the same before affecting the refund.
14.3 The Purchaser undertakes to provide and sign all documents necessary to fulfil the suspensive condition immediately on request of the bond originator, who shall use their best endeavours to procure the mortgage finance from a financial institution.
14.4 In the event the Purchaser does not furnish the Seller or the Developer’s agent within 7 days of request with accrued interest;all documents requested, alternatively attend to complete and submit a bond application within 7 days of signature hereof to a financial institution, the suspensive condition shall be deemed to have been fulfilled.
Appears in 1 contract
