Common use of NATIONAL CREDIT ACT Clause in Contracts

NATIONAL CREDIT ACT. 27.1 If this Agreement is subject to the National Credit Act 34 of 2005, the Purchaser warrants that: 27.1.1 once the mortgage bond is approved and the pre-agreement quotation statement and quotation is accepted, the Purchaser shall not do anything that may cause the Purchaser to become over- indebted in terms of the National Credit Act or cause the bank to withdraw the bond approval; 27.1.2 the Purchaser shall not do anything between the date of acceptance of the pre-agreement statement and quotation and registration of the mortgage bond which may cause the Purchaser's financial situation to deteriorate; 27.1.3 at the time of signature of this Agreement the Purchaser is not: 27.1.3.1 over-indebted and/or; 27.1.3.2 subject to debt review and/or; 27.1.3.3 subject to an administration order. 28 PARTICIPATION QUOTA 28.1 Units in the Sectional Title Scheme shall be sold and utilized for residential purposes. 28.2 It is therefore agreed that the proposed Sectional Title Scheme in respect of the Development will accordingly be a scheme as envisaged in terms of Section 32(2) of the Act. 28.3 The Participation Quota of a Section shall be a percentage expressed to four decimal places, as determined by the Developer. 28.4 The total of the quotas allocated by the Developer to the residential sections shall be divided among them in proportion to a calculation of their quotas made in terms of Section 32(1) of the Act. 28.5 It is recorded by the Seller and Purchaser that the Participation Quotas were calculated from Architect drawings and that they may change after actual measurement of the completed Building and all constituent Sections.

NATIONAL CREDIT ACT. 27.1 30.1 If this Agreement is subject to the National Credit Act 34 of 2005, the Purchaser warrants that: 27.1.1 30.1.1 once the mortgage bond is approved and the pre-agreement quotation statement and quotation is acceptedaccepted , the Purchaser shall not do anything that may cause the Purchaser to become over- over-indebted in terms of the National Credit Act or cause the bank to withdraw the bond approval; 27.1.2 30.1.2 the Purchaser shall not do anything between the date of acceptance of the pre-agreement statement and quotation and registration of the mortgage bond which may cause the Purchaser's financial situation to deteriorate; 27.1.3 30.1.3 at the time of signature of this Agreement the Purchaser is not: 27.1.3.1 : 30.1.3.1 over-indebted and/or; 27.1.3.2 ; 30.1.3.2 subject to debt review and/or; 27.1.3.3 ; 30.1.3.3 subject to an administration order. 28 31. PARTICIPATION QUOTA 28.1 QUOTA 31.1 Units in the Sectional Title Scheme shall be sold and utilized for residential purposes. 28.2 31.2 It is therefore agreed that the proposed Sectional Title Scheme in respect of the Development will accordingly be a scheme as envisaged in terms of Section 32(2) of the Act. 28.3 31.3 The Participation Quota of a Section shall be a percentage expressed to four decimal places, as determined by the Developer. 28.4 31.4 The total of the quotas allocated by the Developer to the residential sections shall be divided among them in proportion to a calculation of their quotas made in terms of Section 32(1) of the Act. 28.5 31.5 It is recorded by the Seller and Purchaser that the Participation Quotas were calculated from Architect drawings and that they may change after actual measurement of the completed Building and all constituent Sections.