Common use of PHASED DEVELOPMENT Clause in Contracts

PHASED DEVELOPMENT. This sale is subject to the following special condition which is imposed by the Seller in terms of Section 11(2) of Act 95/1986: The Seller, in terms of Section 25 of Act 95/1986, hereby reserves for itself the real right to extend, for its personal account, the Scheme by the erection and completion from time to time but within a period of 20 (twenty) years of: a) a further building or buildings, b) a horizontal extension of an existing building or buildings and c) a vertical extension of existing buildings on that part of the common property outlined on the Site Plan, to divide such building or buildings into a section or sections and common property and to confer the right of exclusive use over parts of such common property upon the owner or owners of one or more of such sections in the Scheme.

PHASED DEVELOPMENT. This sale is subject to the following special condition which is imposed by the Seller in terms of Section 11(2) of Act 95/1986: The , namely, the Seller, in terms of Section 25 of Act 95/1986, hereby reserves for itself the real right to extend, for its personal account, the Scheme by the erection and completion from time to time but within a period of 20 (twenty) years of: a) 4.1. a further building or buildings, b) 4.2. a horizontal extension of an existing building or buildings buildings, and c) 4.3. a vertical extension of existing buildings on that part of the common property outlined on the Site Plan, to divide such building or buildings into a section or sections and common property and to confer the right of exclusive use over parts of such common property upon the owner or owners of one or more of such sections in the Scheme.