Common use of POSSESSION AND OCCUPATION Clause in Contracts

POSSESSION AND OCCUPATION. 7.1 The Purchaser shall be placed in possession and occupation of the Property on the Date of the delivery of a unconditional guarantee issued by a South African financial institution from which date the Property will be at the sole risk, profit or loss of the Purchaser. The Seller, however, gives no warranty or guarantee that the Purchaser will obtain vacant occupation of the property on that date and the Purchaser shall have no claim of whatsoever nature against the Seller should vacant occupation not be obtained on the said date or at all. 7.2 If the date of occupation and possession does not coincide with the date of registration of transfer, the party enjoying occupation and possession whilst the property is registered in the name of the other party, shall, in consideration thereof and for the period of such possession and occupation, pay to the other party occupational interest calculated on the Purchase Price at a rate equal to the Prime Rate payable monthly in advance. Such occupational interest shall be payable monthly in advance to the Conveyancers directly. Occupational interest shall be adjusted for any period of less than one month, the final adjustment to be made on the Transfer Date. 7.3 This clause 7 of this Annexure “1” read together with such other clauses of this Annexure “1” as might be applicable and specifically with inclusion of clause 22 of this Annexure “1”, shall be regarded as an independent divisible agreement and notwithstanding any contradictory term elsewhere contained in this agreement, the Seller shall, without prejudice to any of its other rights in terms of this Agreement, be entitled without notice to the Purchaser, take steps in order to enforce the terms of this clause 7 of this Annexure “1” and/or the collection of any amounts due in terms of this clause.

POSSESSION AND OCCUPATION. 7.1 The Purchaser shall be placed in possession and occupation of the Property on the Date of the delivery of a unconditional guarantee issued by a South African financial institution Occupation from which date the Property will be at the sole risk, profit or loss of the Purchaser. The Seller, however, gives no warranty or guarantee that the Purchaser will obtain vacant occupation of the property on that date and the Purchaser shall have no claim of whatsoever nature against the Seller should vacant occupation not be obtained on the said date or at all. 7.2 If the date of occupation and possession does not coincide with the date of registration of transfer, the party enjoying occupation and possession whilst the property is registered in the name of the other party, shall, in consideration thereof and for the period of such possession and occupation, pay to the other party occupational interest calculated on the Purchase Price at a rate equal to the Prime Rate payable monthly in advance. Such occupational interest shall be payable monthly in advance to the Conveyancers directly. Occupational interest shall be adjusted for any period of less than one month, the final adjustment to be made on the Transfer Date.; 7.3 This clause 7 of this Annexure “1” read together with such other clauses of this Annexure “1” as might be applicable and specifically with inclusion of clause 22 of this Annexure “1”, shall be regarded as an independent divisible agreement and notwithstanding any contradictory term elsewhere contained in this agreement, the Seller shall, without prejudice to any of its other rights in terms of this Agreement, be entitled without notice to the Purchaser, take steps in order to enforce the terms of this clause 7 of this Annexure “1” and/or and/of the collection of any amounts due in terms of this clause.

POSSESSION AND OCCUPATION. 7.1 The Purchaser shall be placed in possession and occupation of the Property on the Date of the delivery of a unconditional guarantee issued by a South African financial institution Occupation from which date the Property will be at the sole risk, profit or loss of the Purchaser. The Seller, however, gives no warranty or guarantee that the Purchaser will obtain vacant occupation of the property on that date and the Purchaser shall have no claim of whatsoever nature against the Seller should vacant occupation not be obtained on the said date or at all. 7.2 If the date of occupation and possession does not coincide with the date of registration of transfer, the party enjoying occupation and possession whilst the property is registered in the name of the other party, shall, in consideration thereof and for the period of such possession and occupation, pay to the other party occupational interest calculated on the Purchase Price at a rate equal to the Prime Rate payable monthly in advance. Such occupational interest shall be payable monthly in advance to the Conveyancers directly. Occupational interest shall be adjusted for any period of less than one month, the final adjustment to be made on the Transfer Date.; 7.3 This clause 7 of this Annexure “1” Agreement read together with such other clauses of this Annexure “1” Agreement as might be applicable and specifically with inclusion of clause 22 32 of this Annexure “1”Agreement, shall be regarded as an independent divisible agreement and notwithstanding any contradictory term elsewhere contained in this agreement, the Seller shall, without prejudice to any of its other rights in terms of this Agreement, be entitled without notice withoutnotice to the Purchaser, take steps in order to enforce the terms of this clause 7 of this Annexure “1” Agreement and/or the collection of any amounts due in terms of this clauseclause 7 .

POSSESSION AND OCCUPATION. 7.1 2.1 The Seller shall use its best endeavours to give occupation on the anticipated Occupation Date set out in the covering schedule but cannot warrant same. The Seller shall, however, give the Purchaser not less than 30 days notice in writing of the occupation date of the unit, provided that, the Seller shall, after having given the Purchaser notice as contemplated aforesaid, be entitled to postpone the occupation date by giving further notice to the Purchaser to this effect within 21 days of date of receipt by the Purchaser of the first notice. 2.2 All risk and benefit in respect of the unit shall pass to the Purchaser on date of occupation. 2.3 If transfer of the unit is registered after the occupation date, the Purchaser shall pay to the Seller occupational interest at the prime rate calculated on the full purchase price from the possession date until the date of registration of transfer (both dates inclusive), subject to the provisions of clause 2.2 above. Notwithstanding the above the Purchaser has the option of making full payment of the purchase price to the Conveyancers Trust Account by date of occupation, in which event, the interest which accrues on the investment of the funds in the Conveyancers Trust Account shall be placed paid to the Seller in possession full settlement of the occupational rental due by the Purchaser until date of registration of transfer. 2.4 Should the Purchaser: 2.4.1 fail to pay any amount due in terms of this agreement or sign any document which the Purchaser is required to sign in terms of this agreement; or 2.4.2 commit any other breach of the provisions of this agreement; and fail to remedy such failure and/or breach within 7 days after receipt from the Seller’s attorneys of a request to do so, then the interest payable by the Purchaser in terms of clause 2.3 above shall be the rate of 3% above the prime rate for as long as such failure and/or breach continues. 2.5 If for any reason whatsoever the Seller is unable to give the Purchaser occupation of the Property on unit by the Date of the delivery of a unconditional guarantee issued by a South African financial institution from which date the Property will be at the sole riskanticipated occupation date, profit or loss of the Purchaser. The Seller, however, gives no warranty or guarantee that the Purchaser will obtain vacant occupation of the property on that date and then the Purchaser shall have no claim of whatsoever nature against the Seller should vacant occupation as a result thereof. 2.6 The Purchaser acknowledges that on the transfer date, the building/s and the other structures and/or improvements, including infrastructure and roads in the scheme may be incomplete and that the Purchaser may suffer inconvenience from building operations, noise, dust and other nuisance factors. The Purchaser shall not be obtained entitled by reason of any of the aforegoing to cancel or withdraw from this agreement or to claim damages from any person or institute interdict proceedings nor shall the Seller be responsible for any loss, damage or inconvenience suffered by the Purchaser by reason of such building operations. 2.7 The Seller shall be liable for payment of all electricity and water consumed in or on the said date or at allunit until occupation. 7.2 If 2.8 The failure on the date of occupation and possession does not coincide with the date of registration of transfer, the party enjoying occupation and possession whilst the property is registered in the name part of the other party, shall, in consideration thereof and for Purchaser to take physical occupation (whether personally or by agent) or to accept the period of such possession and occupation, pay keys to the other party occupational interest calculated on section shall not affect the Purchase Price at a rate equal to Date of Occupation, which shall remain as defined. 2.9 The Seller and/or the Prime Rate payable monthly in advance. Such occupational interest Seller's duly authorised agent shall be payable monthly in advance entitled to inspect the Conveyancers directly. Occupational interest shall be adjusted for any period unit at all reasonable times during the currency of less than one month, the final adjustment to be made on the Transfer DateAgreement. 7.3 This clause 7 of this Annexure “1” read together with such other clauses of this Annexure “1” as might be applicable and specifically with inclusion of clause 22 of this Annexure “1”, shall be regarded as an independent divisible agreement and notwithstanding any contradictory term elsewhere contained in this agreement, the Seller shall, without prejudice to any of its other rights in terms of this Agreement, be entitled without notice to the Purchaser, take steps in order to enforce the terms of this clause 7 of this Annexure “1” and/or the collection of any amounts due in terms of this clause.

POSSESSION AND OCCUPATION. 7.1 6.1 The Purchaser shall be placed in possession and occupation of the Property on the Date of the delivery of a unconditional guarantee issued by a South African financial institution Occupation from which date the Property will be at the sole risk, profit or loss of the Purchaser. The Seller, however, gives no warranty or guarantee that the Purchaser will obtain vacant occupation of the property on that date and the Purchaser shall have no claim of whatsoever nature against the Seller should vacant occupation not be obtained on the said date or at all. 7.2 6.2 If the date of occupation and possession does not coincide with the date of registration of transfer, the party enjoying occupation and possession whilst the property is registered in the name of the other party, shall, in consideration thereof and for the period of such possession and occupation, pay to the other party occupational interest calculated on the Purchase Price at a rate equal to the Prime Rate payable monthly in advance. Such occupational interest shall be payable monthly in advance to the Conveyancers directly. Occupational interest shall be be, by the Conveyancers, adjusted for any period of less than one month, the final adjustment to be made on the Transfer Date. Should any occupational interest be, in terms of the final adjustment, be payable to the Purchaser, the Conveyancers shall deduct the relevant amount from the amount payable to the Seller and pay same to the Purchaser. 7.3 6.3 This clause 7 6 of this Annexure “1A” read together with such other clauses of this Annexure “1A” as might be applicable and specifically with inclusion of clause 22 of this Annexure “1A”, shall be regarded as an independent divisible agreement and notwithstanding any contradictory term elsewhere contained in this agreement, the Seller shall, without prejudice to any of its other rights in terms of this Agreement, be entitled without notice to the Purchaser, take steps in order to enforce the terms of this clause 7 6 of this Annexure “1A” and/or the collection of any amounts due in terms of this clause.