Common use of POSSESSION AND RISK Clause in Contracts

POSSESSION AND RISK. 7.1 Possession of the PROPERTY shall pass to the PURCHASER on the date of transfer of the PROPERTY into the name of the PURCHASER, and from such date the benefits, risks and liabilities (including, without being limited thereto, the liability to make payment to the Body Corporate, should the PURCHASER not have taken occupation prior to transfer) in respect of the PROPERTY shall pass to the PURCHASER. 7.2 The PROPERTY is disposed of in terms of this agreement in the condition as it stands, voetstoots, subject to the specific warranties by the SELLER contained in clause 16 of this agreement. Initial here 7.3 The SELLER shall make every effort to ensure that the PROPERTY is ready for occupation on the OCCUPATION DATE. However, the SELLER does not warrant that the PROPERTY will be ready for occupation on the OCCUPATION DATE. Should the PROPERTY not be available for occupation on the date in 1.10 of Schedule 1, the PURCHASER shall have no claim of any kind against the SELLER arising from such late occupation. Should the PROPERTY not be ready for occupation 6 (Six) months after the anticipated OCCUPATION DATE (or such extended date certified by the SELLER’s ARCHITECT due to vis major, inclement weather, strikes, lock outs, civil commotion, non-availability of materials or any other circumstance beyond the control of the SELLER) then the PURCHASER shall be entitled (only) to cancel this contract on written notice to the SELLER. In such circumstances the PURCHASER shall be entitled to a refund of the deposit and accrued interest but shall have no other claim whatsoever, whether for damages, specific performance or otherwise. The SELLER shall be entitled to change the OCCUPATION DATE by giving the PURCHASER 30 days notice of change of the OCCUPATION DATE, subject to the provisions above. 7.4 It is recorded that the PURCHASER is aware that, on the OCCUPATION DATE, the building in which the PROPERTY is located, the COMMON PROPERTY and other properties may be incomplete and under construction and that the PURCHASER might suffer inconvenience from building operations and from noise and dust resulting therefrom. The PURCHASER shall not be entitled to cancel this agreement nor have any claim whatsoever against the SELLER by reason of any of the foregoing. 7.5 Notwithstanding any provision of this agreement to the contrary, the PURCHASER may only occupy the PROPERTY once guarantees have been furnished in compliance with this agreement, all other payments due in respect of the PURCHASE PRICE have been provided and all retentions held by any mortgagee granting any

POSSESSION AND RISK. 7.1 Possession and occupation of the PROPERTY shall pass to the PURCHASER on the date of transfer of the PROPERTY into the name of the PURCHASER, and from such date the benefits, risks and liabilities (including, without being limited thereto, the liability to make payment to the Body Corporate, should the PURCHASER not have taken occupation prior to transfer) in respect of the PROPERTY shall pass to the PURCHASER. 7.2 The PROPERTY is disposed of in terms of this agreement in the condition as it stands, voetstoots, subject to the specific warranties by the SELLER contained in clause 16 of this agreement. Initial here 7.3 The SELLER shall make every effort to ensure that the PROPERTY is ready for occupation on the OCCUPATION DATE. However, the SELLER does not warrant that the PROPERTY will be ready for occupation on the OCCUPATION DATE. Should the PROPERTY not be available for occupation on the date in 1.10 of Schedule 1, the PURCHASER shall have no claim of any kind against the SELLER arising from such late occupation. Should the PROPERTY not be ready for occupation 6 (Six) months after the anticipated OCCUPATION DATE (or such extended date certified by the SELLER’s ARCHITECT due to vis major, inclement weather, strikes, lock outs, civil commotion, non-availability of materials or any other circumstance beyond the control of the SELLER) then the PURCHASER shall be entitled (only) to cancel this contract on written notice to the SELLER. In such circumstances the PURCHASER shall be entitled to a refund of the deposit and accrued interest but shall have no other claim whatsoever, whether for damages, specific performance or otherwise. The SELLER shall be entitled to change the OCCUPATION DATE by giving the PURCHASER 30 days notice of change of the OCCUPATION DATEProperty shall, subject to the provisions above. 7.4 of clause 8.2, be given by the Seller, and taken by the Purchaser on the Date of Possession; The risk and benefit in and to the Property shall pass to the Purchaser on Date of Possession; Liability to pay all rates and taxes (if any), sectional title levies and other outgoings arising from the Property shall pass to the Purchaser on the Date of Possession (The Purchaser shall also be obliged to refund the Seller with a pro-rata share, based on the participation quota of the Property, of the water and electricity deposit/s paid by the Seller. It is recorded that the PURCHASER is aware thatsaid deposit/s shall become the property of the Body Corporate when it comes into being); From the Date of Possession to the Date of Transfer, both days inclusive, the Purchaser shall pay to the Seller monthly occupational interest on the OCCUPATION DATEfull Purchase Price calculated at the Prime Rate. Such occupational interest shall be payable monthly in advance to the Conveyancers directly on or before the first day of every month. Occupational interest shall be adjusted for any period of less than one month, the building final adjustment to be made on the Date of Transfer; The Purchaser undertakes, in the event of this Agreement being cancelled, for any reason whatsoever to vacate the Property and restore the Property to the same good order and condition in which it was at the PROPERTY is locatedDate of Possession, fair wear and tear excepted. Further, in the event of this Agreement being cancelled due to the breach of the Purchaser, the COMMON PROPERTY and other properties may be incomplete and under construction and that the PURCHASER might suffer inconvenience from building operations and from noise and dust resulting therefrom. The PURCHASER Purchaser shall not be entitled to cancel this agreement nor any compensation for any improvements of whatever nature he may have any claim whatsoever against the SELLER by reason of any of the foregoing. 7.5 Notwithstanding any provision of this agreement effected to the contrary, the PURCHASER may only occupy the PROPERTY once guarantees have been furnished Property while in compliance with this agreement, all other payments due in respect of the PURCHASE PRICE have been provided and all retentions held by any mortgagee granting anyoccupation thereof.

POSSESSION AND RISK. 7.1 Possession 2.1 The Vendor shall prior to the Estimated Completion Date notify the Purchaser of the PROPERTY designated completion date of the Property (the “Completion Date”). The Vendor may, at its sole discretion, and on notice to the Purchaser extend the Completion Date to such other date(s) as advised by the Vendor from time to time provided that the total period of such extensions (if any) of the Completion Date shall not exceed twelve (12) months from the first designated Completion Date, except in case of Event of Force Majeure. The provisions of this clause 2.1 shall not be applicable if the Property is fully constructed/ready at the time of execution of this Agreement as specified in the Particulars of Sale and Purchase. 2.2 Subject to the completion of the construction of the Property (finished or shell and core as applicable) and provided the Purchaser is not in default under this Agreement and taking into account the Event of Force Majeure (if any), the Vendor shall provide vacant possession of the Property to the Purchaser on the Handover Date, at which date all risks associated with the Property shall pass to the PURCHASER Purchaser. If the Purchaser fails, for any reason whatsoever, to take handover of the Property on the date Handover Date, all risks associated with the Property shall be deemed to have been legally transferred to the Purchaser from the Handover Date. In the event the Handover Date as specified in the Particulars of transfer Sale and Purchase shall occur prior to the payment of the PROPERTY into Purchase Price in full, the name Purchaser shall provide the Vendor with acceptable means of payment for the remaining balance of the PURCHASERPurchase Price in the form of cheque(s) or else as the Vendor may require at its sole discretion, and from such date otherwise the benefits, risks and liabilities (including, without being limited thereto, possession of the liability to make payment Property shall be provided to the Body Corporate, should the PURCHASER not have taken occupation prior to transfer) in respect Purchaser after full payment of the PROPERTY shall pass to the PURCHASERPurchase Price. 7.2 The PROPERTY is disposed of in terms of this agreement in the condition as it stands, voetstoots, subject to the specific warranties by the SELLER contained in clause 16 of this agreement. Initial here 7.3 The SELLER shall make every effort to ensure that the PROPERTY is ready for occupation on the OCCUPATION DATE. However, the SELLER does not warrant that the PROPERTY will be ready for occupation on the OCCUPATION DATE. Should the PROPERTY not be available for occupation on the date in 1.10 of Schedule 1, the PURCHASER shall have no claim of any kind against the SELLER arising from such late occupation. Should the PROPERTY not be ready for occupation 6 (Six) months after the anticipated OCCUPATION DATE (or such extended date certified by the SELLER’s ARCHITECT due to vis major, inclement weather, strikes, lock outs, civil commotion, non-availability of materials or any other circumstance beyond the control of the SELLER) then the PURCHASER shall be entitled (only) to cancel this contract on written notice to the SELLER. In such circumstances the PURCHASER shall be entitled to a refund of the deposit and accrued interest but shall have no other claim whatsoever, whether for damages, specific performance or otherwise. The SELLER shall be entitled to change the OCCUPATION DATE by giving the PURCHASER 30 days notice of change of the OCCUPATION DATE, subject to the provisions above. 7.4 It is recorded that the PURCHASER is aware that, on the OCCUPATION DATE, the building in which the PROPERTY is located, the COMMON PROPERTY and other properties may be incomplete and under construction and that the PURCHASER might suffer inconvenience from building operations and from noise and dust resulting therefrom. The PURCHASER shall not be entitled to cancel this agreement nor have any claim whatsoever against the SELLER by reason of any of the foregoing. 7.5 Notwithstanding any provision of this agreement to the contrary, the PURCHASER may only occupy the PROPERTY once guarantees have been furnished in compliance with this agreement, all other payments due in respect of the PURCHASE PRICE have been provided and all retentions held by any mortgagee granting any