RESOLUTIVE CONDITION. It is recorded that the Purchaser hereby accepts that the viability of the Development Scheme is dependent on the response by the public to the marketing campaign. Accordingly, this entire contract, when accepted by the signature of the Seller, shall be subject to the resolutive condition that should the Seller not be able to conclude sufficient satisfactory agreements of sale with third parties, in the absolute discretion of the Seller, on or before the end of MAY 2021, this contract shall become null and void ab initio and of no further force or effect. For purposes of the interpretation of this clause, the meaning an interpretation of “enough satisfactory agreements” shall be in the absolute discretion of the Seller. The Seller to advise the Purchaser within 3 (three) months from the end of MAY 2021 that no enough satisfactory agreements have been concluded and that the agreement has been terminated, by failure whereof it will be regarded that this resolutive condition has either not been fulfilled or has been waived by the Seller.
RESOLUTIVE CONDITION. 5.1. In the event that the Customer is a legal entity that is not registered in South Africa and/or any SA being contemplated at the time of signing this Agreement involves payment to DMB Data in a currency other than South African Rand, this Agreement shall be subject to the Resolutive Condition that DMB Data obtains the necessary approval from South African Reserve Bank by no later than 17h00 on a date which is six (6) months after the Effective Date.
5.2. The cessation of the Agreement in terms of clause 5.1 shall, unless the Parties otherwise agree in writing, not affect any liability incurred by the Parties prior to the date of cessation hereof.
5.3. The Parties will co-operate in good faith to procure the fulfillment of the Resolutive Condition as soon as reasonably possible after the Effective Date.
5.4. The Resolutive Condition may not be waived, in whole or in part, by the Parties. The Parties may however, extend the relevant date for fulfillment thereof set out in clause 5.1 to such later date as may be agreed in writing between the Parties.
5.5. Neither of the Parties will, subject to clause 5.2, have any claim against the other in terms hereof or arising from the failure of the Resolutive Condition, save for any claims arising from a breach of clause 5.3.
RESOLUTIVE CONDITION. 22.1 The Purchaser acknowledges that the economic viability of the development of the Scheme depends largely on the response by the purchasing public to the advertising campaign launched by the Seller and/or the Agent in respect of the development. In the event that the Seller is of the opinion that the development will not be financially viable or if the Seller has not managed to successfully sell a sufficient number of units in the Scheme, the Seller may give notice of the termination of this Agreement, in which event this Agreement shall immediately terminate and be null and void, save for the Seller’s obligation to refund to the Purchaser the Reservation Deposit as contemplated below. For clarity purposes, this obligation of the Seller to refund the Reservation Deposit shall survive the termination of this Agreement.
22.2 With reference to clause 22.1 above, the notice to the Purchaser will be given by the Transferring Attorney by way of email and the Seller shall immediately ensure that the Reservation Deposit is refunded to the Purchaser.
RESOLUTIVE CONDITION. 13.1 This Agreement is subject thereto that the Agreement of Sale, concluded simultaneously herewith, not be cancelled or terminated.
13.2 Should the Agreement of Sale therefore, at any time prior to Transfer, be cancelled or terminates for whatever reason then and in such event this Agreement will automatically dissolve and be of no further force or effect.
RESOLUTIVE CONDITION. 19.1 The purchaser acknowledges that the viability of the seller undertaking the development, is dependent on, inter alia, the response by the public to the marketing campaign to be conducted by the seller in respect thereof and the level of sales achieved. Accordingly, the seller shall be entitled, should it in its sole and absolute discretion, determine that the scheme is not viable and on written notice to the purchaser, resile from this agreement.
19.2 The seller shall be entitled to exercise its rights in 19.1 during the period from signature of the agreement up to and including 30 November 2021, whereafter the seller's rights shall lapse.
19.3 In the event of the seller exercising its rights in 19.2 timeously, this agreement shall resolve and shall no longer be of any force or effect and the securing amount together with all interest thereon shall be refunded to the purchaser.
RESOLUTIVE CONDITION. 4.1. In the event that:
4.1.1. the Seller does not obtain the necessary finance required to develop the Land by constructing the Building/s in accordance with the Plans and Specifications; and
4.1.2. the Plans and all other approvals that may be necessary and requisite to enable the Seller to commence construction of the Building/s are not approved (in the case of the Plans) or furnished (in the case of other approvals); by 31 July 2021 or within such extended period not exceeding a further 120 days as the Seller in its sole discretion may determine and inform the Purchaser of in writing.
4.2. The Seller shall at any time prior to the date stipulated in clause 4.1 be entitled, on written notice to the Purchaser, to advise that the Agreement is no longer subject to any one or both of the above resolutive conditions, in which event that resolutive condition shall be treated as pro-non scripto.
RESOLUTIVE CONDITION. This agreement is subject to the resolutive condition that the Seller shall be entitled to resile from this agreement, with full restitution, if by 29 March 2019 the Seller has not yet sold at least 17 (Seventeen) Xxxxx in the Development, which are recognised as presales by Investec Bank.
RESOLUTIVE CONDITION. 22.1 The Purchaser acknowledges that the economic viability of the development of the Scheme depends largely on the response by the purchasing public to the advertising campaign launched by the Seller and/or the Agent in respect of the development. In the event that the Seller is of the opinion that the development will not be financially viable or if the Seller has not managed to successfully sell a sufficient number of units in the Scheme, the Seller may give notice of the termination of this Agreement, in which event this Agreement shall immediately terminate and be null and void and the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 24 below.
22.2 With reference to clause 22.1 above, the notice to the Purchaser will be given by the Transferring Attorney by way of email or any other form of electronic message.
RESOLUTIVE CONDITION. 29.1 This Sale is subject thereto that the Developer may elect to resile from this Agreement if in its sole opinion and discretion:
29.1.1 It has been unable to obtain all the required statutory approvals timeously;
29.1.2 The commencement of the Development has been unduly delayed due to factors beyond the control of the Developer.
29.1.3 The Development is no longer financially viable due to costs increases or approval delays;
29.1.4 Not sufficient pre-sales have been obtained.
29.2 Should the Developer elect to resile from this Agreement it shall give notice to the Purchaser to that effect, in which event this Agreement shall lapse and become null and void, and all amounts paid by the Purchaser together with interest thereon, shall be refunded to the Purchaser.
29.3 The Purchaser shall have no further claim against the Developer.
RESOLUTIVE CONDITION. This Agreement shall terminate if the Bank at any time prior to the Transfer Date withdraws the consent referred to in clause 12.1.2.
