Common use of RESOLUTIVE CONDITIONS Clause in Contracts

RESOLUTIVE CONDITIONS. 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. The said notice to the Purchaser will be given by the Transferring Attorney by way of email or any other form of electronic message. 22.2 The Seller may require finance for the acquisition and/or development of the Buildings and the Property in its discretion, for which the Seller shall apply for in due course when required. Should the Seller be unsuccessful in applying for such finance or insufficient finance is approved, the Seller may give notice of the termination of this Agreement, in which event this Agreement shall immediately terminate and be null and void. The said notice to the Purchaser will be given by the Transferring Attorney by way of email or any other form of electronic message 23 AGENT’S COMMISSION AND PAYMENT OF COMMISSION PRIOR TO THE TRANSFER DATE 23.1 The parties warrant that the Agent was the effective cause of this Agreement and that no other person or estate agent introduced the Purchaser to the Property or the Purchaser to the Seller, and the Seller shall be liable to effect payment of the Agent’s commission as agreed to in this Agreement. 23.2 The parties record that the Agent shall be entitled to part payment of commission in an amount equal to the Reservation Deposit, and the Transferring Attorney is authorised to pay such commission to the Agent, once: 23.2.1 the full balance of the Purchase Price is secured by the Purchaser to the satisfaction of the Seller should the Purchaser not require mortgage finance as contemplated in clause 18 above; or 23.2.2 once the bond registration attorney receives an instruction from the bank or other financial institution who approved the Purchaser’s loan application to attend to the registration of a mortgage bond over the Property or another property registered in the name of the Purchaser as security for the loan, should the Purchaser require mortgage finance as contemplated in clause 18 above and the balance of the Purchase Price (if any) is secured to the satisfaction of the Seller; and 23.2.3 after the Purchaser has been furnished with an irrevocable and unconditional guarantee by a banking institution registered under the Banks Xxx 0000 or a registered insurer as defined in the Insurance Xxx 0000, in terms of which the said banking institution or insurer undertakes to repay the said amount to the Purchaser if the Property is not registrable within a period specified in the said guarantee. 23.3 The balance of the commission shall be paid by the Transferring Attorney to the Agent on the Transfer Date. 23.4 The Purchaser confirms that he is aware that once a portion of the commission is paid by the Transferring Attorney to the Agent as contemplated in clause 23.2 above, interest will only be earned on the remaining balance of funds invested by the Transferring Attorney in terms of the Legal Practice Act.

RESOLUTIVE CONDITIONS. 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). The said notice to the Purchaser will be given by the Transferring Attorney by way of email or any other form of electronic message. 22.2 . The Seller may require finance for the acquisition and/or development of the Buildings and the Property in its discretion, for which the Seller shall apply for in due course when required. Should the Seller be unsuccessful in applying for such finance or insufficient finance is approved, the Seller may give notice of the termination of this Agreement, in which event this Agreement shall immediately terminate and be null and void. The said notice to the Purchaser will be given by the Transferring Attorney by way of email E-mail or any other form of electronic message 23 AGENT’S COMMISSION AND PAYMENT OF COMMISSION PRIOR TO THE TRANSFER DATE 23.1 The parties warrant that In the Agent was event of either of the effective cause Parties hereto (“the Defaulting Party”) committing a breach of any of the provisions of this Agreement and that no other person or estate agent introduced agreement then the Purchaser to the Property or the Purchaser to the Seller, and the Seller shall be liable to effect payment of the Agent’s commission as agreed to in this Agreement. 23.2 The parties record that the Agent shall Aggrieved Party will be entitled to part payment give the Defaulting Party 5 (five) business days' written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it may have in law, at its own option either to: Cancel this Agreement by giving the Defaulting party written notice of commission such cancellation and in an amount equal the event: that this Agreement is cancelled due to the Reservation Deposit, and the Transferring Attorney is authorised to pay such commission to the Agent, once: 23.2.1 the full balance of the Purchase Price is secured a breach by the Purchaser to the satisfaction of the Seller should the Purchaser not require mortgage finance as contemplated in clause 18 above; or 23.2.2 once the bond registration attorney receives an instruction from the bank or other financial institution who approved the Purchaser’s loan application to attend to the registration terms and conditions of a mortgage bond over the Property or another property registered in the name of the Purchaser as security for the loan, should the Purchaser require mortgage finance as contemplated in clause 18 above and the balance of the Purchase Price (if any) is secured to the satisfaction of the Seller; and 23.2.3 after the Purchaser has been furnished with an irrevocable and unconditional guarantee by a banking institution registered under the Banks Xxx 0000 or a registered insurer as defined in the Insurance Xxx 0000, in terms of which the said banking institution or insurer undertakes to repay the said amount to the Purchaser if the Property is not registrable within a period specified in the said guarantee. 23.3 The balance of the commission shall be paid by the Transferring Attorney to the Agent on the Transfer Date. 23.4 The Purchaser confirms that he is aware that once a portion of the commission is paid by the Transferring Attorney to the Agent as contemplated in clause 23.2 above, interest will only be earned on the remaining balance of funds invested by the Transferring Attorney in terms of the Legal Practice Act.this Agreement:

RESOLUTIVE CONDITIONS. 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 If 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 SchemeScheme and/or, 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. The said notice to the Purchaser will be given by the Transferring Attorney by way of email or any other form of electronic message. 22.2 The Seller may require finance for the acquisition and/or development of the Buildings and the Property in its discretion, for which the Seller shall apply for in due course when required. Should the Seller be unsuccessful in applying for such finance or insufficient finance is approved, the The Seller may give notice of the termination of this AgreementAgreement to the Purchaser, in which event this Agreement shall immediately terminate and be null and voidvoid and the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable). The said notice to the Purchaser will be given by the Transferring Attorney by way of email or any other form of electronic message 23 AGENT’S COMMISSION AND PAYMENT OF COMMISSION PRIOR TO THE TRANSFER DATE 23.1 The parties warrant that email. Prior to the Agent was the effective cause of this Agreement and that no other person or estate agent introduced occupation date, the Purchaser to and/or his duly authorised representative shall, together with the Property or the Purchaser to duly authorised representative of the Seller, inspect the property on a date specified by the Seller. The Purchaser and/or his duly authorised representative, shall within 3 (three) days after inspection furnish the Sellers representative with a list of patent defects, which defects will be rectified by the Seller prior to occupation. Once the patent defects have been remedied to a reasonable satisfaction of the Purchaser, the Purchaser or his representative will sign a letter of satisfaction (“happy letter”) which, in the event that the Purchaser obtained mortgage finance, has to be acceptable to the mortgagee. The Purchaser and/or his duly authorised representative, shall furthermore submit a list of Latent Defects to the Sellers or the Sellers representative within a period 180 (One Hundred and Eighty) days from the date of occupation and the Seller undertakes to remedy such defects. The Seller shall only be responsible for such defects provided in the Latent Defects List caused by faulty materials and/or workmanship and the Seller shall under no circumstances be liable to effect payment for any consequential loss or damage and the Purchaser hereby waives any such claim and indemnifies the Seller in this respect. The Purchaser accepts the appointment of the Agent’s commission Independent Property Inspector to act as agreed the exclusive liaison between the Purchaser and the Seller and undertakes not to in this Agreement. 23.2 The parties record contact the Seller directly. It is recorded that the Agent Purchaser shall not be entitled precluded from exercising his rights in terms of Section 56 as read with Section 55 of the Consumer Protection Act in so far as they may be applicable. The Purchaser undertakes to part payment of commission in an amount equal give access to the Reservation Deposit, Seller and its contractors after the Transferring Attorney is authorised Occupation Date to pay such commission to the Agent, once: 23.2.1 the full balance of the Purchase Price is secured by the Purchaser to the satisfaction of enable the Seller should the Purchaser not require mortgage finance as contemplated in clause 18 above; or 23.2.2 once the bond registration attorney receives an instruction from the bank or other financial institution who approved the Purchaser’s loan application and its contractors to attend to the registration of a mortgage bond over the Property or another property registered in the name remedying of the Defects indicated in any of the above defect’s lists. In the event that the Seller or its contractors are on at least 2 (two) occasions unsuccessful to get access to the Section within a period of 30 (thirty) days from date on which the Seller first notifies the Purchaser as security that access is required for the loanpurposes contemplated in this clause, should the parties agree that it will be deemed that the Purchaser does not require mortgage finance as contemplated in clause 18 above and any such items to be remedied any longer, that the balance Purchaser is satisfied with the condition of the Purchase Price (if any) is secured to the satisfaction of the Seller; and 23.2.3 after Section and that the Purchaser has been furnished released the Seller and its contractors from any obligations with an irrevocable and unconditional guarantee regard to the repair of any patent defects. A certificate issued by a banking institution registered under the Banks Xxx 0000 or a registered insurer as defined Principle Agent to the effect that the defects referred to in the Insurance Xxx 0000Defect Lists have been rectified shall be final and binding on both parties and shall relieve the Seller from any further obligation in respect of such defect. The Purchaser acknowledges and agrees that he shall have no claim against the Seller in respect of defects, whether latent, patent or otherwise in terms the Common Property or the Unit/s save for defects of which the said banking institution or insurer undertakes to repay Purchaser shall have notified the said amount to the Purchaser if the Property is not registrable within a period specified in the said guarantee. 23.3 Seller. The balance of the commission shall be paid by the Transferring Attorney to the Agent on the Transfer Date. 23.4 The Purchaser confirms that he is aware that once a portion of the commission is paid by the Transferring Attorney to the Agent as contemplated in clause 23.2 above, interest will only be earned on the remaining balance of funds invested by the Transferring Attorney following warranties are given in terms of the Legal Practice NHBRC Act.: The Seller will ensure that its contractors comply with all applicable building regulations and conditions and that a Standard Home Builders Warranty be issued in accordance with legislation and the rules and practice of the National Home Builders Registration Council relating to the improvements on the Property. If any portion of the Section must be repainted due to a defect being reported, only that portion affected by the defect will be repainted. The Seller will ensure that its contractors warrant to remedy, at its own expense, the entire Section in respect of: