Common use of Statutory Approvals Clause in Contracts

Statutory Approvals. 9.1 The Purchaser is aware that the unit forms part of a new township development and as such the Seller is relying on obtaining certain town planning, environmental and other statutory and regulatory approvals before it will be in a position to transfer the unit to the Purchaser. 9.2 Such approvals include but is not limited to, approval of the site development plan, building plans, conduct rules and architectural guidelines of the intended development, of which the unit forms part, and may require amendments before being finally approved. 9.3 Should the required approvals not be obtained within a reasonable time, or should the regulatory authorities require material amendments to the intended development, then the Seller will be entitled to: 9.3.1 cancel this Agreement on notice to the Purchaser, in which event all monies paid by the Purchaser in terms of this Agreement will be repaid to it, and the Parties shall have no further claim of whatsoever nature against each other; or 9.3.2 increase the Purchase Price, notify the Purchaser in writing of such increased cost and the Purchaser may then, at his/her option, cancel this agreement by providing written notice of cancellation to the Seller within 5 (FIVE) days of receiving written notice from the Seller in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the Seller and the Purchaser shall proceed with the agreement at the increased Purchase Price and the Purchaser shall be obliged to pay the increase in Purchase Price, or deliver bank guarantees to the Seller’s satisfaction for such increased amount, to the Attorneys within 21 (TWENTY ONE) days of receiving written notice from the Seller in respect of the increased cost.

Statutory Approvals. 9.1 The Purchaser is aware that the unit forms part of a new township development and as such the Seller is relying on obtaining certain town planning, environmental and other statutory and regulatory approvals before it will be in a position to transfer the unit to the Purchaser. 9.2 Such approvals include but is not limited toSpecifically, approval of the site development plan, building plans, conduct rules and architectural guidelines and rules of the intended development, of which the unit and development forms part, and may require amendments be pending, and/or amended before being finally approved. 9.3 Should the required final approvals not be obtained within a reasonable time, or should the regulatory authorities require material amendments to the intended development, then the Seller will be entitled to: 9.3.1 cancel this Agreement on notice to the Purchaser, in which event all monies paid by the Purchaser in terms of this Agreement will be repaid to it, and the Parties shall have no further claim of whatsoever nature against each other; or 9.3.2 increase the Purchase Price, notify the Purchaser in writing of such increased cost and the Purchaser may then, at his/her option, cancel this agreement by providing written notice of cancellation to the Seller within 5 (FIVE) days of receiving written notice from the Seller in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the Seller and the Purchaser shall proceed with the agreement at the increased Purchase Price and the Purchaser shall be obliged to pay the increase in Purchase Price, or deliver bank guarantees to the Seller’s satisfaction for such increased amount, to the Attorneys within 21 (TWENTY ONE) days of receiving written notice from the Seller in respect of the increased cost.

Statutory Approvals. 9.1 The Purchaser is aware that the unit forms part of a new township development and as such the Seller is relying on obtaining certain town planning, environmental and other statutory and regulatory approvals before it will be in a position to transfer the unit to the Purchaser. 9.2 Such approvals include but is not limited to, approval of the site development plan, building plans, conduct rules and architectural guidelines of the intended development, of which the unit forms part, and may require amendments before being finally approved. 9.3 Should the required approvals not be obtained within a reasonable time, or should the regulatory authorities require material amendments to the intended development, then the Seller will be entitled to: 9.3.1 cancel this Agreement on notice to the Purchaser, in which event all monies paid by the Purchaser in terms of this Agreement will be repaid to it, and the Parties shall have no further claim of whatsoever nature against each other; or 9.3.2 increase the Purchase Price, notify the Purchaser in writing of such increased cost and the Purchaser may then, at his/her option, cancel this agreement by providing written notice of cancellation to the Seller within 5 (FIVE) days of receiving written notice from the Seller in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the Seller and the Purchaser shall proceed with the agreement at the increased Purchase Price and the Purchaser shall be obliged to pay the increase in Purchase Price, or deliver bank guarantees to the Seller’s satisfaction for such increased amount, to the Attorneys within 21 (TWENTY ONE) days of receiving written notice from the Seller in respect of the increased cost.

Statutory Approvals. 9.1 The Purchaser is aware that the unit Property forms part of a new township development and as such the Seller is relying on obtaining certain town planning, environmental and other statutory and regulatory approvals before it will be in a position to transfer the unit Property to the Purchaser. 9.2 Such approvals include but is not limited toSpecifically, approval of the site development plan, building plans, conduct rules and architectural guidelines of the intended development, of which the unit Property forms part, are pending, and may require amendments be amended before being finally approved. 9.3 Should the required approvals not be obtained within a reasonable time, or should the regulatory authorities require material amendments to the intended development, then the Seller will be entitled to: 9.3.1 cancel this Agreement on notice to the Purchaser, in which event all monies paid by the Purchaser in terms of this Agreement will be repaid to it, and the Parties shall have no further claim of whatsoever nature against each other; or 9.3.2 increase the Purchase Price, notify the Purchaser in writing of such increased cost and the Purchaser may then, at his/her option, cancel this agreement by providing written notice of cancellation to the Seller within 5 (FIVE) days of receiving written notice from the Seller in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the Seller and the Purchaser shall proceed with the agreement at the increased Purchase Price and the Purchaser shall be obliged to pay the increase in Purchase Price, or deliver bank guarantees to the Seller’s satisfaction for such increased amount, to the Attorneys within 21 (TWENTY ONE) days of receiving written notice from the Seller in respect of the increased cost.

Statutory Approvals. 9.1 The Purchaser is aware that the unit Property forms part of a new township development and as such the Seller is relying on obtaining certain town planning, environmental and other statutory and regulatory approvals before it will be in a position to transfer the unit Property to the Purchaser. 9.2 Such approvals include but is not limited toSpecifically, approval of the site development plan, building plans, architectural guidelines and conduct rules and architectural guidelines of the intended development, of which the unit Property forms part, and may require amendments be pending, and/or amended before being finally approved. 9.3 Should the required final approvals not be obtained within a reasonable time, or should the regulatory authorities require material amendments to the intended development, then the Seller will be entitled to: 9.3.1 cancel this Agreement on notice to the Purchaser, in which event all monies paid by the Purchaser in terms of this Agreement will be repaid to it, and the Parties shall have no further claim of whatsoever nature against each other; or 9.3.2 increase the Purchase Price, notify the Purchaser in writing of such increased cost and the Purchaser may then, at his/her option, cancel this agreement by providing written notice of cancellation to the Seller within 5 (FIVE) days of receiving written notice from the Seller in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the Seller and the Purchaser shall proceed with the agreement at the increased Purchase Price and the Purchaser shall be obliged to pay the increase in Purchase Price, or deliver bank guarantees to the Seller’s satisfaction for such increased amount, to the Attorneys within 21 (TWENTY ONE) days of receiving written notice from the Seller in respect of the increased cost.

Statutory Approvals. 9.1 The Purchaser is aware that the unit forms part of a new township development and as such the Seller is relying on obtaining certain town planning, environmental and other statutory and regulatory approvals before it will be in a position to transfer the unit to the Purchaser. 9.2 Such approvals include but is not limited to, approval of the site development plan, building plans, conduct rules and architectural guidelines of the intended development, of which the unit forms part, and may require amendments before being finally approved. 9.3 Should the required final approvals not be obtained within a reasonable time, or should the regulatory authorities require material amendments to the intended development, then the Seller will be entitled to: 9.3.1 cancel this Agreement on notice to the Purchaser, in which event all monies paid by the Purchaser in terms of this Agreement will be repaid to it, and the Parties shall have no further claim of whatsoever nature against each other; or 9.3.2 increase the Purchase Price, notify the Purchaser in writing of such increased cost and the Purchaser may then, at his/her option, cancel this agreement by providing written notice of cancellation to the Seller within 5 (FIVE) days of receiving written notice from the Seller in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the Seller and the Purchaser shall proceed with the agreement at the increased Purchase Price and the Purchaser shall be obliged to pay the increase in Purchase Price, or deliver bank guarantees to the Seller’s satisfaction for such increased amount, to the Attorneys within 21 (TWENTY ONE) days of receiving written notice from the Seller in respect of the increased cost.

Statutory Approvals. 9.1 The Purchaser is aware that the unit Property forms part of a new township development and as such the Seller is relying on obtaining certain town planning, environmental and other statutory and regulatory approvals before it will be in a position to transfer the unit Property to the Purchaser. 9.2 Such approvals include but is not limited toSpecifically, approval of the site development plan, conduct rules, building plans, conduct rules plans and architectural guidelines of the intended development, of which the unit Property forms part, and may require amendments be pending, and/or amended before being finally approved. 9.3 Should the required final approvals not be obtained within a reasonable time, or should the regulatory authorities require material amendments to the intended development, then the Seller will be entitled to: 9.3.1 cancel this Agreement on notice to the Purchaser, in which event all monies paid by the Purchaser in terms of this Agreement will be repaid to it, and the Parties shall have no further claim of whatsoever nature against each other; or 9.3.2 increase the Purchase Price, notify the Purchaser in writing of such increased cost and the Purchaser may then, at his/her option, cancel this agreement by providing written notice of cancellation to the Seller within 5 (FIVE) days of receiving written notice from the Seller in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the Seller and the Purchaser shall proceed with the agreement at the increased Purchase Price and the Purchaser shall be obliged to pay the increase in Purchase Price, or deliver bank guarantees to the Seller’s satisfaction for such increased amount, to the Attorneys within 21 (TWENTY ONE) days of receiving written notice from the Seller in respect of the increased cost.

Statutory Approvals. 9.1 The Purchaser is aware that the unit forms part of a new township development and as such the Seller is relying on obtaining certain town planning, environmental and other statutory and regulatory approvals before it will be in a position to transfer the unit to the Purchaser. 9.2 Such approvals include but is not limited toSpecifically, approval of the site development plan, building plans, conduct rules and architectural guidelines and rules of the intended development, of which the unit and development forms part, and may require amendments be pending, and/or amended before being finally approved. 9.3 Should the required final approvals not be obtained within a reasonable timeby 31 July 2018, or should the regulatory authorities require material amendments to the intended development, then the Seller will be entitled to: 9.3.1 cancel this Agreement on notice to the Purchaser, in which event all monies paid by the Purchaser in terms of this Agreement will be repaid to it, and the Parties shall have no further claim of whatsoever nature against each other; or 9.3.2 increase the Purchase Price, notify the Purchaser in writing of such increased cost and the Purchaser may then, at his/her option, cancel this agreement by providing written notice of cancellation to the Seller within 5 (FIVE) days of receiving written notice from the Seller in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the Seller and the Purchaser shall proceed with the agreement at the increased Purchase Price and the Purchaser shall be obliged to pay the increase in Purchase Price, or deliver bank guarantees to the Seller’s satisfaction for such increased amount, to the Attorneys within 21 (TWENTY ONE) days of receiving written notice from the Seller in respect of the increased cost.

Statutory Approvals. 9.1 9.1. The Purchaser is aware that the unit Property forms part of a new township development and as such the Seller is relying on obtaining certain town planning, environmental and other statutory and regulatory approvals before it will be in a position to transfer the unit Property to the Purchaser. 9.2 Such approvals include ; including, but is not limited to, approval of the site development planSite Development Plan, the subdivisional General Plan, building plans, conduct rules a Homeowners’ Association Constitution and architectural and landscaping / gardening guidelines of the intended developmentDevelopment, of which the unit Property forms part, and which may require amendments be pending, and/or amended before being finally approved. The Purchaser acknowledges that the town planning and environmental approvals have already been obtained. 9.3 Should 9.2. It is a suspensive condition in favour of the Seller, in its absolute discretion, that should the required approvals not be obtained within a reasonable time, or should the regulatory authorities require material amendments to the intended developmentDevelopment, then the Seller will be entitled to: 9.3.1 9.2.1. cancel this Agreement on notice to the Purchaser, in which event all monies paid by the Purchaser in terms of this Agreement will be repaid to it, and the Parties shall have no further claim of whatsoever nature against each other; or. 9.3.2 9.2.2. increase the Purchase Pricepurchase price, notify the Purchaser in writing of such increased cost and the Purchaser may then, at his/her option, cancel this agreement Agreement by providing written notice of cancellation to the Seller within 5 (FIVE) days of receiving written notice from the Seller in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the Seller and the Purchaser shall proceed with the agreement this Agreement at the increased Purchase Price purchase price and the Purchaser shall be obliged to pay the increase in Purchase Price, purchase price or deliver bank guarantees to the Seller’s satisfaction for such increased amount, to the Attorneys conveyancers within 21 (TWENTY ONE) days of receiving written notice from the Seller in respect of the increased cost. 9.3. This Agreement is further subject to the Seller managing to sell 90% (ninety percent) of the first phase of the Development, as indicated on the Plans of the Development, on or before 1 December 2023. If this condition is not fulfilled within a reasonable time, then the Seller will be entitled to its remedies as set out in clause 9.2.1 above. 9.4. The conditions imposed herein are imposed in favour of the Seller and solely for its benefit and the Seller may waive reliance upon all or any of the aforesaid conditions by communicating such waiver to the Purchaser in writing at any stage on or before the date provided for the fulfilment thereof.