Common use of SUSPENSIVE CONDITION Clause in Contracts

SUSPENSIVE CONDITION. 5.1 This agreement is subject to the fulfilment of the suspensive condition that, if applicable, the purchaser obtains a loan from a South African bank or other South African financial institution, which is reasonably acceptable to the seller, on terms acceptable to the seller in the sum stipulated in the schedule (or such lesser amount as the purchaser may agree to accept) against the security of a first mortgage bond over the property. 5.2 If the suspensive condition provided for in clause 5.1 is not fulfilled within 20 (twenty) business days after the signature date, or within such extended period as the seller in its sole discretion may allow, which extension shall not exceed a further 20 (twenty) business days, then and in such event this agreement shall terminate and shall be of no further force and effect. In such event the parties shall be restored as near as may be possible to the position each would have been in if this agreement not been entered into at all. 5.3 The purchaser shall, on or prior to the date referred to in clause 5.2 above, provide the conveyancers with written confirmation by the said bank or financial institution of the final approval of the loan. The loan referred to in clause 5.1 shall be deemed to have been obtained when the bank or financial institution provides the purchaser with a quotation and offer a secured loan in terms of the provisions of the National Credit Act, No. 34 of 2005, irrespective of whether such quotation and offer has been signed and accepted by the purchaser. 5.4 The suspensive condition recorded in clause 5.1 is incorporated herein for the sole benefit of the purchaser who shall be entitled to waive the benefit thereof in writing at any time prior to the date stipulated for the fulfilment thereof. In the event of the purchaser electing to waive the benefit of the suspensive condition, the suspensive condition shall be deemed to have been fulfilled. 5.5 The purchaser shall take all steps reasonably necessary to procure the timeous fulfilment of the suspensive condition. 5.6 All costs relating to the registration of the mortgage bond shall be borne by the Purchaser.

SUSPENSIVE CONDITION. 5.1 This agreement Agreement is subject to the fulfilment of the suspensive condition that, if applicable, the purchaser Purchaser obtains a loan from a South African bank or other South African financial institution, which is reasonably acceptable to the sellerPurchaser, on terms acceptable to the seller Purchaser in the sum stipulated in the schedule (or such lesser amount as the purchaser Purchaser may agree to accept) against the security of a first mortgage bond over the propertyProperty. 5.2 If the suspensive condition provided for in clause 5.1 is not fulfilled within 20 (twenty) business days after the signature dateSignature Date, or within such extended period as the seller Seller in its sole discretion may allow, then either party shall be entitled to terminate this Agreement on giving written notice of termination to the other party, in which extension shall not exceed a further 20 (twenty) business days, then and in such event this agreement shall terminate Agreement will lapse and shall be of no further force and effect. In such event the parties shall be restored as near as may be possible to the position each would have been in if this agreement Agreement not been entered into at all. 5.3 The purchaser Purchaser shall, on or prior to the date referred to in clause 5.2 above, provide the conveyancers Conveyancers with written confirmation by the said bank or financial institution of the final approval of the loan. The loan referred to in clause 5.1 shall be deemed to have been obtained when the bank or financial institution provides the purchaser Purchaser with a quotation and offer a secured loan in terms of the provisions of the National Credit Act, No. Act 34 of 2005, irrespective of whether such quotation and offer has been signed and accepted by upon terms reasonably acceptable to the purchaserPurchaser. 5.4 The suspensive condition recorded in clause 5.1 is incorporated herein for the sole benefit of the purchaser Purchaser who shall be entitled to waive the benefit thereof in writing at any time prior to the date stipulated for the fulfilment thereof. In the event of the purchaser Purchaser electing to waive the benefit of the suspensive condition, the suspensive condition shall be deemed to have been fulfilled. 5.5 The purchaser Purchaser shall take all steps reasonably necessary to procure the timeous fulfilment of the suspensive condition. 5.6 All costs relating to the registration of the mortgage bond shall be borne by the Purchaser.

SUSPENSIVE CONDITION. 5.1 3.1. This agreement is subject to the fulfilment of the suspensive condition that, if applicable, the purchaser obtains a loan from a South African bank or other South African financial institution, which is reasonably acceptable to the seller, on terms acceptable to the seller in the sum stipulated in the schedule (or such lesser amount as the purchaser may agree to accept) against the security of a first mortgage bond over the property. 5.2 3.2. If the suspensive condition provided for in clause 5.1 3.1 is not fulfilled within 20 28 (twentytwenty eight) business days after the signature date, or within such extended period as the seller in its sole discretion may allow, which extension shall not exceed a further 20 90 (twentyninety) business days, then and in such event this agreement shall terminate and shall be of no further force and effect. In such event the parties shall be restored as near as may be possible to the position each would have been in if this agreement not been entered into at all. 5.3 3.3. The purchaser shall, on or prior to the date referred to in clause 5.2 3.2 above, provide the conveyancers with written confirmation by the said bank or financial institution of the final approval of the loan. The loan referred to in clause 5.1 3.1 shall be deemed to have been obtained when the bank or financial institution provides the purchaser with a quotation and offer a secured loan in terms of the provisions of the National Credit Act, No. 34 of 2005, irrespective of whether such quotation and offer has been signed and accepted by the purchaser. 5.4 3.4. The suspensive condition recorded in clause 5.1 3.1 is incorporated herein for the sole benefit of the purchaser who shall be entitled to waive the benefit thereof in writing at any time prior to the date stipulated for the fulfilment thereof. In the event of the purchaser electing to waive the benefit of the suspensive condition, the suspensive condition shall be deemed to have been fulfilled. 5.5 3.5. The purchaser shall take all steps reasonably necessary to procure the timeous fulfilment of the suspensive condition. 5.6 All costs relating to the registration of the mortgage bond shall be borne by the Purchaser.

SUSPENSIVE CONDITION. 5.1 3.1. This agreement is subject to the fulfilment of the suspensive condition that, if applicable, the purchaser obtains a loan from a South African bank or other South African financial institution, which is reasonably acceptable to the seller, on terms acceptable to the seller in the sum stipulated in the schedule (or such lesser amount as the purchaser may agree to accept) against the security of a first mortgage bond over the property. 5.2 3.2. If the suspensive condition provided for in clause 5.1 3.1 is not fulfilled within 20 21 (twentytwenty one) business days after the signature date, or within such extended period as the seller in its sole discretion may allow, which extension shall not exceed a further 20 90 (twentyninety) business days, then and in such event this agreement shall terminate and shall be of no further force and effect. In such event the parties shall be restored as near as may be possible to the position each would have been in if this agreement not been entered into at all. 5.3 3.3. The purchaser shall, on or prior to the date referred to in clause 5.2 3.2 above, provide the conveyancers with written confirmation by the said bank or financial institution of the final approval of the loan. The loan referred to in clause 5.1 3.1 shall be deemed to have been obtained when the bank or financial institution provides the purchaser with a quotation and offer a secured loan in terms of the provisions of the National Credit Act, No. 34 of 2005, irrespective of whether such quotation and offer has been signed and accepted by the purchaser. 5.4 3.4. The suspensive condition recorded in clause 5.1 3.1 is incorporated herein for the sole benefit of the purchaser who shall be entitled to waive the benefit thereof in writing at any time prior to the date stipulated for the fulfilment thereof. In the event of the purchaser electing to waive the benefit of the suspensive condition, the suspensive condition shall be deemed to have been fulfilled. 5.5 3.5. The purchaser shall take all steps reasonably necessary to procure the timeous fulfilment of the suspensive condition. 5.6 All costs relating to the registration of the mortgage bond shall be borne by the Purchaser.

SUSPENSIVE CONDITION. 5.1 3.1. This agreement is subject to the fulfilment of the suspensive condition that, if applicable, the purchaser obtains a loan from a South African bank bank, or other South African financial institution, institution which is reasonably acceptable to the seller, on terms acceptable to the seller seller, in the sum stipulated in the schedule (or such lesser amount as the purchaser may agree to accept) against the security of a first mortgage bond over the property. 5.2 3.2. If the suspensive condition provided for in clause 5.1 3.1 is not fulfilled within 20 (twenty) business days after the signature date, or within such extended period as the seller in its sole discretion may allow, which extension shall not exceed a further 20 (twenty) business days, then and in such event this agreement shall terminate and shall be of no further force and effect. In such event the parties shall be restored as near as may be possible to the position each would have been in if this agreement not been entered into at all. 5.3 3.3. The purchaser shallshall on, on or prior to the date referred to in clause 5.2 3.2 above, provide the conveyancers with written confirmation by the said bank or financial institution of the final approval of the loan. The loan referred to in clause 5.1 3.1 shall be deemed to have been obtained when the bank or financial institution provides the purchaser with a quotation and offer for a secured loan in terms of the provisions of the National Credit Act, No. 34 of 2005, irrespective of whether such quotation and offer has been signed and accepted by the purchaser. 5.4 3.4. The suspensive condition recorded in clause 5.1 3.1 is incorporated herein for the sole benefit of the purchaser who shall be entitled to waive the benefit thereof in writing at any time prior to the date stipulated for the fulfilment thereof. In the event of the purchaser electing to waive the benefit of the suspensive condition, the suspensive condition shall be deemed to have been fulfilled. 5.5 3.5. The purchaser shall take all steps reasonably necessary to procure the timeous fulfilment of the suspensive condition. 5.6 All costs relating to the registration of the mortgage bond shall be borne by the Purchaser.

SUSPENSIVE CONDITION. 5.1 This agreement 3.1 The whole of this Agreement (other than clause 1, this clause 3 and clauses 4, 10, 12, 17, 19 and 20 which shall take immediate effect and be binding on the Parties) is subject to the fulfilment of the suspensive condition that, if applicable, the purchaser obtains that a loan be granted to the Purchaser within 30 (thirty) days calculated from the Signature Date, by a South African bank or other recognised South African financial institution, which is reasonably acceptable institution for an amount referred to in clause 4.1 of the seller, on terms acceptable to the seller in the sum stipulated in the schedule (Schedule of Particulars or such lesser amount as which the purchaser Purchaser in its sole discretion may agree to accept) accept against the security registration of a first mortgage bond as security for the loan over the property. 5.2 If the suspensive condition provided for in clause 5.1 is not fulfilled within 20 (twenty) business days after the signature date, or within such extended period as the seller in its sole discretion may allow, which extension shall not exceed a further 20 (twenty) business days, then and in such event this agreement shall terminate and shall be of no further force and effectProperty. In such event the parties shall be restored as near as may be possible to the position each would have been in if this agreement not been entered into at all. 5.3 The purchaser shall, on or prior to the date referred to in clause 5.2 above, provide the conveyancers with written confirmation by the said bank or financial institution of the final approval of the loan. The loan referred to in clause 5.1 shall be deemed to have been obtained when the bank or financial institution provides the purchaser with a quotation and offer a secured loan in terms of the provisions of the National Credit Act, No. 34 of 2005, irrespective of whether such quotation and offer has been signed and accepted by the purchaser. 5.4 The suspensive condition recorded in clause 5.1 is incorporated herein for the sole benefit of the purchaser who shall be entitled to waive the benefit thereof in writing at any time prior to the date stipulated for the fulfilment thereof. In the event of the purchaser electing to waive the benefit of the suspensive condition, the This suspensive condition shall be deemed to have been fulfilledfulfilled as soon as the Purchaser has received written confirmation that the loan has been approved by the aforesaid financial institution in principle or a quotation is issued as contemplated in Section 92 of the National Credit Act, irrespective of any binding loan agreement between the Purchaser and the said bank. 5.5 3.2 For the purposes of obtaining the loan (if any) referred to in clause 3.1 above the Purchaser hereby authorises the Mortgage Originator to submit a loan application on the Purchaser’s behalf to any financial institution, and agrees and undertakes to furnish the Mortgage Originator with any such information or any document, and to sign all such documents, which are required or necessary for the purposes of such loan application forthwith. The purchaser Purchaser shall take all steps reasonably necessary not make application for the loan referred to procure in clause 3.1 through any person other than the timeous fulfilment Mortgage Originator without the prior written consent of the suspensive condition. 5.6 All costs relating to Seller. The Parties place on record that the registration Purchase Price agreed upon, insofar as it includes the Bond Costs, is based on the premise that all the buyers in the Meadowlands Estate Development will utilise the same mortgage originator in respect of the mortgage bond shall be borne by applications and accordingly appointing the Mortgage Originator will result in an economic benefit for the Purchaser.