Common use of SUSPENSIVE CONDITIONS Clause in Contracts

SUSPENSIVE CONDITIONS. 2.1 This entire AGREEMENT is subject to the registration of transfer of ownership of the PROPERTY to the EMPLOYER. In the event that the PROPERTY is not transferred within 6 (six) months from date of signing of this Agreement by the CONTRACTOR, the CONTRACTOR reserves the right to: 2.1.1 increase the CONTRACT SUM, based on the current prices for the building materials, and the CONTRACTOR shall notify the EMPLOYER in writing of such increased cost and the EMPLOYER may then, at his/her option, cancel this agreement by providing written notice of cancellation to the CONTRACTOR within 5 (five) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the CONTRACTOR and the EMPLOYER shall proceed with the AGREEMENT at the increased CONTRACT SUM and the EMPLOYER shall be obliged to pay the increase in the CONTRACT SUM to the CONTRACTOR within 21 (twenty one) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost; or 2.1.2 cancel this AGREEMENT and the parties shall have no claim of whatsoever nature against each other. 2.2 This AGREEMENT is subject further to the EMPLOYER being offered a loan to be secured by a mortgage bond over the PROPERTY and improvements in the amount reflected in Schedule B or such lesser amount as the EMPLOYER may accept, within 30 (thirty) DAYS of the date of the CONTRACTOR’s signature of this AGREEMENT, which period may be extended in the CONTRACTOR’s sole discretion. Should no amount be inserted in the relevant field in the Schedule B, then the suspensive condition contained in this clause will not apply. In the event that the suspensive condition contained in this clause is not fulfilled, this AGREEMENT will lapse and the parties shall have no claim of whatsoever nature against each other.

SUSPENSIVE CONDITIONS. 2.1 This entire AGREEMENT 18.1 The Contract is subject to the registration of transfer of ownership suspensive condition that the Purchaser obtains a loan in the amount reflected in clause 7 of the PROPERTY SCHEDULE, forming part of the Purchase price payable by the Purchaser to the EMPLOYER. Seller for the Property, from a bank or other financial institution, against the security of a first mortgage bond over the Property in favour of such bank or financial institution, such loan to be approved in writing by such bank or financial institution within the period stipulated in clause 9 of the SCHEDULE. 18.2 In the event that the PROPERTY is aforesaid loan cannot transferred be raised within 6 (six) months from date of signing of this Agreement by the CONTRACTORsaid period, the CONTRACTOR reserves date shall automatically be extended for an indefinite period in the right to: 2.1.1 increase sole discretion of the CONTRACT SUM, based on Seller until such time as the current prices for mortgage bond is approved or until such time as the building materials, and Seller gives the CONTRACTOR shall notify the EMPLOYER in writing of such increased cost and the EMPLOYER may then, at his/her option, cancel this agreement by providing written Purchaser notice of cancellation of this agreement. 18.3 The suspensive condition is in favour of the Purchaser, but the Purchaser may only waive such condition by notice to the CONTRACTOR within 5 (five) DAYS of receiving written notice from Seller delivered to the CONTRACTOR in respect latter prior to expiry of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the CONTRACTOR and the EMPLOYER shall proceed with the AGREEMENT at the increased CONTRACT SUM and the EMPLOYER shall be obliged to pay the increase period stipulated in the CONTRACT SUM to the CONTRACTOR within 21 (twenty one) DAYS of receiving written notice from the CONTRACTOR in respect clause 9 of the increased cost; or 2.1.2 cancel this AGREEMENT and the parties shall have no claim SCHEDULE contemplated for fulfilment of whatsoever nature against each other. 2.2 This AGREEMENT is subject further to the EMPLOYER being offered a loan to be secured by a mortgage bond over the PROPERTY and improvements in the amount reflected in Schedule B or such lesser amount as the EMPLOYER may accept, within 30 (thirty) DAYS of the date of the CONTRACTOR’s signature of this AGREEMENT, which period may be extended in the CONTRACTOR’s sole discretion. Should no amount be inserted in the relevant field in the Schedule B, then the suspensive condition contained in this clause will not applycondition. In the event of such waiver this Contract shall be treated as if no amount is mentioned in clause 7 of the SCHEDULE. If no amount is reflected in clause 7 of the SCHEDULE this Contract shall not be subject to such suspensive condition. 18.4 The Purchaser undertakes to use the Purchaser's best endeavours in order to raise the aforesaid loan and furthermore undertakes to sign all such documents as are reasonably necessary for this purpose within a period of 7 (seven) days after the date of signature hereof by the Purchaser. The Purchaser warrants that he earns sufficient income to obtain the loan in the amount indicated. 18.5 Failing fulfilment of the suspensive condition contained in this clause is not fulfilled, this AGREEMENT will lapse Contract shall be deemed null and the parties void ab initio and neither party shall have no any claim against the other arising here from, save that the Seller shall repay to the Purchaser any amount(s) paid by the Purchaser on account of whatsoever nature against each otherthe Purchase price.

SUSPENSIVE CONDITIONS. 2.1 This entire AGREEMENT Subject to any suspensive conditions that may be referred to in paragraph 8 of Part A, this agreement is subject to the registration of transfer of ownership fulfilment of the PROPERTY to the EMPLOYER. In the event that the PROPERTY is not transferred within 6 (six) months from date of signing of this Agreement by the CONTRACTOR, the CONTRACTOR reserves the right tofollowing suspensive conditions : 2.1.1 increase the CONTRACT SUM, based Seller selling not less than 70% of the properties in the combination of phases of the development of which the property forms part (of which the deposits have been paid and the balance of the funding have been approved or proof of the availability of funds have been furnished to the Seller) and the Seller notifying the Purchaser in writing that this condition has been fulfilled to its satisfaction; 2.1.2 the Purchaser on the current prices security of the property obtaining a loan for the building materials, sum of the loan amount referred to in paragraph 5 of Part A at prevailing bank interest rates and conditions within the period referred to in paragraph 5 of Part A or within such longer period as the parties may agree to in writing. 2.2 The suspensive condition referred to in clause 2.1.1 is stipulated for the benefit of the Seller only and the CONTRACTOR Seller shall notify be entitled at any time to waive the EMPLOYER benefits of all or any thereof. 2.3 If the transferring attorneys (as referred to in writing paragraph 7 of such increased cost and Part A) are not notified of fulfilment of the EMPLOYER may thensuspensive condition referred to in clause 2.1.2 (if applicable) by the date referred to in paragraph 5 of Part A, at his/her option, the Seller shall be entitled to cancel this agreement by providing written notice of cancellation in writing to the CONTRACTOR Purchaser, in event whereof – 2.3.1 no party hereto shall have any claim against another arising out of or in connection with this agreement; and 2.3.2 to the extent that this agreement may have been partially implemented, the parties shall be restored to the status quo ante (which shall include repayment to the Purchaser of any deposit paid by the Purchaser), 2.4 The suspensive condition referred to in clause 2.1.2 is stipulated for the benefit of both parties who together shall be entitled to waive compliance with same or to extend the date against which it must be fulfilled: Provided that the suspensive conditions shall against proof of approval in principle by a bank that funds would be available for payment of the balance of the purchase price against registration of transfer, be deemed to have been fulfilled. 2.5 The parties undertake to forthwith do all things within 5 (five) DAYS their power and to take all reasonable steps as expeditiously as possible in order to secure fulfilment of receiving written the suspensive conditions and to give effect to the provisions of this clause 2. 2.6 Notwithstanding any other provisions, the Seller may by notice from in writing to the CONTRACTOR Purchaser cancel or mothball the development scheme and cancel this agreement if the suspensive condition referred to in clause 2.1.1 has not been fulfilled or if any terms or conditions imposed by the local authority or any other competent person or authority in granting any approval or consent in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the CONTRACTOR and the EMPLOYER shall proceed with the AGREEMENT at the increased CONTRACT SUM and the EMPLOYER shall be obliged to pay the increase development scheme in the CONTRACT SUM Seller's assessment are too onerous or costly to the CONTRACTOR within 21 (twenty one) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost; or 2.1.2 cancel this AGREEMENT and the parties shall have no claim of whatsoever nature against each other. 2.2 This AGREEMENT is subject further to the EMPLOYER being offered a loan to be secured by a mortgage bond over the PROPERTY and improvements comply with, or should circumstances arise which in the amount reflected in Schedule B or such lesser amount as Seller's assessment warrants the EMPLOYER may accept, within 30 (thirty) DAYS of the date of the CONTRACTOR’s signature termination of this AGREEMENTagreement, in case of which period may be extended in the CONTRACTOR’s sole discretion. Should no amount be inserted in the relevant field in the Schedule B, then the suspensive condition contained in this provisions of clause will not apply. In the event that the suspensive condition contained in this clause is not fulfilled, this AGREEMENT will lapse and the parties 2.3 shall have no claim of whatsoever nature against each otherapply mutatis mutandis.

SUSPENSIVE CONDITIONS. 2.1 This entire AGREEMENT is subject to the registration of transfer of ownership of the PROPERTY to the EMPLOYER. In the event that the PROPERTY is not transferred within 6 (six) months from date of signing of this Agreement by the CONTRACTOR, the CONTRACTOR reserves the right to: 2.1.1 increase the CONTRACT SUM, based on the current prices for the building materials, and the CONTRACTOR shall notify the EMPLOYER in writing of such increased cost and the EMPLOYER may then, at his/her option, cancel this agreement by providing written notice of cancellation to the CONTRACTOR within 5 (five) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the CONTRACTOR and the EMPLOYER shall proceed with the AGREEMENT at the increased CONTRACT SUM and the EMPLOYER shall be obliged to pay the increase in the CONTRACT SUM to the CONTRACTOR within 21 (twenty one) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost; or 2.1.2 cancel this AGREEMENT and the parties shall have no claim of whatsoever nature against each other. 2.2 This AGREEMENT is subject further to the EMPLOYER being offered a loan to be secured by a mortgage bond over the PROPERTY and improvements in the amount reflected in the Schedule B or such lesser amount as the EMPLOYER may accept, within 30 (thirty) DAYS of the date of the CONTRACTOR’s signature of this AGREEMENT, which period may be extended in the CONTRACTOR’s sole discretion. Should no amount be inserted in the relevant field in the Schedule BSchedule, then the suspensive condition contained in this clause will not apply. In the event that the suspensive condition contained in this clause is not fulfilled, this AGREEMENT will lapse and the parties shall have no claim of whatsoever nature against each other.

SUSPENSIVE CONDITIONS. 2.1 This entire AGREEMENT is subject to the registration of transfer of ownership of the PROPERTY to the EMPLOYER. In the event that the PROPERTY is not transferred within 6 (six) months from date of signing of this Agreement by the CONTRACTOR, the CONTRACTOR reserves the right to: 2.1.1 increase the CONTRACT SUM, based on the current prices for the building materials, and the CONTRACTOR shall notify the EMPLOYER in writing of such increased cost and the EMPLOYER may then, at his/her option, cancel this agreement by providing written notice of cancellation to the CONTRACTOR within 5 (five) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the CONTRACTOR and the EMPLOYER shall proceed with the AGREEMENT at the increased CONTRACT SUM and the EMPLOYER shall be obliged to pay the increase in the CONTRACT SUM to the CONTRACTOR within 21 (twenty one) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost; oror TGP Construction Cape Town (Pty) Ltd Reg no.: 2017/506093/07 VAT no.: 419 028 0760 Physical Address 3rd Floor, Madison Square, Cnr Xxxx Xxxxxx & Tygerfalls Postal Address PO Box 3667, Tygervalley, 2.1.2 cancel this AGREEMENT and the parties shall have no claim of whatsoever nature against each other. 2.2 This AGREEMENT is subject further to the EMPLOYER being offered a loan to be secured by a mortgage bond over the PROPERTY and improvements in the amount reflected in Schedule B or such lesser amount as the EMPLOYER may accept, within 30 (thirty) DAYS of the date of the CONTRACTOR’s signature of this AGREEMENT, which period may be extended in the CONTRACTOR’s sole discretion. Should no amount be inserted in the relevant field in the Schedule B, then the suspensive condition contained in this clause will not apply. In the event that the suspensive condition contained in this clause is not fulfilled, this AGREEMENT will lapse and the parties shall have no claim of whatsoever nature against each other.

SUSPENSIVE CONDITIONS. 2.1 This entire AGREEMENT is subject to the registration of transfer of ownership of the PROPERTY to the EMPLOYER. In the event that the PROPERTY is not transferred within 6 (six) months from date of signing of this Agreement by the CONTRACTOR, the CONTRACTOR reserves the right to: 2.1.1 increase the CONTRACT SUM, based on the current prices for the building materials, and the CONTRACTOR shall notify the EMPLOYER in writing of such increased cost and the EMPLOYER may then, at his/her option, cancel this agreement by providing written notice of cancellation to the CONTRACTOR within 5 (five) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the CONTRACTOR and the EMPLOYER shall proceed with the AGREEMENT at the increased CONTRACT SUM and the EMPLOYER shall be obliged to pay the increase in the CONTRACT SUM to the CONTRACTOR within 21 (twenty one) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost; or 2.1.2 cancel this AGREEMENT and the parties shall have no claim of whatsoever nature against each other. Redwood Estate Stellenbosch (PTY) LTD Reg no.: 2021/651004/07 Physical Address 3rd Floor, Madison Square, Postal Address PO Box 3667, 2.2 This AGREEMENT is subject further to the EMPLOYER being offered a loan to be secured by a mortgage bond over the PROPERTY and improvements in the amount reflected in Schedule B or such lesser amount as the EMPLOYER may accept, within 30 (thirty) DAYS of the date of the CONTRACTOR’s signature of this AGREEMENT, which period may be extended in the CONTRACTOR’s sole discretion. Should no amount be inserted in the relevant field in the Schedule B, then the suspensive condition contained in this clause will not apply. In the event that the suspensive condition contained in this clause is not fulfilled, this AGREEMENT will lapse and the parties shall have no claim of whatsoever nature against each other.

SUSPENSIVE CONDITIONS. 2.1 This entire AGREEMENT is subject to the registration of transfer of ownership of the PROPERTY to the EMPLOYER. In the event that the PROPERTY is not transferred within 6 (six) months from date of signing of this Agreement by the CONTRACTOR, the CONTRACTOR reserves the right to: 2.1.1 increase the CONTRACT SUM, based on the current prices for the building materials, and the CONTRACTOR shall notify the EMPLOYER in writing of such increased cost and the EMPLOYER may then, at his/her option, cancel this agreement by providing written notice of cancellation to the CONTRACTOR within 5 (five) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the CONTRACTOR and the EMPLOYER shall proceed with the AGREEMENT agreement at the increased CONTRACT SUM and the EMPLOYER shall be obliged to pay the increase in the CONTRACT SUM to the CONTRACTOR within 21 (twenty one) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost; or 2.1.2 cancel this AGREEMENT agreement and the parties shall have no claim of whatsoever nature against each other. 2.2 This AGREEMENT is subject further to the EMPLOYER being offered a loan to be secured by a first mortgage bond over the PROPERTY and improvements in the amount reflected in the Schedule B or such lesser amount as the EMPLOYER may accept, within 30 (thirty) DAYS of the date of the CONTRACTOR’s signature of this AGREEMENT, which period may be extended in the CONTRACTOR’s sole discretion. Should no amount be inserted in the relevant field in the Schedule BSchedule, then the suspensive condition contained in this clause 2.2 will not apply. In apply to the event that the suspensive condition contained in this clause is not fulfilled, this AGREEMENT will lapse and the parties shall have no claim of whatsoever nature against each otherAGREEMENT.