Common use of SUSPENSIVE CONDITIONS Clause in Contracts

SUSPENSIVE CONDITIONS. 7.1 It is a special condition of this Agreement that the PURCHASER must within 30 (THIRTY) days after signature of this agreement obtain a loan from one of the approved Financial Institutions of his choice for the bond amount referred to in Clause 1.9 above against security of a mortgage bond over the property hereby sold. The PURCHASER shall be obliged to apply for such financial assistance and undertakes to do all such things, sign all such documents and supply to the said institution all such information as may be required by it for purposes of the application. Written proof of the application as well as any progress made with the processing thereof must, on request, be supplied to the SELLER or his representative. 7.2 Should the said loan not be granted to the PURCHASER within the time specified above (or the extended period referred to in 7.5) this agreement shall lapse and no further rights or obligations resulting from this Agreement shall exist between the parties. 7.3 The PURCHASER hereby irrevocably appoints the SELLER as his Agent in his place and stead to apply for the loan at a Financial Institution and hereby authorises all actions taken by the SELLER as a result of this mandate. 7.4 This special condition shall be regarded as complied with on date of the grant of loan as specified in Clause 1.10, notwithstanding the fact that no loan agreement between the PURCHASER and the Financial Institution has been signed and notwithstanding any conditions which the Financial Institution may have imposed for the granting of such loan application. 7.5 The SELLER shall have the right to extend the 30 (THIRTY) day period referred to in 7.1 above for a further 30 (THIRTY) day period provided that he gives the PURCHASER a written notice thereof before expiry of the first 30 (THIRTY) day period.

SUSPENSIVE CONDITIONS. 7.1 12.1 It is recorded that: 12.1.1 section 8(5) of the Townships Ordinance No. 9 of 1969 provides that, after an owner of land has taken steps to establish a special condition township thereon, no person shall enter into any contract whereby any land in such township is sold until the member of this Agreement the Executive Council of the Province responsible for the administration of the said Ordinance (“the MEC”) shall have declared the township an approved township and the MEC shall have satisfied himself that the PURCHASER must within 30 (THIRTY) days after signature of this agreement obtain a loan from one services and amenities which have to be provided in connection with such land in terms of the approved Financial Institutions conditions subject to which the establishment of his choice for such township was approved, are available and shall have issued a certificate to that effect; 12.1.2 the bond amount referred Property is situated on land on which the Seller has taken steps to establish a township and regarding which land the Seller shall use its best endeavours to, at its cost, and within 24 (twenty four) months after the Signature Date provide all the services and amenities which have to be provided in Clause 1.9 above against security connection with the land in terms of a mortgage bond over the property hereby sold. The PURCHASER shall be obliged conditions subject to apply for such financial assistance and undertakes to do all such things, sign all such documents and supply which the establishment of the township in which the Property is situated was approved. 12.1.3 This Agreement is subject to the suspensive conditions that it shall not come into being until such time as: 12.1.3.1 the MEC shall have declared the township in which the Property is situated as an approved township and; 12.1.3.2 the MEC shall have satisfied himself that the services and amenities which have to be provided in connection with the relevant land in terms of the conditions subject to which the establishment of the said institution all township was approved, are available and shall have issued a certificate to that effect. 12.2 If any of the Suspensive Conditions are not fulfilled within 24 (twenty four) months after the Signature Date or such information later date(s) as may be required agreed to by it for purposes the Parties in writing prior to the lapse of the application. Written proof of the application as well as any progress made with the processing thereof mustsaid 24 (twenty four) months, on requestthis Agreement, be supplied to the SELLER or his representative. 7.2 Should the said loan not be granted to the PURCHASER within the time specified above (or the extended period referred to in 7.5) this agreement shall lapse and no further rights or obligations resulting from this Agreement shall exist between the parties. 7.3 The PURCHASER hereby irrevocably appoints the SELLER as his Agent in his place and stead to apply except for the loan at a Financial Institution provisions of clauses 1.15.4, 5.1, 15.1, 17, 22, 25, 27, 28 and hereby authorises 29 (all actions taken by the SELLER as a result of this mandate. 7.4 This special condition which shall be regarded as complied with on date of the grant full force and effect), shall be of loan as specified in Clause 1.10, notwithstanding the fact that no loan agreement between the PURCHASER and the Financial Institution has been signed and notwithstanding any conditions which the Financial Institution may have imposed for the granting of such loan applicationforce or effect. 7.5 The SELLER shall have the right to extend the 30 (THIRTY) day period referred to in 7.1 above for a further 30 (THIRTY) day period provided that he gives the PURCHASER a written notice thereof before expiry of the first 30 (THIRTY) day period.

SUSPENSIVE CONDITIONS. 7.1 It is a special condition of this Agreement that the PURCHASER must within 30 (THIRTY) days after signature of this agreement obtain a loan from one of the approved Financial Institutions of his choice for the bond amount referred to in Clause 1.9 above against security of a mortgage bond over the property hereby sold. The PURCHASER shall be obliged to apply for such financial assistance and undertakes to do all such things, sign all such documents and supply to the said institution all such information as may be required by it for purposes of the application. Written proof of the application as well as any progress made with the processing thereof must, on request, be supplied to the SELLER or his representative.. COPY 7.2 Should the said loan not be granted to the PURCHASER within the time specified above (or the extended period referred to in 7.5) this agreement shall lapse and no further rights or obligations resulting from this Agreement shall exist between the parties. 7.3 The PURCHASER hereby irrevocably appoints the SELLER as his Agent in his place and stead to apply for the loan at a Financial Institution and hereby authorises all actions taken by the SELLER as a result of this mandate. 7.4 This special condition shall be regarded as complied with on date of the grant of loan as specified in Clause 1.10, notwithstanding the fact that no loan agreement between the PURCHASER and the Financial Institution has been signed and notwithstanding any conditions which the Financial Institution may have imposed for the granting of such loan application. 7.5 The SELLER shall have the right to extend the 30 (THIRTY) day period referred to in 7.1 above for a further 30 (THIRTY) day period provided that he gives the PURCHASER a written notice thereof before expiry of the first 30 (THIRTY) day period.

SUSPENSIVE CONDITIONS. 7.1 It 2.1 This agreement is a special condition of this Agreement that subject to the PURCHASER must within 30 (THIRTY) days after signature of this agreement obtain a loan from one following suspensive conditions: 2.1.1 Approval of the approved Financial Institutions of his choice for the bond amount referred to in Clause 1.9 above against security of a mortgage bond over the property hereby sold. The PURCHASER shall be obliged to apply for such financial assistance and undertakes to do all such thingssite development plan, sign all such documents and supply to the said institution all such information as may be required by it for purposes of the application. Written proof of the subdivision and/or consolidation application as well as any progress made with rezoning that may be required by the processing thereof mustBuffalo City Municipality on or before 30 June 2007. 2.1.2 The Surveyor General approving: 2.1.2.1 the subdivision and/or consolidation diagram within 30 days after approval of each phase of the development by the local authority referred to clause 2.1.1 above; and 2.1.2.2 the sectional title plans in respect of the various phases of the development, 30 days after practical completion. 2.1.3 The Purchaser is obliged by no later than 7 (seven) days after the date of signature of this agreement by the Purchaser to apply for an approval in principle of a loan from a Bank or similar Financial Institution for the loan amount defined in 3.3 of the covering schedule above (proceeds of mortgage bond), against security of the first mortgage bond to be registered over the property, the amount of which loan must be available for payment on request, be supplied transfer. 2.1.3.1 This agreement is subject to the SELLER condition that the loan be finally approved by no later than 14 (fourteen) days after being requested to do so and failure to meet such conditions shall result in the Seller being entitled to all remedies available to it and shall in its sole and absolute discretion be entitled to cancel the agreement or his representativeto allow the Purchaser a further period within which to obtain loan approval. 7.2 2.1.3.2 Should the said loan not be granted to the PURCHASER within the time specified above (or the extended period referred to in 7.5) this agreement shall lapse and no further rights or obligations resulting from this Agreement shall exist between the parties. 7.3 The PURCHASER hereby irrevocably appoints the SELLER as his Agent in his place and stead Purchaser fail to apply for the loan at contemplated in 2.1.3.1 within the period of time contemplated in that paragraph, then apart from any other remedy which the Seller may have, the Seller will be entitled to apply for such loan on behalf of the Purchaser and to sign the necessary application document/s on behalf of the Purchaser and take all other steps which may be required in this regard. 2.1.3.3 This condition precedent shall be deemed to have been fulfilled upon the receipt by the Seller and/or the Purchaser and/or agent of a written notification from any Bank, Building Society or other Financial Institution and hereby authorises all actions taken by to the SELLER as a result of this mandateeffect that it is prepared to grant the Purchaser the required mortgage facilities. 7.4 This special 2.1.3.1 The Purchaser hereby irrevocably nominates the Seller's Conveyancers to attend to the registration of the bond and it is therefore a condition that the Seller's Conveyancers attend to the registration of the bond. 2.2 There shall be regarded as complied with on date an automatic extension of the grant of loan as specified in Clause 1.10, notwithstanding the fact that no loan agreement between the PURCHASER and the Financial Institution has been signed and notwithstanding any conditions which the Financial Institution may have imposed for the granting of such loan application. 7.5 The SELLER shall have the right to extend the 30 (THIRTY) day period date/s referred to in 7.1 above for a Clauses 2.1.1 to 2.1.3 by such further 30 (THIRTY) day period provided that he gives as the PURCHASER a Seller may in its sole discretion deem appropriate unless and until the Seller, by written notice thereof before expiry to the Purchaser, advises that there shall be no further extension of the first 30 (THIRTY) day perioddate/s set out above. 2.3 In the event that any of the suspensive conditions in Clauses 2.1.1 to 2.1.3 are not fulfilled on or before the respective date/s, or such extension thereof as may have been allowed by the Seller, this agreement shall be of no force and effect and neither party shall have any claim against the other, save that the Seller shall refund to the Purchaser the full amount paid by the Purchaser in terms of Clause 3.2 of the covering schedule, together with any accrued interest thereon.

SUSPENSIVE CONDITIONS. 7.1 It is a special condition of this Agreement that the PURCHASER must within 30 (THIRTY) days after signature 6.1 The whole of this agreement obtain is subject to the suspensive condition ("suspensive condition") that the purchaser obtains a loan from one in the amount set out in item 1.9 of the approved Financial Institutions info schedule from a bank within twenty one days of his choice for the bond amount signature date, which loan will be sufficient to enable the purchaser to take transfer of the portion.‌ 6.2 The period referred to in Clause 1.9 above against security 6.1 shall automatically be extended for successive periods of a mortgage bond over twenty one days each until the property hereby sold. seller in its sole and absolute discretion, notifies the purchaser in writing that no further extension will occur. 6.3 The PURCHASER suspensive condition is expressed to be for the benefit of the purchaser only. 6.4 The suspensive condition will be deemed to be fulfilled if any bank agrees to grant such loan - 6.4.1 subject to it being guaranteed by the purchaser's spouse; and/or 6.4.2 subject to any terms usually imposed by such bank. 6.5 The purchaser - 6.5.1 warrants that his financial position is such that, having regard to the criteria or requirements usually applied by banks, his application for the loan should not be refused; and 6.5.2 shall be obliged use his best endeavours to apply for such financial assistance and procure fulfilment of the suspensive condition and, without limiting the generality of the aforegoing, the purchaser undertakes to do all such thingsthings as are normally required by any bank in connection with the grant of any such loan. 6.6 The purchaser irrevocably appoints the seller and/or the agent, sign all such documents and supply in his stead, to apply for the loan referred to in 6.1. 6.7 In the event that the suspensive condition is not fulfilled or the purchaser is granted a loan for a lesser amount than that applied for, the seller shall use its best endeavours to procure that a loan be granted by a third party to the said institution all such information as may be required by it purchaser, either for purposes the full amount of the application. Written proof loan referred to in 6.1 or for the difference between the amount of the application loan referred to in 6.1 and the amount of the loan granted, as well as any progress made with the processing thereof mustcase may be, on requestagainst the security of a first or second mortgage bond to be registered over the portion, in which event the suspensive condition shall be supplied deemed to the SELLER or his representativehave been fulfilled. 7.2 Should 6.8 If the said loan suspensive condition is not be granted to the PURCHASER fulfilled within the time specified above (period referred to in 6.1 or the extended period referred to in 7.5) 6.3, then this agreement shall lapse cease to be of any force or effect and no further rights or obligations resulting from the parties shall be restored to the positions in which they would have been had this Agreement agreement not been entered into and neither party shall exist between have any claims against the parties. 7.3 The PURCHASER hereby irrevocably appoints the SELLER as his Agent in his place and stead to apply for the loan at a Financial Institution and hereby authorises all actions taken by the SELLER other as a result of the failure of the suspensive condition, except for such claim, if any, as may result from a breach of the provisions of this mandateclause. 7.4 This special 6.9 Subject to the suspensive condition that the property as described in 1.13.1 and 1.13.2 be first transferred to the Moditlo Development Company. If such transfer is not effected, this agreement shall be regarded as complied with on date of the grant of loan as specified in Clause 1.10, notwithstanding the fact that no loan agreement between the PURCHASER null and the Financial Institution has been signed and notwithstanding any conditions which the Financial Institution may have imposed for the granting of such loan applicationvoid. 7.5 The SELLER shall have the right to extend the 30 (THIRTY) day period referred to in 7.1 above for a further 30 (THIRTY) day period provided that he gives the PURCHASER a written notice thereof before expiry of the first 30 (THIRTY) day period.