Common use of Transfer of the Property Clause in Contracts

Transfer of the Property. 6.1 Transfer of the Property shall be passed by the Attorneys and shall be given and taken upon the estimated Transfer Date as recorded in the Information Schedule or as soon as is reasonably possible thereafter. 6.2 The Purchaser shall pay all costs of transfer (plus VAT on such costs), costs of all necessary affidavits and all other costs which have to be incurred in order to comply with the statutes or other enactments or regulations relating to the passing of transfer of the Property. All mortgage bond related costs will be for the account of the Purchaser. 6.3 Should the Purchaser in any way delay the transfer of the Property, then without prejudice to any other rights or remedies of the Seller in terms of this Agreement, the Purchaser, with effect from the date which the Attorneys certify to be the date upon which transfer ought reasonably to have been registered but for such delay, shall pay to the Seller: 6.3.1 interest at the prime rate; 6.3.2 the pro rata rates, taxes and levies and other proprietary charges payable in respect of the Property. 6.4 If transfer of the Property is delayed for longer than a period of 6 months after the Estimated Transfer Date as recorded in C4 of the Information Schedule for any reason other than a reason attributable to the fault and/or omission of the Seller, then the Seller shall be entitled in its sole discretion to resile from this Agreement, with neither party having any further claim against one another, other than a refund to the Purchaser of the deposit paid in terms of paragraph D2 and D3 of the Information Schedule, or alternatively claim an adjustment to the purchase price. In the event of the parties not being able to reach agreement as to the adjustment to the purchase price, then a property valuer appointed by the Seller shall determine the dispute and the property valuer’s determination shall be final and binding on the parties. 6.5 In the event of the Purchaser on selling the Property prior to taking transfer of the Property from the Seller, the Purchaser shall ensure that the Attorney attends to such transfer of the Property, so as to ensure the linked development transactions are not delayed

Transfer of the Property. 6.1 Transfer of the Property property shall be passed by the Attorneys Conveyancers and shall be given and taken upon the estimated Transfer Date as recorded in the Information Schedule or as soon as is reasonably possible thereaftersubject to the provisions of clause 6.3 below. In the event that the transfer date can occur sooner than the date mentioned in clause 4 of the covering schedule, the Purchaser shall be obliged to take such earlier transfer of the property on written notice thereof by the Seller to the Purchaser. 6.2 The Purchaser shall upon request by the Conveyancers pay all costs of transfer (plus VAT on such costs), costs of all necessary affidavits and all other costs which have to be incurred in order to comply with the statutes or other enactments or regulations relating to the passing of t ransfer of the property together with all costs and charges associated with the registration of the Purchasers mortgage bond over the property (if any). 6.3 The Purchaser acknowledges that transfer of the Property. All mortgage bond related costs will property cannot be passed by the Seller until all of the services and roads in the development have been completed to the satisfaction of the competent authorities or the appropriate guarantees have been provided in respect thereof or the Seller has made such other arrangements in respect of the installation of such services as may be acceptable to the competent authority. 6.4 The Purchaser agrees that any delays in registration of transfer shall not give rise to any rights by the Purchaser to cancel this agreement, or to damages or otherwise, and the sale shall continue to be of full force and effect notwithstanding any delay in registration of transfer provided that only in the event that transfer is delayed for more than 12 months after the account estimated transfer date contained in paragraph 4 of the covering schedule, the Purchaser shall be entitled to cancel this agreement by notice in writing to the Seller provided that such delay is not in any way attributable to any default or delay on the part of the Purchaser. 6.3 6.5 Should the Purchaser terminate this agreement pursuant to clause 6.4 above, then the Purchaser shall have no claim of whatsoever nature against the Seller, save for repayment of the deposit plus accrued interest thereon. 6.6 Should the Purchaser in any way delay the transfer of the Propertyproperty, then without prejudice to any other rights or remedies of the Seller in terms of this Agreementagreement, the Purchaser, with effect Purchaser shall pay to the Seller interest at the pri me rate plus 3% (three per cent) on the purchase price of the property calculated from the date on which the Attorneys Conveyancers certify to be the date upon which that transfer ought reasonably to have been registered but for such delay, shall pay to until the Seller: 6.3.1 interest at the prime rate; 6.3.2 the pro rata rates, taxes and levies and other proprietary charges payable in respect date of the Propertyregistration of transfer (both dates inclusive). 6.4 If transfer of the Property is delayed for longer than a period of 6 months after the Estimated Transfer Date as recorded in C4 of the Information Schedule for any reason other than a reason attributable to the fault and/or omission of the Seller, then the Seller shall be entitled in its sole discretion to resile from this Agreement, with neither party having any further claim against one another, other than a refund to the Purchaser of the deposit paid in terms of paragraph D2 and D3 of the Information Schedule, or alternatively claim an adjustment to the purchase price. In the event of the parties not being able to reach agreement as to the adjustment to the purchase price, then a property valuer appointed by the Seller shall determine the dispute and the property valuer’s determination shall be final and binding on the parties. 6.5 In the event of the Purchaser on selling the Property prior to taking transfer of the Property from the Seller, the Purchaser shall ensure that the Attorney attends to such transfer of the Property, so as to ensure the linked development transactions are not delayed

Transfer of the Property. 6.1 Transfer of Notwithstanding anything to the Property shall be passed by the Attorneys and shall be given and taken upon the estimated Transfer Date as recorded contrary contained herein or in the Information Schedule Mortgage, Lender shall not unreasonably withhold consent to a one time sale, conveyance or as soon as is reasonably possible thereafter. 6.2 The Purchaser shall pay all costs of transfer (plus VAT on such costs), costs of all necessary affidavits and all other costs which have to be incurred in order to comply with the statutes or other enactments or regulations relating to the passing of transfer of the Property. All mortgage bond related costs will be for the account of the Purchaser. 6.3 Should the Purchaser in any way delay the transfer of the Property, then without prejudice to any other rights or remedies of the Seller in terms of this Agreement, the Purchaser, with effect from the date which the Attorneys certify to be the date upon which transfer ought reasonably to have been registered but for such delay, shall pay to the Seller: 6.3.1 interest at the prime rate; 6.3.2 the pro rata rates, taxes and levies and other proprietary charges payable in respect of the Property. 6.4 If transfer of the Property is delayed for longer than a period of 6 months in its entirety (hereinafter, “Sale”) after the Estimated Transfer Date as recorded in C4 first anniversary of the Information Schedule for any reason first day of the first calendar month after the date hereof (or the date hereof if dated the first day of a calendar month) and with respect to such Sale, Lender shall not require a modification of the material economic terms hereof (other than a reason attributable corresponding increase in Borrower’s deposits of Tax Funds pursuant to Section 6.2.1 hereof in the fault and/or omission event such Sale results in an increase in the real property tax assessment by the applicable taxing authority), to any Person provided that each of the Seller, then the Seller shall be entitled in its sole discretion to resile from this Agreement, with neither party having any further claim against one another, other than a refund to the Purchaser following terms and conditions are satisfied: (a) no Event of Default has occurred and is continuing; (b) Borrower gives Lender written notice of the deposit paid in terms of paragraph D2 and D3 of such prospective Sale not less than thirty (30) days before the Information Scheduledate on which such Sale is scheduled to close and, or alternatively claim an adjustment to concurrently therewith, gives Lender all such information concerning the purchase price. In the event of the parties not being able to reach agreement as to the adjustment to the purchase price, then a property valuer appointed by the Seller shall determine the dispute and the property valuer’s determination shall be final and binding on the parties. 6.5 In the event of the Purchaser on selling the Property prior to taking transfer proposed transferee of the Property from (hereinafter, “Buyer”) as Lender would reasonably require in evaluating an initial extension of credit to a borrower and pays to Lender a non-refundable application fee in the Selleramount of $2,500.00. Lender shall have the right to approve or disapprove the proposed Buyer, such approval not to be unreasonably withheld. In determining whether to give or withhold its approval of the Purchaser proposed Buyer, Lender shall ensure that the Attorney attends consider Buyer’s experience and track record in owning and operating facilities similar to such transfer of the Property, so Buyer’s financial strength, Buyer’s general business standing and Buyer’s relationships and experience with contractors, vendors, tenants, lenders and other business entities; provided, however, that, notwithstanding Lender’s agreement to consider the foregoing factors in determining whether to give or withhold such approval, such approval shall be given or withheld based on what Lender determines to be commercially reasonable and, if given, may be given subject to such conditions as Lender may deem reasonably appropriate; (c) Borrower pays Lender, concurrently with the closing of such Sale, (i) a non-refundable assumption fee in an amount equal to ensure all out-of-pocket costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by Lender in connection with the linked development transactions Sale plus an amount equal to one percent (1.0%) of the then outstanding principal balance of the Note, and (ii) all costs and expenses of all third parties and Rating Agencies in connection with the Sale; (d) Buyer assumes and agrees to pay the Debt as and when due (subject to the provisions of Section 11.22 hereof) and, prior to or concurrently with the closing of such Sale, Buyer and its constituent partners, members or shareholders as Lender may reasonably require execute, without any cost or expense to Lender, such documents and agreements as Lender shall reasonably require to evidence and effectuate said assumption; (e) Borrower and Buyer, without any cost to Lender, furnish any information requested by Lender for the preparation of, and shall authorize Lender to file, new financing statements and financing statement amendments and other documents to the fullest extent permitted by applicable law, and shall execute any additional documents reasonably requested by Lender; (f) Borrower delivers to Lender, without any cost or expense to Lender, such endorsements to Lender’s title insurance policy, hazard insurance endorsements or certificates and other similar materials as Lender may deem necessary at the time of the Sale, all in form and substance satisfactory to Lender, including, without limitation, an endorsement or endorsements to Lender’s title insurance policy or policies insuring the lien of the Mortgage insuring that leasehold title to the Property is vested in Buyer; (g) Buyer furnishes, if Buyer is a corporation, partnership or other entity, all appropriate papers evidencing Buyer’s capacity and good standing, and the qualification of the signers to execute the assumption of the Debt, which papers shall include certified copies of all documents relating to the organization and formation of Buyer and of the entities, if any, which are not delayedpartners or members of Buyer. Buyer and such constituent partners, members or shareholders of Buyer (as the case may be), as Lender shall require, shall be single purpose, “bankruptcy remote” entities which satisfy the requirements of Section

Transfer of the Property. 6.1 9.1 Transfer of the Property property shall be passed by the Attorneys Seller’s attorneys and shall be given and taken upon the estimated Transfer Date transfer date as recorded in the Information Schedule or as soon as is reasonably reasonable possible thereafter. 6.2 9.2 The Purchaser shall upon request by the Seller’s attorneys pay all transfer cost and bond costs of transfer (if any) (plus VAT on such costs), costs cost of all necessary affidavits and all other costs which have to be incurred in order to comply with the statutes or other enactments or regulations relating to the passing of transfer of the Property. All mortgage bond related costs will property. 9.3 The Purchaser acknowledges that transfer of the property cannot be for passed by the account Seller until services and roads in the development have been completed to the satisfaction of the competent authorities or the appropriate guarantees have been provided in respect thereof or the Seller has made such other arrangements in respect of the installation of such services as may be acceptable to the competent authority. 9.4 Subject to the provisions of clause 9.5, the Purchaser agrees that any reasonable delays in registration of transfer shall not give rise to any rights by the Purchaser to cancel this agreement, or to damages or otherwise, and the sale shall continue to be of full force and effect notwithstanding such delay in registration of transfer. 9.5 In the event that transfer being unreasonable delayed after the scheduled transfer date as is recorded in the information schedule, the Purchaser shall be entitled to cancel this agreement by notice in writing to the Seller provided that such delay is not in any way attributable to any default or delay on the part of the Purchaser. 6.3 9.6 Should the Purchaser terminate this agreement pursuant to clause 9.5 above, then the Purchaser shall have no claim of whatsoever nature against the Seller, save for repayment of the deposit plus accrued interest thereon. 9.7 Should the Purchaser in any way unreasonable delay the transfer of the Propertyproperty, then without prejudice to any other rights or remedies of the Seller in terms of this Agreementagreement, the Purchaser, with effect from the date which the Attorneys Seller’s attorneys certify to be the date upon which transfer ought reasonably to have been registered but for such delay, shall pay to the Seller: 6.3.1 9.7.1 interest at the prime rate;rate plus 3% (three percent) on the purchase price of the property limited to a maximum amount of 10% of the purchase price. 6.3.2 9.7.2 the pro rata rates, taxes and levies and other proprietary charges payable in respect of the Propertyproperty. 6.4 If transfer of the Property is delayed for longer than a period of 6 months after the Estimated Transfer Date as recorded in C4 of the Information Schedule for any reason other than a reason attributable to the fault and/or omission of the Seller, then the Seller shall be entitled in its sole discretion to resile from this Agreement, with neither party having any further claim against one another, other than a refund to the Purchaser of the deposit paid in terms of paragraph D2 and D3 of the Information Schedule, or alternatively claim an adjustment to the purchase price. In the event of the parties not being able to reach agreement as to the adjustment to the purchase price, then a property valuer appointed by the Seller shall determine the dispute and the property valuer’s determination shall be final and binding on the parties. 6.5 In the event of the Purchaser on selling the Property prior to taking transfer of the Property from the Seller, the Purchaser shall ensure that the Attorney attends to such transfer of the Property, so as to ensure the linked development transactions are not delayed

Transfer of the Property. 6.1 Transfer of the Property shall be passed by the Attorneys and shall be given and taken upon the estimated Transfer Date as recorded in the Information Schedule or as soon as is reasonably possible thereafter. 6.2 The Purchaser shall pay all costs of transfer (plus VAT on such costs), costs of all necessary affidavits and all other costs which have to be incurred in order to comply with the statutes or other enactments or regulations relating to the passing of transfer of the Property. All mortgage bond related costs will be for the account of the Purchaser. 6.3 Should the Purchaser in any way delay the transfer of the Property, then without prejudice to any other rights or remedies of the Seller in terms of this Agreement, the Purchaser, with effect from the date which the Attorneys certify to be the date upon which transfer ought reasonably to have been registered but for such delay, shall pay to the Seller: 6.3.1 interest at the prime rate; 6.3.2 the pro rata rates, taxes and levies and other proprietary charges payable in respect of the Property. 6.4 If transfer of the Property or commencement with the construction of the Dwelling is delayed for longer than a period of 6 months after the Estimated Transfer Date as recorded in C4 of the Information Schedule for any reason other than a reason attributable to the fault and/or omission of the Seller, then the Seller and or Contractor shall be entitled in its sole discretion to resile from this Agreement, with neither party having any further claim against one another, other than a refund to the Purchaser of the deposit paid in terms of paragraph D2 E4 and D3 E5 of the Information Schedule, or alternatively claim an adjustment to the purchase pricePurchase Price and or Construction Price. In the event of the parties not being able to reach agreement as to the adjustment to the purchase pricePurchase Price and or Construction Price, then a property valuer and or quantity surveyor appointed by the Seller shall determine the dispute and the property valuer’s and or quantity surveyor’s determination shall be final and binding on the parties. 6.5 In the event of the Purchaser on selling the Property prior to taking transfer of the Property from the Seller, the Purchaser shall ensure that the Attorney attends to such transfer of the Property, so as to ensure the linked development transactions are not delayed

Transfer of the Property. 6.1 Transfer of the Property shall be passed by the Attorneys and shall be given and taken upon the estimated Transfer Date as recorded in the Information Schedule or as soon as is reasonably possible thereafter. 6.2 The Purchaser shall pay all costs of transfer (plus VAT on such costs), costs of all necessary affidavits and all other costs which have to be incurred in order to comply with the statutes or other enactments or regulations relating to the passing of transfer of the Property. All mortgage bond related costs will be for the account of the Purchaser. 6.3 Should the Purchaser in any way delay the transfer of the Property, then without prejudice to any other rights or remedies of the Seller in terms of this Agreement, the Purchaser, with effect from the date which the Attorneys certify to be the date upon which transfer ought reasonably to have been registered but for such delay, shall pay to the Seller: 6.3.1 interest at the prime rate; 6.3.2 the pro rata rates, taxes and levies and other proprietary charges payable in respect of the Property. 6.4 If transfer of the Property is delayed for longer than a period of 6 months after the Estimated Transfer Date as recorded in C4 of the Information Schedule for any reason other than a reason attributable to the fault and/or omission of the Seller, then the Seller shall be entitled in its sole discretion to resile from this Agreement, with neither party having any further claim against one another, other than a refund to the Purchaser of the deposit paid in terms of paragraph D2 and D3 of the Information Schedule, or alternatively claim an adjustment to the purchase price. In the event of the parties not being able to reach agreement as to the adjustment to the purchase price, then a property valuer appointed by the Seller shall determine the dispute and the property valuer’s determination shall be final and binding on the parties. 6.5 In the event of the Purchaser on selling the Property prior to taking transfer of the Property from the Seller, the Purchaser shall ensure that the Attorney attends to such transfer of the Property, so as to ensure the linked development transactions are not delayed.

Transfer of the Property. 6.1 Transfer of the Property shall be passed by the Attorneys Developer ’s Conveyancers and shall be given and taken upon the estimated Transfer Date as recorded in C3 of the Information Schedule or as soon as is reasonably possible thereafter. 6.2 The Purchaser Seller shall pay all transfer cost of the property and the Purchaser shall upon request by the Developer ’s Conveyancers pay all bond costs of transfer (if any) (plus VAT on such costs), costs of all necessary affidavits and all other costs which have to be incurred in order to comply with the statutes or other enactments or regulations relating ) applicable to the passing registration of transfer of the Property. All a mortgage bond related costs will be for the account of the Purchaserbond. 6.3 The Purchaser agrees that any delays in registration of transfer shall not give rise to any rights by the Purchaser to cancel this agreement, or to damages or otherwise, and the sale shall continue to be of full force and effect notwithstanding any delay in registration of transfer. 6.4 Should the Purchaser in any way delay the transfer of the Property, then without prejudice to any other rights or remedies of the Seller Developer in terms of this Agreementagreement, the Purchaser, with effect from the date which the Attorneys Developer ’s Conveyancers certify to be the date upon which transfer ought reasonably to have been registered but for such delay, shall pay to the SellerDeveloper: 6.3.1 6.4.1 interest at the prime ratePrime Rate plus 3% (three per cent) on the purchase price of the Property; 6.3.2 6.4.2 the pro rata rates, taxes and levies and other proprietary charges payable in respect of the Property. 6.4 If 6.5 The Purchaser shall be obliged to accept transfer of the Property is delayed for longer than a period subject to, inter alia, to: 6.5.1 conditions, reservations and servitudes which burden the Property; 6.5.2 any change of 6 months after the Estimated Transfer Date as recorded in C4 description of the Information Schedule for any reason other than Property; 6.5.3 a reason attributable condition registered against the title deed to the fault and/or omission Property to the effect that the Property or any portion thereof, or interest therein shall not be alienated or transferred without the written consent of the Seller, then Homeowners Association first being had and obtained. 6.6 It is recorded that it will only be possible to give transfer of the Seller shall be entitled in its sole discretion to resile from this Agreement, with neither party having any further claim against one another, other than a refund property to the Purchaser simultaneously with or after registration of the deposit paid in terms of paragraph D2 and D3 General Plan. The Developer accordingly undertakes to use its best endeavours to procure the registration of the Information Schedulesaid General Plan. 6.7 The Purchaser acknowledges and accepts that the property has been purchased in a development where a development mortgage bond is likely to have been utilized by the Developer; and thus, or alternatively claim an adjustment transfer to the purchase price. In Purchaser may be simultaneous with transfers to other Purchasers necessitated by the event Property sold having to be released from the operation of the parties not being able to reach agreement as to mortgage bond. Accordingly, the adjustment to Purchaser acknowledges and accepts that lodgement of the purchase price, then a property valuer appointed by Purchaser’s documents at the Seller shall determine the dispute and the property valuer’s determination Deeds Office shall be final and binding on entirely in the partiesdiscretion of the Developer ’s Conveyancers. 6.5 In the event of the 6.8 The Purchaser on selling the Property prior to taking acknowledges and accepts that delays in transfer of the Property from property may be caused by the Seller, the Purchaser shall ensure that the Attorney attends to such transfer officials of the Property, so Local Authority and/or the officials of the Deeds Office and as to ensure such will not have any claims against the linked development transactions are not delayedDeveloper cause by such delays.