Examples of Variation Agreement in a sentence
The Principal Debt, interest thereon and any monthly fees and charges due in terms of all agreements which are secured by mortgage bonds registered over the Property, in favour of the Lender, will be consolidated with the amount due in terms of this Variation Agreement and will be payable in single monthly instalments.
For the duration of this Variation Agreement the Customer is required to keep in good repair the Property, including all buildings, improvements, partitions, fixtures and fittings thereto, to the satisfaction of the Lender, and the Customer shall keep the Property in conformity with the requirements of any competent authority and shall make no material alterations or additions thereto or to any part thereof nor remove or demolish the same without the prior written consent of the Lender.
This Variation Agreement will be valid and binding only once it has been signed by the Customer and accepted by the Lender.
Where no Flexibond Facility is currently held by the Customer, it is understood that a Customer may not be granted and hold a Flexibond Facility simultaneously with any Fixed Rate Variation Agreement.
All the provisions of this Variation Agreement and the Bond will be severable and no provision will be affected by the invalidity of any other provision.