Any refunds that the Purchaser shall be entitled to from the Vendor shall be by way of cheque. Further, any such refunds shall be disbursed in not later than ninety (90) days.
Letter of Offer
In the event that;
- The Purchaser withdraws from this transaction after execution of this Letter of Offer but before execution of the Sale Agreement. The vendor will refund the deposit paid less ten percent (10%) as agreed default damages and administrative cost. Any remaining balance will be refunded upon completion of the sale of the Property to a new Purchaser.
- If the Purchaser fails to sign the Agreement for Sale within thirty (30) days after signing this Letter of Offer, it shall be deemed that the Purchaser is not interested with proceeding with the purchase of the Premises and the Purchaser shall forfeit Ten percent (10%) of the deposit paid for administrative and legal costs incurred by the Vendor.
- This Letter of Offer as executed by the Purchaser is valid for seven (7) days, if the stated deposit is not paid within seven (7) days thereof, the offer shall lapse forthwith and the Vendor shall be at liberty to sell the Premises to any interested purchaser. The Purchaser hereby agrees that the Agreed Rate of Default Damages payable on the Purchaser’ breach of this Agreement represents a fair and reasonable pre-estimate of the loss to be suffered by the Vendor resulting from the Purchaser’ breach.
- If the Purchaser:
- fails to pay any amount in terms of this Agreement; or
- commits any breach of the conditions of this Agreement and fails to remedy such breach within Twenty One (21) days of the date of service , if delivered by hand, or receipt if posted by prepaid registered post, of a written notice calling on the Purchaser to remedy such breach, then ;the Vendor shall be entitled upon expiry of such notice and the Purchaser having failed to remedy the breach, without prejudice to any other rights which it may have at law or in terms hereof and at the Vendor’s election to:
- extend the time for the Purchaser to remedy the breach and in the event the Vendor shall extend the time for payment, the Purchaser shall pay the Vendor interest on the specific moneys due under this Agreement at the Agreed Interest Rate of Ten Percent (10%) specified herein computed from the date such payment is due until the date of payment in full both days inclusive;
- rescind this Agreement, and following such rescission payments made by the Purchaser to the Vendor on account of the Deposit equal to Ten Percent (10%) of the Purchase Price shall be forfeited to and retained by the Vendor in full and the Vendor shall be at liberty to proceed to negotiate with any other person and to require such other person to purchase the Property on such terms and conditions as may be agreed between the Vendor and such new purchaser and this Agreement shall thereafter determine. For the avoidance of doubt, any amounts made by the Purchaser with respect to the Purchase Price and above the forfeited Deposit shall be refunded upon resale of the Property and receipt of the entire Purchase Price by the Vendor; or
- Sue the Purchaser for specific performance;
- If the Vendor breaches any provision of this Agreement and the Vendor fails to remedy such breach within Thirty (30) days of the date of service, if delivered by hand, or receipt if posted by prepaid registered post, of a written notice calling on the Vendor to remedy such breach, the Purchaser shall at its discretion be entitled to do the following:
- extend the time for the Vendor to remedy the breach;
- rescind the Agreement and the Vendor shall refund all the monies paid by the Purchaser less the Commitment Fee within Ninety (90) days of formal demand and this Agreement shall absolutely determine.
- For the purposes of this Agreement, any act or omission on the part of any tenant, nominee or other person who occupies the Property or invitee of the Purchaser who goes upon the Property shall be deemed to be an act or omission of the Purchaser.
- Notwithstanding the foregoing, should the Vendor exercise any of his rights in terms hereof and should the Purchaser dispute the Vendor’s right to do so, then pending the determination of that dispute, the Purchaser shall continue to pay all amounts payable in terms of this Agreement on the due date thereof, and to comply with all the terms hereof, and the Vendor shall be entitled to recover and accept such payments and/or other performance without prejudice to the Vendor’s claim to have exercised its rights in terms hereof, and in the event of the Vendor succeeding in such dispute, the Vendor shall be entitled to retain such amounts received in the interim as payment for the occupational rights exercised and/or enjoyed by the Purchaser in the interim.
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