Legal Entity. 16.1 If the PURCHASER is acting as trustee for a Company or Close Corporation to be formed, then, and in the event of the said Company or Close Corporation not being formed, or, if formed not ratifying and adopting this agreement within sixty (60) days from date hereof, the PURCHASER, in his personal capacity shall be the PURCHASER hereunder and shall be bound by all terms of this agreement. If the Company or Close Corporation is formed and duly adopts and ratifies this sale as aforesaid, then the signatory by virtue of his signature hereto, binds himself as surety and co-principal debtor jointly and severally with the Company, Close Corporation of Trust for the fulfilment of all the terms and conditions of this agreement. In the event of a registered Company, Close Corporation or Trust being the PURCHASER of the PROPERTY referred to above, the signatory on behalf of such Company, Close Corporation or Trust by virtue of his signature hereto, binds himself as surety and co-principal debtor, jointly and severally with the Company or Close Corporation for the fulfilment of all the terms and conditions of this agreement.
Appears in 4 contracts
Samples: Agreement of Purchase and Sale, Agreement of Purchase and Sale, Agreement of Purchase and Sale
