PURCHASER’S ACKNOWLEDGMENTS Sample Clauses
The "Purchaser’s Acknowledgments" clause serves to formally record the buyer’s recognition and acceptance of certain facts, disclosures, or conditions related to the transaction. Typically, this clause outlines specific information the purchaser has been made aware of, such as the property’s condition, any known defects, or the limitations of warranties provided. By including this clause, the agreement ensures that the purchaser cannot later claim ignorance of these matters, thereby reducing the seller’s risk of future disputes and clarifying the parties’ understanding at the time of sale.
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PURCHASER’S ACKNOWLEDGMENTS. The Purchaser acknowledges that: -
7.1 the Seller shall be entitled to subdivide any section in the Scheme owned by it and/or consolidate any two adjacent sections in the Scheme owned by it, as the Seller in its sole and absolute discretion requires. The Purchaser hereby consents to the aforesaid subdivisions and consolidations, insofar as his consent may be required, and hereby irrevocably and in rem suam, nominates, constitutes and appoints any director of the Seller, with power of substitution, to call and attend any meeting of the Body Corporate or of the trustees of the Body Corporate, on the Purchaser’s behalf, and to vote in favour of such resolution that may be required to give effect to any consolidation or subdivision of the sections in the Scheme that the Seller may require, as aforesaid;
7.2 for so long as the Seller owns a section or the right to extend the Scheme by the erection of at least one section, as anticipated in Section 25 of Act 95/1986;
7.2.1 the Purchaser irrevocably and in rem suam appoints the Seller to exercise the Purchaser’s voting rights with regard to the appointment of the Trustees of the Body Corporate and the appointment of Managing Agents of the Scheme, the Purchaser acknowledging that the Administrator or its nominee may apply to be appointed as Managing Agents of the Scheme; and
7.2.2 the Purchaser shall not be entitled to vote in favour of the amendment of any of the Rules without the Seller’s prior written consent, provided all the Seller’s rights and obligations in terms hereof shall lapse when the Seller no longer owns a section in the Scheme or the right to extend the Scheme by the erection of at least one section, as anticipated in Section 25 of Act 95/1986.
7.3 he will not be entitled to sell or otherwise transfer ownership of the Property unless it is a suspensive condition of such sale or other transfer that –
7.3.1 the Association grants its written consent to such sale or other transfer (which consent it shall be entitled to withhold, inter alia, in the event of any monies being due and owing to the Association by the Purchaser or the Purchaser being in breach of any of the Memorandum of Incorporation of the Association or any Rules made by the Association, from time to time, and failing to remedy such breach);
7.3.2 the transferee, in a manner acceptable to the Association, agrees to become a member and is admitted as a member of the Association;
7.3.3 the Administrator and the Operator grant their consent...
PURCHASER’S ACKNOWLEDGMENTS. 19.1 The Purchaser acknowledges that he is aware of the intended future development of ▇▇▇▇▇▇ by the Developer. Such development may involve the establishment of resorts, business and commercial premises, education facilities, multiple unit developments and high - quality residential units on various portions of ▇▇▇▇▇▇ so designed as to facilitate an aesthetic and harmonious style blending with the environment. The Purchaser hereby undertakes that he will, at all times, co-operate with the Developer in an endeavour to facilitate the success of the development within ▇▇▇▇▇▇. Also, in this respect, the Purchaser undertakes that he shall not unreasonably interfere with any such proposed development nor lodge an objection with any competent authority in respect of any such development. The Purchaser agrees he will not object to any application made by or on behalf of the Developer, its nominee or agent for:
19.1.1 any rezoning or change of use or additional use in respect of any property within ▇▇▇▇▇▇, whether in accordance with the ▇▇▇▇▇▇ Master Plan or ▇▇▇▇▇▇ Estate Layout Plan or otherwise;
19.1.2 special consent usages within ▇▇▇▇▇▇;
19.1.3 the amendment or partial amendment of any general plan in respect of the property within ▇▇▇▇▇▇, whether in accordance with the ▇▇▇▇▇▇ Master Plan or ▇▇▇▇▇▇ Estate Layout Plan or otherwise;
19.1.4 removal of restrictive conditions of title within ▇▇▇▇▇▇;
19.1.5 subdivisional/consolidation applications, whether in accordance with the ▇▇▇▇▇▇ Master Plan or ▇▇▇▇▇▇ Estate Layout Plan or otherwise;
19.1.6 the closing of roads within ▇▇▇▇▇▇; and
19.1.7 the incorporation of any additional land which the Developer may determine be incorporated within ▇▇▇▇▇▇.
19.2 The Purchaser hereby authorises the Developer to motivate and obtain approval of any amendments at any time (before or after Date of Transfer) to the Environmental Management Restrictions as the Developer in its sole discretion requires and insofar as is necessary the Purchaser hereby irrevocably appoints the Developer as his attorney and agent in rem suam to sign any documents as may be necessary to obtain such amendments.
19.3 The Purchaser specifically acknowledges that owners of properties surrounding the Property will be erecting buildings and other structures on the surrounding properties which may block or otherwise interfere with the views from the Property. The Purchaser agrees he shall have no right to object to the construction of any building or other struc...
PURCHASER’S ACKNOWLEDGMENTS. 14.1 The PURCHASER acknowledges that he is aware of the intended future development of the RESORT by the DEVELOPER, which development will consist of upmarket residential dwellings, golf course(s), hotels, commercial properties, private and publicly accessible recreational areas, water body and sports club. It is intended for the development to be aesthetically pleasing and to have a harmonious style which blends with the environment. The PURCHASER hereby undertakes that he will, at all times, co-operate with the DEVELOPER in an endeavour to facilitate the success of the said development. Also in this respect, the PURCHASER undertakes that he shall not unreasonably interfere with any such proposed development nor lodge an objection with any competent authority in respect of any such development. In particular, but without derogating from the generality of the foregoing, the PURCHASER agrees that he will not object to any application made by or on behalf of the DEVELOPER, its nominee or agent for special usage consent, licences for shopping, commercial, filling station rights, rezoning, removal of conditions of title under the Removal of Restrictive Conditions Act or by way of an application to Court or to any local or other competent authority in respect of any property within the RESORT. Again in no way detracting from the generality of the aforesaid, the PURCHASER specifically acknowledges that owners of land surrounding the PROPERTY will be erecting buildings and other structures on surrounding land which may block or otherwise interfere with the views from the PROPERTY. The PURCHASER agrees he shall have no right to object to the construction of any building or other structure on any land within the RESORT on the basis that such building or other structure blocks or otherwise interferes with the views from the PROPERTY, nor will he have any claim for any alleged diminution in value of the PROPERTY arising out of any interference with the views from the PROPERTY by reason of the construction of any such building or structure.
14.2 The PURCHASER acknowledgesthat:
14.2.1 for reasons of security on the RESORT and due to the nature of the proposed development of the RESORT and thevarious matters about which any proposed purchaser should become aware when buying into the RESORT, if the PURCHASER wishes to dispose of the PROPERTY or any share therein or any subdivision thereof, or any UNIT in any SCHEME developed on the PROPERTY, he shall, to the extent that ...
PURCHASER’S ACKNOWLEDGMENTS. 5.1 The Purchaser acknowledges and agrees (on its own behalf and, if applicable, on behalf of each beneficial purchaser for whom the Purchaser is contracting hereunder) with the Company (which acknowledgements and agreements shall survive the Closing) that:
(a) This subscription forms part of the Offering.
(b) The Units are subject to resale restrictions under applicable Securities Laws (defined below) and the Purchaser covenants that it will not resell the Units (or any securities underlying the Units or that may be issued in connection with the Units), except in compliance with such laws and the Purchaser acknowledges that it is solely responsible (and the Company is not in any way responsible) for such compliance. The Purchaser is advised to consult the Purchaser’s own legal advisors in this regard. For purposes of this Agreement, “Securities Laws” means the Securities Act (British Columbia) (the “B.C. Act”), the 1933 Act, and the rules and regulations promulgated thereunder and all orders, rulings, published policy statements, notices, interpretation notes, directions and instruments thereunder and, if the Purchaser is not resident in British Columbia, also means the Other Applicable Securities Laws.
PURCHASER’S ACKNOWLEDGMENTS. Purchaser acknowledges that he or she: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Purchaser’s own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of ▇▇▇▇▇▇, ▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for Purchaser.
PURCHASER’S ACKNOWLEDGMENTS. (Buyer initial) ▇▇▇▇▇ has received the pamphlet Protect Your Family from Lead in Your Home. Buyer has (check one below): Waived the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards; or
PURCHASER’S ACKNOWLEDGMENTS. 9.1 The Purchaser acknowledges that:
9.1.1 the Share Block is sold and purchased and voetstoots without any warranties or representations (other than those set out in clause 8), either express or implied, and with all defects, if any, latent or patent, that may exist both in respect of the Company and the Company’s assets;
9.1.2 the Purchaser accepts the use of the Share Block and the Residences, with effect from the Effective Date, in accordance with the terms of the Use Agreement, the Rules and the MOI on a voetstoots basis;
9.1.3 the Purchaser has seen, understood, accepted and agreed to be bound by and will duly observe the contents and provisions of;
9.1.3.1 the MOI of the Company;
9.1.3.2 the Use Agreement; and
PURCHASER’S ACKNOWLEDGMENTS. 4.1 The Purchaser acknowledges and agrees (on its own behalf and, if applicable, on behalf of each beneficial purchaser for whom the Purchaser is contracting hereunder) with the Corporation (which acknowledgements and agreements shall survive the Closing) as follows:
(a) This subscription forms part of the Offering.
(b) The Securities are subject to resale restrictions under applicable securities laws and the Purchaser covenants that it will not resell the Securities except in compliance with such laws and the Purchaser acknowledges that it is solely responsible (and the Corporation is not in any way responsible) for such compliance. The Purchaser is advised to consult the Purchaser’s own legal advisors in this regard.
(c) The Units are being offered for sale only on a “private placement” basis.
(d) In purchasing the Units, the Purchaser has relied solely upon publicly available information relating to the Corporation and not upon any oral or written representation as to any fact or otherwise made by or on behalf of the Corporation or any other person associated therewith, the decision to purchase the Units was made on the basis of publicly available information.
PURCHASER’S ACKNOWLEDGMENTS. (a) Purchaser is experienced and sophisticated with respect to transactions of the type contemplated by this Agreement and the other Transaction Documents. In consultation with experienced counsel and advisors of its choice, Purchaser has conducted its own independent review, analysis and investigations of the Business, the Acquired Assets, the Assumed Liabilities, and the rights and obligations it is acquiring and assuming under this Agreement and the other Transaction Documents, as it deems necessary and appropriate in connection with the execution and delivery of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby.
(b) Purchaser acknowledges and agrees that:
(i) except for the representations and warranties expressly set forth in Article IV, Purchaser has not relied on any representation or warranty from Sellers or any Affiliate of any such Person or any employee, officer, director, accountant, financial, legal or other representative of Sellers, in determining whether to enter into this Agreement and none of Sellers or any other Person (including any officer, director, member or partner of any Seller or its Affiliates) shall have or be subject to any liability to Purchaser, or any other Person, resulting from Purchaser’s use of any information, documents or materials made available to Purchaser in any “data rooms”, management presentations, due diligence or in any other form in expectation of the transactions contemplated by this Agreement or the other Transaction Documents;
(ii) except for the representations and warranties expressly set forth in Article IV, none of Sellers or any employee, officer, director, accountant, financial, legal or other representative of Sellers, has made or will be deemed to have made any representation or warranty, statutory, express or implied, written or oral, at Law or in equity, as to the Business (or the value or future thereof, including with respect to pro forma financial information, financial projections or other forward-looking statements of Sellers), the Acquired Assets (including any implied representation or warranty as to the condition, merchantability, suitability or fitness for a particular purpose of any of the Acquired Assets, the Assumed Liabilities or any Affiliate of any such Person or the accuracy or completeness of any information regarding any of the foregoing that Sellers or any other Person furnished or...
PURCHASER’S ACKNOWLEDGMENTS. 3.1 The purchaser hereby acknowledges that "RIVER GOOSE", a country estate, shall consist of:
3.1.1 a secure residential estate with perimeter security and a controlled access gate;
3.1.2 homeowner's office;
3.1.3 an area of approximately 22 hectares, to be set aside for open space.
3.2 The purchaser acknowledges and accepts that no building shall be permitted on the property unless and until:-
3.2.1 that the building plans, which shall have been prepared by one of the developer's nominated architects have been approved by the Building Committee constituted in terms of clause 7 of this agreement as substantially complying with the architectural code annexed hereto marked "B".
3.2.2 that the building plans have been approved by the Umgeni Local Authority;
3.3 The purchaser hereby acknowledges that the purchaser shall not be entitled to subdivide the property and that a condition to this effect shall be registered in the title deeds of the property.
3.4 The purchaser hereby acknowledges that the purchaser shall be obliged to pay the connection fee prescribed by the local authority upon the connection of water and electricity. In the event that the Developer has pre-paid the connection fee then the purchaser will have to pay this directly to Developer.
3.5 The purchaser hereby acknowledges that the purchaser shall at the purchaser's expense build an adequate sceptic tank and french drain sewerage system for any building on the property and contract and pay for the connection of domestic electricity supply connections from DB to kiosk.
3.6 The purchasers hereby acknowledge that the purchaser shall at the purchaser's expense construct the purchaser's driveway access over the roadside stormwater drainage channel to a design approved by the Developer's engineer.
3.7 The purchasers hereby acknowledge that they will largely adhere to the Environmental Management Plan which will be included in the sales documentation and will be deemed to be binding on the purchaser.