Common use of SECTIONAL TITLE REGISTER Clause in Contracts

SECTIONAL TITLE REGISTER. 15.1 This agreement is subject to the resolutive condition that if a township register in respect of the property and a sectional title register in respect of the development scheme is not opened within twenty-four months of the completion date which period may be extended at The Seller’s discretion should unforeseen circumstances arise which prevent the opening of the sectional title register within a period of twenty-four months, this agreement of sale shall lapse and be void and The Seller shall forthwith repay to The Purchaser all amounts paid on account of the purchase price together with any interest accrued thereon, provided that there shall be deducted there from any amount required to be expended by The Seller to repair any damage to The Property, legal costs, legal costs incurred in connection with the sale, any outstanding occupational rent and levies and any legal costs incurred in evicting The Purchaser from The Property should this become necessary. The Seller shall have a claim against The Purchaser in the event of a shortfall and it is agreed that no tenancy shall be created by The Purchaser taking occupation of The Property prior to transfer.

SECTIONAL TITLE REGISTER. 15.1 This agreement is subject to the resolutive condition that if a township register in respect of the property and a sectional title register in respect of the development scheme is not opened within twenty-four 48 (forty eight) months of the completion date date, which period may be extended at The Seller’s the seller's discretion should unforeseen circumstances arise which prevent the opening of the sectional title register within a the period of twenty-four 48 (forty eight) months, this agreement of sale shall lapse terminate and be shall become null and void and The Seller the seller shall forthwith repay to The Purchaser the purchaser all amounts paid on account of the purchase price together with any interest accrued thereon, provided that there shall be deducted there from therefrom any amount required to be expended by The Seller the seller to repair any damage to The Propertythe unit, legal costs, all legal costs incurred in connection with the sale, any outstanding occupational rent and levies and any legal costs incurred in evicting The Purchaser ejecting the purchaser from The Property the unit, should this become necessary. The Seller To the extent that there is a shortfall, the seller shall have a claim against The Purchaser in the event of a shortfall and it purchaser. It is agreed that no tenancy shall be created by The Purchaser the purchaser taking occupation of The Property the unit prior to transfer.