SUSPENSIVE CONDITIONS Clause Samples
POPULAR SAMPLE Copied 66 times
SUSPENSIVE CONDITIONS. 2.1 This entire AGREEMENT is subject to the registration of transfer of ownership of the PROPERTY to the EMPLOYER. In the event that the PROPERTY is not transferred within 6 (six) months from date of signing of this Agreement by the CONTRACTOR, the CONTRACTOR reserves the right to:
2.1.1 increase the CONTRACT SUM, based on the current prices for the building materials, and the CONTRACTOR shall notify the EMPLOYER in writing of such increased cost and the EMPLOYER may then, at his/her option, cancel this agreement by providing written notice of cancellation to the CONTRACTOR within 5 (five) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost. Should written notice of cancellation not be forthcoming within the aforesaid period, the CONTRACTOR and the EMPLOYER shall proceed with the AGREEMENT at the increased CONTRACT SUM and the EMPLOYER shall be obliged to pay the increase in the CONTRACT SUM to the CONTRACTOR within 21 (twenty one) DAYS of receiving written notice from the CONTRACTOR in respect of the increased cost; or
2.1.2 cancel this AGREEMENT and the parties shall have no claim of whatsoever nature against each other.
2.2 This AGREEMENT is subject further to the EMPLOYER being offered a loan to be secured by a mortgage bond over the PROPERTY and improvements in the amount reflected in Schedule B or such lesser amount as the EMPLOYER may accept, within 30 (thirty) DAYS of the date of the CONTRACTOR’s signature of this AGREEMENT, which period may be extended in the CONTRACTOR’s sole discretion. Should no amount be inserted in the relevant field in the Schedule B, then the suspensive condition contained in this clause will not apply. In the event that the suspensive condition contained in this clause is not fulfilled, this AGREEMENT will lapse and the parties shall have no claim of whatsoever nature against each other.
SUSPENSIVE CONDITIONS. 2.1 Subject to any suspensive conditions that may be referred to in paragraph 8 of Part A, this agreement is subject to fulfilment of the following suspensive conditions :
2.1.1 the Seller selling not less than 70% of the properties in the combination of phases of the development of which the property forms part (of which the deposits have been paid and the balance of the funding have been approved or proof of the availability of funds have been furnished to the Seller) and the Seller notifying the Purchaser in writing that this condition has been fulfilled to its satisfaction;
2.1.2 the Purchaser on the security of the property obtaining a loan for the sum of the loan amount referred to in paragraph 5 of Part A at prevailing bank interest rates and conditions within the period referred to in paragraph 5 of Part A or within such longer period as the parties may agree to in writing.
2.2 The suspensive condition referred to in clause 2.1.1 is stipulated for the benefit of the Seller only and the Seller shall be entitled at any time to waive the benefits of all or any thereof.
2.3 If the transferring attorneys (as referred to in paragraph 7 of Part A) are not notified of fulfilment of the suspensive condition referred to in clause 2.1.2 (if applicable) by the date referred to in paragraph 5 of Part A, the Seller shall be entitled to cancel this agreement by notice in writing to the Purchaser, in event whereof –
2.3.1 no party hereto shall have any claim against another arising out of or in connection with this agreement; and
2.3.2 to the extent that this agreement may have been partially implemented, the parties shall be restored to the status quo ante (which shall include repayment to the Purchaser of any deposit paid by the Purchaser),
2.4 The suspensive condition referred to in clause 2.1.2 is stipulated for the benefit of both parties who together shall be entitled to waive compliance with same or to extend the date against which it must be fulfilled: Provided that the suspensive conditions shall against proof of approval in principle by a bank that funds would be available for payment of the balance of the purchase price against registration of transfer, be deemed to have been fulfilled.
2.5 The parties undertake to forthwith do all things within their power and to take all reasonable steps as expeditiously as possible in order to secure fulfilment of the suspensive conditions and to give effect to the provisions of this clause 2.
2.6 Notwithstanding any...
SUSPENSIVE CONDITIONS. 4.1 This Agreement is subject to the fulfilment, by the Purchaser, of the following suspensive conditions:
4.1.1 in the event that Item E1 of the Schedule of Details is completed, payment of the deposit in the amount and within the time period as reflected in Item E1 of the Schedule of Details; and/or
4.1.2 in the event that Item E3 of the Schedule of Conditions is completed, obtaining written approval of a loan, in the form of a quotation and/or pre-agreement, from a recognized and registered financial institution of not less than the amount reflected in Item E3.1 of the Schedule of Details and providing such written approval to the Conveyancers within 30 (thirty) days from the Date of Signature or such extended date as the Seller may agree in writing.
SUSPENSIVE CONDITIONS. 3.1 This rights and obligations of the parties under this agreement (other than those set out in this clause 3 and clauses 4, 21, 24, 25 and 26) are subject to and conditional upon the fulfilment of the following suspensive conditions on or before 30 September 1996, or such later date as may be determined pursuant to clause 3.3:
3.1.1 the conclusion of written agreements of lease between the purchaser and each of Strydom Park Property CC and Ferndale Property CC in respect of the premises for a period of 5 years, renewable at the option of the purchaser for a further period of 5 years, on market-related terms and conditions reasonably acceptable to the purchaser;
3.1.2 the conclusion of the management agreement, the intellectual property agreement and the employment agreements, and the fulfilment of all conditions to which those agreements are subject other than any condition relating to the conclusion of this agreement and its becoming unconditional;
3.1.3 the approval of the boards of directors of the purchaser, FSAH and FSAC;
3.1.4 the completion by the purchaser or its agents of a due diligence investigation into the affairs and financial position of the seller yielding results satisfactory to the purchaser, FSAH and FSAC. The costs of this investigation shall be borne by the purchaser; and
3.1.5 the preparation, completion and audit of the seller's 1996 financial statements and the ABL 1996 financial statements in accordance with clause 4.
3.2 Each of the parties shall use its best endeavours to procure fulfilment of the suspensive conditions. In particular, but without limitation, the seller and the warrantor undertake to make available all information requested by the purchaser, and to answer all questions and deal with all queries posed by the purchaser in the course of the due diligence investigation referred to in 3.1.5.
3.3 The suspensive conditions are for the benefit of the purchaser which may by written notice given to the seller prior to 30 September 1996, waive, or extend the period for, the fulfilment of any condition.
3.4 If any of the suspensive conditions fail (and fulfilment thereof is not waived in terms of 3.3), this agreement, (save for the provisions of this clause and clauses 4, 21, 24, 25 and 26) shall cease to be of any further force and effect and the parties shall be restored as nearly as may be possible to the positions in which they would have been had this agreement not been entered into. No party shall have any claim again...
SUSPENSIVE CONDITIONS. The following suspensive conditions will apply to this Agreement:
1.6.1 The Buyer must provide authorization to enter into this Agreement for a 20- year period in accordance with the applicable provisions of the Municipal Finance Management Act, 56 of 2003 within a period of after conclusion of this agreement;
1.6.2 The Minister of Energy must issue the ministerial determination in terms of which the ▇▇▇ can be the Buyer;
1.6.3 The Distributor must obtain a generation license, where required in terms of the relevant legislation;
1.6.4 The Seller must demonstrate Grid Compliance and technical feasibility in terms of the Grid Code through the initial studies;
1.6.5 The Seller must secure the land on which the plant has to be erected and provide proof of security of tenure of same;
1.6.6 The Seller must acquire all the necessary property rights in terms of zoning and permits;
1.6.7 The Seller must secure 100% funding for the project and provide proof of same in the form of a letter of credit or any other acceptable form from the financiers to the ▇▇▇;
1.6.8 The Seller must obtain all required environmental authorizations and other permits;
1.6.9 The Connection Agreement must signed within a period of.
1.6.10 The Buyer must comply with the requirements of Section 33 of the Local Government: Municipal Finance Management Act 56 of 2003.
SUSPENSIVE CONDITIONS. 7.1 It is a special condition of this Agreement that the PURCHASER must within 30 (THIRTY) days after signature of this agreement obtain a loan from one of the approved Financial Institutions of his choice for the bond amount referred to in Clause 1.9 above against security of a mortgage bond over the property hereby sold. The PURCHASER shall be obliged to apply for such financial assistance and undertakes to do all such things, sign all such documents and supply to the said institution all such information as may be required by it for purposes of the application. Written proof of the application as well as any progress made with the processing thereof must, on request, be supplied to the SELLER or his representative.
7.2 Should the said loan not be granted to the PURCHASER within the time specified above (or the extended period referred to in 7.5) this agreement shall lapse and no further rights or obligations resulting from this Agreement shall exist between the parties.
7.3 The PURCHASER hereby irrevocably appoints the SELLER as his Agent in his place and stead to apply for the loan at a Financial Institution and hereby authorises all actions taken by the SELLER as a result of this mandate.
7.4 This special condition shall be regarded as complied with on date of the grant of loan as specified in Clause 1.10, notwithstanding the fact that no loan agreement between the PURCHASER and the Financial Institution has been signed and notwithstanding any conditions which the Financial Institution may have imposed for the granting of such loan application.
7.5 The SELLER shall have the right to extend the 30 (THIRTY) day period referred to in 7.1 above for a further 30 (THIRTY) day period provided that he gives the PURCHASER a written notice thereof before expiry of the first 30 (THIRTY) day period.
SUSPENSIVE CONDITIONS. 2.1 This Agreement is subject to the fulfilment of the following suspensive conditions within 7 business Days, in the case of only those conditions specified in 2.1.1 and 2.1.3, of the Signature Date or such other dates as the Parties may agree:
2.1.1 APM having provided to Al ▇▇▇▇▇▇ Mining he following documents each in form and substance satisfactory to Al ,▇▇▇▇▇▇ Mining:
(a) A copy of its constitutional documents duly notarised, consularised and attested;
(b) A specimen of the signature of each person authorised on its behalf to enter into or witness the entry into of this Agreement or to sign or send any document or notice in connection with this Agreement;
(i) approving the terms of, and the transactions contemplated by this Agreement and resolving that it execute this Agreement;
(ii) authorising a specified person or persons to execute this Agreement on its behalf, and
(iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with this Agreement.
2.1.2 That this Agreement be registered within 3 (three) months of the Signature Date with the appropriate authority in Oman (be it the Ministry of Industry and Commerce or the Court or otherwise or otherwise in compliance with Omani law).
2.1.3 A letter from the auditors of Al ▇▇▇▇▇▇ Mining confirming the assets and liabilities of Al ▇▇▇▇▇▇ Mining.
2.2 In the event that the suspensive conditions are not fulfilled timeously or waived by APM, then this Agreement, save for the provisions of Clauses 1, 2 and13-24, which shall remain of full force and effect, shall automatically terminate and shall be null and void and of no further force or effect and (a) to the extent that this. Agreement may have been partially implemented, the Parties shall be restored to the status quo ante, and (b) no Party shall have any claim against the other arising out of or in connection with this Agreement save for the right of the AFM Shareholder to be reimbursed by APM for any reasonable costs or expenses incurred by the AFM Shareholder or Al ▇▇▇▇▇▇ Mining up to the date of termination.
2.3 The Parties hereby undertake to use all reasonable commercial efforts to procure the fulfillment of the suspensive conditions as soon as possible after the Signature Date.
SUSPENSIVE CONDITIONS. This Agreement is subject to the following condition(s):
13.1 The Purchaser/s (through the Seller’s nominated mortgage originator on behalf of the Purchaser/s) obtains final approval, within 15 working days from date of Seller’s signature (which period may be extended by the Seller) hereof of a mortgage loan, of not less than: R , ( RAND), to be registered over the Property at such rate of interest and on such conditions as are stipulated by the Institution to which application for the loan is made.
13.2 This suspensive condition shall be deemed to have been fulfilled even is such loan is approved subject to the Purchaser's spouse interposing them self as surety for and co-principal debtor in solidum with the Purchaser for the fulfillment of all the Purchaser's obligations under the loan.
13.3 This Agreement shall operate irrevocably and in rem suam as a power of attorney in favour of the Seller granting the Seller power to apply for a mortgage bond on behalf of the Purchaser/s for the loan contemplated herein. The Purchaser/s hereby undertakes to timeously do all such things and to sign all such documents as may be necessary and/or requisite in order to apply for and procure the approval of the said loan from a bank, building society or the financial institution and to furnish written proof to the Seller of the granting or refusal thereof. A mortgage originator, appointed by the Seller shall contact the Purchaser/s to obtain the necessary information required for the loan application and to this end, the Purchaser/s irrevocably agrees to use the bond originator appointed by the Seller to procure the mortgage finance required herein.
13.4 In the event that the mortgage originator has exhausted all means of obtaining the applicable final bond on behalf of the Purchaser/s, the Purchaser/s will have 7 working days from date of being notified in writing of such failure, to provide a guarantee or the cash balance of the Purchase Price to the Conveyancer, failing which the offer shall automatically lapse.
SUSPENSIVE CONDITIONS. The provisions of this Agreement are subject to the fulfillment of the following suspensive conditions (collectively “Conditions”):
SUSPENSIVE CONDITIONS. 3.1 This Agreement, save for the provisions of clause 1, this clause 3, and clauses 6 to 16 which will become effective immediately, shall be subject to the suspensive conditions that, by no later than 30 November 2006 –
3.1.1 the Trust Loan Agreement has been entered into and has become unconditional in accordance with its terms, save in respect of any condition requiring that this Agreement becomes unconditional; and
3.1.2 all such resolutions have been passed by the shareholders and directors of the Company and, where required, registered by the Registrar of Companies, as may be necessary in order to approve and implement the provisions of this Agreement.
3.2 The Suspensive Conditions have been inserted for the benefit of both Parties and may therefore only be waived by agreement in writing between the Parties.
3.3 Each of the Parties will use commercially reasonable endeavours and the Parties will co-operate in good faith to procure the fulfilment of the Suspensive Conditions as soon as reasonably possible after the Signature Date.
3.4 Unless all the Suspensive Conditions have been fulfilled or waived by not later than the date specified for fulfilment thereof set out above (or such later date or dates as may be agreed in writing between the Parties) the provisions of this Agreement, save for the provisions of clause 1, this clause 3, and clauses 6 to 16 which will become effective immediately, will never become of any force or effect and the status quo ante will be restored as near as may be and neither of the Parties will have any claim against the other in terms hereof or arising from the failure of the Suspensive Conditions, save for any claims arising from a breach of the provisions of clause 3.3.