Redemption Statement definition
Examples of Redemption Statement in a sentence
For the avoidance of doubt, this obligation shall only apply to the Seller where Redemption Statement Transfer is selected above.
Where the Vendor shall fail to deposit the Shortfall Sum with the Vendor’s Solicitor within fourteen (14) days of receipt by the Vendor’s Solicitors of the Redemption Statement cum Undertaking, then in such event the Completion Period shall be extended by such number of days of delay until the Vendor duly deposits the Shortfall Sum to the Vendor’s Solicitors without payment of any Late Payment Interest to the Vendor.
Where the Purchaser is desirous of obtaining a loan to finance the purchase of the Property the Vendor shall obtain the Redemption Statement cum Undertaking from the Existing Chargee upon the Purchaser’s Loan having been approved and upon being notified of the particulars of the Purchaser’s Loan.
In addition, as ADSB is only required to fulfil the balance of the Second Payment within fourteen (14) days from its receipt of the Fresh Redemption Statement after the expiry of the Option Period, being six (6) months from the Unconditional Date, such arrangement would also provide ADSB with additional time allowance for bridging and end financing applications to be made with financial institutions in respect of the financing of the Land.
Upon execution of this Agreement, the Vendor shall procure from the Chargee a statement in writing addressed to the Purchaser stating the amount payable to the Chargee before it will discharge the Charges (hereinafter referred to as "the Redemption Statement").
You will first need to get a statement of what is owed which is called a Redemption Statement.
Any period of delay from the said Fourteen (14) days to the day the Purchaser’s Solicitors or the Purchaser’s Financier Solicitors receipt of the said Redemption Statement cum Undertaking shall not be taken into account in the computation of the Completion Period or the Extended Completion Period and late payment interest shall not be chargeable for this period of delay.
Accordingly, ADSB shall furnish the remainder of the Second Payment (i.e. the Redemption Sum less the Total Instalment Payment (excluding the interest portion payable to the Existing Financier in relation to the Total Instalment Payment) within fourteen (14) days from its receipt of the Fresh Redemption Statement after the expiry of the Option Period.