Common use of MORTGAGE BOND Clause in Contracts

MORTGAGE BOND. 7.1 This sale is subject to the suspensive condition that the Purchaser obtains a loan from a bank or other financial institution for the sum stipulated in 7.1 in the Schedule (or such lesser amount as the Purchaser may agree to accept) against the security of a first mortgage bond over the Property by the date stipulated in 7.2 of the Schedule (or such later date as the Developer may in his sole discretion allow in writing). In the event that this condition is not complied with by the aforementioned date, then and in such event this Agreement shall be null and void and have no force or effect, and any performance by either party shall be restored subject to the provisions of Clause 14 hereunder.

MORTGAGE BOND. 7.1 8.1 This sale is subject to the suspensive condition that the Purchaser obtains a loan from a bank or other financial institution for the sum stipulated in 7.1 in the Schedule (or such lesser amount as the Purchaser may agree to accept) against the security of a first mortgage bond over the Property by the date stipulated in 7.2 of the Schedule (or such later date as the Developer may in his sole discretion allow in writing). In the event that this condition is not complied with by the aforementioned date, then and in such event this Agreement shall be null and void and have no force or effect, and any performance by either party shall be restored subject to the provisions of Clause 14 hereunder.