Acknowledgement of debt
September 14, 2017
ADDENDUM TO AGREEMENT OF SALE
October 11, 2017

I/we the undersigned

………………………………………………….

(Identity Number: ………………………….)

Unmarried

 

do hereby acknowledge myself to be truly, lawfully and unconditionally indebted to:

 

……………. BANK LIMITED

 

the amount of approximately R ………………… being the anticipated shortfall on the sale of ERF  ……………………………….. to ……………………, calculated as follows:

 

  • R……………………….. being the outstanding balance on mortgage loan account number ……………… as at ………………………………… 20…
  • Less R …………………., being the expected proceeds from the sale of the abovementioned Erf.

 

I/We hereby undertake to repay the debt on the following basis:

 

R …………………per month from    1 ………………. 20..  before or on the first day of each month. I/we undertake to pay interest at …..% per annum on the capital sum from ……………… 20.. till date of final payment. I/we further undertake to pay attorney and client as well as party and party costs to ………………………….Inc., as well as tracing costs and expenses which may occur in future to trace the debtor’s work and/or home address.

 

I/we agree to judgment to abovementioned amount if judgment has not yet been taken against me. If judgment had already been taken, this acknowledgement of debt will be regarded as a separate agreement to pay costs as mentioned above.

 

The debtor undertakes to consult the Bank six months after the signing of this agreement and every six months thereafter and to make fully known his/her current financial position, income, expenses, assets and liabilities.

 

The creditor or his attorney has the right to request the debtor after six months and with intervals of six months to increase the payments with regard to the amount mentioned above, or the amount that he/she has paid previously, and, if the debtor refuses to pay the increased payments, or does not answer the request, or does not present increased payments that is acceptable to the creditor or his attorney, the creditor or his attorney can take further legal steps to obtain increased payments or payment of the debt in full, with the understanding that the terms of this agreement holds during and after the instituting of such further steps.

 

I/we confirm herewith that we are authorised to sign this acknowledgement of debt and to act accordingly.

 

I/we also agree thereto that the Court may authorise an emoluments attachment order on my salary for the amount that I/we undertake to pay in this acknowledgment and I/we undertake to pay the costs thereof on the attorney and client scale.

 

I/we hereby give authorisation to be summonsed anew for the mentioned attorney and client costs.

 

This agreement is not a novation of any existing debt of liability (whether as set out in the summons or not).

 

Should I/we fall in arrears with the paying of my monthly payments or deviate from the terms of this agreement in any way, the full outstanding balance immediately becomes claimable.

 

The debtor undertakes to inform the creditor’s attorney of his/her new address within 11 days after changing his/her work or home address.

 

I/we choose as domicilium citandi et executandi

 

WORK:                                                                                                                           

 

HOME:                                                                                                                            

 

DATED at                                 on this                       day of                            20..

 

AS WITNESSES:

 

  1. _________________

 

 

  1. _________________                                                         

 

 

 

 

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