ACKNOWLEDGEMENT OF DEBT
September 14, 2017
ADDENDUM TO AGREEMENT OF SALE
October 11, 2017

BETWEEN

 

 

………………………………………

 

(Hereinafter referred to as “the purchaser”)

 

 

AND

 

 

…………………………………………

 

(Hereinafter referred to as “the seller”)

(Collectively referred to as “the parties”)

 

 

This Agreement, is an addendum to the “Offer to Purchase” which was signed between the parties for the purpose of effecting the sale of unit number …………………………………. on …………….. 20…

 

At the stage of transfer, the purchaser’s bond attorneys were instructed by ……………… Bank not to proceed with the transaction due to the fact that the allocation and layout of the parking bays for the sectional title unit do not accord with the currently registered parking plan at the deeds office.

 

The Body Corporate is required to arrange for new plans to be drafted and registered at the Deeds office.

 

……………… Bank refuses, correctly, to allow transfer to take place until they have proof that this process has been completed.

 

On ……………….. 20.. the Purchaser placed the Seller on notice to the effect that if this remedy was not rectified within 30 days, she would have no option but to cancel the sale.

 

The parties have entered into subsequent discussions and agreed to resolve this issue in question as follows:    

 

  • the Purchaser has agreed to extend the time period within which the Seller is required to rectify the aforementioned defect with the plans;

 

  • the Seller would be entitled to secure a tenant with immediate effect for a period of six months;

 

  • the Purchaser would be entitled to begin immediately with refurbishment and restyling of the kitchen and any other timber work that the purchaser wishes to refurbish. Her father will be allowed access with immediate effect for this purpose.

 

  • The Purchaser will not be liable for any occupational rental whatsoever;

 

  • the Seller unconditionally undertakes to indemnify the purchaser for any costs associated with the rectification of the aforementioned defect with respect to the plans and the registration thereof, which would include any special levy that were to be raised for financing the rectification thereof;

 

  • in the event that the Purchaser, solely subject to her reasonable discretion, determines that the rectification of the aforementioned defect in respect of the layout of the parking area and the registration thereof is taking too long, she is entitled to give two months written notice to the Seller to finalise the rectification and if the Seller fails to comply with this note is, she would be entitled to cancel the sale and to repayment of any monies paid by her for the purpose of effecting transfer;

 

  • in the event that the Purchaser were to suffer any damages as a result of the cancellation she would have the right to claim these damages from the Seller;

 

It is the parties wish that this agreement forms part of the sale agreement entitled “Offer to Purchase” dated ………………….. 20…

 

    

 

THUS DONE AND SIGNED at Cape Town on the ………..day of ………… 20..

 

PURCHASER   ________________________ …………………………………….

 

 

 

AS WITNESS:

 

  1. ______________________

 

 

  1. ______________________

 

 

 

 

THUS DONE AND SIGNED at  …………………on the ………….day of      20..

 

SELLER   _________________________  ……………………………………….

 

 

 

AS WITNESS:

 

 

 

 

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