Common use of BUILDING ON THE PROPERTY Clause in Contracts

BUILDING ON THE PROPERTY. 9.1 The Purchaser undertakes that the erection of a dwelling will commence within 3 (three) years after the date of registration of transfer of the Property from the Seller to the first purchaser thereof, and will be completed within 12 (twelve) months from such commencement. Completion shall have occurred only upon the issue of a completion certificate by the Association which shall only be issued after the lodgement with the Association of a copy of the occupancy certificate issued by the local authority and after the Association’s representative is satisfied that the buildings on the Property comply with the Association’s Architectural Guidelines. 9.2 The Purchaser acknowledges that the provisions of the constitution of the Association will provide for trustees of the Association to impose sanctions or penalties on owners who fail to commence or complete construction of a dwelling within the time limits prescribed above which penalties will be calculated at staggered rates in accordance with the provisions of the constitution from the date of first transfer of the relevant Property from the Seller to the first purchaser thereof until the date of issue by the Association of a completion certificate as envisaged in clause 9.1 above.