Common use of Capacity of Parties Clause in Contracts

Capacity of Parties. 19.1 If the PURCHASER signs the Agreement of Sale as trustee or agent for a company or close corporation to be incorporated the PURCHASER in his personal capacity shall be regarded as Purchaser in terms of the Agreement of Sale unless the said company or close corporation is incorporated and duly adopts and ratifies the Agreement of Sale within 30 (THIRTY) days after the date upon which the SELLER signs the Agreement of Sale, in which event the PURCHASER by his signature hereto hereby interposes and binds himself in favour of the SELLER as surety for and co- principal debtor in solidum with such company or close corporation for the due and timeous performance by it of all of its obligations as purchaser in terms of the Agreement of Sale, under renunciation of the benefits of division and excussion. 19.2 If the PURCHASER is a company, close corporation or a trust (and provided that the trust is already registered and letters of authority have already been issued in favour of the trustees), the person that signs the Agreement of Sale on behalf of the PURCHASER by his signature hereto hereby interposes and binds himself in favour of the SELLER as surety for and co-principal debtor in solidum with the PURCHASER for the due and timeous performance by it of all of its obligations as purchaser in terms of the Agreement of Sale, under renunciation of the benefits of division and excussion.

Capacity of Parties. 19.1 18.1 If the PURCHASER signs the Agreement of Sale as trustee or agent for a company or close corporation to be incorporated the PURCHASER in his personal capacity shall be regarded as Purchaser in terms of the Agreement of Sale unless the said company or close corporation is incorporated and duly adopts and ratifies the Agreement of Sale within 30 (THIRTY) days after the date upon which the SELLER signs the Agreement of Sale, in which event the PURCHASER by his signature hereto hereby interposes and binds himself in favour of the SELLER as surety for and co- principal debtor in solidum with such company or close corporation for the due and timeous performance by it of all of its obligations as purchaser in terms of the Agreement of Sale, under renunciation of the benefits of division and excussion. 19.2 18.2 If the PURCHASER is a company, close corporation or a trust (and provided that the trust is already registered and letters of authority have already been issued in favour of the trustees), the person that signs the Agreement of Sale on behalf of the PURCHASER by his signature hereto hereby interposes and binds himself in favour of the SELLER as surety for and co-principal debtor in solidum with the PURCHASER for the due and timeous performance by it of all of its obligations as purchaser in terms of the Agreement of Sale, under renunciation of the benefits of division and excussion.

Capacity of Parties. 19.1 If the PURCHASER signs the Agreement of Sale as trustee or agent for a company or close corporation to be incorporated the PURCHASER in his personal capacity shall be regarded as Purchaser in terms of the Agreement of Sale unless the said company or close corporation is incorporated and duly adopts and ratifies the Agreement of Sale within 30 (THIRTY) days after the date upon which the SELLER signs the Agreement of Sale, in which event the PURCHASER by his signature hereto hereby interposes and binds himself in favour of the SELLER as surety for and co- co-principal debtor in solidum with such company or close corporation for the due and timeous performance by it of all of its obligations as purchaser in terms of the Agreement of Sale, under renunciation of the benefits of division and excussion. 19.2 If the PURCHASER is a company, close corporation or a trust (and provided that the trust is already registered and letters of authority have already been issued in favour of the trustees), the person that signs the Agreement of Sale on behalf of the PURCHASER by his signature hereto hereby interposes and binds himself in favour of the SELLER as surety for and co-principal debtor in solidum with the PURCHASER for the due and timeous performance by it of all of its obligations as purchaser in terms of the Agreement of Sale, under renunciation of the benefits of division and excussion.

Capacity of Parties. 19.1 20.1. If the PURCHASER signs the Agreement of Sale as trustee or agent for a company or close corporation to be incorporated the PURCHASER in his personal capacity shall be regarded as Purchaser in terms of the Agreement of Sale unless the said company or close corporation is incorporated and duly adopts and ratifies the Agreement of Sale within 30 (THIRTY) days after the date upon which the SELLER signs the Agreement of Sale, in which event the PURCHASER by his signature hereto hereby interposes and binds himself in favour of the SELLER as surety for and co- co-principal debtor in solidum with such company or close corporation for the due and timeous performance by it of all of its obligations as purchaser in terms of the Agreement of Sale, under renunciation of the benefits of division and excussion. 19.2 20.2. If the PURCHASER is a company, close corporation or a trust (and provided that the trust is already registered and letters of authority have already been issued in favour of the trustees), the person that signs the Agreement of Sale on behalf of the PURCHASER by his signature hereto hereby interposes and binds himself in favour of the SELLER as surety for and co-principal debtor in solidum with the PURCHASER for the due and timeous performance by it of all of its obligations as purchaser in terms of the Agreement of Sale, under renunciation of the benefits of division and excussion.