Common use of GUARANTEE FOR BALANCE OF PURCHASE PRICE Clause in Contracts

GUARANTEE FOR BALANCE OF PURCHASE PRICE. 4.1. To secure the balance of the purchase price, the Purchaser shall provide the conveyancers with a cash payment, to be held in the attorneys’ trust account, as envisaged in clause 3.1.3 above, and/or with a bank or other guarantee acceptable to the Seller. 4.2. This cash payment or guarantee must be provided within 10 (ten) ordinary days of signature of this Agreement, or, if there are any suspensive conditions that have been included in this Agreement for the benefit of the Purchaser only, within 10 (ten) ordinary days of fulfilment of all these suspensive conditions. 4.3. Where this guarantee is to be issued by virtue of a mortgage bond granted in favour of the Purchaser for any portion of the purchase price, the guarantee for such portion, must be provided within 20 (twenty) ordinary days from the date within the suspensive condition contained in clause 7 is deemed to be fulfilled, as envisaged in clause 7.2. 4.4. A bank guarantee is a letter of undertaking which South African banks are able to issue, against payment of their standard fee, if the Purchaser has enough money or a big enough loan facility at the relevant bank. Withdrawal by a guarantor for any reason whatsoever, shall constitute a breach by the Purchaser of his obligations to deliver a guarantee in terms of this clause and in respect of which breach the Seller shall not be required to give notice in terms of clause 13. The remedies as provided for in clause 13 shall in such instance be immediately available to the Seller.

GUARANTEE FOR BALANCE OF PURCHASE PRICE. 4.1. 5.1 To secure the balance of the purchase price, the Purchaser shall provide the conveyancers with a cash payment, to be held in the attorneys’ trust account, account as envisaged in clause 3.1.3 above, 4.1.3 above and/or with a bank bank- or other guarantee acceptable to the Seller. 4.2. 5.2 This cash payment or and/or guarantee must be provided within 10 (tenTEN) ordinary days of signature of this Agreement, agreement or, if there are any suspensive conditions that have been included in this Agreement agreement for the benefit of the Purchaser only, within 10 (ten) ordinary days of fulfilment of all these suspensive conditions. 4.3. 5.3 Where this a guarantee is to be issued by virtue of a mortgage bond granted in favour of the Purchaser for any portion of the purchase price, the guarantee for such portion, must be provided within 20 (twenty) ordinary days from the date within the suspensive condition contained in clause 7 23 is deemed to be fulfilled, fulfilled as envisaged in clause 7.223.3. 4.4. 5.4 A bank guarantee is a letter of undertaking which South African banks are able to can issue, against payment of their standard fee, if the Purchaser has enough money or a big enough loan facility at the relevant bank. Withdrawal by a guarantor for any reason whatsoever, shall constitute a breach by the Purchaser of his obligations to deliver a guarantee in terms of this clause and in respect of which breach the Seller shall not be required to give notice in terms of clause 1321. The remedies as provided for in clause 13 21 shall in such instance be immediately available to the Seller.