Common use of OCCUPATION AND POSSESSION Clause in Contracts

OCCUPATION AND POSSESSION. 7.1 Occupation of the property shall be given to the Purchase on on condition that occupational rent is paid in advance and all transfer and bond documentation is signed at the transfer and bond attorney. If the date of occupation does not coincide with the registration date the purchaser shall pay occupational interest, monthly in advance in the amount equal to 1% of the purchase price. Unit No RASLOUW LANE Client/s Initial 5 Ref 02 (05/04/2017) 7.2 The right and obligation to occupy and possess the property will pass to the purchaser on the occupation date, provided that the Purchaser has complied with all its obligations and paid all monies payable in terms of this agreement, and signed all transfer and bond documentation including the practical completion letter. The Purchaser shall be obliged to pay occupational interest from the aforesaid date, regardless whether occupation has physically been taken or not. 7.3 The Purchaser shall be obliged to contact the conveyancer or the agent and confirm whether there is any amendment to the date of occupation. As a courtesy the conveyancer shall advise the purchaser in writing with 30 (THIRTY) days notice (where possible) if the property will not be ready for occupation on the occupation date, but the obligation remains that of the Purchaser to establish date of occupation. In such an instance the Purchaser shall be obliged to take occupation on such further date as given as the amended occupation date. The Purchaser acknowledges that the occupation date as set out in clause 7.1 is not of the essence and that any reasonable extension will not entitle the Purchaser to cancel this agreement.

OCCUPATION AND POSSESSION. 7.1 Occupation of the property shall be given to the Purchase on _ on condition that occupational rent is paid in advance and all transfer and bond documentation is signed at the transfer and bond attorney. If the date of occupation does not coincide with the registration date the purchaser shall pay occupational interest, monthly in advance in the amount equal to 1% of the purchase price. Unit No RASLOUW LANE Client/s Initial 5 Ref 02 (05/04/2017)Should the Seller still enjoy occupation between the date of occupation up to registration and the unit is occupied by a tenant the Seller will pay over the rental amount as set out in the rental agreement between the tenant and seller. 7.2 The right and obligation to occupy and possess the property will pass to the purchaser on the occupation date, provided that the Purchaser has complied with all its obligations and paid all monies payable in terms of this agreement, and signed all transfer and bond documentation including the practical completion letter. The Purchaser shall be obliged to pay occupational interest from the aforesaid date, regardless whether occupation has physically been taken or not. 7.3 The Purchaser shall be obliged to contact the conveyancer or the agent and confirm whether there is any amendment to the date of occupation. As a courtesy the conveyancer shall advise the purchaser in writing with 30 (THIRTY) days notice (where possible) if the property will not be ready for occupation on the occupation date, but the obligation remains that of the Purchaser to establish date of occupation. In such an instance the Purchaser shall be obliged to take occupation on such further date as given as the amended occupation date. The Purchaser acknowledges that the occupation date as set out in clause 7.1 is not of the essence and that any reasonable extension will not entitle the Purchaser to cancel this agreement.