Common use of POSSESSION AND RISK Clause in Contracts

POSSESSION AND RISK. 9.1 Possession of the Sale Object shall only be given by the Seller and taken by the Purchaser on registration of transfer, provided that clauses 4.2 and 4.4 and 6.1 above have been complied with, from which date all risks and benefits of ownership in respect of the Property shall pass to the Purchaser. 9.2 Should the Purchaser take and the Seller allow possession of the Sale Object, but specifically the Property, prior to registration of transfer, the Purchaser shall at its own expense insure the Property and improvements thereon for the full replacement value thereof from date of possession, against risk of loss or damage by any cause with an insurer acceptable to the Seller. The Seller‘s interest in the Property shall be endorsed against such policy for such period. 9.3 Upon the Purchaser taking possession of the Property and pending transfer, the following further provisions shall apply: - 9.3.1 the Purchaser shall not sell, let or in any other manner dispose of or part with (whether temporarily or otherwise) the Sale Object or any other asset of the Seller (partially or in toto), or its rights of occupation thereof, except with the written consent of the Seller, which consent shall not be unreasonably withheld; 9.3.2 the Purchaser shall be responsible for and pay all costs of electricity and water consumed in the Property, including the occupational interest/rental as stipulated in Schedule “2” hereto. 10.1 The Sale Object is sold subject to all existing tenancies and vacant possession of the Property is not given or guaranteed. 10.2 The Purchaser shall be bound by the terms and conditions of all existing leases, of which it acknowledges it is fully apprised alternatively which it has accepted to be assigned to the Purchaser. 10.3 The Purchaser is aware of the provisions of: - 10.3.1 the Restitution of Land Rights Act 22 of 1994; 10.3.2 the Land Reform (Labour Tenants) Act 3 of 1996; 10.3.3 the Extension of Security of Tenure Act 62 of 1997, which regulate and/or secure the rights of tenure and occupation on land of any third party. Save as may be herein set out, the Seller has not given any warranty or made any representations, whether express or implied, to the Purchaser regarding the rights in law of any occupier or potential occupier or any third party in terms of the aforementioned Acts and more particularly, that such rights may not exist. The Purchaser indemnifies the Seller against any claim or action which any occupier may bring in terms of the Property. 10.4 If the Sale Object sold in terms of this Agreement is commercial property, the Purchaser agrees with the Seller with effect from date of transfer into the name of the Purchaser to assume the obligations of and become entitled to the benefit of the Seller under all lease agreements and the Purchaser shall carry out, perform and complete all the obligations and liabilities created by or arising under such lease agreements (except for any obligation or liabilities attributable to a breach on the part of the Seller or its employees, agents or sub-contractors) and shall indemnify the Seller against all liabilities, losses, actions, proceedings, costs, claims, demands and expenses brought or made against or incurred by the Seller in respect of non-performance or default or negligent performance by the Purchaser of the such lease agreements.

POSSESSION AND RISK. 9.1 Possession of the Sale Object shall only be given by the Seller and taken by the Purchaser on registration of transfer, provided that clauses 4.2 and 4.4 and 6.1 above have been complied with, from which date all risks and benefits of ownership in respect of the Property shall pass to the Purchaser. 9.2 Should the Purchaser take and the Seller allow possession of the Sale Object, but specifically the Property, prior to registration of transfer, the Purchaser shall at its own expense insure the Property and improvements thereon for the full replacement value thereof from date of possession, against risk of loss or damage by any cause with an insurer acceptable to the Seller. The Seller‘s interest in the Property shall be endorsed against such policy for such period. 9.3 Upon the Purchaser taking possession of the Property Sale Object and pending transfer, the following further provisions shall apply: - 9.3.1 the Purchaser shall not sell, let or in any other manner dispose of or part with (whether temporarily or otherwise) the Sale Object or any other asset of the Seller (partially or in toto), or its rights of occupation thereof, except with the written consent of the Seller, which consent shall not be unreasonably withheld; 9.3.2 the Purchaser shall be responsible for and pay all costs of electricity and water consumed in the Property, including the occupational interest/rental as stipulated in Schedule “2” hereto. 10.1 The Sale Object is sold subject to all existing tenancies and vacant possession of the Property is not given or guaranteed. 10.2 The Purchaser shall be bound by the terms and conditions of all existing leases, of which it acknowledges it is fully apprised alternatively which it has accepted to be assigned to the Purchaser. 10.3 The Purchaser is aware of the provisions of: - 10.3.1 the Restitution of Land Rights Act 22 of 1994; 10.3.2 the Land Reform (Labour Tenants) Act 3 of 1996; 10.3.3 the Extension of Security of Tenure Act 62 of 1997, which regulate and/or secure the rights of tenure and occupation on land of any third party. Save as may be herein set out, the Seller has not given any warranty or made any representations, whether express or implied, to the Purchaser regarding the rights in law of any occupier or potential occupier or any third party in terms of the aforementioned Acts and more particularly, that such rights may not exist. The Purchaser indemnifies the Seller against any claim or action which any occupier may bring in terms of the Property. 10.4 If the Sale Object sold in terms of this Agreement is commercial property, the Purchaser agrees with the Seller with effect from date of transfer into the name of the Purchaser to assume the obligations of and become entitled to the benefit of the Seller under all lease agreements and the Purchaser shall carry out, perform and complete all the obligations and liabilities created by or arising under such lease agreements (except for any obligation or liabilities attributable to a breach on the part of the Seller or its employees, agents or sub-contractors) and shall indemnify the Seller against all liabilities, losses, actions, proceedings, costs, claims, demands and expenses brought or made against or incurred by the Seller in respect of non-performance or default or negligent performance by the Purchaser of the such lease agreements.

POSSESSION AND RISK. 9.1 Possession of the Sale Object shall only be given by the Seller and taken by the Purchaser on registration of transfer, provided that clauses 4.2 and 4.4 and 6.1 above have been complied with, from which date all risks and benefits of ownership in respect of the Property shall pass to the Purchaser. 9.2 Should the Purchaser take take, and the Seller allow possession of the Sale Object, but specifically the Property, prior to registration of transfer, the Purchaser shall at its own expense insure the Property and improvements thereon for the full replacement value thereof from date of possession, against risk of loss or damage by any cause with an insurer acceptable to the Seller. The Seller‘s interest in the Property shall be endorsed against such policy for such period. 9.3 Upon the Purchaser taking possession of the Property and pending transfer, the following further provisions shall apply: - 9.3.1 the Purchaser shall not sell, let or in any other manner dispose of or part with (whether temporarily or otherwise) the Sale Object or any other asset of the Seller (partially or in toto), or its rights of occupation thereof, except with the written consent of the Seller, which consent shall not be unreasonably withheld; 9.3.2 the Purchaser shall be responsible for and pay all costs of electricity and water consumed in the Property, including the occupational interest/rental as stipulated in Schedule “2” hereto. 10.1 The Sale Object is sold subject to all existing tenancies and vacant possession of the Property is not given or guaranteed. 10.2 The Purchaser shall be bound by the terms and conditions of all existing leases, of which it acknowledges it is fully apprised alternatively which it has accepted to be assigned to the Purchaser. 10.3 The Purchaser is aware of the provisions of: - 10.3.1 the Restitution of Land Rights Act 22 of 1994; 10.3.2 the Land Reform (Labour Tenants) Act 3 of 1996; 10.3.3 the Extension of Security of Tenure Act 62 of 1997, which regulate and/or secure the rights of tenure and occupation on land of any third party. Save as may be herein set out, the Seller has not given any warranty or made any representations, whether express or implied, to the Purchaser regarding the rights in law of any occupier or potential occupier or any third party in terms of the aforementioned Acts and more particularly, that such rights may not exist. The Purchaser indemnifies the Seller against any claim or action which any occupier may bring in terms of the Property. 10.4 If the Sale Object sold in terms of this Agreement is commercial property, the Purchaser agrees with the Seller with effect from date of transfer into the name of the Purchaser to assume the obligations of and become entitled to the benefit of the Seller under all lease agreements and the Purchaser shall carry out, perform and complete all the obligations and liabilities created by or arising under such lease agreements (except for any obligation or liabilities attributable to a breach on the part of the Seller or its employees, agents or sub-contractors) and shall indemnify the Seller against all liabilities, losses, actions, proceedings, costs, claims, demands and expenses brought or made against or incurred by the Seller in respect of non-performance or default or negligent performance by the Purchaser of the such lease agreements.

POSSESSION AND RISK. 9.1 Possession of the Sale Object shall only be given by the Seller and taken by the Purchaser on registration of transfer, provided that clauses 4.2 and 4.4 and 6.1 above have been complied with, from which date all risks and benefits of ownership in respect of the Property shall pass to the Purchaser. 9.2 Should the Purchaser take take, and the Seller allow possession of the Sale Object, but specifically the Property, prior to registration of transfer, the Purchaser shall at its own expense insure the Property and improvements thereon for the full replacement value thereof from date of possession, against risk of loss or damage by any cause with an insurer acceptable to the Seller. The Seller‘s Seller ‘s interest in the Property shall be endorsed against such policy for such period. 9.3 Upon the Purchaser taking possession of the Property Sale Object and pending transfer, the following further provisions shall apply: - 9.3.1 the Purchaser shall not sell, let or in any other manner dispose of or part with (whether temporarily or otherwise) the Sale Object or any other asset of the Seller (partially or in toto), or its rights of occupation thereof, except with the written consent of the Seller, which consent shall not be unreasonably withheld;. 9.3.2 the Purchaser shall be responsible for and pay all costs of electricity and water consumed in the Property, including the occupational interest/rental as stipulated in Schedule “2” hereto. 10.1 The Sale Object is sold subject to all existing tenancies and vacant possession of the Property is not given or guaranteed. 10.2 The Purchaser shall be bound by the terms and conditions of all existing leases, of which it acknowledges it is fully apprised alternatively which it has accepted to be assigned to the Purchaser. 10.3 The Purchaser is aware of the provisions of: - 10.3.1 the Restitution of Land Rights Act 22 of 1994; 10.3.2 the Land Reform (Labour Tenants) Act 3 of 1996; 10.3.3 the Extension of Security of Tenure Act 62 of 1997, which regulate and/or secure the rights of tenure and occupation on land of any third party. Save as may be herein set out, the Seller has not given any warranty or made any representations, whether express or implied, to the Purchaser regarding the rights in law of any occupier or potential occupier or any third party in terms of the aforementioned Acts and more particularly, that such rights may not exist. The Purchaser indemnifies the Seller against any claim or action which any occupier may bring in terms of the Property. 10.4 If the Sale Object sold in terms of this Agreement is commercial property, the Purchaser agrees with the Seller with effect from date of transfer into the name of the Purchaser to assume the obligations of and become entitled to the benefit of the Seller under all lease agreements and the Purchaser shall carry out, perform and complete all the obligations and liabilities created by or arising under such lease agreements (except for any obligation or liabilities attributable to a breach on the part of the Seller or its employees, agents or sub-contractors) and shall indemnify the Seller against all liabilities, losses, actions, proceedings, costs, claims, demands and expenses brought or made against or incurred by the Seller in respect of non-performance or default or negligent performance by the Purchaser of the such lease agreements.