ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE

 
ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
AUCTION
                 BROCHURE
                 Date      26th March 2015, 12H00
                           The Wanderers Club, 21 North
                 Venue
                           Street, Illovo, Sandton, Gauteng
                           Ismail Hendricks
                 Contact
                           082 908 6653 ihendricks@broll.com

ABSA SILVERTON BUILDING
177 DE BOULEVARD, SILVERTON, PRETORIA
ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
Opportunity Summary

 Description                            Sectionalised commercial building known as Isabellahof situated in
                                        Silverton, Pretoria. Section 1 comprises main tenant ABSA retail bank on
                                        the ground & mezzanine floors, with extensive office space on the 1st and
                                        2nd floors. Direct street exposure to busy De Boulevard and Pretoria
                                        Streets. 10 exclusive use parking bays.
 Section Extent                         2367m²
 Zoning                                 Business 2
 Gross Lettable Area                    2023m2
 GLA Tenanted                           1535m2 (75.88%)
 GLA Vacant                             488m2 (24.12%)
 Tenancy                                  Ground floor retail banking space of 562m2 tenanted by ABSA Bank,
                                           as well as Mezzanine level of 447m2. Lease expired 31 January 2015
                                           and currently on a month-to-month basis while new lease is being
                                           finalised. Gross annual income of R1 189 494 (R99 124.53 per
                                           month)
                                          Office space of 1014m2 let to various commercial tenants generating
                                           gross annual income of R403 140 (R33 595 per month).
 Gross Income                             ABSA: R1 189 494 per annum (R99 124.53 per month)
 (including Recoveries)                   Old Mutual Life Assurance Company SA Ltd: R71 676.12 per annum
                                           (R5 973.01 per month)
                                          Magauta Recruitment & Placement Solutions: R70 495.56 per annum
                                           (R5 874.63 per month)
                                          Macton Financing CC: R31 791.84 per annum (R2 649.32 per month)
                                          Luriware (Pty) Ltd: R40 965.24 per annum (R3 413.77 per month)
                                          Ziyaad Tayob Alli: R49 175.52 per annum (R4 097.96 per month)
                                          Total: R1 601 487.96 per annum (R133 457.53 per month)
 Issues                                   Building requires general maintenance

177 De Boulevard Street, Silverton, Pretoria                                                     Page 2 of 32
ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
Table of Contents

1.     PROPERTY SUMMARY                                                                                                                            4
     1.1    Locality (see Annexure A)                                                                                                              4
     1.2    Legal Information (see Annexures B and C)                                                                                              4
     1.3    Town Planning (see Annexure D)                                                                                                         4
2.     LOCATIONAL ANALYSIS                                                                                                                         5
3.     THE PROPERTY                                                                                                                                5
ANNEXURE A: LOCALITY                                                                                                                               7
ANNEXURE B: TITLE DEED                                                                                                                             9
ANNEXURE C: SECTIONAL TITLE PLANS                                                                                                                13
ANNEXURE D: ZONING CERTIFICATE                                                                                                                   18
ANNEXURE E: MUNICIPAL ACCOUNTS                                                                                                                   21
ANNEXURE F: PHOTOGRAPHS                                                                                                                          23
ANNEXURE G: RENTAL INCOME                                                                                                                        27
ANNEXURE H: BIDDERS REGISTRATION FORM                                                                                                            29
APPENDIX : CONDITIONS OF SALE

The rules of auction are available at our offices. The auction is conducted in terms of the Regulations relating to auctions contained in The
Consumer Protection Act 68 of 2008 and notice is given that all sales are subject to a minimum reserve unless otherwise stated.

Disclaimer: “Whilst all reasonable care has been taken to obtain the correct information, neither Broll Auctions and Sales (Pty) Ltd, nor any of its
subsidiaries and related companies, nor the Sellers, guarantee the correctness of the information, and none of the aforementioned will be held
liable for any direct or indirect damages or loss, of whatsoever nature, suffered by any person as a result of errors or omissions in the information
supplied, whether due to the negligence or otherwise of Broll Auctions and Sales and its subsidiaries and related companied, the Seller, or any
other person”.

177 De Boulevard Street, Silverton, Pretoria                                                                                 Page 3 of 32
ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
1. Property Summary

1.1 Locality (see Annexure A)

     Property Address:                         Corner De Boulevard Road and Pretoria Street
     Suburb and City:                          Silverton, Pretoria
     Local Authority:                          Tshwane Local Municipality
     Province:                                 Gauteng

1.2 Legal Information (see Annexures B and C)

     Unit number(s):                           Section 1
     Scheme:                                   SS Isabellhoff
     Unit Extent:                              2367m²
     Title Deed Number:                        ST413030/2008
     Registered Owner:                         Dipula Property Investment Trust

1.3 Town Planning (see Annexure D)

       The property is zoned Business 2 in terms of the Tshwane Local Municipality, subject to the following
       conditions:

       Zoning:                                 Business 2
       Business Building, Dwelling-units, Guest-house Institution, Light Industries, subject to Schedule 10,
       Parking Garage subject to Schedule 10, Parking Site subject to Schedule 10, Shop, Place of
       Refreshment, Residential Building excluding Boarding House, Hostel and Blocks of Tenements,
       Retail Industry, Vehicle Sales Mart subject to Schedule 10 Veterinary Clinic.

       Height:                                 15 Metres
       Coverage:                               60%
       F.A.R:                                  1.8
       Parking:                                Four parking spaces per 100 m² of the gross floor area
       Building line:                          Not specified

177 De Boulevard Street, Silverton, Pretoria                                                  Page 4 of 32
ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
2. Locational Analysis

A well located and attractive commercial building which offers good exposure to business’ that occupy
space in this building. This property is on a busy main route running through this business node in
Silverton, Pretoria. Pretoria Road (R104) links up with the N1 which is within 5KM from the building in
question. Property is situated on the corner of De Boulevard Road and Pretoria Street.

GPS co-ordinates for the property are: -25.7336, 28.3008

3. The Property

The property is improved with a modern office building that has been converted into a sectional title
complex known as Isabellahof. The subject property is known as Section 1 and it measures 2367m². It is
currently being occupied by a national tenant downstairs on the ground floor and some local tenants on
the 1st and 2nd floors. The basement level offers several exclusive use parking bays for the tenants. The
construction of building is from concrete, brick and reinforced concrete roof. There is also a mezzanine
level. Exclusive use parking’s form part of the property namely Parking P2, Parking P3, Parking P4,
Parking P5, Parking P6, Parking P7, Parking P8, Parking P9, Parking P10 and Parking P15 (10 Exclusive
use bays)

Description of Improvements
             Primary Use                       Office and Retail banking
             Roof                              Reinforced concrete slab
             Ceilings                          Suspended ceilings with central air conditioning
             Walls                             Face Brick and dry walling
             Floor Coverings                   Ceramic Tiling and carpeting
             Conditions                        In general the building is well maintained

177 De Boulevard Street, Silverton, Pretoria                                                      Page 5 of 32
ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
Measurements

                                    Description                     GLA
                                    ABSA Silverton                  1009

                                    Other offices(Occupied)         521

                                    Current Vacancies               493

                                    TOTAL GROSS LEASABLE AREA       2023

We have not undertaken a structural survey of the above-described improvements or finishes, nor have
we arranged for tests or inspections to be carried out on any of the service installations.

Tenancy Overview

Please refer to Annexure G for the Rental Roll.

Income Forecast

The current gross rental income amounts to R1 601 487.96 per annum (R133 457.53 per month).

177 De Boulevard Street, Silverton, Pretoria                                                  Page 6 of 32
ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
Annexure A: Locality

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ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
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ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
Annexure B: Title Deed

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ABSA SILVERTON BUILDING - 177 DE BOULEVARD, SILVERTON, PRETORIA - AUCTION BROCHURE
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Annexure C: Sectional title plans

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Annexure D: Zoning Certificate

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Annexure E: Municipal Accounts

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Annexure F: Photographs

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Annexure G: Rental Income
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Annexure H: Bidders Registration Form

AUCTION DETAILS

 Date & Time                             26 March 2015, 12H00

 Venue                                   The Wanderers Club, Sandton, 21 North street, Illovo

 Auctioneer                              Ismail Hendricks

BIDDER DETAILS

 Bidding Capacity                           Individual               On behalf of a juristic person

Where a person is bidding on behalf of a juristic entity the letter of authority must appear on the
letterhead of the juristic entity and must be accompanied by a certified copy of the resolution
authorising him or her to bid on behalf of the juristic entity.

NATURAL PERSONS (ALSO TO BE COMPLETED IF BIDDING ON BEHALF OF A JURISTIC ENTITY)

 Name

 ID Number

 Physical Address

 Postal Address

 Landline Number

 Mobile Number

 Email Address

 Marital Status (if applicable)             In           Out of      Community of Property

 Spouse Name (if applicable)

 Spouse ID No. (if applicable)

JURISTIC ENTITY (if applicable) (COMPANY, TRUST, CLOSE CORPORATION, OTHER)

 Name

 Registration Number

     177 De Boulevard Street, Silverton, Pretoria                                                     Page 29 of 32
Physical Address

 Postal Address

 Landline Number

 Facsimile

 Email Address

 If Company or CC, annual turnover is:              Less than R2M           Greater than R2M

 If Company or CC, asset value is:                  Less than R2M           Greater than R2M

AUCTION REGISTRATION FEE (REFUNDABLE TO THE BIDDER AFTER THE AUCTION)

 Amount                                  R50 000

 Method of Payment                         EFT         Bank Guaranteed Cheque      Credit Card

 Payable to                              Greenday Property (Pty) Ltd

 Bank Name                               FNB Hyde Park

 Account Type                            Trust Account

 Account Number                          623-553-88-507

 Branch Code                             255-805

 Reference                               Name & Surname

TERMS AND CONDITIONS
By signature of this bidder registration card, the signatory:
1.    Acknowledges and understands that he/she shall not be entitled to bid until such time as the
      Auctioneer's registration fee has been paid or secured to the Auctioneer's satisfaction, this
      registration fee is refundable should he/she not be the highest bidder.
2.    Acknowledges himself/herself to have read, understood and be bound by the Auctioneer's terms
      and conditions of auction; and has complied with FICA requirements i.e. brought a copy of his/her
      ID book, proof of residence and letter of authority to sign on behalf of a juristic entity.
3.    Acknowledges and understands that, in respect of lots subject to a reserve, should his/her bid be
      knocked down as the highest bid in respect of any lot bid upon, such bid shall constitute an
      irrevocable offer to purchase the relevant lot at such price, which offer shall remain open for
      acceptance by the seller of the lot for a period of 5 business days;

     177 De Boulevard Street, Silverton, Pretoria                                                  Page 30 of 32
4.      Acknowledges and understands that, in respect of lots not subject to a reserve, should his/her bid
        be knocked down as the highest bid in respect of any lot bid upon, then such lot shall be deemed
        to have been sold to the bidder at such bid;
5.      Acknowledges and understands that any sale of immovable property by way of public auction
        shall be binding on the bidder, and does not need to be recorded in a written agreement, in
        accordance with the provisions of Section 3(1) of the Alienation of Land Act 68 of 1981.
6.      Acknowledges and understands, notwithstanding the contents of paragraph 4 above, that should
        his/her bid be the highest bid on any lot, he/she will then be obligated to sign the Auctioneer's
        standard agreement of sale by public auction, which agreement the bidder acknowledges to have
        acquainted himself/herself therewith;
7.      Acknowledges that, should his/her bid be knocked down as the highest bid in respect of any lot
        bid upon, a buyer’s premium of 10% plus VAT shall be payable over and above the bid price,
        unless otherwise stated;
8.      Warrants, in the event that he/she is bidding on behalf of another person/company/close
        corporation or trust, that he/she has all necessary authority to do so and to bind such party to any
        consequent sale, and will produce written proof of such authority upon request.
9.      Acknowledges that in the event of allowing the paddle allocated to the bidder to be used by any
        other bidder whether registered or not, shall remain liable for performance.
10.     I the undersigned, acknowledge that I have received the Rules of Auction for this auction and it
        is my responsibility to understand, read and acquaint myself with the Rules of Auction
        incorporating the Sale Agreement. I have read and understood the Rules of Auction and have no
        objection to the Rules of Auction not being read out for the auction to be valid. Notwithstanding
        the fact that the Auctioneer has not read out every clause of the contract, I will legally comply
        myself with all my obligations, including immediate signing of the Rules of Auction incorporating
        the Sale Agreement on the fall of the hammer; and to the immediate transfer of the funds required
        in terms of the Rules of Auction and Sale Agreement.

SIGNED BY THE BIDDER AS ACCEPTANCE (and where applicable the BIDDER is duly authorised)

 Date

 Place

 Signature

FOR OFFICIAL USE BY BROLL

 BIDDERS CARD NUMBER

      177 De Boulevard Street, Silverton, Pretoria                                                      Page 31 of 32
Notes

   177 De Boulevard Street, Silverton, Pretoria   Page 32 of 32
Rules of Auction and Conditions of Sale

  IMMOVABLE PROPERTY
                                                                                                      1.3.   The auctioneer or his agent shall be entitled to bid up to the reserve price on behalf of the
                                                                                                             owner, but shall not be entitled to make a bid equal to or exceeding the reserve price.

  DATE OF AUCTION          :       26 March, 2015
  PLACE OF AUCTION :               The Wanderers Club, 21 North Street, Illovo,                       1.4.   The rules of auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008

                                   Johannesburg                                                              (“the Act”) and with the Consumer Protection Act Regulations (“the Regulations”) that have

  TIME OF AUCTION          :       12pm                                                                      been published in terms thereof.

  AUCTION HOUSE            :       Broll Auctions and Sales (Pty) Ltd
                                   (Registration Number 2014/250826/07)                               1.5.   Section 45 subsection (2) of the Act provides that: “When goods are put up for sale by

  AUCTIONEER               :       Ismail Hendricks                                                          auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the
                                             st                                                              subject of a separate transaction.”
                                   Suite 4, 1 Floor, Atholl Square, Cnr Katherine Drive and
                                   Wierda Road East, Sandown
                                   Contact number: 087 700 8290                                       1.6.   The auction will commence at the published time and will not be delayed to allow any

                                   Email: Ihendricks@broll.com                                               specific person or more persons in general to take part in the auction.

                                                                                                      1.7.   Registration to bid at the auction:
  Will offer for sale by public auction the following immovable property, comprising of a Sectional
  Title Unit:
                                                                                                             1.7.1 Anyone that intends to bid at the auction must register his or her identity on the
  UNIT/SCHEME              :       Section 1 “SS Isabellhoff”                                                        bidder’s record prior to the commencement of the auction. Such registration must
  SECTIONAL PLAN           :       SS404/2001                                                                        meet the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of
  KNOWN AS                 :       1 Isabellhoff, 177 De Boulevard Road and Pretoria                                 the establishment and verification of identity of the person, and the person must sign
                                    Street, Silverton, Pretoria                                                      the registration entry.
  UNIT EXTENT              :       2,367m²
  TITLE DEED               :       ST413030/2008                                                             1.7.2 A person who attends the auction to bid on behalf of another person (i.e. on behalf
                                                                                                                     of a company) must produce a letter of authority that expressly authorises him or her
  And together with the following non exclusive use areas;
                                                                                                                     to bid on behalf of that person and the person bidding on his or her behalf must meet
  PARKING P2               :       23m²             PARKING P3             :        14m²
                                                                                                                     the requirements set out in clause 1.7.1 above. Where a person is bidding on behalf
  PARKING P4               :       14m²             PARKING P5             :        14m²
                                                                                                                     of a company the letter of authority must appear on the letterhead of the company and
  PARKING P6               :       14m²             PARKING P7             :        14m²
                                                                                                                     must be accompanied by a certified copy of the resolution authorising him or her to
  PARKING P8               :       14m²             PARKING P9             :        14m²
                                                                                                                     bid on behalf of the company.
  PARKING P10              :       16m²             PARKING P15            :        14m²

                                                                                                      1.8    The bidder’s record and the vendor roll will be made available for inspection at the offices of
  RULES OF AUCTION
                                                                                                             Broll Auctions and Sales (Pty) Ltd during normal business hours without the charge of a fee.
                                                                                                             The bidders’ record will also be available for inspection at the auction.
  1.1.   Each prospective bidder must read these Rules of Auction together with the attached
         Conditions of Sale Agreement and must not bid unless he or she has done so.

  1.2.   The sale by auction is subject to a reserve price.

                                                                                                      Page 2 of 27              “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
1.9 Broll Auctions and Sales (Pty) Ltd has a trust account. All money due to the seller in terms of      1.18 No bid may be withdrawn after the fall of the hammer until the expiry of the confirmation
     the Rules of Auction will be paid into this trust account for the benefit of the seller, minus any          period that is provided for in the Conditions of Sale, during which time the offer shall be open
     commission payable to Broll Auctions and Sales (Pty) Ltd.                                                   for acceptance by the seller or his agent and if the offer is accepted, the sale shall be
                                                                                                                 deemed to be a sale by auction for purposes of the Act.

1.10 The auctioneer will during the auction announce the reason for the auction unless that
       reason is the normal and voluntary disposal of property by the seller.                             1.19 The highest bidder ("the purchaser") shall sign the Conditions of Sale immediately on the fall
                                                                                                                 of the hammer.

1.11 The total cost of advertising and conducting the auction of the property is R35,000.00 which
       costs are broken down as follows:                                                                  I the AUCTIONEER do hereby certify that, to the best of my knowledge, these Rules of Auction

       1.11.1Advertising costs;                                                                           meet the requirements of regulation 21 of the Consumer Protection Act Regulations as published
                                                                                                          in Government Gazette No. 34180 of 1 April 2011.
       1.11.2Brochure and marketing material;

       1.11.3Auction venue costs;

       1.11.4Photography.
                                                                                                          __________________________________                        __________________________
                                                                                                              AUCTIONEER (duly authorised)                             DATE
1.12 The conduct of the auction is subject to the control of the auctioneer who has the sole right
       to regulate the bidding procedure.

1.13 The sale shall be by the rise and the property shall be sold to the highest bidder subject to
       the Rules of Auction.

1.14 Every bid shall constitute an offer to purchase the property for the amount bid upon the
       terms and conditions contained in the Conditions of Sale, which the seller or the auctioneer
       may accept or reject in their absolute discretion. The seller shall be entitled, in its absolute
       discretion, to withdraw the property from sale prior to acceptance by the seller.

1.15 If no bid equals or exceeds the reserve price, the property may be withdrawn from the
       auction. The seller shall be entitled to instruct the auctioneer to accept any lower bid.

1.16 In the event of any dispute between the bidders, the decision of the auctioneer shall be final
       and binding.

1.17 Any error by the auctioneer shall be entitled to be corrected by him.

Page 3 of 27            “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                              Page 4 of 27            “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
Duly instructed by                                                      1.2.    The PURCHASER'S offer shall be deemed to have been accepted only when the
                               DIPULA PROPERTY INVESTMENT TRUST                                                              SELLER or the AUCTIONEER, whichever may be applicable, has signed these
                                   Registration Number IT7743/2006                                                           Conditions of Sale on behalf of the SELLER in the space provided at the end of this
                                             (the “SELLER”)                                                                  Agreement and the Seller shall not be required to notify the PURCHASER of the
                                                    and                                                                      acceptance of its offer prior to expiry of the confirmation period.

                           BROLL AUCTIONS AND SALES (PTY) LIMITED
                                                                                                                     1.3.    Should the SELLER reject the PURCHASER'S offer, the AUCTIONEER will repay to the
                                 Registration Number 2014/250826/07
                                                                                                                             PURCHASER any deposit and commission paid to it in terms of this agreement.
                                 Duly represented by: Ismail Hendricks
                                          (the “AUCTIONEER”)
                                                                                                                     1.4.    In the event of the sale requiring the consent of any statutory authority or any court of

Hereby offers for sale by public auction the following immovable property, comprising of a                                   law, then this sale is subject to the granting of such consent.

Sectional Title Unit:
                                                                                                              2.     PURCHASE PRICE
UNIT/SCHEME                        :        Section 1 “SS Isabellhoff”
SECTIONAL PLAN                     :        SS404/2001                                                               The Purchase Price of the PROPERTY, plus Value Added Tax ("VAT") if applicable, shall be
KNOWN AS                           :        1 Isabellhoff, 177 De Boulevard Road and Pretoria                        paid as follows:
                                            Street, Silverton, Pretoria
UNIT EXTENT                        :        2,367m²                                                                  2.1     A deposit of 5% (five per cent) of the Purchase Price payable to the AUCTIONEER by
TITLE DEED NUMBER                  :        ST413030/2008                                                                    the PURCHASER immediately on the fall of the hammer, which amount the
                                                                                                                             PURCHASER hereby authorises the AUCTIONEER to pay over to the SELLER'S
Together with all improvements thereon (the “PROPERTY”) on the following terms and conditions:
                                                                                                                             Attorneys;

And together with the following non exclusive use areas;
PARKING P2                 :       23m²             PARKING P3                :          14m²                        2.2     The deposit paid in terms of this clause will be invested by the SELLER'S Attorneys on
                                                                                                                             call at a commercial bank on behalf of and the interest for the benefit of the
PARKING P4                 :       14m²             PARKING P5                :          14m²
                                                                                                                             PURCHASER.         The    PURCHASER'S          signature    hereto    shall   constitute   the
PARKING P6                 :       14m²             PARKING P7                :          14m²
                                                                                                                             PURCHASER'S written consent in terms of Section 78(2A) of the Attorneys Act,
PARKING P8                 :       14m²             PARKING P9                :          14m²
                                                                                                                             authorising the SELLER'S Attorneys to invest all amounts paid on account of the
PARKING P10                :       16m²             PARKING P15               :          14m²
                                                                                                                             Purchase Price in an interest bearing account with a bank of the SELLER’S Attorneys
                                                                                                                             choice. No monies shall be invested without compliance of clause 8.6 of this Agreement.

1.     ACCEPTANCE AND CONFIRMATION                                                                                   2.3     The balance of the Purchase Price shall be paid in cash and secured, to the satisfaction
                                                                                                                             of the SELLER'S Attorneys, by a written guarantee from a registered financial institution,

       1.1.    The PURCHASER’S offer shall remain open for acceptance by the SELLER or by the                                payable free of exchange, against registration of transfer of the PROPERTY into the

               AUCTIONEER on behalf of the SELLER, until 18H00 on the 2             nd
                                                                                         day of April, 2015                  PURCHASER'S name. The PURCHASER may elect to secure the balance of the

               (“confirmation period”). The PURCHASER and the AUCTIONEER acknowledge and                                     Purchase Price by payment in cash to the SELLER'S Attorneys, who shall hold same in

               agree that this provision constitutes a stipulation for the benefit of the SELLER.                            trust, pending registration of transfer into the name of the PURCHASER. The aforesaid
                                                                                                                             guarantee shall be presented and/or cash shall be payable by the PURCHASER to the

Page 5 of 27             “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                                 Page 6 of 27                “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
SELLER'S Attorneys within 45 (forty five) days from receipt of a written request to that                      payable on registration of transfer and shall be secured as provided for in clause 2.3
               effect from the SELLER’S attorneys.                                                                           above.

       2.4     Each payment made by the PURCHASER in terms of this Agreement shall be allocated                      3.6     In the event of VAT being payable on the Purchase Price as a result of the sale, such
               first to the payment of AUCTIONEER'S Commission, then interest and thereafter to the                          VAT shall be payable by the PURCHASER, in addition to the Purchase Price, to the
               payment of any other monies due in terms hereof.                                                              SELLER'S Attorneys immediately on demand.

                                                                                                                     3.7     In the event that the sale is VAT exempt, the PURCHASER shall pay applicable
                                                                                                                             transfer duty, in addition to the Purchase Price, to the SELLER's Attorneys
3.     VALUE ADDED TAX AND TRANSFER DUTY                                                                                     immediately on demand.

       3.1     The Purchase Price is inclusive of VAT at the rate of zero percent.                            4   AUCTIONEER'S COMMISSION

       3.2     It is recorded that it is the intention of the parties that this transaction be a zero rated
                                                                                                                     4.1     The PURCHASER shall be liable for and pay, in addition to the amounts payable in
               transaction in terms of Section 11 (1) (e) of the Value Added Tax Act (the “Act”) and it
                                                                                                                             terms of clauses 2.1 and 2.3, AUCTIONEER’S commission of 10% (ten per cent) of
               is agreed that the purchase price is inclusive of VAT at a rate of zero percent.
                                                                                                                             the Purchase Price, plus VAT thereon, which commission shall be deemed to have
                                                                                                                             been earned and is payable immediately upon the fall of the hammer or upon the
       3.3     It is recorded that:
               3.3.1     The PROPERTY constitutes an enterprise as defined in the Act and is sold                            signing of this Agreement by the Purchaser, whichever happens first.

                         as a going concern that will on the date of transfer be an income earning
                         activity capable of separate operation, and the supply of the PROPERTY
                                                                                                                     4.2     If commission is not paid by the PURCHASER to the AUCTIONEER in terms of 4.1
                         shall be ‘zero rated’ in terms of Section 11 (1) (e) of the Act;
                                                                                                                             above for any reason whatsoever, the SELLER hereby instructs his attorneys to pay

               3.3.2     The assets and all other aspects of the business that are necessary for                             the commission or balance thereof, whichever may be applicable, to the
                                                                                                                             AUCTIONEER as a first draw from the proceeds of this sale, against registration of
                         carrying on the enterprise, including all existing lease agreements pertaining
                                                                                                                             transfer of the PROPERTY into the name of the PURCHASER.
                         to the property, are being disposed of to the PURCHASER in terms of this
                         Agreement.
                                                                                                                     4.3     If this Agreement is cancelled as a consequence of the default by the SELLER, then
       3.4     The SELLER and PURCHASER respectively warrant to the other that they will, with                               the SELLER acknowledges and agrees that it shall be jointly and severally liable with
               effect from the date of conclusion of this Agreement, be registered as vendors in                             the PURCHASER for payment of AUCTIONEER’S commission as contemplated
               terms of the Act. The PURCHASER undertakes to provide the SELLER’S attorneys                                  herein.
               with a copy of its VAT Registration Certificate (form VAT 103) at least 21 (twenty one)
               days before the anticipated Transfer Date and the PURCHASER warrants that it has
               applied for VAT registration before the date of conclusion of this Agreement.

                                                                                                              5      RATES AND TAXES AND LEVIES
       3.5     If for any reason VAT is payable on this sale at a rate other than at the zero rate, then
               the PURCHASER agrees and undertakes that it will be liable for payment of any such
               VAT or additional VAT and such VAT will be added to the Purchase Price and

Page 7 of 27              “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                                Page 8 of 27             “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
5.1     The SELLER shall be liable for all rates and taxes and levies and other Municipal                               5.6.2    the Conveyancer’s will, upon registration of transfer, inform the relevant
               charges levied on the PROPERTY for the period prior to date of transfer and the                                          municipality that the Property has been transferred into the Purchaser’s
               PURCHASER shall be liable for all rates and taxes and other Municipal charges levied                                     name and the date of such transfer; and
               thereafter.
                                                                                                                               5.6.3    the Purchaser shall, immediately upon registration of transfer of the Property
       5.2     The PURCHASER shall refund to the SELLER a pro rata share of all rates and taxes                                         into its name, attend at the offices of the relevant municipality or any other
               and levies and services paid in advance by the SELLER for the period after the date of                                   relevant authority, and will pay the required deposit/s and open rates, water
               transfer, which refund shall be paid upon registration of transfer.                                                      and electricity consumption accounts in its name.

       5.3     The Seller hereby indemnifies the Purchaser against any claims that may be made by              6     SELLER RESIDENCY AND WITHHOLDING TAX
               the relevant authorities / managing agents in respect of arrear rates / levies as at date
               of registration of transfer into the Purchaser’s name.                                                It is recorded that the SELLER, AUCTIONEER and PURCHASER are aware of an
                                                                                                                     obligation on the part of the PURCHASER to withhold part of the Purchase Price from the
                                                                                                                     SELLER, if the SELLER is a non-South African resident, and pay such withheld portion to
       5.4     The Seller understands and accepts that it is the practice of the City of Johannesburg
               and certain other municipalities to require the Seller to pay the full amount required in             the South African Revenue Services (in terms of Section 35A of the Income Tax Act.

               order to obtain a rates clearance certificate in respect of properties falling within its
               area, and to then refund the Seller after registration of transfer, and the Seller will         7     TRANSFER AND COSTS OF TRANSFER
               accordingly liable to pay the full amount required for a rates clearance certificate in
               such cases.                                                                                           7.1       Transfer shall not be passed to the PURCHASER, notwithstanding anything to the
                                                                                                                               contrary herein contained, until such time as the total Purchase Price and all other
                                                                                                                               amounts, for which the PURCHASER may be liable in terms hereof, have been paid
       5.5     Any indication of the rates and/or levies payable in respect of the Property that is
                                                                                                                               and/or payment thereof has been secured as herein provided.
               given by the Seller or the Auctioneer is only an approximation based on recent figures
               obtained in respect of the Property, and accordingly neither the Seller nor the
                                                                                                                     7.2       Transfer of the PROPERTY shall be passed, by the SELLER'S Attorneys, as soon as
               Auctioneer warrant the actual amounts of the rates / levies applicable to the property.
                                                                                                                               possible after date of acceptance, providing the PURCHASER has complied with the
                                                                                                                               provisions of the aforementioned sub-clause.
       5.6     The parties agree, so as to allow for the orderly transfer of the rates, water and
               electricity accounts in respect of the Property, as follows:
                                                                                                                     7.3       The PURCHASER hereby specifically authorises and agrees to the SELLER'S
                                                                                                                               Attorneys preparing and submitting a transfer duty form as required by SARS for the
               5.6.1     if the Property is not held by sectional title, the Seller will notify the relevant
                                                                                                                               clearance of the PROPERTY.
                         municipality, or any other relevant authority, prior to vacating the Property
                         and request them to take final readings and terminate the electricity and
                                                                                                                     7.4       Transfer of the PROPERTY shall be effected by the SELLER'S Attorneys and all
                         water service in the Seller’s name upon registration of transfer into the name
                                                                                                                               expenses of and incidental to the preparation and registration of transfer, the
                         of the Purchaser;
                                                                                                                               conveyancing fees, disbursements and VAT (if applicable), in respect of such transfer,
                                                                                                                               shall be borne by the PURCHASER including all expenses and legal costs incidental to
                                                                                                                               the preparation and registration of any mortgage bond to finance the Purchase Price

Page 9 of 27                 “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                              Page 10 of 27             “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
herein, including any disbursement levied by the financial institution approving the                          with, from which date all risks and benefits of ownership in respect of the PROPERTY
                finance.                                                                                                      shall pass to the PURCHASER.

      7.5       In the event of the PURCHASER failing to comply within 7 (seven) days of being
                                                                                                                    8.2       The PURCHASER, at its own expense, shall insure the PROPERTY and improvements
                requested by the SELLER'S Attorneys, to furnish them with signed documents or
                                                                                                                              thereon for the full replacement value thereof from date of transfer, against risk of loss or
                documentation of whatever nature necessary for effecting transfer, or where applicable                        damage by any cause with an insurer acceptable to the SELLER. The SELLER'S
                to ensure that the mortgage bond documentation or ancillary documentation is                                  interest in the PROPERTY shall be endorsed against such policy for such period.
                satisfactorily completed or in the event of the registration of transfer being delayed as a
                consequence of a default on part of the PURCHASER (and the widest possible                          8.3       Upon the PURCHASER taking occupation of the PROPERTY and pending transfer, the
                interpretation shall be used in respect of the terms hereof), then ipso facto on the 8th
                                                                                                                              following conditions shall apply –
                (eighth) day after such request, the PURCHASER shall pay to the SELLER penalty
                interest, at the rate of 2% (two per centum) above prime calculated from the said 8th                         8.3.1     the PURCHASER shall not sell, let or in any other manner dispose of or part
                (eighth) day until the date of transfer, (both days inclusive).                                                         with (whether temporarily or otherwise) the PROPERTY or his rights of
                                                                                                                                        occupation thereof, except with the written consent of the SELLER, which
      7.6       The PURCHASER acknowledges and accordingly undertakes to comply with all the                                            consent shall not be unreasonably withheld;
                FICA requirements as set out in Annexure "1" annexed hereto within 7 (seven) days
                from date of acceptance of this Agreement by the SELLER and to supply the SELLER'S                            8.3.2     the PURCHASER shall be responsible for and pay all costs of electricity and
                Attorneys all information and documentation required by the SELLER'S Attorneys to                                       water consumed in the PROPERTY.
                enable the SELLER'S Attorneys to fulfil their obligations in terms of the Acts mentioned
                herein under:-                                                                                9     EXISTING TENANCIES

                7.6.1      The SELLER'S Attorneys are designed as an "accountable institution" in terms             9.1       The PROPERTY is sold subject to all existing tenancies.
                           of the Financial Intelligence Centres Act No. 38 of 2001 ("FICA");
                7.6.2      Certain obligations are placed on the SELLER'S Attorneys in terms of FICA                9.2       The PURCHASER shall be bound by the terms and conditions of all existing leases, of
                           and the Prevention of Organised Crime Act 21 of 1998 ("POCA");                                     which he acknowledges he is fully apprised.
                7.6.3      The SELLER'S Attorneys shall not invest and administer any deposits or any
                           other monies paid by the PURCHASER in terms of this Agreement, unless the                9.3       If the highest bid obtained at the auction for the sale of the PROPERTY subject to the
                           PURCHASER has provided the SELLER'S Attorneys with the documentation                               lease, is insufficient to meet the amount owing under any Mortgage Bond registered
                           that they require in terms of FICA, nor shall the SELLER'S Attorneys be held                       over the PROPERTY, then the PROPERTY may be sold free of any lease which was
                           liable for any loss of interest as a result of the PURCHASER'S failure to                          entered into after registration of any mortgage bond over the PROPERTY or any
                           comply herein.                                                                                     lease entered into prior to the registration of any mortgage bond of which lease the
                                                                                                                              older of the mortgage bond had no knowledge

8     POSSESSION AND RISK
                                                                                                              10    REPAIRS AND IMPROVEMENTS

      8.1       Possession of the PROPERTY, subject to any leases in place over the Property as at the
                date of auction, shall only be given by the SELLER and taken by the PURCHASER on                    10.1 Prior to registration of transfer, the PURCHASER shall not be entitled to effect any
                                                                                                                              alterations to the PROPERTY without the prior written consent of the SELLER.
                registration of transfer, provided that clauses 2.1 and 2.3 above have been complied

Page 11 of 27              “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                               Page 12 of 27              “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
Office for registration, in which case the 7 (seven) day period may, at the election of the
      10.2 The SELLER shall not be obliged to compensate the PURCHASER for any authorised                                    Aggrieved Party be reduced to 48 (forty eight) hours). If the Defaulting Party is the
                alteration effected in the event of the sale being cancelled.                                                PURCHASER and fails to comply with such notice then the SELLER shall forthwith be
                                                                                                                             entitled, but not obliged, without prejudice to any other rights or remedies which the

      10.3 The PURCHASER shall be liable for any damages suffered by the SELLER as a result                                  SELLER may have in law, including the right to claim damages:

                of any alterations effected by the PURCHASER, not authorised by the SELLER.
                                                                                                                             12.1.1    to cancel this Agreement and upon cancellation the PURCHASER shall forfeit
                                                                                                                                       all monies paid to the SELLER, the AUCTIONEER and/or the SELLER'S
11    REPRESENTATIONS
                                                                                                                                       Attorneys and the SELLER shall retain the right to recover any costs incurred
                                                                                                                                       by the SELLER to present the PROPERTY at the auction, any further costs to
      11.1 If the sale of the PROPERTY is not subject to the Consumer Protection Act then the
                                                                                                                                       be incurred by the SELLER to re-auction or to re-sell the PROPERTY as well
                PROPERTY is sold “voetstoots”. The sale of the PROPERTY is subject to the terms and
                                                                                                                                       as any difference between the purchase price and the price achieved at any
                conditions and servitudes mentioned or referred to in the current and/or prior Title Deeds
                                                                                                                                       subsequent sale of the PROPERTY by the SELLER. A certificate issued by
                and to the conditions of establishment of the Township in which it is situated and to the
                                                                                                                                       the SELLER or his representative, whose authority needs not be proven, shall
                zoning applied to it under any Town Planning Scheme. The SELLER shall not profit by
                                                                                                                                       be prima facie evidence of any such costs and/or difference in purchase price
                any excess nor shall it be answerable for any deficiency in the extent thereof. Neither
                                                                                                                                       as contemplated herein.        The PURCHASER and the SELLER specifically
                the SELLER nor the AUCTIONEER shall be responsible for pointing out to the
                                                                                                                                       agree that the AUCTIONEER shall be entitled, but not obliged, to immediately
                PURCHASER any surveyor’s pegs or beacons in respect of the PROPERTY.
                                                                                                                                       resubmit the PROPERTY for auction and all costs pertaining thereto shall be
                                                                                                                                       borne and paid for by the PURCHASER in addition to any other claims that he
      11.2 The PURCHASER acknowledges that he has not been induced into entering into this                                             may be liable for in terms of the Agreement;
                Agreement by any express or implied information, statement, advertisement or
                representation made or given any warranties in respect of the PROPERTY or anything                           12.1.2    or to claim immediate performance and/or payment of all the Defaulting Party's
                relating thereto, by the AUCTIONEER or any other person, or by or on behalf of the                                     obligations in terms hereof.
                SELLER and that is not contained in this Agreement. The PURCHASER hereby waives
                any rights whatsoever which he may otherwise have obtained against the SELLER or                   12.2 Upon cancellation of this Agreement for whatever reason, the PURCHASER hereby
                the AUCTIONEER as a result of such information, statement, advertisement,                                    undertakes to forthwith vacate the PROPERTY and to procure that the PROPERTY shall
                representation or warranty, made by or on behalf of the SELLER or the AUCTIONEER.                            be vacated by any persons who occupy the PROPERTY through the PURCHASER'S
                                                                                                                             title or by his permission. Occupation shall be re-delivered in the same good condition
      11.3 The PURCHASER acknowledges that he has fully acquainted himself with the                                          as at the date of transfer.
                PROPERTY that he has purchased.
                                                                                                                   12.3 Occupancy of the PROPERTY by the PURCHASER or persons on the authority of the
                                                                                                                             PURCHASER shall not create a tenancy either in terms of any statutory provision or at
12    BREACH
                                                                                                                             common law.

      12.1 If one of the Parties commits a breach of this Agreement or fails to comply with any of
                the provisions hereof, then the Aggrieved Party shall be entitled to give the Defaulting           12.4 Notwithstanding what is contained herein, should the PURCHASER pay any portion of

                Party 7 (seven) days’ notice in writing to remedy such breach or failure (unless such                        the deposit, but not pay a portion of or the full commission as required under these

                breach or failure occurs after the transfer documents have been lodged in the Deeds                          Conditions of Sale, the PARTIES record and agree that the AUCTIONEER shall be

Page 13 of 27              “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                              Page 14 of 27              “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
entitled to deduct from any portion of the deposit paid under these Conditions of Sale,     15    JOINT AND SEVERAL LIABILITY
                the value of its commission and any direct costs incurred and recover any shortfall
                thereon from the PURCHASER.                                                                       If this agreement is concluded with more than one PURCHASER, the liability of all such
                                                                                                                  PURCHASERS to the SELLER and to the AUCTIONEER shall be joint and several in solidum.

      12.5 It is recorded further that the deduction by the AUCTIONEER of commission due to it
                                                                                                            16    SECTIONS 112 and 115 OF THE COMPANIES ACT (SPECIAL RESOLUTION)
                under the sale does not absolve the PURCHASER from any and all other obligations
                arising from these conditions of sale
                                                                                                                  16.1 The SELLER and the PURCHASER are aware of the provisions of Sections 112 and
                                                                                                                       115 of the Companies Act 71 of 2008 (as amended) (“Section 112 and 115”), namely
                                                                                                                       that if the SELLER is a company and if the PROPERTY constitutes either all or the
                                                                                                                       greater part of the assets or the undertaking of the SELLER, then the directors of
13    LEGAL COSTS                                                                                                      the SELLER shall not have the power, save by a special resolution of the
                                                                                                                       shareholders of the SELLER, to sell the PROPERTY.
      The Defaulting Party shall be liable for all legal costs incurred by the Aggrieved Party, the
      AUCTIONEER and his Agent / Attorneys in enforcing the terms of this agreement, on an                        16.2 Accordingly, the SELLER warrants that the provisions of Sections 112 and 115 are /
      Attorney and own client scale, including collection commission.                                                  are not (delete as appropriate) applicable to the sale of the PROPERTY.

                                                                                                                  16.3 If Sections 112 and 115 are applicable to the sale of the PROPERTY and if the
                                                                                                                       directors of the SELLER have not already been granted the necessary authority in
                                                                                                                       terms of Sections 112 and 115 to dispose of the PROPERTY, then within 45 (forty
                                                                                                                       five) business days of the acceptance date the SELLER shall procure that its
14    DOMICILIUM
                                                                                                                       shareholders pass a special resolution ratifying the sale of the PROPERTY.

      14.1 The PURCHASER and the SELLER hereby choose their respective domicilium citandi
                                                                                                            17    NOMINEE
                et executandi for all purposes in respect of this agreement, including notices and Court
                process, the address recorded below their signatures hereunder. Any notice sent by
                pre-paid registered post shall be deemed to have been received on the fifth day after             The PURCHASER shall be entitled, by notice in writing to the SELLER, to nominate a nominee

                posting; any notice delivered by hand shall be deemed to have been received on the day            in his place as PURCHASER, upon the following terms and conditions:

                of delivery; any notice sent by telefax or electronically transmitted by email, shall be
                deemed to have been received on the first business day after date of despatch thereof.            17.1 the aforesaid notice shall be handed to the SELLER by not later than 24h00 on the same
                                                                                                                       day as the acceptance date by the SELLER;

      14.2 Notwithstanding anything to the contrary herein contained, any written notice or                       17.2 the notice shall set out the name and address of the nominee so nominated as
                communication actually received by a Party to this Agreement shall be deemed to be                     PURCHASER;

                adequate written notice or communication to him notwithstanding that it was not sent or
                                                                                                                  17.3 the notice shall be accompanied by the nominee’s written acknowledgement:
                delivered at the chosen address / domicilium citandi et executandi or transmitted to such
                Party's telefax number and/or email address as stipulated herein.                                           17.3.1   that it is fully aware of all the terms and conditions of this agreement as if fully
                                                                                                                                     set out in such written acknowledgement; and

      14.3 The terms of "writing" shall include communications by email or facsimile.                                       17.3.2   that it is bound by the provisions of this agreement as the PURCHASER;

                                                                                                                  17.4 should the PURCHASER nominate a nominee in terms of this clause, then:

Page 15 of 27             “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                              Page 16 of 27            “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
possession, if any. Should any electrical works, upgrades and/or repairs need to be
                17.4.1    all reference to the PURCHASER in this agreement shall be deemed to be a                              carried out on the immovable property, such additional works, upgrades and/or
                          reference to its nominee; and
                                                                                                                                repairs shall be undertaken by the purchaser at its own cost by an electrical contractor
                17.4.2    the PURCHASER by his signature hereto, hereby interposes and binds                                    acceptable to the seller.
                          himself as surety and co-principal debtor in solidum, for and on behalf of all the
                          obligations of the aforesaid nominee as PURCHASER, to and in favour of the
                                                                                                                      20.2 The PURCHASER agrees and undertakes to take steps sufficient to ensure, as far as
                          SELLER, for all the PURCHASER'S obligations under this agreement,
                          including damages, and renounces the benefits of division and excussion.                              is reasonably practicable, that the PROPERTY will comply with all prescribed
                                                                                                                                requirements, including the issue of a Certificate of Compliance in respect thereof as

18    COMPANY TO BE FORMED                                                                                                      required in terms of clause 7 of the Electrical Installation Regulations of 2009 and that
                                                                                                                                the PROPERTY will be safe and without risks to health.

      18.1 In the event of the PURCHASER signing this agreement in his capacity as agent for a
                company to be formed and the PURCHASER fails within 20 (twenty) days from date of                     20.3 The PURCHASER hereby relieves the SELLER from the duty imposed upon him by

                acceptance and confirmation of this agreement to register such company having as one                            the provisions of section 10 of Act 85 of 1993. All costs incurred in obtaining such a

                of its objects the ratification and adoption of this agreement, or such company fails to                        Certificate of Compliance, including costs of any repairs or replacements required in

                adopt or ratify this agreement within 15 (fifteen) days after date of its incorporation, then                   order for the certificate to be issued, shall be borne by the PURCHASER.

                in such an event the PURCHASER shall be deemed as from the date thereof to have
                entered into this agreement in his personal capacity and to have acquired all the rights              20.4 The SELLER warrants that, as at date of occupation or transfer, whichever is the

                and obligations of the PURCHASER under this agreement.                                                          earlier; there will have been no addition or alteration to the electrical installations
                                                                                                                                existing on the PROPERTY subsequent to the issue of such certificate. In the event

      18.2 In the event of such company being registered and duly adopting or ratifying this                                    that there has been any addition and/or alteration, the SELLER shall be obliged to

                agreement, or the nomination effected, then the PURCHASER by his signature                                      obtain a Certificate of Compliance for at least the addition or alteration.

                hereunder, shall be deemed to bind himself to the SELLER as SURETY and co-principal
                debtor in solidium with such company for the due performance by it as PURCHASER of              An Electrical Certificate of Compliance issued not more 2 (two) years prior to the date of this
                the terms, conditions and obligations arising out of this agreement.                            Agreement of Sale shall be valid and effective for the purposes of this clause.

19    COMPANIES, CLOSE CORPORATIONS, ASSOCIATIONS OR TRUSTS                                                     21    MAGISTRATES' COURT JURISDICTION

      Should the PURCHASER be a company, close corporation, association or trust, the person
      signing this agreement on behalf of such PURCHASER, by his signature hereto interposes and                      The Parties hereto consent to the jurisdiction of the Magistrates' Court in terms of Section 45

      binds himself as SURETY for and co-principal debtor with the PURCHASER for the due and                          read with Section 28 of the Magistrates’ Court Act of 1944 as amended. Notwithstanding the

      proper discharge of all its obligations arising from this agreement.                                            aforementioned, this shall not preclude either Party from approaching the High Court of South
                                                                                                                      Africa for any relief sought. This Agreement shall further be governed in terms of the law of the

20    ELECTRICAL INSTALLATION CERTIFICATE OF COMPLIANCE                                                               Republic of South Africa.

      20.1 The SELLER shall furnish the SELLER'S Attorneys, prior to occupation or transfer by                  22    GENERAL CLAUSES

                the PURCHASER, whichever is the earlier, with a Certificate of Compliance in respect
                of the PROPERTY, in terms of the Electrical Installation Regulations of 2009 under
                the Occupational Health and Safety Act (Act No. 85 of 1993, as amended), in its

Page 17 of 27              “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                                 Page 18 of 27             “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
22.1 This Conditions of Sale Agreement constitutes the whole agreement between the Parties               (PLUS VALUE ADDED TAX IF APPLICABLE)
                 as to the subject matter hereof and no agreement, representation or warranty between
                 the Parties other than those set out herein are binding on the Parties;

       22.2 No extension of time, waiver, indulgence or suspension of any of the provisions of this
                 agreement, which any Party hereto may have given, shall be binding unless recorded in
                 a written document signed by all Parties.

       22.3 No variation or alteration or cancellation of these Conditions of Sale or any of the terms
                 hereof, shall be of any force or effect, unless in writing and signed by the Parties hereto.

23        SECTIONAL TITLE

          23.1      In the event that the property sold in terms hereof forms part of a sectional scheme,
                    then the PURCHASER acknowledges that the Sectional Title Scheme of the
                    PROPERTY is subject to the rules and regulations of the Body Corporate, which has
                    been established in terms of the Sectional Titles Scheme as well as to the provisions
                    of the Sectional Titles Act No. 95 of 1986.

          23.2      The PURCHASER has read and familiarised himself with the rules and regulations of           TO:

                    the Body Corporate and undertakes to sign all documents and do all things                   COMPANY/ CLOSE CORPORATION/ TRUST/ OTHER

                    necessary in order for him to become and remain a member of the Body Corporate                                                                                ______________

                    for as long as he is the owner of the section purchased in terms of this agreement.               ___________________________________ (hereinafter referred to as the ”PURCHASER”)
                                                                                                                ENTITY REGISTRATION / ID NO.:

          24.3      Where relevant it is recorded that the developer has secured and reserved for himself       ADDRESS:
                    a real right of extension in respect of the property and that the PURCHASER                 TELEPHONE DETAILS:            (home)

                    purchases this property accepting the developer’s real right of extension.                                                (Work)
                                                                                                                                              (Fax)
                                                                                                                                              (Email)
THE PROPERTY WAS PUT UP FOR SALE BY PUBLIC AUCTION ON THE _________DAY OF
                                                                                                                                              (Cell)
                                              OF THE YEAR 20______
                                                                                                                MARITAL STATUS                                      (In /Out of Community of PROPERTY)

                                                                                                                SPOUSE’S NAME
And sold by the rise for the amount of R
                                                                                                                SPOUSE’S ID NO

(words)

                                                                                                                SIGNED BY THE PURCHASER ON THE ________ DAY OF

Page 19 of 27               “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                                Page 20 of 27         “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
DEED OF SURETYSHIP
AS WITNESS:                                                                                     I / We the undersigned,
1.      ________________________             _____ ______ _______
                                                    PURCHASER (and where applicable, the
                                                                                                ID NUMBER: _______________________________________________
                                                    signatory binding himself as SURETY and
                                                    co-principal debtor in solidium)            do hereby interpose and bind myself / ourselves as surety and co-principal debtor/s in solidum for
                                                                                                and on behalf of the PURCHASER to and in favour of the SELLER and the AUCTIONEER for all
                                                                                                the obligations of the PURCHASER under the Conditions of Sale aforegoing and in particular for
                                                                                                all amounts of money that may be due, including damages, from whatsoever cause arising under
AS WITNESS:
                                                                                                renunciation of the benefits of division and excussion. I/We do further acknowledge that I/we
                                                                                                are fully aware of all the terms and Conditions of the Conditions of Sale as if fully set out
1.                                                                          _______
                                                                                                herein. I/We do accept domicilium et executandi at the address hereinafter set out.
                                                    BROLL AUCTIONS AND SALES (PTY)
                                                    LTD duly authorised (Broll Auctions and
                                                    Sales (Pty) Ltd hereby accepts all the      THUS DONE AND SIGNED at                            this         day of
                                                    rights conferred upon it in terms of this
                                                    Agreement)
                                                                                                AS WITNESSES:
ACCEPTANCE AND CONFIRMATION
                                                                                                1.    __________________________                                _______
Accepted by me this          day of                20____
                                                                                                                                                          SURETY

AS WITNESSES:
                                                                                                2.    __________________________                          _______
1.
                                                    SELLER (and where applicable the                                                                      SELLER
                                                    SELLER is duly authorised)
                                                                                                                                                          _______________________________
2.                                                 SELLER'S ADDRESS:                                                                                      BROLL AUCTIONS AND SALES (PTY)
                                                   ___________________________                                                                            LTD duly authorised
                                                   ___________________________
                                                   ___________________________                  SURETY ADDRESS (PHYSICAL):

                                                                                                Tel No:

Page 21 of 27         “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                      Page 22 of 27             “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
EXTRACT FROM THE MINUTES OF A MEETING OF THE MEMBERS OF                                               EXTRACT FROM THE MINUTES OF A MEETING OF THE DIRECTORS OF
_______________________________________________________________________                               _______________________________________________________________________
HELD      AT        ________________________        ON     _________________________________          HELD     AT        ________________________       ON    ___________________________________
____________________________________________________________________                                  ____________________________________________________________________

RESOLVED THAT:                                                                                        RESOLVED THAT:

    1.          The CLOSE CORPORATION BUYS the following PROPERTY                                         2.          The Company BUYS the following PROPERTY

                ______________________________________________________________                                        ______________________________________________________________

                from _________________________________                                                                from _________________________________

                for R _________________________________                                                               for R _________________________________

    2.          That ______________________________ in his capacity as Member be and is                   2.          That _________________________________ in his capacity as Director be and is
                hereby authorised to execute and sign all documents necessary to give effect to the                   hereby authorised to execute and sign all documents necessary to give effect to the
                above resolution.                                                                                     above resolution.

    Certified a true copy,                                                                                Certified a true copy,

    _______________________________                       _______________________________             ______________________________                   _______________________________
                     MEMBER                                              MEMBER                                          DIRECTOR                                              DIRECTOR

Page 23 of 27             “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                        Page 24 of 27             “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
EXTRACT FROM THE MINUTES OF A MEETING OF THE TRUSTEES OF                                                 (ANNEXURE 1)
_______________________________________________________________________
                                                                                                         FICA REQUIREMENTS: Natural Persons
HELD     AT        ___________________________         ON     ________________________________
____________________________________________________________________

                                                                                                         [1]    South African identity document (foreigners: passport);
RESOLVED THAT:
                                                                                                         [2]    Utility bill addressed to your residential address less than 3 months (accounts for mobile
                                                                                                                phones are not acceptable);
    3.          The Trust BUYS the following PROPERTY                                                    [3]    South African Income Tax reference number.

                ______________________________________________________________

                                                                                                         [4]    (Confirmation marital status, i.e. unmarried or married.)
                from _________________________________

                for R _________________________________
                                                                                                         1.1 If Married

    2.          That ________________________________________ in his capacity as Trustee be              [5]    Marriage certificate.
                and is hereby authorised to execute and sign all documents necessary to give effect to
                                                                                                                  - If IN community of property (no antenuptial contract)
                the above resolution.

                                                                                                         [6]    S.A. identity document (foreigner: passport) of your SPOUSE.

    Certified a true copy,                                                                                        - If OUT of community of property (by Antenuptial Contract ("ANC")

                                                                                                         [7]    Page 1 (and page 2 if necessary) reflecting the registered number and names of both parties.
    _______________________________                         _______________________________
                       TRUSTEE                                             TRUSTEE                             If your Marriage is governed by the Laws of another country/state

                                                                                                         [8]    S.A. identity document (foreigner: passport) of your SPOUSE;
                                                                                                         [9]    Name of the country/state governing your marriage, i.e. the country where the husband was
                                                                                                                living at the time of the marriage with the intention of staying there permanently.

                                                                                                         FICA REQUIREMENTS: Entities

                                                                                                         ·       Person acting on behalf of the Entity must comply with paragraphs 1 to 4 above.

                                                                                                         ·       All directors / members / trustees must also comply with paragraphs 1 to 4 above

                                                                                                                                                  PLUS THE FOLLOWING:

Page 25 of 27             “Section 1 Isabellhoff”, De Boulevard Road, Pretoria                           Page 26 of 27            “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
1.2    Companies:

       [1]      CM1.
       [2]      CM22.

1.3    Close Corporations:

       [1]      CK1;
       [2]      and, if applicable, CK2.

1.4    Trusts:

       [1]      Letters of Authority / Master's Certificate;
       [2]      Trust Deed and all amendments thereto.
       [3]      Resolution to approve the purchase (and loan application, if applicable) taken
                before the Agreement of Sale was signed. (The only exception is where it is a cash
                transaction and all the Trustees have signed the Agreement of Sale.)

·     Detailed FICA requirements for Entities will be supplied to such Purchasers, in due
      course.

1.5   · FICA requirements for Other Entities, if applicable, will be supplied to such
      Purchasers.

Page 27 of 27              “Section 1 Isabellhoff”, De Boulevard Road, Pretoria
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