1. Subject to these conditions and to a reserve price fixed by the Vendor any person may bid and the highest bidder shall be the purchaser. If any dispute shall arise as to bidding the property shall be put up for sale again at the last undisputed bidding. No bid shall be withdrawn or be less in advance of the last previous bid than Fifty Thousand Dollars ($50,000,00) or such other sum as shall be fixed by the Auctioneer.
2. The Vendor reserves the right to bid personally or by its Attorneys-at Law, the Auctioneer or other agents and also to withdraw the property at any time before the same is actually sold without declaring the reserve price or the reason for such withdrawal.
3. Each bidder shall at the time of making a bid subscribe his name, address and the amount of his bid on the Auctioneer’s bidding paper and all notices, summonses and communications shall be deemed duly delivered to and served upon him by being left for him at such address or sent to him by registered post at such address unless and until he is represented by an Attorney-at-Law.
4. Immediately after the sale the Purchaser shall pay by Manager’s cheque to the Vendor’s Attorneys-at-Law Messrs at the Auctioneer’s office (27 Parkington Plaza, Kingston 10.), an initial payment of TEN PER CENT (10%) of the amount of the purchase money for the property which shall be the deposit and shall sign the Memorandum endorsed hereon for the completion of the purchase according to these conditions. The Purchaser shall pay the remainder of the purchase money together with the amounts payable by the Purchaser under paragraphs 5 and 7 hereof within SIXTY (60) days from the date of the auction (as to which Time is of the Essence) to the Vendor’s Attorney. Immediately upon receipt of such payment the Vendor pursuant to Section 106 of the Registration of Titles Act will present an instrument of Transfer to the Purchaser for the execution and thereafter lodge same for registration. The signing of the agreement without tender of the deposit may render the agreement a nullity at the election of the Vendor.
5. If from any cause whatsoever other than the wilful default of the Vendor the balance of the purchase price shall not be paid and the sale completed on or before the expiration of SIXTY (60) days from the date of the auction the Purchaser shall pay interest at the rate of TEN per centum (10%) per annum on the unpaid amount of purchase money from the time hereby fixed for the payment of the same until the same shall actually be paid. This condition is without prejudice to any right or remedy reserved to the Vendor by any other of these conditions.
6. The property is sold subject to The Registration of Titles Act and the title is as disclosed by the Certificate of Title issued in respect thereof. The Vendor, sells as the proprietor of a mortgage under the Registration of Titles Act and a draft transfer shall be prepared by the Vendor’s attorneys-at-law shall be submitted to the Purchaser or his attorneys-at-law for perusal and approval and the costs of same as well as the costs of preparing this Particulars and Conditions of Sale, shall be in accordance with the scale of the charges of the Vendor’s Attorneys-at-Law, and such costs, together with stamp duty and registration fee shall be borne by the Vendor and Purchaser equally.
7. All requisitions and objections (if any) in respect of the title, description of the property or particulars or otherwise arising out of the sale and not precluded by these conditions shall be delivered in writing to the Vendor’s Attorneys-at-Law within SEVEN DAYS from the date of the auction. If no objections or requisitions be made within the period aforesaid the title shall be deemed to have been accepted and approved.
8. If a Purchaser shall make any objection or requisition respecting the title to the property which the Vendor or the Vendor’s Attorneys-at-Law shall on the ground of expense or otherwise be unable or unwilling to answer satisfy or rectify the contract for sale of the property may be rescinded by the Vendor (notwithstanding any attempt to remove or satisfy the same or any negotiation in respect thereof) unless the Purchaser withdraws such objection or requisition with SEVEN DAYS after the delivery of a letter from the Vendor’s Attorneys-at-law declining to answer such objection or requisition. In the Event of cancellation under this Condition the Purchaser’s deposit shall be refunded without interest less the sum refunded without interest less the sum of $30,000 being a contribution to the Vendor’s Attorney’s costs incidental to this contract.
9. From and immediately after the execution of these Particulars and Conditions of Sale the property shall be at the sole risk of the Purchaser as regards loss or damage however arising.
10. The Purchaser shall be entitled to possession on completion, completion being upon the payment of all monies payable by the Purchaser inclusive of interest (if any) in exchange for the duplicate Certificate of Title for the said property duly endorsed in the name of the Purchaser and/or his nominee(s) as registered proprietor. Possession shall be subject to existing tenancies, if any.
11. The property shall be taken to be correctly described and is sold subject to all easements encumbrances occupancies and/or tenancies (if any) affecting the same.
12. The property is sold as the same shall stand at the day of auction without reference to extent or condition respectively and if any error, mis-statement, miscalculation or omission shall arise the same shall not annul the sale or entitle the Purchaser to be discharged from his purchase nor shall any compensation be claimed or allowed in respect thereof.
13. Whenever under these conditions an act should be performed or a payment made by the Purchaser at or within a stated period, time shall be of the essence of the contract and if the Purchaser shall fail to observe or comply with any of the foregoing stipulations on his part the Vendor shall be entitled (but not obliged) to immediately cancel the contract by notice to the purchaser, and the deposit of TEN PER CENT (10%) shall be forfeited to the Vendor who shall be at liberty (without tendering an Instrument of Transfer ) to re-sell the property either by public auction or private contract at such time and in such manner and subject to such conditions as the Vendor may think fit and any deficiency in price which may result and all charges costs and expenses attendant upon a re-sale or attempted re-sale, together with all charges, costs and expenses thrown away or occasioned or rendered useless by such default, shall be made good and paid for by the defaulting Purchaser after the present sale and be recoverable from him by the Vendor as Liquidated damages. Any increase of price on a re-sale shall belong to the Vendor.
14. The Vendor sells at public auction to recover monies loaned to the registered proprietor who has been in possession or had the said property under his control and the Vendor shall not be liable to the Purchaser for the payment of any arrears of insurance premiums, water rates, maintenance charges, taxes or any other costs, expenses or outgoings in respect of the said property and any insurance premium, water rates, maintenance charges, taxes or other costs, expenses or outgoings paid or incurred by the Vendor in respect of any period after the date of the sale at public auction shall be refunded by the Purchaser to the Vendor and is to be paid with the remainder of the purchase money.
15. Upon signing the bidding paper and/or the Memorandum endorsed hereon whether or not the Purchaser has paid the deposit as requested in paragraph 4 hereof the said Purchaser shall be liable to complete the purchase by paying the full purchase price, all transfer or conveyancing costs and interest (if any) as set out in paragraphs 4 and 5 hereof and notwithstanding the terms of paragraph 14 the Vendor may recover damages for breach of contract or may claim specific performance at his option.
16. The parties hereto agree as a condition hereto that in the event the Commissioner of Stamp Duty and Transfer Tax for purposes of assessing transfer tax is of the opinion that the amount or value of the purchase price herein stated is substantially less than the market value and seeks to assess transfer tax on a higher consideration then this contract shall be immediately cancelled and shall have no further effect and all moneys paid on account of the purchase price shall be refunded by the Vendor to the Purchaser without interest.
17. It is hereby agreed that the Vendor’s Attorney-at-Law shall be entitled to pay the Stamp Duty and Transfer Tax payable in respect of this contract from the deposit and further payment and that, if for any reason whatsoever, the amounts paid have to be refunded to the Purchaser, the Purchaser shall to the extent of such Stamp Duty and or Transfer Tax be deemed to have been refunded the same upon delivery to the Purchaser of the original transfer tax receipt and stamped contract duly noted by the Vendor as cancelled. Costs for obtaining such refund shall be borne solely by the Purchaser.
18. Any refund to the Purchaser shall be deemed to have been properly made if paid to his Attorney-at-Law and in such event the Vendor is released from any further liability to the Purchaser.

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