CONDITIONS OF SALE

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 a 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 No bid shall be withdrawn or be less in advance of the last previous bid than One Thousand Dollars ($1,000.00) or such other sum as shall be fixed by the auctioneer.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 to the auctioneer at his Auction Room an amount of TEN PERCENT (10%) of the amount of the purchase money of the property as set out hereunder and sign the agreement endorsed thereon for the completion of the purchase according to these conditions.

The Purchaser shall pay the remainder of the purchase money together with the amount payable under paragraph 6 hereof within ninety (90) days from the date of the Sale and payable to the Vendor’s Attorneys-at-Law.  Upon such payment the Vendor pursuant to the provisions of Section 106 of the Registration of Titles Act will execute a transfer to the purchase and deliver same together with the Duplicate Certificate of Title for the said premises to the Purchaser.

5          If from any cause whatsoever other than the wilful default of the Vendor the purchase shall not be completed on or before the expiration of ninety (90) days from the date of the Sale the purchaser shall pay interest at the rate of Twenty-Five per centum (25%) 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 Instrument of Transfer and Sales Agreement which shall be prepared by the Vendor’s Attorneys-at-Law for perusal and approval and the costs of same as well as the costs of this Agreement shall be in accordance with the scale of charges of the Vendor’s Attorneys-at-Law, and such costs together with stamp duty (borne by Purchaser only) 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 (7) from the delivery of the draft Instrument of Transfer for perusal and approval.  If no objections or requisitions be made within the period aforesaid the Title and the terms and form of the draft transfer shall be deemed to have been accepted and approved.

8          If the Purchaser shall make any objection or requisition respecting the Title to the property which the Vendor or its Attorneys-at-Law shall on the ground of expense or otherwise be unable or unwilling to answer satisfy or comply with 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 within seven days(7) after the delivery of a letter from the Vendor’s Attorneys-at-law declining to answer such objection or requisition.

9          From and immediately after the sale the property shall be the sole risk of the Purchaser as regards loss or damage however arising.

10        The Purchaser shall be entitled to possession upon the payment of the full amount of the purchase money, interest (if any) and costs.

11        The property shall be taken to be correctly described and is sold subject to all easements, restrictions and encumbrances and/or tenancies (if any) affecting the same.

12        The property will be sold as the same shall stand at the date of sale without reference to extent or conditions respectively and if any error, misstatement, miscalculation or omission shall arise the same shall not annul the sale nor 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 his deposit shall be forfeited to the Vendor who shall be at liberty (without tendering any 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 attending a re-sale or attempted re-sale, together with all charges, costs and expenses occasioned or rendered useless by such default, shall be make good and paid by the defaulting purchaser at 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 all outstanding arrears of insurance premiums, electricity, water rates or taxes and any insurance premium, electricity, water rates taxes and maintenance charges (if any) will be for the Purchasers’ account whether same accrued prior or subsequent to the date of this Agreement  in respect of any period after the date of the sale at public auction will be refunded by the Purchaser to the Vendor 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 13 the Vendor may recover damages for breach of contract and/or claim specific performance at his option.

Are you sure you want to place the bid for $ ?

You bid amount exceeds $10,000,000 - are you sure you want to place the bid ?