CONDITIONS OF SALE

SUBJECT TO CONFIRMATION

                                       LEO  AUCTIONEERS (PTY) LTD

Address :   42 Tom Jenkins Drive                              TEL:  (012) 331-6783

Rietondale                      E-MAIL : andre@leoauctioneers .co.za

PRETORIA                                                   Cell : 082 687 3988

the Auctioneer chooses as it’s “domicilium citandi et executandi”, the above address

(hereinafter referred to as the AUCTIONEER)

Only acting on behalf of BENNIE KEEVY and TRACY ANNE CAMERON  in their capacity as Liquidators of the CLOSE CORPORATION SPENCON ELECTRICAL AND MECHANICAL ENGINEERING (IN LIQUIDATION) MASTER REFERENCE NO – G300/23

Address : 97 Michelle Avenue                                           Tel: 011 869 5504

   Randhart

   Alberton , Gauteng

   0186

e-mail : dstiemmie@cwealth.co.za                                                      

Seller’s VAT number : 4800239826

 the Seller chooses as its “domicilium citandi et executandi”, the above address

(hereinafter referred to as the SELLER)

The SELLER hereby sells to the PURCHASER who hereby purchases the PROPERTY, described as:

             CERTAIN:              Portion 5 ERF 1534 Henley on Klip , registration division IR Gauteng;

             MEASURING          711m²

                                            And

              CERTAIN:                Portion 6 ERF 1534 Henley on Klip , registration division IR Gauteng;

;

            MEASURING:         746m²

            SITUATED :            Taplow Rd, -26.550302, 28.059154

TITLE:                 Portion 5 ERF 1534 T46418/2017

                            Portion 6 ERF 1534 T60033/2018

                            as an indivisible transaction, Notarially bound and

                            subject to all the conditions contained therein ;

                    (hereinafter referred to as the PROPERTY)

1.           METHOD OF AUCTION:

                SUBJECT TO CONFIRMATION:

1.1          The PROPERTY is sold by the rise of bid to the highest acceptable bidder (hereinafter referred to as the PURCHASER) subject to confirmation or refusal thereof by the SELLER as described in clauses 1.2 and 2 hereof.

1.2          The SELLER reserves the right of declining to sell to the highest bidder or any bidder, on or before expiry of the period described in clause 2.1 hereof, with the provision that the PURCHASER will be obliged to sign these Conditions of Sale immediately after the Auction.

1.3          Should the AUCTIONEER make any mistake at the sale, such mistake shall not be binding on any party but shall be rectified immediately, after establishing such mistake.

1.4        Should the AUCTIONEER have any reason to believe that the PURCHASER is not able to pay the deposit referred to in clause 3.1, or to pay the balance of the purchase price, he may refuse to accept the bid from such a PURCHASER, or may accept the bid provisionally, subject to the condition that the PURCHASER, within 30 minutes after requested to do so, satisfy the AUCTIONEER that he is able to pay both mentioned amounts.  In the event of a bid being rejected under these circumstances, the PROPERTY may immediately be, put up again for Auction.  The SELLER may also require that the PURCHASER provide a surety or sureties acceptable to the SELLER, and the said surety or sureties shall sign the Deed of Suretyship annexed hereto, immediately after the signing of these conditions of sale.

1.5          In the event of the highest bid aforesaid not being accepted by the SELLER, or should any necessary consent as mentioned in clause 11 not be obtained, the SELLER, shall be obliged to repay the PURCHASER all amounts which he has paid by virtue of this Deed and the PURCHASER shall be obliged to restore the PROPERTY in the same  

              condition as with acceptance, to the SELLER and in which event the parties shall have no claim against each other, save as stipulated herein.

1.6          The bid does not include Value Added Tax and Value Added Tax will be added to the Bid Price. Value Added Tax is payable by the Purchaser in addition to the Purchase Price.

1.7          In the event of Transfer Duty being levied by SARS instead of Value Added Tax , then Transfer Duty will be payable by the Purchaser in addition to the bid price,

2.         CONFIRMATION AND HIGHER OFFERS:

  2.1        The PURCHASER is held bound by his/her/its bid until 16h00 on the 4^th October 2023, (which period hereafter is referred to as the CONFIRMATION PERIOD) and if the bid is not accepted by the SELLER during the CONFIRMATION PERIOD, the PURCHASER will remain bound by his/her/its bid, after expiry of the CONFIRMATION PERIOD, unless the PURCHASER withdraws from the bid in writing, which withdrawal of the PURCHASER’S bid will be executed via e-mail to the auctioneer and may only be executed by the PURCHASER, after date of expiry of the CONFIRMATION PERIOD and not before.

2.2          Acceptance, or not, of the bid by the SELLER will be communicated to the PURCHASER by the AUCTIONEER and the bid will be open for acceptance by the SELLER at any stage during the CONFIRMATION PERIOD and any stage after expiry of the CONFIRMATION PERIOD, subject to the provisions described in clause 2.1 above.

2.3       In the event of any higher bid received by the AUCTIONEER during the confirmation period, ( before acceptance of the highest bid by the SELLER/s), the higher bid must be made in writing on the same Conditions herein contained and such higher bid will be subject to the Right of First Refusal by the highest bidder on auction 

2.4       Any higher bid must be made to the AUCTIONEER 24 hours before

       expiry of the CONFIRMATION PERIOD.

3.         PURCHASE PRICE:

              The purchase price is payable as follows:

3.1          DEPOSIT:

10% deposit plus 10% auctioneers commission plus VAT on the commission to LEO AUCTIONEERS TRUST ACCOUNT, described in clause 1.4 above, by way of  electronic Bank Transfer ( EFT ), on signature hereof and the balance in cash against registration of transfer, to the SELLER, care of the attorney appointed by the SELLER free of any bank charges at the address nominated by the SELLER.

3.2          BALANCE PURCHASE PRICE:

The PURCHASER shall, within 30 (THIRTY) days after confirmation and acceptance hereof furnish a bank guarantee, approved by the SELLER, to the Transferring Attorney appointed by the SELLER, for the full outstanding purchase price, which guarantee shall be made payable on registration of transfer of the PROPERTY in the name of the PURCHASER.

4.         CAPACITY OF PARTIES:

  In the event of more than one PURCHASER being party to this agreement, the PURCHASERS remain personally, jointly and severally responsible for the prompt and due performance of all their obligations in terms hereof.

5.         TRANSFER AND COSTS:

5.1          The PURCHASER shall pay transfer Duty or VAT, as described above and transfer fees plus Value Added Tax , calculated on the fees  , pertaining to the transfer of the PROPERTY, as well as all other costs which may be necessary to have the PROPERTY registered in his name.  Aforesaid costs is payable on request to the SELLER'S attorneys.

5.2          The PURCHASER is liable for payment of all municipal taxes and levies, levied upon the PROPERTY by the Local Authority from date of possession and the SELLER is liable for payment up and until date of possession.

5.3           The PURCHASER shall obtain at the expense of the PURCHASER, for purposes of registration of transfer of the PROPERTY into the name of the PURCHASER, a certificate of compliance as stipulated in the Electrical Installation Regulations R242 of March 2009 promulgated in terms of the Occupational Health and Safety Act No 85 of 1993 and in the event of any repairs to be done, as stipulated on the certificate to be obtained, the PURCHASER shall pay for such repairs.

6.         AUCTIONEER'S COMMISSION AND COSTS:

               6.1       AUCTIONEERS costs and commission, as agreed between

                             SELLER and AUCTIONEER , is payable by the SELLER to the

                            AUCTIONEER, which agreed upon cost and commission will be deducted from the deposit as described in paragraph 3.1 hereof, which commission and costs will be due and payable to the Auctioneer on date of acceptance of this offer.

6.2             The expenses referred to in clause 6.2 will be appropriately invoiced by the AUCTIONEER to the SELLER.

.         6.3            AUCTIONEERS’S commission calculated at 10% plus VAT, is payable by the PURCHASER to the AUCTIONEER, together with the deposit mentioned in clause 3.1 above, which commission will be due to the Auctioneer on date of acceptance of this offer and which commission does not form part of the PURCHASE PRICE and is payable over and above the PURCHASE PRICE.

7.           TRANSFERRING ATTORNEY:

Upon compliance of the provisions of this Deed, transfer of this PROPERTY shall be effected to the PURCHASER, by the attorney appointed by the SELLER.

8.             BREACH:

In the event of the PURCHASER failing to comply promptly with all the conditions of this agreement, the SELLER shall be entitled without any notice to cancel this agreement and to repossess the PROPERTY, in which the event the PURCHASER will forfeit the deposit and all other amounts paid by himself, as roukoop and or a genuine pre-estimate of damages. The SELLER will thereafter be entitled to re-sell the PROPERTY, in which event the damages suffered by the SELLER as a result of

the PURCHASER’S breach shall be borne by the PURCHASER.  The PURCHASER shall not be entitled to any profit arising out of the selling of the PROPERTY.

9.         VOETSTOOTS AND INTRODUCTION:

               9.1              The PROPERTY is sold voetstoots as it stands, neither the SELLER nor the AUCTIONEER being liable in any respect for any damages as a result of any deficiency in respect of the extent of the PROPERTY herein mentioned being found in any subsequent survey.  Neither the SELLER, nor the AUCTIONEER, shall be liable for any defects therein, whether patent or latent.  The PROPERTY is sold subject to all the conditions and servitudes mentioned or referred to in the current and original title deeds of the PROPERTY as well as the existing zoning rights. Neither the SELLER, nor the AUCTIONEER, shall be obliged to indicate the existing boundaries or beacons of the PROPERTY.

               9.2             The PURCHASER hereby acknowledges that he has not been influenced into signing this agreement by any express or implied information, statement or representation made by or on behalf of the SELLER, but has signed same out of his own free will.

10.       POSSESSION, OCCUPATION AND RISK:

              10.1             Occupation of the PROPERTY shall be given to the PURCHASER by the SELLER on date of registration of transfer of the PROPERTY into the name of the PURCHASER ,  where after the risk of profit or loss shall pass to the PURCHASER, subject to any legal or illegal occupation of the PROPERTY by any occupants.

 10.2           if agreed between the SELLER and the PURCHASER that occupation be given by the SELLER to the PURCHASER,  before date of registration of transfer, then in that event occupational rent will be paid by the PURCHASER to the SELLER, calculated on any unpaid part  of the purchase price at a rate of 1% per month, payable monthly in advance, from date of possession to date of payment, to the SELLER, care of  LEO AUCTIONEERS ,  free of bank charges at PRETORIA.

11.    CONSENT:

Should the consent of the Master of the Supreme Court or any Government, Provincial, Local or any other Authority be required before transfer of the PROPERTY or any portion thereof can be registered in the name of the PURCHASER, this agreement is subject to the suspensive condition that upon failing of which the sale shall be regarded as cancelled, where after the parties shall have no further obligations or claims as a result thereof, save as mentioned herein.

12.     INDULGENCES :              

          No indulgence or relaxation which the SELLER may allow the PURCHASER in respect of the carrying out of the PURCHASER'S obligations under this agreement shall prejudice the SELLER’S rights as stipulated herein or be regarded as a waiver of any of the SELLER'S rights in any manner whatsoever.

14.     ALTERATIONS AND CONSTRUCTION :

           The PURCHASER will not undertake and/or commence any service installation, excavation and/or construction of any nature on the PROPERTY, before the date that the PURCHASER has delivered the guarantees as described in clause 3 above.

SIGNATURE BY HIGHEST BIDDER:

After the reading of the abovementioned Conditions of Sale in public, the aforesaid PROPERTY were offered for sale by public auction on 20 September 2023 and sold by the rise of bid, subject to acceptance and confirmation :

 to:

…………………………………………………………………………………………………..

Address : ………………………………………………………………………………………     

BID PRICE: R ………………………………………………………………………………

(………………………………………………………………………..………………………)

VAT : R ………………………………………………………………………………

(………………………………………………………………………..………………………)

TOTAL PRICE: R ……………………………………………………………………………

(………………………………………………………………………..………………………)

AS WITNESSES :

1. ____________________________                    __________________________________

                                                            AUCTIONEER

2.__________________________          _________________________                                           

                                                                PURCHASER

3.___________________________         __________________________

                                                                   PURCHASER

SIGNATURE BY SELLER:

ACCEPTED by myself this               day of   ______                               2023

AS WITNESSES :

1.__________________________       _________________________                                       

                                                                SELLER/ B Keevy/ Liquidator

2.__________________________         

SIGNATURE BY SELLER:

ACCEPTED by myself this               day of   ______                               2023

AS WITNESSES :

1.__________________________       _________________________                                       

                                                                SELLER/Liquidator

2.__________________________         

DEED OF SURETYSHIP

I/WE, the undersigned, do hereby bind myself/ourselves jointly and severally as surety/ies in solidum and co-principal debtor/s with the PURCHASER,  and the bidder who has signed this agreement of sale for the due performance by the PURCHASER and such bidder of all his obligations in terms of this agreement of sale, and I/we do hereby specifically waive all benefits of the legal exceptions known as non numeratae pecuniae, non causa debiti, errori calculi, de duobus vel pluribus reis debendi en beneficia ordini seu excussionis et divisionis, i.e. the benefit of division and execusion, and acknowledge myself/ourselves to be fully acquainted with the meaning and effect thereof, which obligation will continue until the PURCHASER'S obligations in terms of this Agreement has terminated.

My/Our liability in terms hereof shall not be effected, prejudiced or vitiated by any concession or accommodation which may be made by the SELLER or his successor in title to the said PURCHASER or bidder, and I/we are not entitled to receive any prior notice in this regard.

SIGNED at ……………………… on this day of ………. day of ………………………2023

Signature of surety/ies: ___________________________________                                                                                

 ………………………………………………………………..

Address :…………………………………………………………………………………….

WITNESSES :

1.  _____________________       

 2.  ____________________