CONDITIONS OF SALE

The premises described in the Particulars of Sale herein (hereinafter called “the premises”) shall be put up for sale subject to the following conditions:

1. The title for the premises is registered under the registration of Titles Act and the Vendor is selling as Mortgagee under Mortgage No(s) endorsed on the Title.
2. The Vendor reserves to itself the right to bid by its Attorneys-at-Law or agent and also to withdraw the premises at any time before or after the same is actually sold without declaring the reserve price.
3. Subject to a reserve price and Condition 2 hereof the highest bidder whose bid is accepted by the Auctioneer shall be the Purchaser and if any dispute shall arise as to the highest bidder the premises shall be put up again at the last undisputed bid. No bid shall be withdrawn nor shall any bidder advance less than Fifty Thousand Dollars ($50,000.00) on the last previous bid. Each bidder shall at the time of making a bid subscribe his name, address and amount of his bid on the Auctioneers Bidding Sheet 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 whereupon such notices, summonses and communications shall be sent to his Attorney-at-Law. The Purchaser agrees to purchase the premises on the conditions set out herein.
4. The Purchaser shall immediately after the sale sign the Memorandum attached hereto and pay to the Attorneys-at-Law having the carriage of sale a deposit of Ten Percent (10%) of the purchase price. The Purchaser shall make all payments by Wire Transfer to the account, to be provided by the Auctioneer or by Manager’s Cheque payable to the Vendor’s Attorneys and shall sign the subjoined Memorandum to complete the purchase upon these conditions of sale and within Forty-five (45) days of the date of the Auction shall produce to the Vendor’s Attorneys-at-Law Letter of Commitment for the balance purchase money from a lending institution or other source acceptable to the Vendor’s Attorneys and according to these conditions:
   1. In the event that the Purchaser is unable to furnish the required deposit and Further Payment (if any) on account of the purchase money, then the property shall be sold to the next highest bidder, provided that this bid is equal to or more than the reserve price.
   2. The Deposit and Further payment (if any) received by the Auctioneer shall be paid over in full to the Vendor’s Attorney-at –Law together with the bidding sheet (s) within three working days of the Auction.
   3. Within forty-five (45) days of the date of the auction, the Purchaser shall produce to the Vendors Attorneys- at-Law a Letter of Commitment for the balance purchase money from a lending institution or other source acceptable to the Vendor’s Attorney -at –Law PROVIDED THAT if the Purchaser shall fail to produce the said Letter of Commitment within the time provided then the Vendor may cancel this Agreement at any time by giving the purchaser seven (7) days of notice of its intention to do so.
5. The Transfer to the Purchaser shall be prepared by the Attorneys-at-Law having the carriage of sale. The Stamp Duty and Registration Fee shall be borne equally by the Vendor and Purchaser but all searches and other investigation into Title or evidence of Title shall be borne by the Purchaser. The Vendor shall pay the Transfer Tax. Each party shall bear its own Attorneys-at-Law costs.
6. All requisitions and objections if any in respect of the Title, description of the premises or particulars or otherwise arising out of the sale and not precluded by these conditions shall be delivered in writing to the Attorneys having the carriage of sale within Seven (7) days of the date of the sale as to which time is of the essence. If no objections or requisitions shall be made within the aforesaid Seven (7) days the Title shall be deemed to have been accepted and approved by the Purchaser.
7. Subject to the provisions of Condition 6 hereof if the Purchaser shall, within the time stipulated therein, make any objection or requisition of the title which the Attorneys having the carriage of sale shall, on the ground of expense or otherwise be unable or unwilling to answer or rectify, the contract for sale maybe rescinded by either party unless the Purchaser withdraws such objection or requisition within Seven (7) days (as to which time is of the essence) after the delivery of a letter from the Attorney having the carriage of sale declining to answer or rectify. In the event of cancellation under this clause the Purchaser’s deposit shall be refunded without interest less the sum of $10,000.00 being a contribution to the Vendor’s Attorneys costs incidental to this contract.
8. The property shall remain at the risk of the Vendor until possession is given to the Purchaser. If the same shall be substantially damaged or destroyed prior to possession being given to the Purchaser the Vendor shall be entitled to cancel this contract by notice in writing served upon the Purchaser within fourteen (14) days of being notified in writing served upon the Purchaser of such damage or destruction, in which event all sums paid by the Purchaser hereunder shall be refunded without interest.
9. Possession of the premises, subject to all tenancies, squatters and/or occupants, if any, shall be delivered to the Purchaser upon payments in full of the Purchase price and all other sum payable by the Purchaser under the conditions contained herein.
10. The premises is being sold subject to all reservations, restrictions, restrictive covenants, easements and rights of way endorsed on the Certificate of Title or which are obvious and/or apparent.
11. The premises will be sold as the same shall stand at the day of sale. All conditions and/or warranties, express and/or implied as to the state and/or condition of the premises including the buildings, if any, erected on the premises; fitness for purpose or otherwise are hereby excluded.
12. Property taxes shall be apportioned on the date of delivery of possession, as set our herein, to the Purchaser. The Vendor will not be liable for water rates owed or any portion thereof and the Purchaser shall be responsible for all water rates both arrears and current.
13. If the Purchaser shall fail to pay the full Purchase price to the Vendor within the time specified in Conditions 4 (a) and (c) on this contract the Vendor shall be entitled to cancel this contract without notice. In the event of cancellation the Vendor shall be entitled to retain the deposit.
14. If from any cause whatsoever other than the willful default of the Vendor the purchase shall not be completed on or before the expiration of FORTY-FIVE (45) days from the date of the auction the Purchaser shall pay interest at the rate of Ten Percent (10%) 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.
15. If the Purchaser shall fail to complete this contract, except under Condition 7 hereof, the Vendor shall be at liberty to re-sell the premises by Public Auction or Private Sale at same time and in such manner and subject to such conditions as it shall think fit without previous notice to the Purchaser and any deficiency in price together with all charges, costs and expenses occasioned by such re-sale or attempted re-sale, together with all costs, charges and expenses occasioned or rendered unless by such default, shall be made good by the Purchaser and be recoverable from him by the Vendor as for liquidated damages but any increase of price on such re-sale shall be retained by the Vendor.
16. It is hereby agreed that the Vendor’s Attorneys-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 deposit and further payment 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.
17. All refunds, if any, to the Purchaser shall be deemed to have been properly made if paid to his Attorney-at-Law and in this event the Vendor is released from any further liability to the Purchaser.

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