CONDITIONS OF SALE

1. The sale is subject to a Reserve Price fixed by the Vendor and the Vender reserves to itself the right of withdrawing the land (which is hereinafter referred to as “the Property”) at any time with or without declaring the Reserved Price. Subject Thereto the highest approved bidder shall be the Purchaser. If any dispute shall arise as to the highest bidder the property shall be put again at the last undisputed bidding. The Vendor reserves the right to bid itself or its agent or the Auctioneer as often as it shall deem proper.
2. No bid shall be withdrawn nor shall any bidder advance less than Five Thousand Dollars ($5,000.00) on the last previous bid.

3. Each bidder shall at the time of making his bid subscribe his name and address and the amount of his bid on the Auctioneer’s bidding paper and all notices summonses communications and other documents shall be deemed duly delivered and served upon the bidder by being left for him at such address or sent to him by registered post at such address unless and until he is to the knowledge of the Vendor represented by an Attorney-at-law when they shall be deemed duly delivered and served by being left at or sent by registered post to the address of such Attorney-at-Law.

4. The Purchaser shall immediately after the sale pay to the Auctioneer in immediately available funds or to the Vendor’s Attorney-at-Law PETA-GAY CHIN-HIBBERT at “2^nd Floor”, 1-7 Knutsford Boulevard, Kingston 5, in the parish of Saint Andrew, a sum equivalent to at least 10% of the amount of the Purchase money and a further payment of 5% and shall sign the Memorandum in the form endorsed hereto complete the purchase in accordance with these provisions. The remainder of the purchase money shall be paid by the Purchaser within thirty days from the date of the sale to the Vendor’s Attorney-at-Law at the said “2^nd Floor”, 1-7 Knutsford Boulevard, Kingston 5 in the parish of St. Andrew but if for any cause whatever the purchase shall not be completed within the time specified the Purchaser shall pay interest at the rate of 17.75% per centum per annum on the unpaid balance of the purchase money from the time fixed for payment of same until same be paid without prejudice never the less to the rights reserved to the Vendor under Condition 14 of these Conditions of Sale.

5. The Title for the property is registered under the Registration of Titles Act as disclosed in the Particulars of Sale and the Vendor is selling as Mortgagee and the only covenant into which it will enter is one that it has not done any act to encumber the premises.

6. The Transfer of the property to the Purchaser shall be prepared by the Vender’s Attorney-at-Law and a draft thereof submitted to the purchaser or his attorney-at-Law for perusal and approval. The Stamp Duty and registration fee thereon shall be borne equally but the Vendor and the Purchaser but all Searches and investigations into title or evidence as to title which the Purchaser may require shall be borne by the Purchaser. Each party to bear its own Attorney’s transfer costs.

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 said Attorney-at-Law within seven days of the delivery of the draft transfer for perusal and approval. If no objection or requisitions be made within the said period of seven days, the Title and the terms of the draft Instrument of Transfer of Purchase shall be deemed to have been accepted and approved.

8. From and immediately after the sale, the property shall stand at the sole risk of the Purchaser thereof and all loss or damage however arising that shall happen to the property subsequent to the said sale shall be borne by the Purchaser.

9. If the Purchaser shall make any objection or the Title which the Vendor’s Attorney-at-Law on the ground of expense or otherwise shall be unable or unwilling to answer the contract of sale may be rescinded by the Vendor repaying the purchaser his deposit without interest which shall be accepted by the Purchaser in full and final satisfaction of all claims and/or right whatsoever which he may have as a result of this sale but the Purchaser may avoid such rescission by withdrawing such objection or requisition within seven days after the delivery of a letter from the Vendor’s said Attorney-at-Law declining to answer.

10. The Purchaser shall be entitled to possession upon payment of the full amount of the purchase money and interest thereon if any and the proportion of costs taxes water rates insurance and all other sums payable by him.

11. The property shall be taken to be correctly and accurately described in every way in the particulars of Sale and will be sold as the same shall stand on the day of the sale without any will be sold as the same shall stand on the day of the sale without any reference to area extent and conditions subject to any existing leases tenancies occupancies easements restrictive covenants and other encumbrances of whatsoever nature if any affecting the same including those appearing on the Certificate of title for the property. If any error of description misstatement omission or defect whatsoever be discovered in the Particulars and Conditions of Sale and /or the Certificate of Title the same shall not annul the sale or entitle the Purchaser to be discharged from his purchase nor affect it by delay of payment or otherwise nor shall any compensation be allowed or claimed in respect thereof and the Purchaser shall take the property with all faults and in the state and condition in which the said property may be actually found.

12. The cost of modifying or correcting and breaches of covenant and or otherwise perfecting Title shall be for the Purchaser’s account and the description of the property as expressed in the Particulars and Conditions of sale or Certificate of Title is not warranted.
13. All outstanding taxes, water rates, maintenance charges will be for the Purchaser’s account whether same accrued prior or subsequent to the date of this agreement. Insurance Premium if any on the property shall be computed from the date of possession.
14. In the construction of these Conditions Whenever any time is fixed for the payment of money or the doing of any act by the Purchaser such time shall be of the essence of the contract and no neglect or omission on the part of the Vendor to take advantage of or enforce any covenant condition or stipulation on the Purchaser’s part to be observed or performed herein contained shall be deemed to be or operate as a general of the Vendor in enforcing or taking advantage of the same either original or recurring.
15. If the Purchaser shall neglect or fail to comply with any of the above conditions or if for any cause whatsoever including the non-payment of the remainder of the purchase price the purchase shall not be completed by the Purchaser within the time specified 10% of the Purchaser Price shall be and is hereby forfeited and the Vendor shall be at liberty to re-sell the property by Public Auction or private treaty at such time and in such manner and subject to such conditions it shall deem fit without previously tendering and Instrument of Transfer to the Purchaser or without giving the Purchaser any notice of its intention so to do and any deficiency in price resulting from such re-sale together with all charges costs and expenses occasioned by such default together with interest thereon at 17.75% from time to time of advancing the same shall be made good by the defaulting Purchaser at such resale which together with such forfeited deposit shall be recoverable from the defaulting Purchaser by the Vendor as for liquidated damages but any increase in price on such re-sale shall be retained by the Vendor and the Purchaser shall not have any right of action against the Vendor the Auctioneer or anyone else either at law or in Equity for the deposit so forfeited and any other sum payable herein.
16. In the event the Vendor concludes that the Vendor cannot complete this Agreement for any reason including, but not limited to, by reason of any of the circumstances listed below-

• The commencement of legal proceedings by the defaulting Mortgagor against it;
• An order being issued by a Court and served on the Vendor which restrains the Vendor from selling, transferring or disposing of the property sold;
• The registered proprietor redeeming his/her mortgage;
• the registrar of titles being restrained from registering any transfer of the property sold from the vendor to the purchaser and/or their nominee(s),

it is understood and agreed that the vendor shall be entitled, at its absolute   discretion, to rescind this              Agreement for sale by way of a Notice of Rescission in writing to the Purchaser (which may be in the                form of a letter to the Purchaser or his/her Attorney-at-Law). In any event all monies paid by the                      Purchaser to the Vendor shall be refunded within fourteen (14) days after Notice of Rescission has                   been   served on the Purchaser or his/her Attorney-at-Law. The refund shall be paid without interest                and free from deductions and shall be subject to Special Condition 2 hereof. Neither party shall have              any claim of any nature whatsoever against the other in respect of the termination of this Agreement.

17.     It is understood and agreed that any sums expended by the Purchaser pursuant to this Agreement,                    including but not limited to the cost of the valuation report, surveyor’s identification report or                           structural engineer’s report, shall be the Purchaser’s account and in the event cancellation of this                      Agreement, for any reason whatsoever, the Vendors shall not be liable to the Purchaser or anyone                       claiming under him, for any cost or expense so incurred.

18. The parties hereby agree the Vendor’s Attorney-at-Law shall be paid in full any funds due to them, irrespective of any bank charges and/or rates of exchange that may be imposed or applied by any Bank(s) in sending funds via RTGS or wire transfer.

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