OPTION AGREEMENT ENTERED INTO BY AND BETWEEN : MAGNIFICENT MILE TRADING 73 (PTY) LIMITED REGISTRATION NUMBER 2003/006953/07 herein represented by PIETER HENDRIK VAN STADEN in his capacity as Director and duly authorized thereto (hereinafter referred to as the "Seller") = AND = EMANUEL MARQUES DE LEMOS Identity Number 680922 5767 08 4 Married out of community of property (hereinafter referred to as the" Purchaser")
-2- W I T N E S E T H : The Seller hereby gives an option to the Purchaser to purchase the property described in this agreement at a Purchase Price of R735 000,00 (SEVEN HUNDRED AND THIRTY FIVE THOUSAND RAND) on the terms and conditions set out in the sale agreement attached hereto as Annexure "A" PARTIES : 1. The parties to this agreement are : 1.1 MAGNIFICENT MILE TRADING 73 (PTY) LIMITED REGISTRATION NUMBER 2003/006953/07 (The Seller) 1.2 EMANUEL MARQUES DE LEMOS Identity No 680922 5767 08 4 Married in/out of community of property/unmarried (The Purchaser) PROPERTY : 2. An erf, with basic services, that forms part of the township development ROOIBOSKLOOF ESTATES which development is on the property known as Portions 880, 881 and 1132 of the farm LOSKOP NOORD 12, JS, and which is in the process of subdivision and will be more fully described as:- ERF 1213 situated in the town GROBLERSDAL, Extension 30, Registration Division J S, Province LIMPOPO; IN EXTENT : 5012 (FIVE THOUSAND AND TWELVE) square metres; HELD BY CERTIFICATE OF REGISTERED TITLE 2008, as will more fully appear on the map attached to the Sale Agreement as Annexure "A" and initialled by all the parties for identification purposes;
-3- PERIOD OF THE OPTION : 3. The option commences on date of signature of this option agreement and expires fourteen (14) days after proclamation of the Township in the Provincial Government Gazette. The Seller undertakes to inform the Purchaser of the date of publication. 4. PROCEDURE IN EXERCISING THE OPTION : The Purchaser will, before the period of the option expires, sign a Sale Agreement in the presence of two witnesses and deliver the signed agreement at the domicilium citandi et executandi of the Seller. CONDITIONS : 5. 5.1 The Purchaser shall, on date of signature of this agreement, pay an amount of R25 000,00 (TWENTY FIVE THOUSAND RAND) R50 000,00 (FIFTY THOUSAND RAND) in the Trust Bank account of M Wentzel Attorneys, namely : FIRST NATIONAL BANK GROBLERSDAL ACB-CODE 260-147 ACCOUNT NUMBER 620 129 58122 This amount will be invested by the said attorney in terms of Section 78(2) of the Attorney's Act to the benefit of the Purchaser. 5.2 If the option is not exercised by the Purchaser as set out in this agreement, or if the Purchaser breaches any term in this agreement, the amount of - R25 000,00 / R50 000,00 will be paid to the Seller and will be regarded as liquidated damages; 5.3 This amount will be deducted from the Purchase price if the option is exercised by the Purchaser. 5.4 The Purchaser declares that he /she acknowledges that the Township is declared as township and approved as such, but that the Township has not yet been proclaimed in the Provincial Government Gazette. If the registration of the Township is not finalised on or before 21 DECEMBER 2009 this option will expire and the amount paid by the Purchaser in terms of Paragraph 5.1 and any interest thereon, will be paid to the Purchaser.
- 4 5.5 Should the Purchaser/s exercise the option, the Purchaser/s shall pay the balance purchase price in the amount of R675 000,00 (SIX HUNDRED AND SEVENTY FIVE THOUSAND RAND) into the Trust Account of M Wentzel Inc, as aforementioned, within 45 (forty five) days after date of notice by M Wentzel Inc of the proclamation of the townhship. Alternatively the Purchaser/s shall within 45 (forty five) days after such notice, secure the balance purchase price by a guarantee issued by a registered bank of the RSA in favour of the aforementioned trust account of M Wentzel Inc. DOMICILIUM CITANDI : 6. All notices and legal processes directed to any of the parties shall be either by way of prepaid registered post and shall be deemed to have been received by such party within THREE (3) days after such notice has been posted, or by way of delivery by hand, in which event it shall be deemed to have been received on the date of such delivery. Each party chooses as his/her domicilium citandi et executandi as the following addresses: 6.1 The Seller : Postal address: 6.2 Purchaser : 37 MULLER STREET GROBLERSDAL Postal address: DEFAULT : 7. Should the Purchaser fail to pay the amount in terms of this agreement on the due date, or breach any other term of this agreement, and remain in default for a period of seven (7) days after written notice sent from the Seller to the Purchaser to rectify such default has been given, the Seller shall be entitled, without prejudice of his rights, to cancel this agreement.
- 5 - CONDITIONS : 8. The parties specifically place on record that the proposed agreement of sale referred to in this option agreement, will be subject to the rules of the Homeowners Association to be incorporated. A copy of the rules is attached hereto as Annexure A and initialled by all parties for identification purposes. VOETSTOOTS : 9. The property is sold voetstoots without warranty, either expressed or implied, and the Seller shall not be liable for any defect, latent or otherwise, in the property nor for any damage occasioned to be suffered by the Purchaser/s by reason of such defects. COSTS : 10. The following amounts will be paid by the Purchaser on date of signature of this agreement : 10.1 An amount of R350,00 (THREE HUNDRED AND FIFTY RAND) plus VAT, payable to M Wentzel Attorneys Inc, for the drafting of this agreement; 10.2 An amount of R1 000,00 (ONE THOUSAND RAND) payable to Namib Eiendomme; 10.3 An amount of R35 000,00 (THIRTY FIVE THOUSAND RAND) in respect of agents commission to VALLEI EIENDOMME. SOLE MANDATE : 11. The Purchaser/s hereby bind/s himself/herself/themselves to grant the sole mandate to NAMIB EIENDOMME in regard to any further sale agreements in connection with the abovementioned property. The Purchaser/s furthermore bind/s himself/herself/themselves to M WENTZEL INC as conveyancer in regard to all further sale agreements in connection with the abovementioned property.
- 6 - DATED at GROBLERSDAL on this the day of 2008. AS WITNESSES : 1. obo SELLER 2. DATED at on this the day of 2008. AS WITNESSES : 1. PURCHASER 2. PURCHASER