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COMMERCIAL LEASE ANNEXURE D DRAFT [BANK LETTERHEAD] BANK GUARANTEE To: GROWTHPOINT PROPERTIES LIMITED, Registration Number Ground Floor, The Place, 1 Sandton Drive, Sandton, 2196 (hereinafter referred to as “the Landlord”) LETTER OF GUARANTEE NUMBER _____________________ FOR THE SUM OF R ON BEHALF OF ___________________________________________________________________ 1. We, ______________________________ (“the Bank”), advise that we are holding the sum of R (“the Guaranteed Amount”) on behalf of (“the Tenant”), at the disposal of GROWTHPOINT PROPERTIES LIMITED (“the Landlord”), for any failure by the Tenant to fulfill any of the terms and conditions of the lease agreement in respect of the premises situated at (“the Lease Agreement”), as well as the insolvency or liquidation of the Tenant, and agree that the Guaranteed Amount will be paid to the Landlord, unconditionally, upon receipt by the Bank of a first written demand. 2. The Bank’s liability under this guarantee is principal in nature, and shall not be reduced, or in any way be affected by any alteration of the terms of the Lease Agreement, or any other arrangements made between the Landlord and the Tenant. 3. The Bank will pay on demand, and will not determine the validity of the correctness of the amount demanded, or become party to any claim or dispute of any nature, which any party may allege. 4. This guarantee is neither negotiable, nor transferable, save in the event that the premises referred to above which is the subject of this guarantee, are sold, in which event this guarantee may be transferred to the new owner of such Property and is restricted to the payment of a sum of money only, and the Bank’s total liability will not exceed the Guaranteed Amount. 5. This guarantee will expire on being 3 (three) months after the expiry of the lease (“the Expiry Date”). After the Expiry Date this guarantee shall be null and void, whether returned to the Bank Page 1 INITIAL COMMERCIAL LEASE ANNEXURE D for cancellation or not. Any claim which arises or demand for payment received after the Expiry Date shall be invalid and unenforceable. 6. The cancellation of, or any change to the terms and/or conditions of this guarantee, must first be agreed to in writing by the Lessor, the Lessee and the Bank. 7. The Bank hereby renounces the benefit of the exceptions of excussion and division which might be pleaded against the validity of this guarantee and hereby acknowledges that the full force and effect of these renunciations are fully known to the Bank. 8. The Bank accepts that the Landlord’s address reflected above, is the Landlord’s domicilium citandi et executandi for all purposes in connection with this guarantee. 9. Any notice sent by the Bank to the Landlord in terms of this guarantee must be sent by registered mail or hand-delivered to the Landlord’s chosen domicilium citandi et executandi, marked for the attention of the Credit Manager. 10. This guarantee shall be governed by South African Law and be subject to the jurisdiction of South African Courts. SIGNED at _________________________________ on this ______________ day of ________________________________. ________________________________ ____________________________ ……………………………………………………………, ……………………………………………………., who warrants that he/she is duly authorised who warrants that he/she is duly authorised Page 2 INITIAL