64

Korbitec Inc.
P O Box 243
Newlands
7725	Prepared by me

	
CONVEYANCER
Browne JA	

ABSA BANK LIMITED

SECTIONAL MORTGAGE BOND HYPOTHECATING A UNIT / AN EXCLUSIVE USE AREA

I, the undersigned

JOE SOAP
Identity Number 6909165019083
Unmarried
herein represented by JACK SPRATT acting under and by virtue of a power of attorney dated at BELLVILLE on 29 April 2010
(hereinafter referred to as "the Mortgagor"), do hereby declare myself to be lawfully indebted and bound to ABSA BANK LIMITED (Registration Number 1986/004794/06) (hereinafter referred to as "the Mortgagee") in the amount of R800 000,00  (EIGHT HUNDRED THOUSAND RAND) and R160 000,00  (ONE HUNDRED AND SIXTY THOUSAND RAND) being the additional amount referred to in the conditions annexed, arising from indebtedness which arose and which will arise from time to time from any cause whatsoever, and as security for the above, I hereby bind as a FIRST mortgage, subject to the conditions set out in the annexure to this bond:

(1)	 A Unit consisting of -
(a)	Section Number 12 as shown and more fully described on Sectional Plan No. SS478/1996, in the scheme known as MISTY MEWS in respect of the land and building or buildings situate at MILNERTON  of which section the floor area, according to the said sectional plan, is 78 (Seventy Eight) square metres in extent; and
(b)	an undivided share in the common property in the scheme apportioned to the said section in accordance with the participation quota as endorsed on the said sectional plan.
Held by Deed of Transfer Number ST 1234/1999 <INSERT and subject to such conditions as set out in the aforesaid Deed of Transfer  and more specifically subject to a restriction against alienation in favour of Misty Mews Homeowners Association.>
(2)	An exclusive use area described as PARKING BAY P12 measuring 16 (Sixteen) square metres being as such part of the common property, comprising the land and the scheme known as MISTY MEWS in respect of the land and building or buildings situate at MILNERTON , as shown and more fully described on Sectional Plan No. SS478/1996 held by Notarial Deed of Cession Number SK 1234/1999 <INSERT and subject to such conditions as set out in the aforesaid Notarial Deed of Cession and more specifically subject to a restriction against alienatioin in favour of Misty Mews Homeowners Association.>             

Signed at  BELLVILLE

on  29 April 2010

		
		Mortgagor/or his duly authorised agent

Before me		

Conveyancer   JUSTIN ANSELM BROWNE

Registered at CAPE TOWN on 		2010

Seal of Office
		
REGISTRAR OF DEEDS

ANNEXURE
1.	
ACKNOWLEDGEMENT OF DEBT
The Appearer acknowledged and declared his principal, the Mortgagor, to be truly and lawfully held and firmly bound unto and in favour of ABSA BANK LIMITED (Registration Number 1986/004794/06) ("the Bank") and the security conferred by the mortgage bond to which this Annexure is attached ("the Bond"), to be in the sum of R800 000,00 (Eight Hundred Thousand Rand) or any lesser amount that may from time to time be owing ("the capital amount"), arising from any cause whatsoever, together with interest on the capital amount.
2.	
ADDITIONAL AMOUNT
The Appearer further declared the Mortgagor to be truly and lawfully held and firmly bound unto and in favour of the Bank in the additional amount of R160 000,00 (One Hundred and Sixty Thousand Rand) ("the additional amount") in respect of the following costs and similar causes, viz service fees, discount, commission, costs of legal proceedings (plus Value Added Tax thereon) and stamps in connection with the issue of any notices and demands in any legal process for the recovery of any amount secured under the Bond, all moneys disbursed by the Bank in respect of stand licences, Government and Municipal rates and taxes and other charges in respect of the property mortgaged under the Bond, insurance premiums and costs of repairs and maintenance, and, in general, all costs of maintaining and realising the property mortgaged under the Bond.
3.	
SECURITY
The Bond shall be security for the due and prompt payment of the capital amount or any portion thereof, interest due thereon and the additional amount or any portion thereof which may be owing or repayable at any time to the Bank.
4.	
CONTINUING COVERING BOND
The Bond shall remain in force as continuing covering security for the capital amount, the interest thereon and the additional amount, notwithstanding any intermediate settlement, and, notwithstanding any intermediate settlement, the Bond shall be and remain of full force, virtue and effect as a continuing security and covering bond for each and every sum in which the Mortgagor may now or hereafter become indebted to the Bank from any cause whatsoever to the amount of the capital amount, interest thereon and the additional amount.
5.	
JOINT AND SEVERAL LIABILITY
Should there be more than one Mortgagor under the Bond then 
5.1	the liability of each Mortgagor shall be joint and several, unless otherwise agreed in writing;
5.2	all references in the Bond to "the Mortgagor" shall be construed as references to all of the Mortgagors, jointly and severally, unless the context otherwise requires.
6.	
REPAYMENT
The Mortgagor shall repay all amounts owing by him to the Bank and which are secured under the Bond in accordance with the provisions of such written agreement or agreements as have been concluded, or which may be concluded from time to time hereafter, between the Mortgagor and the Bank.
7.	
INTEREST
Interest on all amounts owing by the Mortgagor to the Bank and secured under the Bond shall be calculated in the manner or manners and at the rate or rates determined or to be determined in terms of any written agreement or agreements concluded or to be concluded between the Bank and the Mortgagor from time to time and failing any such agreement shall be calculated in the manner or manners currently necessary and at the rate or rates currently charged by the Bank in respect of the relevant transaction, provided that such interest rate or rates shall not exceed the legal maximum rate.
8.	
DEFAULT
Unless otherwise agreed in writing, if the Mortgagor fails to observe or perform any of the terms or conditions of any written agreement or agreements between the Mortgagor and the Bank in respect of any amounts which are secured under the Bond or if the Mortgagor fails to observe or perform any of the terms and conditions of the Bond or of the Standard Mortgage Conditions hereinafter referred to or if the Mortgagor upon demand by the Bank fails to pay to the Bank any amount which is legally claimable by the Bank or if the Mortgagor fails to discharge any obligation or liability to the Bank on the due date thereof, then all amounts which are secured under the Bond shall, at the option of the Bank and without the Bank being required to give notice to the Mortgagor, immediately become payable in full, notwithstanding the exercise by the Bank of any other rights, and the Bank shall be entitled thereupon to institute proceedings for the recovery of all such amounts and for a court order declaring the mortgaged property executable.
9.	
PROOF OF INDEBTEDNESS
9.1	The amounts at any time owing by the Mortgagor to the Bank which are secured under the Bond (including any interest and the rate or rates at which and the period or periods for which interest is calculable) and the fact that such indebtedness is due and payable may be determined and proved by a certificate signed by any manager of the Bank, whose appointment and authority to sign such certificate need not be proved.
9.2	Such certificate shall be accepted as proof of the facts stated therein, unless the Mortgagor is able to prove the facts incorrect.
10.	
DOMICILIUM CITANDI ET EXECUTANDI
The Mortgagor chooses for the service of all notices, communications or legal process (domicilium citandi et executandi) for all purposes under the Bond, as his address the physical address of the mortgaged property or, should there be more than one mortgaged property, the physical address of any one of the mortgaged properties.
11.	
JURISDICTION
11.1	The Mortgagor consents in terms of section 45 of the Magistrates' Courts Act, No 32 of 1944, as amended, to the Bank instituting any legal proceedings for enforcing any of its rights under the Bond in the Magistrate's Court of any district having jurisdiction in respect of the Mortgagor by virtue of section 28(1) of the aforesaid Act.
11.2	Notwithstanding the Mortgagor's consent to the jurisdiction of the Magistrate's Court aforementioned, the Bank shall have the right to institute legal proceedings against the Mortgagor in any other competent court having jurisdiction in the matter.
12.	
LEGAL COSTS
The Mortgagor shall be liable to the Bank for the payment of all legal costs to which the Bank may become lawfully entitled, including tracing costs and collection commission (plus Value Added Tax thereon), on the scale as between attorney and client.
13.	
PRESUMPTION OF DUE COMPLIANCE
In any court action by the Bank against the Mortgagor for the recovery of any amount which is secured under the Bond –

13.1	it shall be presumed that the Bank has duly complied with all the terms and conditions of the relevant agreements referred to in 6 between it and the Mortgagor and with all the terms and conditions of the Bond and with all the terms and conditions of the Standard Mortgage Conditions hereinafter referred to; and
13.2	it shall not be necessary for the Bank to produce proof of such compliance,
unless the Mortgagor has placed the presumption of due compliance in dispute.
14.	
STANDARD MORTGAGE CONDITIONS
14.1	The Standard Mortgage Conditions of the Bank which have been filed in the Deeds Registry in which the Bond is registered under reference BC9/2005 are applicable to and form part of the Bond except insofar as any written agreement between the Mortgagor and the Bank may provide otherwise.
14.2	In the event of a conflict between the provisions of the Bond and the provisions of the Standard Mortgage Conditions, the provisions of the Bond shall prevail.
14.3	By his signature to the Power of Attorney authorising the registration of the Bond the Mortgagor acknowledges that he has been provided with a copy of the Standard Mortgage Conditions referred to in 14.1.

	Mortgagor / Duly authorised agent of Mortgagor
		
	Conveyancer
JUSTIN ANSELM BROWNE