SALE AGREEMENT.doc - SALE AGREEMENT DATED 2010-betweenWESTMONT INVESTMENT LIMITED(AS THE VENDOR-and(AS THE PURCHASER-relating to the sale ofAPARTMENT

SALE AGREEMENT.doc - SALE AGREEMENT DATED...

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DATED 2010 -between- WESTMONT INVESTMENT LIMITED (AS THE “VENDOR”) -and- .............................................. (AS THE “PURCHASER”) -relating to the sale of- APARTMENT NUMBER ....... IN WESTMONT SPRING GARDENS ERECTED ON LAND REFERENCE NO. KABETE/LOWER KABETE/2293 AS THE “PROPERTY”) Drawn By: KINOTI & KIBE COMPANY ADVOCATES QUEENSWAY HOUSE 5 TH FLOOR P.O BOX 29871 – 00202, Nairobi. [email protected] (Our Ref: GK/CON/272/10) -0- SALE AGREEMENT
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Table of Contents 1. DEFINITIONS ...................................................................................... 3 2. THE LEASE PREMIUM .......................................................................... 5 3. SALE OF PROPERTY ............................................................................. 5 4. GRANT OF LEASE ................................................................................ 6 5. SHARES IN THE MANAGEMENT COMPANY ............................................. 6 6. MANAGEMENT COMPANY ..................................................................... 6 7. REVERSIONARY INTEREST ................................................................... 6 8. SPECIAL CONDITIONS .......................................................................... 7 9. COMPLETION ...................................................................................... 8 10. FAILURE TO COMPLETE ........................................................................ 9 11. STANDARD DOCUMENTS ..................................................................... 9 12. CONDITIONS OF THE PROPERTY ........................................................... 9 13. SURVIVAL ........................................................................................... 9 14. TIME OF THE ESSENCE ....................................................................... 10 15. RISK ................................................................................................. 10 16. TRANSFER OF THE PROPERTY ............................................................ 10 17. WAIVER ............................................................................................ 10 18. REMEDIES CUMULATIVE ..................................................................... 10 19. AMENDMENT .................................................................................... 10 20. NO WARRANTY ................................................................................. 10 21. NOTICE ............................................................................................. 10 22. ARBITRATION .................................................................................... 11 23. ENTIRE AGREEMENT .......................................................................... 11 THIS AGREEMENT is made this day of Two Thousand and Ten. BETWEEN : (1) WESTMONT INVESTMENT LIMITED a limited liability company incorporated in Kenya of Post Office Box Number 73991-00100, Nairobi, Kenya (the “ Vendor ” which expression shall where the context so admits include its successors and assigns) of the one part; and (2) .......................... of Post Office Box Number ........................ Nairobi, Kenya (as the -1-
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Purchaser ” which expression shall where the context so admits include his personal representatives and assigns) of the other part. WHEREAS : A. The Vendor is erecting a total of Thirty three (33) apartments as more particularly shown on the Plan and which Apartments comprise part of the Estate on the Land hereinafter defined. B. The Vendor has agreed to sell and the Purchaser has agreed to purchase the Property for the Lease premium subject to the terms and conditions hereinafter provided. C. The transfer of the Property from the Vendor to the Purchaser is in consideration of the payment of the Lease premium and shall be by way of the Lease. D. A Management Company (hereinafter called the “ Management Company ”) shall be incorporated for the purposes of managing the Estate and the lessee of every Apartment in the Estate will simultaneously with the execution of the Lease apply for membership and transfer of one (1) share in the Management Company, such membership and transfer of share to remain an inseparable portion of this Lease and Every Lease in the Estate. E. The Management Company shall have a nominal capital of Kenya Shillings One Hundred and Thirty two thousand (KShs. 132,000/=) divided into Thirty three (33) ordinary shares of Kenya Shillings One Thousand (KShs. 4,000/=) each. F. The construction of the Apartments will be in accordance with or substantially in accordance with the approved Building Plans and will be completed by the Vendor on or before the Completion Date. G. The Vendor will be the beneficial owner of all the issued shares in the Management Company until such time as all the shares in the Management Company are transferred to the owners of the Apartments.
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  • Spring '18
  • ASTON
  • English, It, ........., Nairobi, Management Company, Vendor’s Advocates, Purchaser’s Advocates

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