Regulations > Sectional Titles Amendment Regulations, 2021 > Annexures > Annexure 1 : Forms

FORM AJ

Prepared by me

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CONVEYANCER

...........................................................

(State full name and surname in block letters)

.....................................................

(Disclose Legal Practice Council Membership Number)

COLLATERAL SECTIONAL MORTGAGE BOND

I, the undersigned, ............................................ (hereinafter referred to as the mortgagor), do hereby acknowledge myself to be lawfully indebted and bound to .............................. (hereinafter referred to as the mortgagee) in the sum of ........................................... arising from and being .......................................... as security for which indebtedness sectional mortgage bond no ........................................... (hereinafter called the principal bond) was registered in the Deeds Registry at ....................................... on the ................................... over the property thereby specially hypothecated;

And whereas the said mortgagee requires the indebtedness of the mortgagor under the principal bond to be further secured by the hypothecation of the undermentioned property as collateral security therefore;

Now, therefore, I, renouncing all benefits arising from the legal exceptions .............................. with the full force and effect of which I declare myself to be fully acquainted, do by these presents declare and acknowledge myself to be held and firmly bound unto and on behalf of the said .............................. his order or assigns in the aforesaid sum of .............................. together with the sum of ........................ as a preferent charge for costs and other matters as more fully set out in the principal bond, and as collateral security for the due and proper repayment of the aforesaid sums with interest on the said capital sum and for the due and proper fulfillment of all the terms and conditions mentioned or referred to in the principal bond as well as all my obligations thereunder, I declare to bind specially as a ........................................ mortgage ...................................... (here describe the ·section and its undivided share in the common property in the scheme I exclusive use area I real right);

And I further declare that this collateral sectional mortgage bond and the Annexure hereto, shall be subject to all the terms and conditions set out in the principal bond and the Annexure thereto as fully and effectually as if the same had been inserted herein and to the special condition that upon payment and discharge of all obligations under the principal bond, this bond shall be null and void but shall otherwise be and remain in full force, virtue and effect.

Signed at ........................................... on ..................................................... .

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Mortgagor or duly authorised agent

Before me

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Conveyancer

Registered at...............................................................................

On.........................................

……………………………………………………

Registrar of Deeds

..................................................................

Seal of Office

ANNEXURE

I, the undersigned, .......................................... (hereinafter referred to as the mortgagor), further declared that the Collateral Sectional Mortgage Bond to which this Annexure is attached shall be subject to the following terms and conditions:—

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Mortgagor or duly authorised agent

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Conveyancer

* Delete whichever is not applicable

** Insert applicable terms and conditions"; and

[Form AJ substituted by regulation 5(a) of Notice No. R. 883, GG43614, dated 14 August 2020]

Sectional Titles Act, 1986 (Act No. 95 of 1986)

Regulations

Sectional Titles Amendment Regulations, 2021

Annexures

Annexure 1 : Forms

Form AJ