Composite Loan Agreement And Assignment

7 6.6 In the event that the buyer does not pay the residual purchase price within the time or extension and as provided for in point 6.5, the deposit is paid on sale by the agent/bank at the same time as the late fees/indemnities paid under item 6.2 (if applicable) and may be put back on sale by the agent/bank. The costs and expenses associated with such a resale, as well as any defects in the price obtained at the time of resale compared to the price obtained at the previous sale, must be recovered from the defaulting buyer. A certificate from an agent/bank representative regarding the costs and expenses associated with the resulting re-confirmation and claim is accepted by the purchaser as fair and conclusive. 6.7 Subject to paragraphs 6.1, 6.2, 6.3, 6.4, 6.5 and 6.6, for properties still in the process of being built, the buyer (a) in the event that the buyer requires a loan in order to take out the purchase, the buyer, within paragraphs 6.5 of the aforementioned section, must ask his financier to issue a letter of commitment in order to cancel the payment of the balance in accordance with the schedule of the principal sales and sale contract concluded in favour of the client and to exonerate the agent; (b) in the event that the buyer does not apply for a loan to complete the purchase, the purchaser must, within the time limit of point 6.5 of this section, obtain a bank guarantee in order to pay the remaining payment, in accordance with the schedule of the principal sales contract concluded in favour of the client, from his financial (s) and to exempt the agent from his original business; (c) any payment due and payable to the promoter after the sale date, including the progressive balance according to the timing of the main purchase and sale contract, the costs, interest and penalties resulting from the buyer`s delay in granting a guarantee of commitment/bank referred to in point 6.7 (a) (b) is borne in absolute value by the purchaser; and (d) in the event of a buyer`s default during the guarantee period of the commitment/bank guarantee covered in point 6.7 (a) and (b); The agent/bank has the right to terminate the sale by written notification to the buyer, after which the purchase guarantee referred to in point 6.2 may be cancelled by the agent/bank and the property may be put back on sale on a date to be determined by the agent/bank.