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

FORM AK

Prepared by me

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

CONVEYANCER

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

(State full name and surname in block letters)

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

(Disclose Legal Practice Council Membership Number)

SURETY BOND

Whereas ....................................... (hereinafter referred to as the principal debtor), is truly and lawfully indebted in the sum of ....................................................................... ( .............................. ) together with the sum of ........................................................ ( .............................. ) as a preferent charge for costs and other matters to and on behalf of .......................................... (describe the mortgagee), arising from and being .............................. as security for which indebtedness the said principal debtor has registered Mortgage Bond No. .............................., dated .............................. in the Deeds Registry at .............................. over the property/real right thereby especially hypothecated.

And whereas I, the undersigned .................................................................................. (here describe the surety) has agreed to bind myself as surety and co-principal debtor for the due payment of the aforesaid sum and interest thereon and for the compliance with all the terms and conditions of the aforesaid principal bond as well as the terms and conditions referred to in the Annexure hereto, mortgaging as security for the fulfillment of the said obligations the hereinafter-mentioned property/real right;

Now therefore, I, the said ................................................ declare myself to be truly and lawfully indebted and held and firmly bound to and on behalf of ................................... in the sum of .............................. arising from the considerations aforementioned under renunciation of the legal exceptions .............................. with the force and effect whereof I declare myself to be fully acquainted together with the sum of ................................... ( .................................. ) as a preferent charge for costs and other matters as more fully set out in the said principal bond.

And I bound to pay or cause to be paid to the mortgagee or other holder of this bond, his/her heirs, executors, administrators or assigns the said principal sum of .............................. with such interest as may from time to time become due and payable thereon in terms of the principal bond, and for the proper performance of the terms thereof I, the said ………………………………………….…………………….declared to bind specially as a .............................. mortgage (describe the *section and its undivided share in the common property/ exclusive use area/real right);

And I declare it to be a special condition of this bond that should the principal debtor fulfill all his/her obligations under the said principal bond by payment of all the sums due thereon by way of capital and interest and comply further with all the terms and conditions of the aforesaid bond, this bond shall become null and void.

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

……………….…………………………………….

Surety or duly authorised agent

Before me

…………………………………………

Conveyancer

Registered at ………………………………………………

On ………………………………………………………………

……………………………………………………………………

Registrar of Deeds

Seal of Office

ANNEXURE

I, the undersigned .............................. (the surety) declare that the surety bond to which this Annexure is attached is subject to the following terms and conditions:—**

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

……………………………………………………………

Surety or duly authorised agent

…………………………………………………………

Conveyancer

* Delete whichever is not applicable

** Insert applicable terms and conditions.

[Form AK 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 AK