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MEMORANDUM OF AGREEMENT Entered into between:
Ubuntu Estates RHK cc
Reg Number 2006/120851/23
Ubuntu Estates, herein represented by George Deysel, a Company incorporated under the laws of the Republic of South Africa, having its registered office at 14 Victor Street, The Reeds, Pretoria
(Hereinafter called “the Company”) And _________________________________________, a Company incorporated under the laws of the Republic of South Africa, represented by _____________________________________, (Hereinafter called “the Partner”) with the physical and postal address as follows ______________________________________________________________ ______________________________________________________________ IT IS HEREBY AGREED as follows: WHEREAS the Company has established the CONCEPT to set out Home Loans with Ventured Capital whereby the Home Loan is structured in a way to best secure the investors investment. Because loans are granted to high risk clients, the client must pay a higher than normal deposit and interest rate. Two different products will be offered to clients including a normal Home Loan and a Home Loan where only the interest is paid off and not the capital amount. The client will only become the owner of the property once the total loan is settled. All these products will be aimed at clients that the banks could not assist. This type of loan will yield high returns with NO risk.
Addresses in terms of this clause must be physical addresses and not post box numbers.4. THE COMPANY will disclose certain confidential information and concepts to the Partner to enable the Partner to support development.Strictly Confidential 1.3. WHEREAS the Company has established the CONCEPT to set out Home Loans with Ventured Capital whereby the Home Loan is structured in a way to best secure the investors investment. and Conditions of secrecy and confidentiality must be retained in respect of all information and discussion agreements which is not public domain. 2.1. Pretoria. The said information shall only be released to the Partner upon signature of this undertaking by the Partner. This type of loan will yield high returns with NO risk. Any notice of any change of address must be given in writing by the party concerned and delivered by hand or sent by registered mail or sent by email to the registered email address. THE PARTNER RECITALS WHEREAS:The Company entered into an agreement with the Partner in respect of. marketing and sales. ideas. The Reeds. agreements and understandings are of highly sensitive nature in so far as divulgence thereof to any party or person other than THE COMPANY may seriously impair or be detrimental to THE COMPANY or its associated companies. Because loans are granted to high risk clients. AND WHEREAS 2. concepts. to the other party. UNDERTAKING OF CONFIDENTIALITY AND NON-CIRCUMVENTION UNDERTAKING BY: 2.2. and 2. All these products will be aimed at clients that the banks could not assist. Two different products will be offered to clients including a normal Home Loan and a Home Loan where only the interest is paid off and not the capital amount. 2. 2. and The parties hereby acknowledge and they understand and are in agreement with the statements stipulated above. Initial Here . DOMICILIUM CITANDI ET EXECUTANDI 2 The parties hereto choose as domicilium citandi et executandi for all notices and the services of all processes the following addresses: The Partner: ___________________________________________________ The Company: 14 Victor Street.5. the client must pay a higher than normal deposit and interest rate. and All discussion.
Abide by the wording. without any further notice to the defaulting party and without prejudice to the aggrieved party’s other rights: 5. any confidential information relating to products as set out in the beginning of this agreement. irrespective of whether such information is communicated verbally or in writing. and 3. an associate. Keep all information relating to the said distribution agreement in a safe place for the period during which it is being held by the Partner and not to allow any person to have insight therein or access thereto. nor shall it circumvent THE COMPANY by introducing information of the said matter or any idea communicated to them. to anyone else.1.1. Such failure to comply timorously with any provision of this Agreement shall be deemed to be a material breach of this Agreement and in the event of the defaulting party being notified in writing to remedy such breach within 10 days of being so notified. 4. UNDERTAKING The Partner hereby: 3 3.4. To irrevocably agrees and undertakes to specifically treat all information.2. in the strictest confidence and secrecy and to not directly or indirectly discuss with or disclose to any person such information without the prior written authorization of THE COMPANY. any other party (the “aggrieved party”) shall be entitled to notify the defaulting party in writing of such failure and in such notice shall be entitled to demand compliance by the defaulting party of the relevant provision. relating to the said confidential information or any idea or structure for its own profit or gain. ideas. To enforce specific performance by the defaulting party of its obligations in terms of this Agreement and to claim from the defaulting party such damages as the aggrieved party may have suffered by virtue of the breach measured for a two year period of projected income .2. The Partner hereby agrees that it shall not at any time use any information. Should any party (the “defaulting party”) to this Agreement fail to comply timorously with any provision of this Agreement.1. 5. associated corporate entity. then the aggrieved party shall be entitled. Return to THE COMPANY on demand any demo units or copies of information made available by or on behalf of THE COMPANY on the basis of this undertaking. Initial Here . NON-CIRCUMVENTION 4. discussions and agreements relating to the said project. concepts. and 3. nor the suppliers of such products or the developers of such products and systems or to the importers of such products. 5.1. spirit and import of this undertaking. family member. in the event that this agreement is cancelled with the Partner.2. and 3. friend or the like. nor shall he endeavour to negotiate or conclude a transaction with anyone else. or alternatively. BREACH 5.Strictly Confidential 3. 4.2.3. The aforesaid includes without generalising the concepts.
In the event of the defaulting party being in breach of any provision of this Agreement and the aggrieved party having to take legal action against the defaulting party as a result thereof. the defaulting party shall be liable to pay the aggrieved party’s legal costs on the attorney-and-own-client scale (or whatever the highest permissible scale of fees is) as well as all expenses which have reasonably been incurred in having to take such legal action. or not).2. During the cancellation period the Partner agrees to be bound by this agreement.1. 5.______________________ 2. tracing agents fees. forensic auditors fees. Commissions will also be cancelled until case are finalized. 6.Strictly Confidential 4 5. Thus done and signed at ________________ on the ____ day of _____________200_ AS WITNESS 1.-------------------------------______________________ (Signature of Partner) Initial Here . CANCELLATION OF THE AGREEMENT This whole agreement will remain in place on the Partner for a period of 12 months after cancellation is requested by THE COMPANY. or on behalf of Company) Thus done and signed at ________________ on the ____ day of _____________200_ AS WITNESS 1. --------------------------------______________________ (Signature of. valuation fees and such similar professional fees (whether legal action was instituted in a court of law or other forum. which expenses will include but not be limited to private investigators fees.2.3. 5. ______________________ 2. To cancel this Agreement and claim from the defaulting party such damages as the aggrieved party may have suffered by virtue of the breach.
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