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Section 1.
The seller agrees to sell and the buyer agrees to buy the Condominium
Unit Type _______________ Unit No. __________ Floor No. ________ of the
Bangla Suites Condominium, located at ___________________________ and to
be the private property covering a total area according to the Title
Deeds of approximately __________ Square Meters, which is located on
Land Title Deed No. __________ be registered on or before taking
possession, by having whole ownership to the property which belongs
jointly to other co-owner's according to the ratio determined in the
registration of the above condominium unit as pertains to The
Condominium Act (No. 3) B.E. 2542 (A.D. 1999).
Section 2.
The contracting parties agree to sell and purchase the condominium unit
under Section 1. hereof at the price of Baht
____________________________________ ( ____________________________ )
whereby the buyer agrees to make the following payments to the seller :
2.1
On the date of executing this agreement hereof, the buyer shall pay the
'Holding Deposit' amount of Baht 100,000 (One Hundred Thousand Baht),
which shall be deducted from the first monthly instalment amount.
2.2
Within twenty-one (21) days of executing this agreement (on or before
the XXth day of XXXXX, 2007) the buyer shall pay the first twentyfive per
cent (25%) of the 'Deposit'. This payment will amount to Baht 0,000,000
(XX XXXXXX Baht)
2.3
The buyer agrees to make the entire down payment (30%) balance) by
dividing the payment into installments on a monthly basis for twelve
(12) months at Baht _____________________ (__________) by making the
first payment on the ___ day of __________, 2007 and the subsequent
instalments on or before each ____ day of the following twelve (12)
months.
2.4
The balance of Baht
____________ ( ________________________ ) shall be paid to the seller in
full within the date of registering the transfer of ownership of the
condominium unit whereby the seller shall notify the buyer in writing at
least fifteen days in advance. The payment of the balance must be made
with a cashier's cheque, company cheque and/or Electronic Funds Transfer
("EFT") or the buyer may apply for a loan, corresponding to such balance
from any financial institution or bank. For making such payment to the
seller, the seller shall extend such assistance to be in compliance with
the terms and conditions of such financial or banking institution.
However, if such financial or banking institution does not deem that it
is appropriate that the buyer is qualified to grant such loan/credit,
the buyer must acquire such balance from another financial institution,
which is to be paid to the seller within 30 days (thirty) effective from
the date the seller has notified such objection to the buyer.
Furthermore, with a minimum of fifty per cent (50%) of the final sales
price received by the Seller, the Buyer may request financing from the
Seller (Bangla Suites Condominium) for a period of one to four years at
a fixed rate of 5% per annum.
Section 3.
The buyer agrees to strictly comply with the terms and condition of
section 2. In case the buyer is in default of making payment for any
installment, regardless of any reason whatsoever or if the buyer is
unable to secure money from any other financial institutions to make
payment to the seller within the specified time, it shall be deemed that
the buyer is in default. If the seller has notified the buyer of such
default by registered mail and the buyer does not make the payment
within the fifteen (15) days time specified in the notification, the
seller is entitled to terminate this agreement forthwith and confiscate
all payments made by the buyer under section 2 and the buyer agrees to
waive all rights of claim against the seller.
Section 4.
The two contracting parties agree to register the transfer of ownership
of the above condominium unit under this agreement at the land office of
the District of Phuket, once the buyer has made full payment under
section 2 of this agreement to the seller. The contracting parties agree
to absorb equally (50%-50%) the costs of premium, stamp duty and the
various expenses necessary for the transfer of ownership of the
condominium unit to the buyer. The buyer must, however, be solely
responsible for the premium, stamp duty and various expenses in
connection with the registration of any bank mortgage and/or fire
insurance.
Section 5.
The seller shall absorb the cost of the installation of an electrical
meter and a water meter for the buyer but the buyer must be responsible
for the insurance cost of the electrical meter and the water meter with
the Thai government agencies concerned, whereby the seller agrees to
extend appropriate facilities for such purpose.
Section 6.
In case the buyer mortgages the condominium unit with a financial or
banking institution and the seller still has participation in said
condominium unit or becomes guarantor of the buyer to such financial or
banking institution and the buyer does not pay the debt to the financial
or banking institution and such financial or banking institution has
sent notice to foreclose the mortgage on the condominium unit under this
agreement and the buyer is still unable to pay such debt or is not
within the possibility of making such mortgage payment, the buyer agrees
for the seller to substitute its rights and duties derived under the
mortgage agreement with such financial or banking institution whereby
the buyer shall not raise any objection nor claim for any compensation
in any form whatsoever from the seller. The agreement under the
aforesaid paragraph shall perpetually be binding upon the heirs or
legatees or subsequent transferees of the condominium unit from the
buyer.
Section 7.
If the buyer dies during the enforcement of this agreement, the
contracting parties agree for the statutory heir of the buyer to
substitute all rights and obligations hereunder but the heir must notify
such intention to the seller in writing within sixty (60) days from the
date the buyer dies. Further, for any payment terms hereunder which are
delayed as a result of the death of the buyer, the buyer agrees for the
seller to apply the interest rate against the statutory heir or
administrator of the estate of the buyer at the same rate charged by the
bank, but not less than fifteen (15) percent per annum from the
outstanding payment due under each installment unit. The seller is
entitled not to transfer the rights under this agreement to the heir or
legatee of the buyer and this agreement shall be terminated forthwith
without any prior notice to the heir or legatee of the buyer and the
buyer agrees for the seller to confiscate all payments already made.
Section 8.
During the construction period of the condominium unit under this
agreement, the seller agrees that the buyer has the right to
transfer/assign their rights hereunder to another party on the condition
that the seller must impose with the transfer that every term and
condition hereunder shall be binding upon the buyer. The buyer must pay
10,000 Baht (Ten Thousand Baht) to the seller each time a transfer of
this agreement is made to a third party.
Section 9.
In as much as the seller and the buyer have mutual intentions to have
the Bangla Suites Condominium to be a place of cohabitation and
recreation and that all buyer's under this condominium project shall be
able to use all benefits, facilities and amenities from the common
property areas, which are made available for common benefit under this
project, the contracting parties hereby agree to observe the following
provisions as an integral part of this agreement hereby, which the
buyer, his subordinate(s) or transferee(s) must strictly comply with,
namely:
9.1
The buyer or his subordinate must only use the condominium unit under
this agreement for dwelling purposes. Using the land or condominium for
other purposes, such as for industrial, commercial, agricultural
purpose, restaurant, hotel or for any other trading purpose is
prohibited except by express permission made in writing from the seller
and which has been obtained beforehand.
9.2
The buyer strictly agrees not to make any addition or alteration to the
outside appearance of the condominium unit, including the structure
within the interior of the building as well as the common property of
the condominium unit unless express permission in writing has been
obtained from the seller beforehand.
9.3
The buyer agrees to restrict all legal rights in the common property
areas of the condominium unit to a meeting of co-owners of the
condominium for the purpose of enabling other buyers of this project to
use or benefit from the common property of the condominium on an
equitable basis by paying the expenses for maintaining the common
property at the rate determined either by the seller or juristic persons
of the condominium.
9.4
The buyer or his subordinate must strictly comply with the rules and
regulations of the committee in every respect when residing in the
purchased condominium unit under this agreement or when using the
facilities and services of the common property under this project.
Section 10.
When the title deed of the condominium has been divided, if the area of
the condominium increases or decreases from such area specified
hereunder, on the date of transfer of the title to the condominium, the
price thereof shall either increase or decrease respectively at the
average price per square meter under section 1 and section 2 hereof and
in accordance with the area actually increased or decreased.
Section 11.
The buyer certifies that the buyer has possession of the domicile as
stated herein. Any notice to the buyer shall be sent to such domicile by
registered mail or delivery by messenger regardless of whether there was
any recipient or whether the deposition of such notice at the domicile
of the seller shall be deemed that such notice has duly been delivered
to the buyer.
Section 12.
Any party who breaches any section of this agreement hereof shall be
deemed as having breached the whole agreement and the other party is
entitled to terminate the agreement and claim for compensation under the
law. However, the seller shall not be deemed to have broken the
agreement under this section in such a case as the seller having made an
amendment to the design of the project or to the method of allocation of
the land under the project, which has previously been approved by the
controlling land allocation.
The Buyer shall be deemed in default of this Purchase Agreement
Contract, provided that the Seller advises the Buyer in writing,
detailing the terms, conditions or clauses which is/are in default, and
the Buyer fails to rectify the default and continues to be in default
one (1) month after the written notification.
Section 13.
This agreement, written in English, is the preferred language,
understood and accepted by both parties. In the event the translation
thereof into any language is required, the interpretation and
construction based upon the English language shall prevail.
Section 14.
Both the Buyer and the Seller agree to be responsible for their own
lawyers/legal fees as associated with this agreement.
Section 15.
The laws of Thailand shall govern the construction, validity and
performance of this Agreement.
Section 16.
All disputes arising from or in connection with this Agreement, which
cannot be settled in an amicable way shall be finally settled under the
Thai Arbitration Act B.E. 2545 (A.D. 2002) and in accordance with the
Arbitration Rules of the Arbitration Office, Ministry of Justice of
Thailand.
This agreement is made and executed in duplicate, with both the Buyer
and the Seller each retaining one signed copy. The two parties have read
and thoroughly understand the contents hereof, which they acknowledge to
be duly in compliance with their desires.
In
witness whereof, we have executed this agreement with the respective
corporate seal, at the presence of a witness, whereby each party retains
one signed copy for their records.
Seller (Bangla Suites
Condominium) By:
Signed
__________________________________ Seller Date:
_____________
Mr. XXXXX XXXXX
(Managing Director)
Signed
_________________________________ Witness Date:
_____________
Buyer (Full Name and/or
Company) By:
Signed
__________________________________ Seller Date:
_____________
Mr./Khun
XXXXXX XXXXXXXX
Signed
__________________________________ Witness Date:
_____________
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