Belle Property

10 Property may be re-auctioned 10.1 If the Purchaser fails: a) to pay the deposit; or b) to execute the Contract (or both) immediately after the fall of the Auctioneer’s hammer, then the Purchaser is deemed by the Auctioneer to have breached his or her obligation to complete the purchase of the Property. 10.2 Where clause 10.1 applies: the Auctioneer/Agent is authorised by the Vendor to terminate the Contract and: a) re-auction the Property; or b) to sell the Property by private treaty,The Foreign Investment Review Board (or any similar organisation) for the purchase herein must make arrangements suitable to the Auctioneer before the auction. 11 Vendor may sue Purchaser for damages Notwithstanding clause 10.2, the Vendor may sue the Purchaser for damages for any failure to comply with these Terms and/or the Contract. 12 Holding over the Azuction The Auctioneer may hold over the Property and re-offer it for auction at another time on the same day on terms and conditions as the Vendor may nominate. 13 Auctioneer may vary these Terms Subject to legislative requirements, the Auctioneer is entitled to vary these Terms by announcement immediately before or during the auction including, but not limited to, advising registered bidders that any variations sought by them have been accepted by the Vendor. 14 Legal age of Purchaser A Bidder must be at least 18 years of age. 15 Foreign Investment Review Board Approval A person who wishes to bid for or purchase the Property warrants that they do not require approval from the Foreign Investment Review Board (or any similar organisation) for the purchase herein. A person who wishes to make a bid at the auction for the Property who requires approval from the Foreign Investment Review Board (or any similar organisation) for the purchase herein must make arrangements suitable to the Auctioneer before the auction. PUBLIC AUCTION OF REAL PROPERTY CONT’D Terms and Conditions For the exclusive use of Members of the Real Estate Institute of South Australia Incorporated and Members of the Society of Auctioneers and Appraisers (SA) Inc. p. 4