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Westgate Walding Auctioneers Westgate Walding Auctioneers Monsoon Trading

SELLERS INFORMATION

Westgate's Discretion

• Westgate shall have absolute discretion as to the following:-

• Whether to offer any Lot for sale or not

• Whether the Lot is suitable for sale by Westgate and, if so, the place and date of sale

• The conditions of sale and manner in which such sale is conducted

Warrant and Indemnity

The Seller warrants to Westgate and the Buyer that he/she will be able to transfer good and marketable title to the Lot free from all liens and encumbrances. The Seller shall indemnify Westgate, its employees and the Buyer against all claims made or proceedings bought by persons entitled or purporting to be entitled to the Lot and shall reimburse Westgate on demand for all payments, costs, expenses or any other loss or damage whatsoever made, incurred or suffered as a result of any breach by the Seller.

Reserves

Lots will be offered without reserve unless agreed in writing between the Seller and Westgate and, once the reserve has been agreed, it may only be changed with the consent of Westgate. The Seller shall not bid for his/her property, nor employ and person to bid for him/her. Westgate alone shall have the right to bid, on behalf of the Seller, up to the reserve amount.

Commissions and Expenses

The Seller authorizes Westgate to deduct commission and expenses, at the quoted rates, from the hammer price and notwithstanding that Westgate is his/her agent, acknowledges that Westgate may retain the Premium payable by the Buyer in accordance with the Buyer's Conditions. The commission and expenses payable by the Seller are subject to VAT at the prevailing rate. In the case of Lots failing to reach their reserve a charge of 5% may be made on the reserve price, this charge is subject to VAT at the prevailing rate.

Insurance

• All property sent to or deposited with Westgate for sale, valuation or any other purpose whatsoever will at all times remain at the risk of the Seller or consignor and neither Westgate nor its employees will be responsible for any loss or damage whether caused by negligence or otherwise, even where negligence is alleged or proven.

• Westgate will, on behalf of the Seller or consignor, arrange insurance on the property with  Sanlam Insurance Company Ltd on the conditions stipulated in policy number 8901 00 02063, a copy of which is available for inspection at Westgate's premises. Insurance cover will be provided at the premium cost of 1.5% of the hammer price. In the case of the property being unsold, the premium will be based on the middle estimated selling price or the reserve if applicable.

• In the event of a claim being filed against the Insurers, Westgate shall not be obliged to pay any sum to the Seller or consignor until such claim is settled by the Insurer, In the event of settlement Westgate will pay the proceeds of the claim less commission and any other expenses applicable in terms of these Conditions.

Rescission of Sale

Refer to Buyer's Condition 10.

Payment of Proceeds of Sale

Westgate shall pay the Proceeds of Sale to the Seller 30 (thirty) days from date of sale if the Purchase Price has been settled in full by the Buyer. If by the due date, Westgate has not received the Purchase Price in full from the Buyer, Westgate will pay the Proceeds of Sale within seven working days after the date on which full settlement is received from the Buyer. If before the Purchase Price is paid in full by the Buyer and Westgate pays to the Seller an amount equal to the Proceeds of Sale, property in the Lot shall pass to Westgate.

Unsold Lots

Lots unsold on auction must be collected at the Seller's expense within the period of seven days after notification by Westgate requesting him/her to collect unsold property. Upon the expiry of such period, Westgate shall have the right to sell such Lots by public or private sale and on such terms as it thinks fit, and to deduct from the Proceeds of Sale any sums owing to Westgate including, without limitation, removal, storage and insurance expenses.