Read through the below contract and identify and explain terms or conditions contained in each of the seven (7) clauses:

A CONTRACT OF A SALE OF IMMOVABLE PROPERTY

1. The parties to this Agreement are:

1.1. Peter Johnson (''Seller'');

1.2. Gert Burger (''Purchaser'')

2. The Seller undertakes to sell his Immovable Property 2.1 situate at Erf 56, New Street, Eros, Windhoek; to the purchaser.

3. The Parties agree that the Purchase Price of the Immovable Property mentioned in clause 2.1 is N$ 1.3 million.

4. The Purchaser undertake;

4.1 to purchase the property subject to obtaining a bond from a financial institution and failing to secure a bond within 7 days of signing this Agreement, whereof the Agreement lapses.

5. Should the Purchaser:

5.1 commit an Act of Insolvency before payment of the purchase price; or

5.2 fail to fulfil on due date any of the terms of this agreement;

5.3 fail to make any payment in terms hereof on due date:

the Seller or his agent shall be entitled, after having given the Purchaser 7 (Seven) days' written notice to remedy such wrongdoing and the Purchaser having failed to remedy such wrongdoing within such time,

to either:

cancel this agreement without further notice to the Purchaser, in which event the Seller shall be entitled to retake possession of the Immovable Property and to retain all monies already paid to the Seller or his agent, in terms hereof, as pre-estimated damages without prejudice to the Seller's other legal rights and remedies and the right to claim damages, and the Attorneys or any agents of the Seller are hereby authorised to make payment immediately to the Seller of any monies so retained paid by the Purchaser;

OR

to claim immediate payment of the whole of the Purchase Price and the fulfilment of all the terms and conditions hereof; any amount which is not paid on due date, shall bear interest at a rate equal to the prime overdraft rate of the Seller's bank, calculated from the date of payment, until payment thereof, which interest shall be paid by the Purchaser to the Seller upon demand. A certificate rendered by the Seller's bank manager, shall serve as prima facie proof of the prime overdraft interest rate.

5.4 In the event of the Seller acts contrary to the terms of this Agreement, the Purchaser or his agent shall likewise notify the Seller in writing of such wrongdoing and require him to remedy it within ten days of such notice, failing which the Purchaser shall, mutatis mutandis, have the same

remedies as the Seller as set out in clause 5.3 above.

6. The Seller agrees that:

as at Signature Date, the Subject Matter is solely and beneficially owned by the Seller, and is in the process of being transferred to the Purchaser, and the Seller will be able to and will give free and unencumbered titled thereof to the Purchaser on Effective Date;

as at the Effective Date, the Seller will not be in default of any material obligations affecting the Business;

7.The Parties agree that the terms contained in this Agreement are binding and that Parties may not change the terms of their contract by agreement at all. Such change shall be invalid and not enforceable.