ACTING MANANGER: PROPERTY MANAGEMENT’ [15] On 21 September 2015 the law firm Ellis Shilengudwa Incorporated (“ESI”) issued a letter of undertaking in favour of the First Defendant, in the following terms: TRANSFER: ERF NO 8413, WINDHOEK ‘YOUR MUNICIPAL COUNCIL OF WINDHOKE // ZEST INVESTMENT CC We hereby wish to advise that we hold at your disposal an amount of N$ 10’682’525.34(TEN Million Six Hundred And Eighty Two Thousand Five Hundred And Twenty Five Namibia Dollars And Thirty Four Cents) [which amount is inclusive of VAT and interest calculated up until 31 December 2015] plus 15% interest per annum calculated on N$ 8 595 000.00 as from 31 December 2015 until date of payment (both dates inclusive), which will be paid to you free of exchange on completion of the following transactions and subject to the availability of funds: Registration of the transfers of the members interest in the entities owning Sections 1 to 8 of the sectional development Industrial Units (East)” situated on Erf 521 “Windmill (a portion of remaining extent of Erf 50) Prosperita, Windhoek; Registration of the transfers of the members interest in the entities owning section 2 to 10 of the sectional title development Industrial Units (West)” situated on Erf “Windmill 522 (a portion of remaining extent of Erf 50) Prosperita, Windhoek; Cancellation of all extisting Bonds over the property; and Registration of transfer of the Property into the name of Zest Investment CC Should any circumstances arise to prevent, or in our opinion, unduly delay the registration of the abovementioned transactions, we reserve the right to withdraw from this undertaking by giving ourselves written notice to that effect. This undertaking is not negotiable or transferable and must be returned to ourselves upon payment of the aforementioned amount.
ACTING MANANGER: PROPERTY MANAGEMENT’ [15] On 21 September 2015 the law firm Ellis Shilengudwa Incorporated (“ESI”) issued a letter of undertaking in favour of the First Defendant, in the following terms: ‘YOUR TRANSFER: ERF NO 8413, WINDHOEK MUNICIPAL COUNCIL OF WINDHOKE // ZEST INVESTMENT CC We hereby wish to advise that we hold at your disposal an amount of N$ 10’682’525.34(TEN Million Six Hundred And Eighty Two Thousand Five Hundred And Twenty Five Namibia Dollars And Thirty Four Cents) [which amount is inclusive of VAT and interest calculated up until 31 December 2015] plus 15% interest per annum calculated on N$ 8 595 000.00 as from 31 December 2015 until date of payment (both dates inclusive), which will be paid to you free of exchange on completion of the following transactions and subject to the availability of funds: Registration of the transfers of the members interest in the entities owning Sections 1 to 8 of the sectional development “Windmill Industrial Units (East)” situated on Erf 521 (a portion of remaining extent of Erf 50) Prosperita, Windhoek; Registration of the transfers of the members interest in the entities owning section 2 to 10 of the sectional title development “Windmill Industrial Units (West)” situated on Erf 522 (a portion of remaining extent of Erf 50) Prosperita, Windhoek; Cancellation of all extisting Bonds over the property; and Registration of transfer of the Property into the name of Zest Investment CC Should any circumstances arise to prevent, or in our opinion, unduly delay the registration of the abovementioned transactions, we reserve the right to withdraw from this undertaking by giving ourselves written notice to that effect. This undertaking is not negotiable or transferable and must be returned to ourselves upon payment of the aforementioned amount.
Zest%20Investments%2073%20CC%20v%20Municipal%20Council%20of%20Windhoek%20(I%20166-2016)%20[2018]%20NAHCMD%20186%20(22%20June%202018).docx