Author: A4KENYA

TYPICAL FLOOR PLAN

Francis Gichuhi Kamau, Architect.
info@a4architect.com

South House Airbnb offers great convenience due to its location off the Southern Bypass in Nairobi.

Travel time to the airport, CBD and other pars of the country from South House airbnb becomes easy to plan.

South House Airbnb offers great views towards Alliance Girls hostels, Thogoto forest and Ondiri swamp.

The airbnb hotel apartment has Studio, 1 bedroomed and 2 bedroomed apartments for guests to chose from. Large groups such as families, friends and workmates are served well by the 1 and 2 bedroomed apartment set ups. The one bedroomed apartment has a sofa bed in the living room to increase the number of guests it can accommodate.

Check out the rates below. Call 0721410684 to book.

 

South House Airbnb

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plot no. 1849

South House Airbnb.

 

Bedsitter,

0ne Bedrooomed

Two Bedroomed.

Open 24 hours a day, daily.

 

Call 0721410684 for rates.

[googlemaps https://www.google.com/maps/embed?pb=!1m18!1m12!1m3!1d3116.2809408706657!2d36.657744173651835!3d-1.2690311987188916!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x182f1f7cedb83d27%3A0x27e92a7ddedb323f!2sSouth%20House%20Airbnb!5e1!3m2!1sen!2ske!4v1686924487316!5m2!1sen!2ske&w=600&h=450]

 

 

 

 

 

 

 

 

 

 

outhern Sun Hotel is located along the Southern Bypass in between Kikuyu town and Thogoto town.
Its located opposite Alliance Girls high school.
The Southern bypass is scheduled to be completed by end of 2014.

The hotel is also scheduled to be completed in phases, with the 1st phase ready by end of 2014.
The hotel comprises of 33 rooms, all sold to the public who will own a share of the Limited Liability company that owns the hotel.

Land acquisition.

The search fro suitable land to buy started in the 1st week of January 2014. Initial leads were gotten through google search and Olx. The first leads took us to lands along the Thogoto to Gikambura road where 1/4 acre plots touching tarmac were selling for between 4.5 to 8m depending on how close they were to Thogoto town.
We visited 3 to 4 plots for sale on day 1, all along the Thogoto Gikambura road, which was abit off the main bypass.
By then, most land selling agents were al saying that there was no land on sale along the bypass.

Most land along the bypass in Thogoto belongs to large institutions, namely Ngong Forest, PCEA Thogoto church, PCEA Thogoto teachers college and Alliance Boys and Girls schools.

The few individual land owners were not selling.
On the second day, we got a lead from one of the agents who connected us to land for sale along the bypass, a 1/8th acre selling at kes 4.5.

We settled for this and met with the family that owned the land. We agreed on the price. At the second meeting, the family decided not to sell or got a better buyer. We embarked on more search. We saw a few plots within Thogoto town which are owned by the Kikuyu county council and a few more behind the town.
All of these were off the main bypass and in shabby neighbourhoods which would not work well with a hotel project.

We met an agent who had several plots along the bypass, mostly 1/4 acre plots selling for between kes 8 to 10m which was above our budget. Luckily, he showed us the current site .
At our first visit, the site seemed too small such that it was undevelopable.
I decided to make lemonade out of the lemons we had been dished. Since the plot was half of a normal eighth acre, i decided to see it as an advantage in that this reduced buying price meant that with 2 or 3 member contributions, we would be past the stage of land acquisition.

I thought over it and decided the plot could fit 10 to 11 rooms per floor from the 1st floor since we needed to leave the ground floor free for the restaurant, kitchen , and offices.

The plot has 2 access roads, from the southern bypass side and from the back side.
This means there is more room to open up windows hence maximum space utilisation.

We settled on this and set up a meeting to begin payments and agreement signing with the sellers lawyer.
The agreement was signed and 50% of sale price paid in as deposit.

The ownership document was a confirmation of grant from inheritance by the grand daughter of the original owner, a Mr Kiarie, deceaced.

The process kicked off the next day where we met a surveyor who would hive off the part of the plot already compulsorily acquired by Ministry of roads for the bypass so as to remove the caveat by Government of Kenya on the title deed.
This process is ongoing currently. The next process will be to transfer the land from the current owner to A for Architect limited, a company owned by any member who would like to be a part of the hotel project and has paid the cost of 1 share.

We also met Engineer Jonathan, who works for the Chinese construction company construction the bypass, who confirmed to us that the design for the bypass was amended this month to include service roads to access to our plot.

We plan that cars enter from the main highway service road, through the ground floor level and park at the rear service roads which are very private.

Once the land is acquired and the title goes into the name of A for Architect LTD, we will then begin construction after the Kikuyu county Government grants us the approval to construct the multi storey hotel.

Francis Gichuhi Kamau, Architect.
info@a4architect.com

How is the technology’ penetration ,fast or slow?

Roofing using shingles is fast penetrating the Kenyan construction and real estate industry due to its high aesthetic appeal and moderate cost.
The shingles cost around kes 1450 per m2 including overlap and the underlay, made from recycled plastic, costs around kes 500 per m2. In total , this costs close to kes 2,000 per m2 without including the cost of timber roof trusses.

Most Gazebos and outdoor eating areas for restaurants are using these shingles in Nairobi. Examples of this use are the Kenchic/Petrol station along Karen langata road opposite Nairobi Academy/Mamba village, Upper Hill springs restaurant, KPLC Retirment benefits housing estate along Bogani road in Karen, designed by Symbion International.

Shingles are made of asphalt, a byproduct of oil refinery. Once the Turkana oil starts being mined, shingles will become very low cost to produce from Kenya.

How much percentage does it save on construction costs compared to other roofing materials?

Since its lightweight, there will be savings on the timber roof support trusses since they can be spaced further apart hence using fewer roof truss members.

Due to the unique aesthetic appeal, these will enable developers charge higher rents or sale prices since buyers will feel the worth of the real estate they are purchasing.

Due to the fact that the material can be curved, it enables creation of interesting curved roof shapes that will earn value to the developers.

Any other company in Kenya dealing with the same roofing materials?

Currently, the most notable is Rexe roofing products company.

Do you see adaptation of the technology in coming years?

Once many other players come into the market, with many importers and the usual enterprising Kenyans who will opt to manufacture the products here, definitely the price will go down and he product will now be available even for low cost homes.
After mining Turkana oil starts, it will be very cost effective to produce asphalt shingles in Kenya.

Advantages of using roofing shingles over other materials?

The shingles give very unique and aesthetically appealing designs. This makes it profitable for developers since buyers easily see the worth of what they are purchasing.

Shingles also are very durable.

Shingles can be cost effective if produced locally.

Shingles are lightweight, hence reducing cost of timber trusses.

Francis Gichuhi Kamau, Architect.
info@a4architect.com

IN Kenya, most real estate investment for apartments is usually done by the high class and upper middle class. This is the class that can afford to construct apartments which cost on average between kes 20 million to kes 50 million for a block of flats sitting on a 1/8th acre of land within 30km radius of Nairobi CBD. These are areas sucha sKitengela, Kiambu, Syokimau, Kikuyu, Ngong, Kiserian ,Ruai, Thika and Nairobi eastlands.

Due to the high cost of middle class  apartment construction, most Nairobians tend to rent from the developers, mostly upper middle class and high class income groups.

 

Smart solution.

A4architect.com has come up with smart solutions to enable the middle class to live comfortably within these Nairobi Surburbs.

Nairobi CBD is the main source of employment for the middle class. This means they cant be able to live in far off places such as Kajiado, Isinya, Limuru, Naivasha,Muranga, Kangundo where land is around kes 500,000 per 1/8th acre, hence affordable.

This leaves them at the mercy of the high class Kenyans able to buy land and construct apartments in nearer areas such as Kiambu, Kitengela, Umoja/Eastalands and Ruai.

The solution lies in the middle class buying into a4architect.com’s real estate investment option for the hotel project along Southern Bypass in Thogoto.

The hotel has 30 rooms whereby the initial sale price has been set at kes 1.2m per room whcih will continue increasing as demand rises.

Assuming an investor buys in at the initial stages where the sale price is kes 1.2m, they will gain an average of kes 18,000 per month, assuming the hotel room they have bought brings in kes 1,000 per night for 18 nights, with the other 12 nights without occupancy, i.e. 60% occupancy rate per month, which has the potential to go higher since the hotel is situated along the Southern bypass.

Kes 18,000 monthly rent.

The average rent for a  2 bedroomed apartment in Nairobi’s middle class Suburb is kes 12,000 to kes 18,000.

This means the investor can then get themselves a cosy apartment near their place of work and pay the rent comfortably from the proceeds of their investment in the hotel project.

Low cost land far off from Nairobi.

The middle class who rent the apartments around Nairobi have the option of buying cheap land in far away places such as Kajiado, Isinya and Kangundo for say kes 600,000 then build a mabati temporary house for kes 600,000 to  make it to kes 1.2m.

They will most often be late to work since these places are too far from their work place.

They will mst often be susscptible to burglar attacks since these remote areas sre quite insecure.

The mabati shacks they build will be too hot during the day and too clod ant night, thereby reducing the quality of living.

Instead of subjecting themselves to the above suffering, the wisest decision is to invest the kes 1.2m in the hotel project described in detail here

http://www.a4architect.com/discuss/

After this investment, the kes 18,000 per month gained from this then goes to offset the montly rent in the apartments they live in.

Investors are allocated one room per share based on the floor plan below

Capital gains.

This is a win win situation in that the investment will increase in value by a high percentage each year. They can resell their share in the hotel investment and gain from the high capital increment. For example, if they retire, they can sell the hotel room share and use the proceeds to buy land and build in far away places from Nairobi where land will be cheaper.

 

Francis Gichuhi Kamau, Architect.

info@a4architect.com

The highest returns on investment in the Kenyan real estate industry can be seen on those who initially acquired land in Nairobi CBD.

In the early 1900s, Nairobi CBD was a simple village with small time shops as seen below.

During this time, some people were wise enough to acquire the land and invest, knowing that the returns would be high.

At the same time, others did not see the opportunity.

 

New stanley hotel in the early 1900s.

New stanley hotel in the 1920s

Nairobi view from the Stanley Hotel in 1949.

New stanley hotel currently.

 

Nairobi CBD 100 years ago.

 

Nairobi CBD currently

Currently, Nairobi CBD price per acre is in the range of kes 300 to kes 500 million.

 

This land alone would make any  real estate investor rank highly amongst the wealthiest in Africa.

 

Pooling resources.

 

Its not usually possible that at any given time, all investors would be able to afford acquisition of real estate.

www.a4architect.com has made it easier for investors to come together and reap the benefits of the high return on investment.

This is done by pooling of resources to acquire property where the property is divided into shares which investors buy and become part owners.

This will enable investors to increase in wealth commensurate with the shares they own in the property.

For example, if 100 people came together in the 1900s to own an acre of land in the CBD, they would now be worth kes 500 million/100=kes 5m with the current values.

If the property was to be developed, the rental income plus capital gain would be in the region of tens of millions.

 

During the early 1900s, the land could not have been much more than kes 100, meaning that all they needed was kes 1 to  invest, which was a very achievable mark.

New Rwathia.

 

Gerald Gikonyo, currently an octogenarian, came close to this with his Rwathia hotels in Nairobi Downtown.he companies boast such investments in Nairobi as Magomano Hotel, New Kinangop Hotel, Timboroa Hotel, Alfa Hotel, Rwathia Distributors — a beer distribution company — and numerous other businesses, especially in real estate.

http://www.nation.co.ke/lifestyle/from-hawker-to-business-mogul/-/1190/2143208/-/1334882/-/index.html

He started the businesses in 1947 with a capital base of only kes 700.

Those who saw his dream and partnered with him are currently laughing ll the way to the bank.

 

Time aspect.

Real estate is very dependant on the time aspect.

The earlier one starts to invest in real estate, the more the returns. The ones who came and acquired property in Nairobi CBD in the early 1900s, mainly European settlers and Indian coolies, are today the greatest beneficiaries.

The ones who came in in the 1940s such as Mr Gikonyo have also reaped big, having returned their initial kes 700 investment many thousands of times .

Thogoto Southern Bypass hotel.

 

a4architect is inviting investors to buy rooms in the 30 room Thogoto southern bypass hotel. See details here

 

http://www.a4architect.com/discuss/

Investors will own a room and will stand to gain from the monthly income generated and also from the high property appreciation rates in Kenya.

This is in the hope that after many years, the investors will be able to reap the financial benefits of the wealth they have created over the years.

Francis Gichuhi Kamau, Architect.

 

 

See here for room purchase details

http://www.a4architect.com/discus/topic/joint-investment/page/5/

AGREEMENT FOR SALE

BETWEEN

A FOUR ARCHITECT
(as the “Vendor”)

AND

(as the “Purchaser”)

Relating to the sale and purchase of

Room Number (one) erected on Land Reference Number ……………….

THIS AGREEMENT is made the day of Two Thousand and Fourteen

BETWEEN:

(1) A FOUR ARCHITECT a limited liability company incorporated pursuant to the provisions of the Companies Act, Chapter 486 of the Laws of the Republic of Kenya and of Post Office Box Number 104433-00101 Nairobi in the said Republic (hereinafter referred to as the ”Vendor” which expression shall include its successors and assigns) of the one; AND

(2) ……………………of Post Office Box Number ………………………… Nairobi (hereinafter and severally referred to as the “Purchaser” which expression shall where the context so admits include his personal representatives and assigns) of the other part.

WHEREAS:

A The Vendor is registered as proprietor of the freehold interest in the Land (hereinafter. described) together with the buildings and improvements erected and being, erected thereon,

B The Vendor is currently in the process of erecting and completing a development project on the Land consisting of Fifty (50) residential rooms together with pathways, driveways and other usual amenities (hereinafter referred to as “the Estate”) in accordance with the approved Building Plans which are available for inspection at the Vendor’s site offices.

C The Vendor will sell and the Purchaser will purchase one such room known as room Number ONE (1) which comprises part of the Estate; for the Purchase Price subject to the terms and conditions hereinafter provided.

D The transfer of the Property from the Vendor to the Purchaser is in consideration of the payment of the Purchase Price and shall be by way of the Lease.

E The Vendor has incorporated a management company called A FOUR ARCHITECT LTD (hereinafter called the “Management Company”) to manage the Estate .The company shall have 50 ordinary shares, and each purchaser of a room in the Estate shall simultaneously with his/her/its purchase of the room be allotted One (1) ordinary shares in the Management Company. The authorised share capital of the Management Company is Kenya Shillings One Hundred Thousand (Kshs. 100,000/=) with a value of Kes (100) Kenya Shillings each. All the shares in the Management Company shall be allotted to the Purchasers of the Rooms on the Property.

F Upon the registration of the Lease of the Property the Purchaser shall hold One (1) Share in the Management Company subject to the Memorandum and Articles of Association of the Management Company and the terms hereof.

IT IS HEREBY AGREED as follows:

1. DEFINITIONS:
“Balance” means the sum of Five hundred thousand (KShs. 500,000) to be paid by the Purchaser on or before the Completion Date to the Vendor’s Advocates in accordance with this Agreement;

“Board” means the board of directors of the Management Company;

“Buildings” means the buildings and improvements constructed and erected by the Vendor on the Land in accordance with the Building Plans;

“Completion Date” means Twenty Four (24) months from the date hereof or if beforehand thirty (30) days from when the Vendor’s Architect issues a Certificate of Practical Completion.

“Deposit” means the sum of Kenya Shillings Seven hundred Thousand (KShs. 700,000.00) paid by the Purchaser to the Vendor on or before the execution of this Agreement;

“Developments” means the infrastructure and other improvements erected or to be erected by the Vendor on or for the benefit of the Property in accordance with the terms hereof;

“Disbursements” means the costs and expenses listed in the Schedule of this Agreement to be paid by the Purchaser;

“Estate” means all the infrastructure, amenities, buildings, and improvements constructed on the Land and Property in accordance with the Building Plans;

“Land” means ALL THAT parcel of land situate in the …..Area of the Republic of Kenya containing by measurement …… of an acre or thereabouts being Land Reference Number ….. , registered under Registered titles Act, CAP 281.

“Lease” means the lease to be granted by the Vendor to the Purchaser for the residue of the term of ….. years from the 1st day of ………. at the annual rent of a peppercorn (if demanded), plus the payment of the Service Charge (as defined in the Lease), a copy of which is available from the Vendors Advocates;
“Management Company” means the limited liability company incorporated in the Republic of Kenya in which the Purchaser will own Two (2) ordinary shares;

“Property” means room Number 1 as the same is shaded red on the Plan;

“Purchase Price means the sum of Kenya Shillings One Million,two hundred shillings only(KShs. 1,200,000.00);

“Purchaser’s Advocates” means xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

”Vendor’s Advocates” means ……………… & Company Advocates, ………………, P.O. Box …………………….. Nairobi;

1.2 All references in this Agreement to a statutory provision shall be constructed as including references to:

1.2.1 All statutory instruments or orders made pursuant to a statutory provision; and

1.2.2 Any statutory provisions of which a statutory provision is a consolidation, re-enactment or modification.

1.3 Clause headings in this Agreement are for ease of reference only and do not affect the construction of any provision herein.

2. PURCHASE PRICE

2.1 The Purchase Price shall be paid by the Purchaser as follows:

2.1.1 On or before the execution of this Agreement the Purchaser shall pay the Purchase price in full to the A FOUR ARCHITECT account .

2.2 The Purchaser understands that some aspects of the infrastructure for the overall project will be completed at the end of the whole development.

3. SALE OF PROPERTY

3.1 The-interest sold in the Property is leasehold;

3.2 The sale of the Property is subject to the Law Society Conditions of Sale (1989
Edition) in so far as they are not inconsistent with the conditions hereof;

3.3 The said Property is sold with vacant possession on Completion.

3.4 The Purchaser shall not be entitled to vacant possession of the Property until he has paid the Purchase Price and all other outgoings including the interest (if any) together with the costs as set out in Special Condition 1 below and the Schedule hereto having been paid in full by the Purchaser .

3.4. The property is sold subject to:

3.4.1 The covenants, terms, conditions, stipulations, restrictions and rights as provided and reserved in the Lease;

, .
,”, ”
. _.-

‘.’ .. ,’
3.4.2 All subsisting easements, quasi-easements and rights of way (if any);

3.4.3 Any provisional liability or assessment for road or sewerage charges;

BUT otherwise free from encumbrances.

4. GRANT OF LEASE

4.1 The transfer of the Property shall be by way of the grant of the Lease from the
Vendor to the Purchaser in consideration of the payment of the Purchase Price in full as provided herein;

4.2 The stamping and registration of the Lease shall be conducted by the Vendor’s
Advocates but at the Purchaser’s cost and such stamping and registration shall only take place after the Purchaser has made all the required payments as, provided for in this Agreement and the Schedule hereto and/or upon receipt of a suitable professional undertaking in a form acceptable to the Vendor’s Advocates, from the Purchaser’s Financier’s Advocates for the payment of the Balance Within fourteen (14) days of the registration of the Lease in favour of the Purchaser and the Charge in favour of the Purchaser’s Financier.

”
“‘;)”.’
. ;,
5. DEVELOPMENT BY THE VENDOR

5.1 The Vendor will undertake the Developments and construction of the Buildings as more particularly detailed in the plans available at A four architect offices at Karen Road, for inspection by the Purchaser and the Purchaser shall be deemed to have approved and accepted the same prior to the execution of this Agreement. The Vendor hereby covenants and undertakes to complete the works and finishes on the said Property in accordance with good workmanship;

5.2 The Vendor shall not be liable for any damages, loss, costs or expenses,
whatsoever or howsoever incurred or suffered by the Purchaser by reason of any defects or other faults which shall appear or occur on the Property after six (6) months from the date of the Purchaser taking possession notwithstanding that the Property and the Buildings in the Estate are newly built by the Vendor. Any defects or defaults arising and which have been notified in writing to the Vendor within the period aforesaid shall be rectified by the Vendor at no cost to the Purchaser save if such defect or default is caused by any act or omission of the Purchaser. It is hereby agreed and understood that if the Vendor shall not have, completed the rectification of the said defects or faults to the reasonable satisfaction of the purchasers architects within a reasonable time after receiving a schedule of defects certified by the said architect and delivered to the Vendor then the Purchaser shall be at liberty to rectify the defects himself using the services of workmen approved by the Vendor, and the Vendor shall forthwith on demand reimburse to the Purchaser all costs of rectifying aforesaid defects or faults.

-~ – .—- – —

6. MANAGEMENT COMPANY

6.1 The Estate shall be managed in accordance with the rules and regulations promulgated from time to time by the Board and the Memorandum and Articles of Association of the relevant management company (“the Management Company”).

6.2 The Purchaser shall be entitled to One (1) shares in the Management Company upon the registration of the Lease in favour of the Purchaser.

6.3 The Purchaser shall be entitled to (subject to election by the shareholders) be appointed as director of the Board and to remain as such for as long as the Purchaser continues to own the Property. The Secretary of the Management Company shall with in liaison with the Vendor’s Advocates procure the filing of the requisite Form 203A appointing the Purchaser as a director.

6.4 In the event the Purchaser shall be more than one person, then the Purchaser shall be entitled to nominate one of them to be appointed a director of the Management Company.

6.5 The Board shall at all times be comprised of the Purchaser and the other owners of the rooms in the Estate.

6.6. The Purchaser hereby undertakes and covenants that in the event that the Purchaser shall hereafter sell the Property, such sale shall always be subject to the Purchaser also transferring the Purchaser’s One (1) shares in the Management Company to the new purchaser of the Property.

7. REVERSIONARY INTEREST

7.1 The parties agree that the Vendor will transfer the reversion expectant upon and to the Land to the Management Company within Ninety (90) days of the last of the leases being registered to the respective Purchaser of rooms in the Estate.

7.2 The Vendor hereby covenants with the Purchaser that it shall do all things required and necessary to ensure the reversionary interest is transferred to the Management Company within the said period .

8. ENTIRE UNDERSTANDING

8.1 This Agreement embodies the entire understanding of the parties and there are no other arrangements between the parties relating to the subject matter of this Agreement.

8.2 No amendments or modification of this Agreement shall be valid or binding on ¬any party unless the same:
(a) is made in writing;
(b) refers expressly to this Agreement; and
‘” ,
(c) is signed by the party concerned or its or his duly authorised representative.

8.3 Upon registration of the Lease if there shall be any inconsistency between the provisions of this Agreement and the provisions of the Lease, the provisions of the Lease shall prevail.

9. EXECUTORY AGREEMENT

9.1 This Agreement is an executory agreement only and shall not operate nor be deemed to operate as a Lease of the Premises.

9.2 The Purchaser shall not be entitled to occupation or possession of the Premises until the entire Purchase Price has been paid.

SPECIAL CONDITIONS

1. The Purchaser shall execute the Lease for the Property and shall pay all costs related to the completion of a valuation for the Property by the Government Chief Land Valuer and the Disbursements contained in the Schedule hereto within seven (7) days of the Vendor’s Advocates requiring the same and the Vendor’s Advocates shall thereafter arrange for the stamping and registration of the same at the Lands Office in accordance with the provisions herein.
2. The Purchaser shall bear the following costs:

a) Legal Fees for the preparation of the Lease;
b) Copying and binding charges;
c) Postage and incidentals;
d) VAT on legal fees @ 16% .
e) Stamp Duty on the Lease at the rate of 4%;
f) Registration Fees;
g) Purchaser’s Costs and/or Proportionate Share of the Costs for¬
i. Incorporation of the Management Company:
ii. Three(3) Months Deposit on Service Charge:
iii. Deposit for Water & Electricity:

3. Rents, rates, and outgoings shall be apportioned as between the parties from the date of execution of the Lease.

4. If for any cause whatsoever other than non-completion caused by the default of the Vendor the transaction shall not complete on the Completion Date:

4.1 The Vendor shall be entitled to serve a Notice in writing upon the Purchaser to complete this transaction within fourteen (14) days from the date upon which such notice is served on the Purchaser. If the Purchaser shall fail to complete this transaction before the expiry of the said notice then the Vendor shall be entitled at its sole discretion either:

(a) to extend the time for completion; or
(b) to rescind this Agreement upon giving seven (7) days notice in writing in that behalf to the Purchaser.

4.2 In the event the Vendor shall extend the time for payment the Purchaser shall pay the Vendor interest on any moneys due under this Agreement remaining unpaid at the rate specified herein computed from the date such payment is due until the date of payment in full both days inclusive. For the avoidance of doubt the Purchaser hereby agrees that such interest shall automatically start accruing immediately at the rate of 2% per month on any payment which is due and is not paid on the due date.

4.3 In the event the Vendor shall rescind this Agreement as aforesaid then the Deposit shall be forfeited by the Purchaser to the Vendor as agreed liquidated damages and the other payments (if any) paid by the Purchaser to the Vendor less a further amount for the fees of the Vendor’s Advocates which shall be payable by the Purchaser for such failed transaction shall be returned to the Purchaser without interest thereon and this Agreement shall then absolutely determine.

5. In the event that completion of the Property is delayed for any reason beyond the Completion Date, this Agreement shall continue in force until actual completion can take place and the Vendor shall not be liable for any loss or damage suffered to the Purchaser as a result of such delay.

,; ,”‘;
6. The Purchaser hereby acknowledges that the documents relating to this transaction prepared by the Vendor’s Advocates are standard documents to be executed also by all Purchaser of the other Rooms and the Purchaser accept them as they are.
7. Time shall be deemed to be of the essence for all purposes of this Agreement.

8. Notwithstanding the sale of the Property and the transfer of the Shares in the Management Company and the registration of the Lease in favor of the Purchase this Agreement shall continue to remain in force until all the parties’ obligations have been performed and the transactions envisaged herein are fully completed.

9. If any term or condition of this agreement shall to any extent be found or held to be invalid or unenforceable, the parties shall negotiate in good faith to amend such term or condition of this agreement so as to be valid and enforceable.

10. If any term or condition of this Agreement shall to any extent be invalid or unenforceable, the remainder of this Agreement shall not be affected and each other term and condition shall be valid and enforceable to the fullest extend permitted by law

11. Risk for the Property shall pass to the Purchaser on the date of handover of the same to the Purchaser by the Vendor.

12. If any dispute, difference or questions shall arise whether during the continuance of this Agreement or upon or after its determination between the parties hereto touching or concerning this Agreement or as to any other matter in any way connected with or arising out of or in relation to the subject matter of this Agreement such dispute, difference or question whatsoever shall be referred to an arbitrator under the rules of the Arbitration Act 1995 of Kenya or any statutory modification or re-enactment for the time being in force, such arbitrator to be appointed by agreement of both parties and in the absence of agreement within fourteen (14) days of the notification of the dispute by either party to the other then on the application of anyone party by the Chairman of the Chartered Institute of Arbitrators (Kenya Branch) and the decision of such arbitrator shall be final and binding on the parties hereto.

13. This Agreement shall be governed by the Laws of Kenya.

IN WITNESS WHEREOF the parties hereto have hereunto set their respective hands the day and year first hereinbefore written:

SEALED with the COMMON SEAL of )
A FOUR ARCHITECT LTD )
as Vendor )
in the presence of:

)
)
Director )
)
)
)
)
Director/Secretary )
)

I CERTIFY that I was present and saw the Directors of the Vendor affix the Common Seal to this Agreement.

ADVOCATE

SIGNED by )
)

Purchaser
)
in the presence of: )
)
)
)
Advocate )

I CERTIFY that I was present and saw ………………………………..duly sign this Agreement.

Name of Advocate: ______________________________

Address: _________________________________

Signature: _________________________________