Facts: One Stop Financial Services (Pty) Ltd ("One Stop") loaned an amount of money to Neffensaan Ontwikkelings (Pty) Ltd ("Neffensaan"). The loan agreement included a provision that Neffensaan would provide a mortgage bond to secure the loan. Neffensaan failed to provide the mortgage bond, and One Stop initiated legal proceedings to enforce the provision.
Issue: The main issue is whether Neffensaan is required to provide the mortgage bond to secure the loan as per the loan agreement.
Rule: According to the loan agreement, Neffensaan is obligated to provide a mortgage bond to secure the loan.
Application: The court will need to consider the terms of the loan agreement and any relevant legal principles regarding the enforceability of such provisions. The court may also consider any arguments raised by Neffensaan regarding the validity or enforceability of the provision in question.
Conclusion: Based on the loan agreement, Neffensaan is obligated to provide a mortgage bond to secure the loan. The court should likely enforce this provision and order Neffensaan to fulfill its obligation.
One Stop Financial Services (Pty) Ltd v Neffensaan Ontwikkelings (Pty) Ltd and Another [2015 (4) SA 623 (WCC)] FIRAC
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