38. Property is to be exchanged for another

This Contract is conditional upon the Contract of Sale entered into between [1] with respect to the property situated at [2] settling by a date no later than 5.00 pm on [3]. If the said settlement does not proceed in accordance with the terms of the Contract of Sale then the Buyer may at his option elect to terminate this Contract by written notice to the Seller in which event all monies paid by way of deposit or otherwise shall be refunded in full.

[1] both parties to other contract
[2] address of other property
[3] date of settlement of other Property Law Act 1974

NOTE: This clause should be contained in both contracts