aged
years s/o.
residing
, 2.
aged
years s/o.
residing at
, 3.
aged
years s/o.
residing at
hereinafter called the Vendors which expression shall unless repugnant to the
context mean and include their respective heirs, legal representatives, executors,
administrators, agents and assigns) of the SECOND PART
AND
M/s.
Builders/Developers, a partnership firm having its
registered office at
represented by
(hereinafter collectively called the DEVELOPER which term whenever the
context requires or admits shall mean and include its executors, administrators,
legal representatives successors-in-title and assigns)
IN FAVOUR OF
STATE BANK OF INDIA a Banking Company registered under the SBI Act 1955
having its registered office at Mumbai and a branch office at
hereinafter referred to as the FINANCIER (which expression unless it be
repugnant to the context or meaning whereof be deemed to mean and include its
successors and assigns) of the LAST PART;
WHEREAS the Vendors are the absolute owners and in peaceful possession of
the residential property bearing
. WHEREAS
City Muncipal Council sanctioned plan, vide
to construct a
residential apartment on the said property. WHEREAS M/s.
Builders,
a Partnership Firm wherein all the Vendors are the Partners have taken up
construction of residential apartment known as
on
the said property.
- 2-
-47. The BORROWER/s hereby authorise the Financier to pay the monies agreed
to be advanced to the BORROWER/s as per the Financier's sanction letter
directly to the Vendor & Developers on the BORROWER/sS account as per the
schedule of payments mentioned in the said Agreement, and all such payment
made by the Financier shall be deemed to be loan advanced by the Financier to
the BORROWER/s.
8. The BORROWER/s agrees and the Vendor & Developers undertake to hand
over directly to the Financier, the AGREEMENT/s executed in favour of the
BORROWER/s, if the Financier provides financial assistance to the
BORROWER/s.
9. The BORROWER/s further undertake not to terminate/ issue notice of
cancellation of the agreement without prior written permission from the Financier.
The Financier however, reserves the right to refuse such approval without
assigning any reasons therefor. However, if the Vendor & Developers proposes
to terminate/ issue notice of cancellation of the Agreement/s, the Vendor &
Developers shall inform the Financier at least 15 days prior to termination/ issue
of notice of cancellation. The Vendor & Developers shall immediately on
receiving approval for cancellation from the Financier, refund within 15 days, a
receipt of such approval out of the amounts lying with them to the credit to the
BORROWER/s/FINANCIER.
The amount of loan disbursed by the Financier.
Interest, overdue interest and other payments those are due to the
Financier.
i.
i.
However, such cancellation and the refund shall always be subject to terms of
the Agreement between the Vendor & Developers with the BORROWER/s.
10. The Vendor & Developers shall not hand over and the BORROWER/s shall
not receive possession of the property except with the prior written approval of
the Financier which written approval shall not be delayed beyond 15 days from
the date of Vendor/Developers intimate the Financier that the property is ready
for use and occupation, such approval shall not be unreasonably withheld.
11. Up to the date of Occupation Certificate from the appropriate authority, as
applicable I No objection Certificate by the Financier is granted in respect of the
building in which the Property is located, only the Vendor & Developers shall
remain in possession of the relevant property.
-5-
12. The Vendor & Developers and the BORROWER/s shall accept as true and
correct the accounts of the BORROWER/s that may be reflected in the books of
the Financier and shall not dispute the same:
13. The Financier will be entitled to recall the loan from the BORROWER/s in
Mr.
Mr.
represented by its
authorized Official
I/We,
Builders hereby certify that:
, and M/s.
1.I/We have transferable rights to the property described below, which has been
allotted by
me/us to Mr.
(name of the borrowers) herein after referred to as
the purchasers,
subject to the due and proper performance and compliances of all the terms and
conditions of the
Allotment Letter/ Sale Agreement dated
(herein after referred to
as the Sale
Document)
Description of the property:
Flat No./House No.
Building No./Name
Plot No./ Sy. No.
Street No./Name
Locality Name
Area Name
City Name
Pin Code
2.That the total consideration for this transaction is Rs.
only)towards sale document .
(Rs.
3.The title of the property described above is clear, marketable and free from all
encumbrances and doubts.
4.I/We confirm that I/we have no objection whatsoever to the said purchasers, at
their own costs, charges, risks and consequences mortgaging the said property
to STATE BANK OF INDIA (herein after referred to as the Bank) as security for
the amount advanced by the Bank to them subject to the due and proper
performance and compliances of all the terms and conditions of the sale
document by the said purchasers.
5.We have borrowed from ___________Bank, ______________Branch(name of
the financial institution) whose NOC for this transaction is enclosed herewith/ We
have not borrowed from any financial institution for the purchase/development of
the property and have not created and will not create any encumbrances on the
property allotted to the said purchasers during the currency of the loan
sanctioned/ to be sanctioned by the Bank to them subject to the due and proper
performance and compliances of all the terms and conditions of the sale
document by the said purchasers.
6.After creation of proper charge / mortgage and after receipt of the copies there
of and after receipt of proper nomination in favour of the Bank, from the said
Authorised Signatory.
Name
:
Designation :
Place
: Bangalore
Date
: