Deed of Agreement for further charge

DEED OF AGREEMENT FOR FURTHER CHARGE

THIS DEED OF AGREEMENT FOR FURTHER CHARGE IS MADE ON THIS THE _____ DAY OF _____________, 2004.

BETWEEN

MR. A on of _______________, of Address________________, hereinafter referred to as the MORTGAGOR (which expression shall unless excluded by or repugnant to the context mean and include his heirs, legal representatives, executors, administrators and assignees) of the ONE PART.

AND

COMPANY 1, address___________________________, hereinafter referred to as the MORTGAGEE BANK (which expression shall unless excluded by or repugnant to the context mean and include its successors-in-interest, legal representatives, administrators and assignees) of the OTHER PART.

WHEREAS:

A.     The MORTGAGOR MR. A proprietor of “X” Garments having business address at Address_____________, Dhaka has already availed overdraft facility of Tk. 15,00,000.00 (Taka fifteen lac) only from the MORTGAGEE BANK.

B.     As security for the said facility, the MORTGAGOR created legal mortgage upon the property described in Schedule below in favour of the MORTGAGEE BANK by executing Deed of Mortgage No. 3385 dated 09.05.2000 (the ‘Legal Mortgage’).

C.     Upon request of the MORTGAGOR the MORTGAGEE BANK has agreed to enhance the said overdraft facility from Tk. 15,00,000.00 (Taka fifteen lac) to Tk. 30,00,000.00 (Taka thirty lac) only on conditions inter alia that the MORTGAGOR will create equitable mortgage in favour of the MORTGAGEE BANK on the same property and create further charge and he will not redeem the Legal Mortgage created earlier without first redeeming the equitable mortgage contemplated hereby.

D.     The MORTGAGOR has agreed to the condition.

NOW THIS DEED OF AGREEMENT FOR FURTHER CHARGE WITNESSETH AS FOLLOWS:

1.      That the MORTGAGOR has already created the Legal Mortgage in favour of the MORTGAGEE BANK for an amount of 15,00,000.00 (Taka fifteen lac) only allowed by the MORTGAGEE BANK to MORTGAGOR.

2.      That the MORTGAGOR hereby undertakes and covenants that the Legal Mortgage already created in favour of the MORTGAGEE BANK shall be a continuing security and shall also cover the entire loan amount of Tk. 30,00,000.00 (Taka forty lac) only. This deed of agreement for further charge will thereby be applicable for all further sanction, excess drawings or limits exceeding due to application of interests.

3.      That the MORTGAGOR hereby undertakes and covenants that he will not redeem the Legal Mortgage created earlier without first redeeming the equitable mortgage created covering the entire loan amount of Tk. 30,00,000.00 (Taka fifteen lac) only upon full adjustment of the dues with all other interests and charges thereon.

4.      That if the MORTGAGOR fails to repay the loan to the MORTGAGEE BANK in the manner stated in the credit sanction letter or in any other manner so agreed between the MORTGAGOR and the MORTGAGEE BANK, then the MORTGAGEE BANK shall be entitled to recover the outstanding dues from the MORTGAGOR under these presents by sale of the mortgaged properties without intervention of the Court of law.

5.      That the MORTGAGEE BANK, if necessary, shall be entitled to sell the mortgaged properties without intervention of any Court of law at its own discretion as provided in section 69 of the Transfer of Property Act and the same shall be regarded as valid and binding on all the parties, to which the MORTGAGOR will not object.

6.      That on repayment of the loan and on payment of all interests and other charges due thereon the MORTGAGOR at his own costs, will be entitled to redeem the mortgaged properties from the MORTGAGEE BANK free from all encumbrances and charges accruing on the MORTGAGEE BANK and on such redemption this mortgage shall be deemed to have been extinguished.

SCHEDULE OF THE PROPERTY

All that piece and parcel of land measuring 0717.50 ajutangsha situated within District ______________, P.S. & Sub-Registry office ____________, J.L. No. C.S. _________ S.A. ________, Mouza _________, C.S. Khatian No. ____________, S.A. Khatian No_____________, Mutation Khatian No. _________, R.S. Khatian No. __________, C.S. Dag No_________, S.A. Dag No. __________, R.S. Dag No. _____________ & _____________ along with 3 (three) storeyed commercial building constructed or all buildings and structures to be constructed thereon with all other rights, interests, easements, benefit attached or appertaining of the land.

IN WITNESS WHEREOF, THE MORTGAGOR AND THE MORTGAGEE BANK HEREUNTO SET MY SIGNATURE ON THE DAY, MONTH AND YEAR MENTIONED ABOVE.

For and on behalf of the MORTGAGEE BANK________________________

Name:

Designation:

Witnessed by:

1.

2. ___________________________

Mr. A

(Signature of the MORTGAGOR)

__________________

Mr. A

(Signature of the MORTGAGOR)

Drafted by:

For: “The Lawyers & Jurists”
M.L.Hotel Tower Ltd,208,Shahid Syed Nazrul Islam Sarani,
Bijoy Nagar, Dhaka-1000.
www.lawyersnjurists.com

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