RE: Revision of Draft Tripartite Agreement to be executed amongst “Company 1 and five other individuals” and Company 2 and Company3″
We refer to your letters no. BANK 1/FECB/INV/2008/398 dated 16 March 2008 and our letters dated 02 April 2007 and 07 May 2007 on the above subject.
Vide your letter you have requested us to make changes in the draft tripartite agreement prepared by us earlier including inter alia provisions in the agreement providing that:
a) Company 2 is to be empowered by a power of attorney to sell flats/spaces of the project building
b) Company 3 to make payments of the installments of the Bank on behalf of the Landowner from the sale proceeds of flats/spaces of the project building
In this regard, you have provided us with copy of Irrevocable General Power of Attorney No. 12744 dated 10.08.2004 (“IGPA”) and copy of Deed of Mortgage No. 12743 dated 10.08.2004 (“Deed of Mortgage”). We have perused the same
Vide the IGPA, COMPANY 1 and 5 other individuals (the “Landowners”) have empowered Bank 1 (“Bank 1”) to sell the mortgaged land and vide clause 5 (b) of the IGPA, the Landowners have empowered BANK 1 to appoint any substitute or substitutes and to delegate their all or any of their power other than this power of delegation.
Therefore, BANK 1 has the power to delegate their power to sell the mortgage property to Metro Homes Ltd. The decision as to whether or not to delegate the said power to Metro Homes Ltd. is to be decided by BANK 1.
If BANK 1 decides to delegate the said power to Metro Homes Ltd., please give us a written confirmation of the same and we shall make the necessary changes in the draft tripartite agreement.
If you have any further inquiries please do not hesitate to contact us.
For: “The Lawyers & Jurists”