Vetting of documents on Account

Mr. A

The Chief Operating Officer

Bank 1 2, Dilkusha Commercial Area Dhaka- 1000 Dear Sir,


We have perused the documents referred to us on the above subject and our opinion is as follows:

Sl Description Comments
1. Name : Mr. B son of _____________.
2. Loan Agreement : Loan Agreement dated 10.11.94 has been executed between Bank and the borrower for availing loan of Tk    9,23,000.00 only.Supplemental Loan Agreement was also  executed between Bank and the borrower on 19.10.99 Comments: (a) Part of clause 5(b) of the Loan Agreement is blank. (b) The deed must be signed by the Bank. (c) The borrower did not sign in the 1st page of the Supplemental Loan Agreement. (d). The supplemental Loan  Agreement is not witnessed It appears that the loan was availed by the borrower for construction of house on the land in question. No document evidencing commencement/completion of construction of house has been found.
3. Loan Amount : Total Tk. 20,23,000.00 only.
4. Description of the Property : As per loan agreement the description of the land is as follows:All that piece and parcel of land measuring 0.18 decimals situated within district Dhaka, previously P.S. Tajgoan, now Gulshan, Dhaka Collectorate, J.L. No. 291 (Sabek), Mouza Badda,   Khatian No.840, (hall) 851, Plot No.340.
5. Area of Land : 0.18 decimals.
6. Title Deed : Deed of Heba-Bil-iwaz No. 11778 dated 08.09.87 executed by Al Haj Aziz  Mohammad in favour of  Mr. A.K. M. Mr. B.
7. Bia Deed Bia Deed not found.
8. Khatians Not found.
9. Mutation & DCR : Not found.
!0. Ground Rent : Ground rent payment receipt not found.
11. Municipal Tax : Municipal Tax payment receipt is not found.
12. Non-Encumbrance : Non- Encumbrance Certificate dated 01.09.94 has been found.
13. Title : Chain of ownership cannot be ascertained due to unavailability of respective Bia Deed &  Khatians.However, it appears that the present owner has become owner of the land in question by way of Heba Bil Iwaz   vide Deed  No.11778   dated 08.09.87. In the property we are of the opinion that Mr. B has prima facie right, title and interest on the land in question. Bank should be satisfied with the physical possession of the present owner over the land in question.

14. Securities

a) Mortgage : The borrower has mortgaged the land in question and executed Memorandum of Deposit of Title Deeds in   pursuant to clause 5(a) of the Loan Agreement.Comments: The said deed is required to be dated.
(b) Assignment of Insurance Policies : The borrower has deposited Life Insurance Policy No. 0119604-9  issued by “Delta Life Insurance Company Ltd.”Which is Assigned under registered No.E-494/95 In favour of  Bank as per clause 5(b) of the Loan Agreement
(c) Letter of Lien : i) Letter of Lien dated 10.11.94 has been executed by the borrower in favour of the Bank pursuant to clause 5(c) of the Loan Agreement.ii)               Supplemental letter of lien dated 19.10.99 has been executed by the borrower in favour of the Bank. Comments: The Letter of Lien is required to witnessed.
(d) Power of Attorney : The Borrower  executed Irrevocable General Power of Attorney dated 10.11.94  pursuant to clause 5(d) of the Loan Agreement.Supplemental General Power of Attorney has been executed by the borrower in favour of the Bank on 24.10.99. Comments: Loan Agreement was executed on 10.11.94 but the Irrevocable General Power of Attorney Notarized on 9.11.94 Which is highly inconsistent.
(e) Demand Promissory Note : The Borrower executed Demand Promissory Note for Tk. 9,23,000.00 only pursuant to clause 5(e) of the Loan Agreement.Supplemental Demand Promissory Note for Tk.11,00,000 only was given by the borrower. Comments: The Demand Promissory Note is undated.

Subject to the aforesaid observations, the security documents are in order. If you have any query do not hesitate to contact the undersigned. Thanking you Yours faithfully


Drafted by:

 The Lawyers & Jurists
M.L.Hotel Tower Ltd, 208, Shahid Syed Nazrul Islam Sarani,
Bijoy Nagar, Dhaka-1000.

Dated: September 02, 2001