The Lawyers & Jurists
M.L.Hotel Tower Ltd,208,Shahid Syed Nazrul Islam Sarani,
Bijoy Nagar, Dhaka-1000.
Our Ref: LJ/PJ/09/2001
Dated: September 02, 2001
The Chief Operating Officer
2, Dilkusha Commercial Area
Re: Vetting of documents on account of Mr. B.
We have perused the documents referred to us on the above subject and our opinion is
Mr. B son of Mr. X.
|2.||Loan Agreement||:||Loan Agreement has been executed in between Bank 2 and Mr. B on 23.9.91
Supplemental Loan Agreement has been executed in between Bank 2 and Mr. Mr. B on 12.9.96.
Part of clause 2 and clause 5(b) of the Loan Agreement is blank.
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.
|:||Total Tk.3,01,280.00 only|
|4.||Purpose of the loan facility||:||Construction of house on land owned by the borrower.|
|5.||Description of the Property||:||All that piece and parcel of land measuring 3.75 decimals situated within District Dhaka, P.S.(sabek) Tejgaon at present Demra, J. L. No.333, Mouza Dania, S.A. Khatian No.411 & S. A. Plot No. 1671.|
|6.||Area of Land||:||3.75 decimals.|
|7.||Title Deed||:||Deed of sale No. 9246 dated 3.09.87 executed by Mosammat Surban Nesa in favour of Mr. B.|
|8.||Bia Deed||Bia Deed not found.|
|10.||Mutation & DCR||:||Mutation Parcha along with DCR have been found from which it appears that the name of the present owner Md Mr. B has been mutated for land measuring 3.75 decimals under mutation khatian No.411, Dag No.1671 and mutation case No.17068.|
|11.||Ground Rent||:||Ground rent receipt not found.|
|12.||Municipal Tax||:||Municipal Tax payment receipt is not found.|
|13.||Non-Encumbrance||:||Non-encumbrance Certificate dated 17.08.91 has been found.|
|14.||Title||:||Chain of ownership cannot be ascertained due to unavailability of respective bia deeds, Khatians, mutation parcha etc.
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.
|:||The Borrower has executed Memorandum of Deposit of Title Deeds with a view to create equitable Mortgage over the land measuring 3.75 decimals pursuance to clause 5 (A) of the Loan Agreement.
No sign of any witness in Memorandum of Deposit of Title Deeds.
|(b)||Assignment of Insurance Policies||:||Life insurance Policy found assigned under group insurance policy No.BGL-7203 by Alico certificate No.GB-548.
Jiban Bima Policy No.1184196-2 is also assigned by the borrower in favour of the Bank under registration No.DRO/393/91
The Borrower assigned insurance policies in favour of the Bank in pursuance to Clause 5 (b) of the Loan Agreement.
|(c)||Letter of Lien||:||Letter of Lien dated 23.9.91 has been executed by the Borrower in favour of the Bank pursuant to clause 5(c) of the Loan Agreement.
Supplemental letter of lien dated 12.9.96 has been executed by the borrower in favour of the Bank.
The Letter of Lien is not witnessed.
|(d)||Power of Attorney||:||The Borrower has executed Irrevocable General Power of Attorney dated 28.9.91 pursuant to clause 5(d) of the Loan Agreement.
Supplemental Irrevocable General Power of Attorney has been executed by the borrower in favour of the Bank on 15.9.96.
|(e)||Demand Promissory Note||:||The Borrower executed Demand Promissory Note for Tk. 1,39,320.00 only pursuant to clause 5(e) of the Loan Agreement.
Supplemental Demand Promissory Note for Tk.1,61,960.00 has been given by the borrower in favour of the Bank.
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.