Common use of Compliance with exchange control laws Clause in Contracts

Compliance with exchange control laws. (i) The Borrower hereby agrees and undertakes to abide by the provisions of Foreign Exchange Management Act, 1999 and all rules and regulations made thereunder (as amended from time to time) with respect to purchasing, retaining, using and selling the Property and repatriating the proceeds of such sale outside India. The Borrower hereby agrees and undertakes to maintains an NRO/NRE account in India in compliance with the Foreign Exchange Management Act, 1999 and all relevant regulations there under (as applicable). (ii) The Property being purchased with the Loan is residential and is for residential accommodation in India and neither the Property nor any part thereof is in any manner whatsoever agricultural land or plantation property or farm house, and that the purchase is in compliance with Applicable Law including but not limited to the Foreign Exchange Management Act, 1999 and all relevant regulations there under. (iii) The Borrower is the owner of the Property and that none of the co-borrowers are persons who are not relatives (as defined under Foreign Exchange Management (Borrowing and lending in rupees) Regulations, 2000, dated 3-5- 2000 GSR 387(e)) of the NRI / XXX Xxxxxxxx (as amended or replaced from time to time).