COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld). (2) Upon request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- Subject to the Project Account Rules, where applicable, the total sale proceeds and sums in the Project Account shall be applied towards payment of the Total Indebtedness or at the Lender’s option towards payment of construction costs for the Project and for any other purposes as may be approved by the Lender; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Account until otherwise notified by the Lender; The Lender shall be given the right to (a) debit (by way of set-off or otherwise) sums in the Project Account for the payment of the Total Indebtedness or (b) transfer funds from the Project Account to the Borrower’s account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable. (3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender. (4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender. (5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project. (6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property. (7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender. (8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved. (9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project. (10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect. (11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid. (12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender. (13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof. (14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion. (15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project. (16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project. (17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facility, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein. (18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- -
(i) The full sale proceeds for each Unit sold must be deposited into the Special Account;
(ii) Subject to the Project Account Rules, where applicableClause 17(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lender; relevant Architect’s Certificates relating to the Project;
(iii) The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) 1886 (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( (_) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facility, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- -
(i) The full sale proceeds for each Unit sold must be deposited into the Special Account;
(ii) Subject to the Project Account Rules, where applicableClause 15(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lender; relevant Architect’s Certificates relating to the Project;
(iii) The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) 1886 (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Construction Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Construction Loan Facility, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon request of the Lender, the The Borrower shall open an account with the Lender (hereinafter called “the Project Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- Subject to the Project Account Rules, where applicable, the total sale proceeds and sums in the Project Account shall be applied towards payment of the Total Indebtedness or at the Lender’s option towards payment of construction costs for the Project and for any other purposes as may be approved by the Lender; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Account until otherwise notified by the Lender; The Lender shall be given the right to (a) debit (by way of set-off or otherwise) sums in the Project Account for the payment of the Total Indebtedness or (b) transfer funds from the Project Account to the Borrower’s account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities Land Loan Facility remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities Land Loan Facility with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ____________(____) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facility and/or the Construction Loan Facility, whichever is the earlier, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities Land Loan Facility granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- The full sale proceeds for each Unit sold must be deposited into the Special Account; Subject to the Project Account Rules, where applicableClause 15(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lenderrelevant Architect’s Certificates relating to the Project; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Construction Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Construction Loan Facility, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Mortgagor and the Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Mortgagor and/or the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- The full sale proceeds for each Unit sold must be deposited into the Special Account; Subject to the Project Account Rules, where applicableClause 17(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lenderrelevant Architect’s Certificates relating to the Project; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Mortgagor and/or the Borrower will at the Borrower’s their own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Mortgagor and/or the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Mortgagor and/or the Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Mortgagor and/or the Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Mortgagor and/or the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Mortgagor and/or the Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Mortgagor and/or the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Mortgagor and/or the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Mortgagor and/or the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Mortgagor and/or the Borrower be binding on and be enforceable against the Mortgagor and/or the Borrower with full force and effect.
(11) The Mortgagor and/or the Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Mortgagor and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Mortgagor and/or the Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Mortgagor and/or the Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Mortgagor and/or the Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower Mortgagor shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title Mortgagor and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facilityand/or the Construction Loans, whichever is the earlier, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- -
(i) Subject to the Project Account Rules, where applicable, the total sale proceeds and sums in the Project Account shall be applied towards payment of the Total Indebtedness or at the Lender’s option towards payment of construction costs for the Project and for any other purposes as may be approved by the Lender; ;
(ii) The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Account until otherwise notified by the Lender; The Lender shall be given the right to (a) debit (by way of set-off or otherwise) sums in the Project Account for the payment of the Total Indebtedness or (b) transfer funds from the Project Account to the Borrower’s account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) 1886 (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facility, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Mortgagor and the Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Mortgagor and/or the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon request of the Lender, The Mortgagor and/or the Borrower shall open an account with the Lender (hereinafter called “the Project Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- Subject to the Project Account Rules, where applicable, the total sale proceeds and sums in the Project Account shall be applied towards payment of the Total Indebtedness or at the Lender’s option towards payment of construction costs for the Project and for any other purposes as may be approved by the Lender; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Account for as long as it deems fit, and the Mortgagor and/or the Borrower shall not in such event withdraw any funds from the Project Account until otherwise notified by the Lender; The Lender shall be given the right to (a) debit (by way of set-off or otherwise) sums in the Project Account for the payment of the Total Indebtedness or (b) transfer funds from the Project Account to the Borrower’s account(s) with the Lender for such payments, or both, subject to the Project Account Rules, Rules (where applicable).
(3) The Mortgagor and/or the Borrower will at the Borrower’s their own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Mortgagor and/or the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Mortgagor and/or the Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Mortgagor and/or the Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Mortgagor and/or the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Mortgagor and/or the Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Mortgagor and/or the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Mortgagor and/or the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Mortgagor and/or the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Mortgagor and/or the Borrower be binding on and be enforceable against the Mortgagor and/or the Borrower with full force and effect.
(11) The Mortgagor and/or the Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Mortgagor and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Mortgagor and/or the Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Mortgagor and/or the Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Mortgagor and/or the Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower Mortgagor shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title Mortgagor and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facilityand/or the Construction Loans, whichever is the earlier, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon request of the Lender, the The Borrower shall open an account with the Lender (hereinafter called “the Project Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- Subject to the Project Account Rules, where applicable, the total sale proceeds and sums in the Project Account shall be applied towards payment of the Total Indebtedness or at the Lender’s option towards payment of construction costs for the Project and for any other purposes as may be approved by the Lender; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Account until otherwise notified by the Lender; The Lender shall be given the right to (a) debit (by way of set-off or otherwise) sums in the Project Account for the payment of the Total Indebtedness or (b) transfer funds from the Project Account to the Borrower’s account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ________ (____) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than than_________ ( ) months from the date of first disbursement of the Land Loan Facility and/or the Construction Loan Facility, whichever is the earlier, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Mortgagor and the Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Mortgagor and/or the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- -
(i) The full sale proceeds for each Unit sold must be deposited into the Special Account;
(ii) Subject to the Project Account Rules, where applicableClause 17(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lender; relevant Architect’s Certificates relating to the Project;
(iii) The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Mortgagor and/or the Borrower will at the Borrower’s their own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Mortgagor and/or the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Mortgagor and/or the Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Mortgagor and/or the Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Mortgagor and/or the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Mortgagor and/or the Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Mortgagor and/or the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Mortgagor and/or the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) 1886 (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Mortgagor and/or the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Mortgagor and/or the Borrower be binding on and be enforceable against the Mortgagor and/or the Borrower with full force and effect.
(11) The Mortgagor and/or the Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Mortgagor and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Mortgagor and/or the Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Mortgagor and/or the Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Mortgagor and/or the Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower Mortgagor shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title Mortgagor and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facilityand/or the Construction Loans, whichever is the earlier, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- The full sale proceeds for each Unit sold must be deposited into the Special Account; Subject to the Project Account Rules, where applicableClause 17(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lenderrelevant Architect’s Certificates relating to the Project; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ________ (_) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than _______ ( ) months from the date of first disbursement of the Land Loan Facility, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- -
(i) The full sale proceeds for each Unit sold must be deposited into the Special Account;
(ii) Subject to the Project Account Rules, where applicableClause 17(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lender; relevant Architect’s Certificates relating to the Project;
(iii) The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) 1886 (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facility and/or the Construction Loan Facility, whichever is the earlier, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- The full sale proceeds for each Unit sold must be deposited into the Special Account; Subject to the Project Account Rules, where applicableClause 15 (2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lenderrelevant Architect’s Certificates relating to the Project; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facility, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Mortgagor and the Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Mortgagor and/or the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- The full sale proceeds for each Unit sold must be deposited into the Special Account; Subject to the Project Account Rules, where applicableClause 17(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lenderrelevant Architect’s Certificates relating to the Project; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Mortgagor and/or the Borrower will at the Borrower’s their own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Mortgagor and/or the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Mortgagor and/or the Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Mortgaged Property and permit the Lender or its agents to enter into and upon the Mortgaged Property and inspect the progress of work of the Project or the state and condition of the Mortgaged Property.
(7) The Mortgagor and/or Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7Clause 17(6) hereof, the Mortgagor and/or the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Mortgagor and/or the Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Mortgagor and/or the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And and Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Mortgagor and/or the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Mortgagor and/or the Borrower be binding on and be enforceable against the Mortgagor and/or the Borrower with full force and effect.
(11) The Mortgagor and/or the Borrower shall permit the Lender and/or its agent to enter into and upon the Mortgaged Property and inspect the progress of work of the Project or the state and condition of the Mortgaged Property and the Mortgagor and/or the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Mortgagor and/or the Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Mortgagor and/or the Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit TOP and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Mortgagor and/or the Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit TOP on or before the expiry of ( ________ (____) months from the date of first disbursement of the State Land Loan Facility or the Construction Loan Facility, whichever is earlier, and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit TOP and the Certificate of Statutory Completion. The Mortgagor and/or the Borrower shall ensure that the Temporary Occupation Permit TOP is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Mortgagor and/or the Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Mortgaged Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Mortgagor and/or the Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Mortgagor and/or the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate Certificates of Title and/or the Subsidiary Strata Certificate Certificates of Title for each of the Units comprised in Project.
(17) The Mortgagor and/or the Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ____________ (____) months from the date of first disbursement of the State Land Loan Facility or the Construction Loan Facility, whichever is earlier, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Mortgagor and/or the Borrower shall give immediate notice to the Lender of the issue of separate Certificate Certificates of Title and/or the Subsidiary Strata Certificate Certificates of Title of the Mortgaged Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- -
(i) The full sale proceeds for each Unit sold must be deposited into the Special Account;
(ii) Subject to the Project Account Rules, where applicableClause 18(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lender; relevant Architect’s Certificates relating to the Project;
(iii) The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) 1886 (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan, the State Land Loan, the Development Charge Loan Facilityand/or the Construction Loan, whichever is the earliest, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Mortgagor and the Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Mortgagor and/or the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon request of the Lender, the The Borrower shall open an account with the Lender (hereinafter called “the Project Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- Subject to the Project Account Rules, where applicable, the total sale proceeds and sums in the Project Account shall be applied towards payment of the Total Indebtedness or at the Lender’s option towards payment of construction costs for the Project and for any other purposes as may be approved by the Lender; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Account until otherwise notified by the Lender; The Lender shall be given the right to (a) debit (by way of set-off or otherwise) sums in the Project Account for the payment of the Total Indebtedness or (b) transfer funds from the Project Account to the Borrower’s account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Mortgagor and/or the Borrower will will, at the Borrower’s their own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Mortgagor and/or the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Mortgagor and/or the Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Mortgagor and/or the Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Mortgagor and/or the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Mortgagor and/or the Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Mortgagor and/or the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Mortgagor and/or the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Mortgagor and/or the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Mortgagor and/or the Borrower be binding on and be enforceable against the Mortgagor and/or the Borrower with full force and effect.
(11) The Mortgagor and/or the Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Mortgagor and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Mortgagor and/or the Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Mortgagor and/or the Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Mortgagor and/or the Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower Mortgagor shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Mortgagor and/or the Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan Facilityand/or the Construction Loans, whichever is the earlier, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon the request of the Lender, the Borrower shall open an account with the Lender (hereinafter called “the Project Special Account”) for the deposit of the sale proceeds received from the sale of the Units subject to the following rules :- The full sale proceeds for each Unit sold must be deposited into the Special Account; Subject to the Project Account Rules, where applicableClause 18(2)(iii) hereof, the total sale proceeds and sums in the Project Special Account shall be applied towards payment of the Facility or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any other purposes as may be approved by upon production of the Lenderrelevant Architect’s Certificates relating to the Project; The Lender shall at all times be given a discretion to refuse the release of any funds in the Project Special Account for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Special Account until otherwise notified by the Lender; The Lender shall be given the right to at any time (a) debit (by way of set-off or otherwise) sums in the Project Special Account for the payment of the Facility or the Total Indebtedness or (b) transfer funds from the Project Special Account to the Borrower’s account(s) and/or other account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property and permit the Lender or its agents to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property and inspect the progress of work of the Project or the state and condition of the Property and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any Temporary Occupation Permit and/or the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole of the Project and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property for purpose of issue of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( ) months from the date of first disbursement of the Land Loan, the State Land Loan, the Development Charge Loan Facilityand/or the Construction Loan, whichever is the earliest, failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue of separate Certificate of Title and/or the Subsidiary Strata Certificate of Title of the Property and the Units.
Appears in 1 contract
Samples: Loan Agreement
COVENANTS RELATING TO THE PROJECT. (1) The Borrower will duly observe, perform and comply with all the terms, conditions, undertakings, stipulations and covenants (including without prejudice to the generality of the foregoing, all the terms, conditions, undertakings, stipulations and covenants imposed at any time and from time to time by all relevant governmental and statutory authorities) required to be observed and performed and complied with by the Borrower in connection with the construction and completion of the Project and shall not apply for any material changes in the planning or building approvals or plans in respect thereof without the Lender's prior written consent (which consent shall not be unreasonably withheld).
(2) Upon request of the Lender, the The Borrower shall open an a project account with the Lender (hereinafter called “the Project Account”) for the deposit of the sale proceeds received from the sale of the Units and the Project Account shall be subject to the following rules :- rules: The full sale proceeds for each Unit sold must be deposited into the Project Account; Subject to the Housing Developers (Project Account Rules, where applicableAccount) Rules 1985, the total sale proceeds and sums in the Project Account shall be applied towards payment of the Facilities or the Total Indebtedness or at the Lender’s option towards payment of the construction costs for the Project and for any upon production of the relevant Architect’s Certificates relating to the Project or such other purposes as may be approved by the Lender; and The Lender shall at all times be given a discretion to refuse the to release of any funds in the Project Account to the Borrower for as long as it deems fit, and the Borrower shall not in such event withdraw any funds from the Project Account until otherwise notified by the Lender; The Lender shall be given the right to (a) debit (by way of set-off or otherwise) sums in the Project Account for the payment of the Facilities or the Total Indebtedness or (b) transfer funds from the Project Account to the Borrower’s account(s) with the Lender for such payments, or both, subject to the Project Account Rules, where applicable.
(3) The Borrower will at the Borrower’s own costs and expense, submit the application for and obtain all necessary planning and building approvals for the Project and will furnish satisfactory evidence thereof to the Lender.
(4) In respect of any planning building or other approvals given by the competent authorities in respect of the Project, the Borrower shall ensure that all the terms and conditions and any time periods stipulated in such approvals are complied with or extensions thereof are obtained and evidence produced to the Lender.
(5) There shall be no material change in the development plan relating to the Project without the prior written consent of the Lender and "material change" herein shall include any changes to the type of development, number of units and sizes of the units in the Project and any other changes which, in the opinion of the Lender, affect the security value of the development comprised in the Project.
(6) The Borrower shall diligently and expeditiously construct and complete the whole of the Project or cause the same to be constructed and completed in conformity with the provisions of all laws and directives and the requirements of the competent authorities and in accordance with plans approved by the competent authorities and shall furnish and provide the Lender with and permit the Lender to obtain all statements, information, explanation and data as the Lender may from time to time require concerning the Project and the progress of the construction of any building or buildings erected or to be erected on the Property Properties and permit the Lender or its agents to enter into and upon the Property Properties and inspect the progress of work of the Project or the state and condition of the PropertyProperties.
(7) The Borrower will not vary alter or cause to be varied or altered the approved plans and specifications relating to the Project or any terms in the Building Contract without first obtaining the written consent of the Lender.
(8) Subject to paragraph (7) hereof, the Borrower will submit all variations amendments or changes to the approved plans and specifications to the Lender within fourteen (14) days when the same shall have been approved.
(9) The Borrower shall inform the Lender immediately of any change in the contractor, architect, engineer and other professional consultants to the Project.
(10) In the event that the Borrower makes any amendment or alteration of the said approved plans and specifications without the prior written approval of the relevant competent authorities or the Lender, the Lender may in its absolute discretion by notice cancel all or any part of the Facilities remaining to be released and/or demand payment of all moneys which are owing and secured hereunder and upon such notice to the Borrower, the Lender may refuse to make any further disbursements of the Facilities with immediate effect and all the moneys so recalled or demanded shall immediately become due and payable whereupon the Lender shall be entitled to exercise all the rights powers and remedies of a mortgagee pursuant to the Mortgage Mortgages and the Conveyancing And Law of Property Act (Cap. 61) (hereinafter called "the said Act"). The Lender shall be entitled to amend or alter any or all of the terms and conditions of the Mortgage Mortgages in so far as the same relate to or are necessitated directly or indirectly by such unapproved amendment or alteration of the said approved plans and specifications by the Borrower and any such term or condition so amended or altered by the Lender under this Clause shall upon notice to the Borrower be binding on and be enforceable against the Borrower with full force and effect.
(11) The Borrower shall permit the Lender and/or its agent to enter into and upon the Property Properties and inspect the progress of work of the Project or the state and condition of the Property Properties and the Borrower will be responsible for and shall on demand of the Lender pay all fees and expenses incurred by the Lender when carrying out any inspection as aforesaid.
(12) The Borrower will prepare and supply to the Lender as and when required by the Lender a statement of the progress of work of the Project in such form and containing such information as are acceptable to the Lender.
(13) The Borrower shall immediately inform the Lender of the issuance of any the Temporary Occupation Permit and/or and the Certificate of Statutory Completion in respect of the Project and forthwith upon issue shall supply the Lender with copies thereof.
(14) The Borrower will do all acts and things necessary to procure the prompt issue of the Temporary Occupation Permit on or before the expiry of ( ) months from the date of first disbursement of the Land Loan Facility and the Certificate of Statutory Completion for the whole Project and in any case, on or before the expiry of _______ (____) months from the date of 1st disbursement of the Project Facilities or any part thereof and will at its own cost and expense comply with all requirements of the competent authorities which are conditions precedent to the issue of such Temporary Occupation Permit and the Certificate of Statutory Completion. The Borrower shall ensure that the Temporary Occupation Permit is renewed at all times until the issue of a Certificate of Statutory Completion.
(15) The Borrower shall promptly apply for the approval of the competent authority for subdivision of the Units of the Property Properties for the purpose of issue issuance of separate Certificates of Title and/or Subsidiary Strata Certificates of Title for each of the Units comprised in Project.
(16) The Borrower shall comply and shall cause or procure that all professional advisors and independent contractors that are from time to time engaged or employed by it comply with all the conditions imposed by, and supply all the information documentation and data required by the Chief Surveyor, the Registrar of Titles or any other competent authority, so as to ensure that there is no delay on the part of the Borrower its professional advisers and independent contractors in procuring the issue issuance of the Certificate of Title and/or the Subsidiary Strata Certificate of Title for each of the Units comprised in Project.
(17) The Borrower shall construct and complete the Project in accordance with the requirements of the relevant government authorities no later than ( _______ (____) months from the date of first disbursement of the Land Loan Facility, Facilities or any part thereof failing which the Lender reserves the right to review and/or recall any or all the outstanding loans together with the accrued interest and overdue interest, charges, expenses and all monies owing under the Facilities granted herein.
(18) The Borrower shall give immediate notice to the Lender of the issue issuance of the separate Certificate Certificates of Title and/or the Subsidiary Strata Certificate Certificates of Title of the Property Properties and the Units.
(19) If the market value of the Properties (as assessed by the Lender) falls below what the Lender in its sole discretion considers to be an adequate value to secure all moneys charged thereon (whether in favour of the Lender or otherwise), the Lender shall be entitled without prejudice to any other right which the Lender may have to:-
(a) require the Borrower to repay to the Lender such amount or amounts of the Total Indebtedness and within such period of time as the Lender shall prescribe; and/or
(b) reduce the Facilities and/or withhold disbursement or further disbursement of the Facilities; and/or
(c) require the Borrower to provide the Lender with additional security in such form and of such value acceptable to the Lender as security for the Facilities and other moneys covenanted to be paid hereunder, on such terms and within such period of time as the Lender shall prescribe, failing which the Lender shall have the right to recall the Facilities and immediate payment of the Total Indebtedness on demand.
(20) The Lender shall be entitled from time to time to request for an updated valuation to be conducted on the Properties at its absolute discretion. All fees and expenses incurred as a result thereof shall be borne sole by the Borrower.
Appears in 1 contract
Samples: Loan Agreement
