DEFICIENCY IN PROCEEDS OF SALE. The parties agree that, regardless of any other provision contained in this Agreement: (a) the Borrower shall pay all costs and expenses (including legal fees on a solicitor-client basis, execution or valuation fees, any other professional fees, stamp duties, disbursements and any related penalties) on a full indemnity basis that the Bank incurs in connection with: (i) the enforcement or the preservation of any rights under the Security Documents. For clarity, this would include fees, charges and expenses expended on legal proceedings and foreclosure proceedings (including legal fees, execution fees, valuation fees, real estate agent fees, auctioneer fees and any other professional fees); or (ii) any legal proceedings relating to or in connection with the Property or to protect the Bank’s interest in the Property or any account(s) of the Borrower; or (iii) maintenance (including maintenance fee) or realisation of the Property; or (iv) the recovery of the Indebtedness. (b) if the amount received and/or realised by the Bank under this Agreement and/or Security Documents, after deduction of all costs and expenses mentioned above, rates, taxes and other outgoings, is less than the amount due to the Bank under the Security Documents, the Borrower will be liable for the shortfall regardless of whether or not the banker-customer relationship between the Bank and the Borrower has ceased or been terminated; (c) paragraph (b) applies whether or not the Bank is the purchaser of all the assets or properties charged and/or assigned to the Bank under the Security Documents at such sale; (d) until payment is made for the amount of the shortfall, the Borrower will (regardless of any foreclosure proceedings taken or sale made by the Bank) also pay interest (both before demand as well as after judgment and whether or not the banker-customer relationship between the Bank and the Borrower has ceased or been terminated) on the shortfall at the Prevailing Interest Rate and if applicable, the Default Rate, up to the date such shortfall together with all accrued interests is actually received in full by the Bank; and (e) any interest payable under this Section 9.3 is to be calculated and charged in accordance with Section 5. 10.1 Obligation to maintain Mortgage Insurance Policy If the Borrower is required to buy/take up, or in the event that the Bank buys/takes up on the Borrower’s behalf, and maintains a mortgage reducing term policy, or any other policy, guaranteeing the repayment of the Indebtedness, the Borrower expressly agrees with the Bank to: (a) cause the interest of the Bank as loss payee to be endorsed on the insurance policy so bought/taken up; (b) pay the premium on such policies; and (c) deliver the receipts for such payments to the Bank. 10.2 Obligation to maintain insurance or takaful on the Property (a) The Borrower expressly agrees with the Bank that whenever required by the Bank, the Borrower will utilise a licensed insurance company or if it is available, a takaful operator of the Borrower’s choice to: (i) ensure that the Property is adequately insured up to their full insurable value, against loss or damage by fire, lightning, tempest, flood, riot, civil commotion, malicious acts and strike and such other risks as the Bank may require; (ii) ensure that the interest of the Bank as chargee or assignee and loss payee is endorsed on the insurance policy or policies or where applicable, the takaful contract or contracts so bought/taken up; and (iii) deposit with the Bank a certified true copy of the policy or policies or where applicable, the takaful contract or contracts so bought/taken up together with evidence of payment of the current insurance premium or where applicable, the current takaful contribution, payable under such insurance policy or policies or takaful contract or contracts. (b) The Borrower also expressly agrees that the Bank may but is not obliged to insure and keep the Property insured in accordance with Section 10.2(a)(i). In the event the Bank proceeds to do so, the Borrower shall be required to pay the insurance premium or where applicable, the takaful contribution on demand by the Bank. If the Borrower fails to pay the insurance premium or where applicable, the takaful contribution, the Bank may proceed to make the payment on behalf of the Borrower and such payment shall be added to the Indebtedness or the Property Financing/Facility. 10.3 Obligation to inform the Bank of change of contact information The Borrower expressly agrees with the Bank to inform the Bank immediately of any change in the contact information such as correspondence address, phone number, facsimile number and/or email address of the Borrower. Any change in the Borrower’s contact information such as address, phone number, facsimile number and/or email address is not binding on the Bank unless the Borrower has given notice in writing to the Bank and/or via other channels provided by the Bank.
Appears in 2 contracts
Samples: Conventional Property Financing Facility Agreement, Conventional Property Financing Facility Agreement
DEFICIENCY IN PROCEEDS OF SALE. The parties agree that, regardless of any other provision contained in this Agreement:
(a) the Borrower shall pay all costs and expenses (including legal fees on a solicitor-client basis, execution or valuation fees, any other professional fees, stamp duties, disbursements and any related penalties) on a full indemnity basis that the Bank incurs in connection with:
(i) the enforcement or the preservation of any rights under the Security Documents. For clarity, this would include fees, charges and expenses expended on legal proceedings and foreclosure proceedings (including legal fees, execution fees, valuation fees, real estate agent fees, auctioneer fees and any other professional fees); or
(ii) any legal proceedings relating to or in connection with the Property or to protect the Bank’s interest in the Property or any account(s) of the Borrower; or
(iii) maintenance (including maintenance fee) or realisation of the Property; or
(iv) the recovery of the Indebtedness.
(b) if the amount received and/or realised by the Bank under this Agreement and/or Security Documents, after deduction of all costs and expenses mentioned above, rates, taxes and other outgoings, is less than the amount due to the Bank under the Security Documents, the Borrower will be liable for the shortfall regardless of whether or not the banker-customer relationship between the Bank and the Borrower has ceased or been terminated;
(c) paragraph (b) applies whether or not the Bank is the purchaser of all the assets or properties charged and/or assigned to the Bank under the Security Documents at such sale;
(d) until payment is made for the amount of the shortfall, the Borrower will (regardless of any foreclosure proceedings taken or sale made by the Bank) also pay interest (both before demand as well as after judgment and whether or not the banker-customer relationship between the Bank and the Borrower has ceased or been terminated) on the shortfall at the Prevailing Interest Rate and if applicable, the Default Rate, up to the date such shortfall together with all accrued interests is actually received in full by the Bank; and
(e) any interest payable under this Section 9.3 is to be calculated and charged in accordance with Section 5.
10.1 Obligation to maintain Mortgage Insurance Policy If the Borrower is required to buy/take up, or in the event that the Bank buys/takes up on the Borrower’s behalf, and maintains a mortgage reducing term policy, or any other policy, guaranteeing the repayment of the Indebtedness, the Borrower expressly agrees with the Bank to:
(a) cause the interest of the Bank as loss payee to be endorsed on the insurance policy so bought/taken up;
(b) pay the premium on such policies; and
(c) deliver the receipts for such payments to the Bank.
10.2 Obligation to maintain insurance or takaful on the Property
(a) The Borrower expressly agrees with the Bank that whenever required by the Bank, the Borrower will utilise a licensed insurance company or if it is available, a takaful operator of the Borrower’s choice to:
(i) ensure that the Property is adequately insured up to their full insurable value, against loss or damage by fire, lightning, tempest, flood, riot, civil commotion, malicious acts and strike and such other risks as the Bank may require;
(ii) ensure that the interest of the Bank as chargee or assignee and loss payee is endorsed on the insurance policy or policies or where applicable, the takaful contract or contracts so bought/taken up; and
(iii) deposit with the Bank a certified true copy of the policy or policies or where applicable, the takaful contract or contracts so bought/taken up together with evidence of payment of the current insurance premium or where applicable, the current takaful contribution, payable under such insurance policy or policies or takaful contract or contracts.
(b) The Borrower also expressly agrees that the Bank may but is not obliged to insure and keep the Property insured in accordance with Section 10.2(a)(i). In the event the Bank proceeds to do so, the Borrower shall be required to pay the insurance premium or where applicable, the takaful contribution on demand by the Bank. If the Borrower fails to pay the insurance premium or where applicable, the takaful contribution, the Bank may proceed to make the payment on behalf of the Borrower and such payment shall be added to the Indebtedness or the Property FinancingHousing Loan/Facility.
10.3 Obligation to inform the Bank of change of contact information The Borrower expressly agrees with the Bank to inform the Bank immediately of any change in the contact information such as correspondence address, phone number, facsimile number and/or email address of the Borrower. Any change in the Borrower’s contact information such as address, phone number, facsimile number and/or email address is not binding on the Bank unless the Borrower has given notice in writing to the Bank and/or via other channels provided by the Bank.
Appears in 2 contracts
Samples: Housing Loan Agreement, Housing Loan Agreement
DEFICIENCY IN PROCEEDS OF SALE. The parties agree that, regardless of any other provision contained in this Agreement:
(a) the Borrower shall pay all costs and expenses (including legal fees on a solicitor-client basis, execution or valuation fees, any other professional fees, stamp duties, disbursements and any related penalties) on a full indemnity basis that the Bank incurs in connection with:
(i) the enforcement or the preservation of any rights under the Security Documents. For clarity, this would include fees, charges and expenses expended on legal proceedings and foreclosure proceedings (including legal fees, execution fees, valuation fees, real estate agent fees, auctioneer fees and any other professional fees); or
(ii) any legal proceedings relating to or in connection with the Property or to protect the Bank’s interest in D Q \ O H J D O S U R F H H G L Q J V U H the Property or any account(s) of the Borrower; or
(iii) maintenance (including maintenance fee) or realisation of the Property; or
(iv) the recovery of the Indebtedness.
(b) if the amount received and/or realised by the Bank under this Agreement and/or Security Documents, after deduction of all costs and expenses mentioned above, rates, taxes and other outgoings, is less than the amount due to the Bank under the Security Documents, the Borrower will be liable for the shortfall regardless of whether or not the banker-customer relationship between the Bank and the Borrower has ceased or been terminated;
(c) paragraph (b) applies whether or not the Bank is the purchaser of all the assets or properties charged and/or assigned to the Bank under the Security Documents at such sale;
(d) until payment is made for the amount of the shortfall, the Borrower will (regardless of any foreclosure proceedings taken or sale made by the Bank) also pay interest (both before demand as well as after judgment and whether or not the banker-customer relationship between the Bank and the Borrower has ceased or been terminated) on the shortfall at the Prevailing Interest Rate and if applicable, the Default Rate, up to the date such shortfall together with all accrued interests is actually received in full by the Bank; and
(e) any interest payable under this Section 9.3 is to be calculated and charged in accordance with Section 5.. SECTION 10
10.1 Obligation to maintain Mortgage Insurance Policy If the Borrower is required to buy/take up, or in the event that the Bank buys/takes up on the Borrower’s behalfI W K H % R U U R Z H U L V U H T X L U bHehalGf, and maintains a mortgage reducing term policy, or any other policy, guaranteeing the repayment of the Indebtedness, the Borrower expressly agrees with the Bank to:
(a) cause the interest of the Bank as loss payee to be endorsed on the insurance policy so bought/taken up;
(b) pay the premium on such policies; and
(c) deliver the receipts for such payments to the Bank.
10.2 Obligation to maintain insurance or takaful on the Property
(a) The Borrower expressly agrees with the Bank that whenever required by the Bank, the Borrower will utilise a licensed insurance company or if it is available, a takaful operator of the Borrower’s choice to:O L F H Q V H G L Q V X U D Q F H F R P S D Q \
(i) ensure that the Property is adequately insured up to their full insurable value, against loss or damage by fire, lightning, tempest, flood, riot, civil commotion, malicious acts and strike and such other risks as the Bank may require;
(ii) ensure that the interest of the Bank as chargee or assignee and loss payee is endorsed on the insurance policy or policies or where applicable, the takaful contract or contracts so bought/taken up; and
(iii) deposit with the Bank a certified true copy of the policy or policies or where applicable, the takaful contract or contracts so bought/taken up together with evidence of payment of the current insurance premium or where applicable, the current takaful contribution, payable under such insurance policy or policies or takaful contract or contracts.
(b) The Borrower also expressly agrees that the Bank may but is not obliged to insure and keep the Property insured in accordance with Section 10.2(a)(i). In the event the Bank proceeds to do so, the Borrower shall be required to pay the insurance premium or where applicable, the takaful contribution on demand by the Bank. If the Borrower fails to pay the insurance premium or where applicable, the takaful contribution, the Bank may proceed to make the payment on behalf of the Borrower and such payment shall be added to the Indebtedness or the Property FinancingStaff Loan/Facility.
10.3 Obligation to inform the Bank of change of contact information The Borrower expressly agrees with the Bank to inform the Bank immediately of any change in the contact information such as correspondence address, phone number, facsimile number and/or email address of the Borrower. Any change in the Borrower’s contact information such as address, phone number, facsimile number and/or email address is not binding on the Bank unless the Borrower has given notice in writing to the Bank and/or via other channels provided by the Bank.
Appears in 1 contract
DEFICIENCY IN PROCEEDS OF SALE. The parties agree that, regardless of any other provision provisions contained in this AgreementAgreement to the contrary:
(a) the Borrower Customer shall pay all costs and expenses (including legal fees on a solicitor-client basis, execution or valuation fees, any other professional fees, stamp duties, disbursements and any related penalties) on a full indemnity basis that the Bank incurs in connection with:
(i) the enforcement or the preservation of any rights under the Security Documents. For clarity, this would include fees, charges and expenses expended on legal proceedings and foreclosure proceedings (including legal fees, execution fees, valuation fees, real estate agent fees, auctioneer fees and any other professional fees); or
(ii) any legal proceedings relating to or in connection with the Property or to protect the Bank’s interest in the Property or any account(s) of the BorrowerCustomer; or
(iii) maintenance (including maintenance fee) or realisation of the Property; or
(iv) the recovery of the Indebtedness.
(b) if the actual amount ultimately received and/or realised by the Bank towards the Indebtedness under this Agreement the terms of the Security Documents and /or on a sale or disposal of the assets or properties charged and/or assigned to the Bank under the Security Documents, after deduction of all costs and expenses mentioned abovefees, costs, rates, taxes and other outgoingsoutgoings as abovementioned, is less than the amount due to the Bank under the Security DocumentsLetter of Offer and this Agreement, the Borrower Customer will be liable for the amount of such shortfall regardless of whether or not the banker-customer relationship between the Bank and the Borrower Customer has ceased or been terminated;
(c) paragraph (ba) applies whether or not the Bank is the purchaser of all the assets or properties charged and/or assigned to the Bank under the Security Documents at such salesale or disposal;
(d) until payment is made for the amount of the shortfall, the Borrower Customer will (regardless of any foreclosure proceedings taken or sale made by the Bank) also pay interest (both before demand as well as after judgment and whether or not the banker-customer relationship between Late Payment Compensation on the Bank and the Borrower has ceased or been terminated) on amount of the shortfall at the Prevailing Interest prevailing Islamic Interbank Money Market (IIMM) Rate and if applicable, the Default Rate, up to the date until full settlement of such shortfall together with and all accrued interests is actually received in full by the Bank; and
(e) any interest other moneys due and payable under this Section 9.3 is to be calculated and charged in accordance with Section 5.
10.1 Obligation to maintain Mortgage Insurance Policy If the Borrower is required to buy/take up, or in the event that the Bank buys/takes up on the Borrower’s behalf, and maintains a mortgage reducing term policy, or any other policy, guaranteeing the repayment of the Indebtedness, the Borrower expressly agrees with the Bank to:
(a) cause the interest of the Bank as loss payee to be endorsed on the insurance policy so bought/taken up;
(b) pay the premium on such policies; and
(c) deliver the receipts for such payments to the Bank.
10.2 Obligation to maintain insurance or takaful on the Property
(a) The Borrower expressly agrees with the Bank that whenever required by the Bank, the Borrower will utilise a licensed insurance company or if it is available, a takaful operator of the Borrower’s choice to:
(i) ensure that the Property is adequately insured up to their full insurable value, against loss or damage by fire, lightning, tempest, flood, riot, civil commotion, malicious acts and strike and such other risks as the Bank may require;
(ii) ensure that the interest of the Bank as chargee or assignee and loss payee is endorsed on the insurance policy or policies or where applicable, the takaful contract or contracts so bought/taken up; and
(iii) deposit with the Bank a certified true copy of the policy or policies or where applicable, the takaful contract or contracts so bought/taken up together with evidence of payment of the current insurance premium or where applicable, the current takaful contribution, payable under such insurance policy or policies or takaful contract or contracts.
(b) The Borrower also expressly agrees that the Bank may but is not obliged to insure and keep the Property insured in accordance with Section 10.2(a)(i). In the event the Bank proceeds to do so, the Borrower shall be required to pay the insurance premium or where applicable, the takaful contribution on demand by the Bank. If the Borrower fails to pay the insurance premium or where applicable, the takaful contribution, the Bank may proceed to make the payment on behalf of the Borrower and such payment shall be added to the Indebtedness or the Property Financing/Facility.
10.3 Obligation to inform the Bank of change of contact information The Borrower expressly agrees with the Bank to inform the Bank immediately of any change in the contact information such as correspondence address, phone number, facsimile number and/or email address of the Borrower. Any change in the Borrower’s contact information such as address, phone number, facsimile number and/or email address is not binding on the Bank unless the Borrower has given notice in writing to the Bank and/or via other channels provided by the Bank.
Appears in 1 contract
DEFICIENCY IN PROCEEDS OF SALE. The parties agree that, regardless of any other provision contained in this Agreement:
(a) the Borrower shall pay all costs and expenses (including legal fees on a solicitor-solicitor- client basis, execution or valuation fees, any other professional fees, stamp duties, disbursements and any related penalties) on a full indemnity basis that the Bank incurs in connection with:
(i) the enforcement or the preservation of any rights under the Security Documents. For clarity, this would include fees, charges and expenses expended on legal proceedings and foreclosure proceedings (including legal fees, execution fees, valuation fees, real estate agent fees, auctioneer fees and any other professional fees); or
(ii) any legal proceedings relating to or in connection with the Property or to protect the Bank’s interest in the Property or any account(s) of the Borrower; or
(iii) maintenance (including maintenance fee) or realisation of the Property; or
(iv) the recovery of the Indebtedness.
(b) if the amount received and/or realised by the Bank under this Agreement and/or Security Documents, after deduction of all costs and expenses mentioned above, rates, taxes and other outgoings, is less than the amount due to the Bank under the Security Documents, the Borrower will be liable for the shortfall regardless of whether or not the banker-customer relationship between the Bank and the Borrower has ceased or been terminated;
(c) paragraph (b) applies whether or not the Bank is the purchaser of all the assets or properties charged and/or assigned to the Bank under the Security Documents at such sale;
(d) until payment is made for the amount of the shortfall, the Borrower will (regardless of any foreclosure proceedings taken or sale made by the Bank) also pay interest (both before demand as well as after judgment and whether or not the banker-customer relationship between the Bank and the Borrower has ceased or been terminated) on the shortfall at the Prevailing Interest Prescribed Rate and if applicable, the Default Rate, up to the date such shortfall together with all accrued interests is actually received in full by the Bank; and
(e) any interest payable under this Section 9.3 is to be calculated and charged in accordance with Section 5.
Section 10.1 Obligation to maintain Mortgage Insurance Policy If the Borrower is required to buy/take up, or in the event that the Bank buys/takes up on the Borrower’s behalf, and maintains a mortgage reducing term policy, or any other policy, guaranteeing the repayment of the Indebtedness, the Borrower expressly agrees with the Bank to:
(a) cause the interest of the Bank as loss payee to be endorsed on the insurance policy so bought/taken up;
(b) pay the premium on such policies; and
(c) deliver the receipts for such payments to the Bank.
10.2 Obligation to maintain insurance or takaful on the Property
(a) The Borrower expressly agrees with the Bank that whenever required by the Bank, the Borrower will utilise a licensed insurance company or if it is available, a takaful operator of the Borrower’s choice to:
(i) ensure that the Property is adequately insured up to their full insurable value, against loss or damage by fire, lightning, tempest, flood, riot, civil commotion, malicious acts and strike and such other risks as the Bank may require;
(ii) ensure that the interest of the Bank as chargee or assignee and loss payee is endorsed on the insurance policy or policies or where applicable, the takaful contract or contracts so bought/taken up; and
(iii) deposit with the Bank a certified true copy of the policy or policies or where applicable, the takaful contract or contracts so bought/taken up together with evidence of payment of the current insurance premium or where applicable, the current takaful contribution, payable under such insurance policy or policies or takaful contract or contracts.
(b) The Borrower also expressly agrees that the Bank may but is not obliged to insure and keep the Property insured in accordance with Section 10.2(a)(i). In the event the Bank proceeds to do so, the Borrower shall be required to pay the insurance premium or where applicable, the takaful contribution on demand by the Bank. If the Borrower fails to pay the insurance premium or where applicable, the takaful contribution, the Bank may proceed to make the payment on behalf of the Borrower and such payment shall be added to the Indebtedness or the Property Financing/Facility.
10.3 Obligation to inform the Bank of change of contact information The Borrower expressly agrees with the Bank to inform the Bank immediately of any change in the contact information such as correspondence address, phone number, facsimile number and/or email address of the Borrower. Any change in the Borrower’s contact information such as address, phone number, facsimile number and/or email address is not binding on the Bank unless the Borrower has given notice in writing to the Bank and/or via other channels provided by the Bank.
Appears in 1 contract
Samples: Loan Agreement