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(To be stamped as an agreement
at the rate applicable in the
State where executed) |
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UNITED BANK OF INDIA |
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AGREEMENT FOR ASSIGNMENT OF RENT |
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THIS AGREEMENT FOR
ASSIGNMENT OF RENT is made this ...................
day of .................................. two thousand .............................
BETWEEN Shri/Smt/Kum................................................................
..............................................................son/ daughter/wife of
......................................................................residing
at...............
....................................................................... and Shri/Smt/Kum
.......................................................................................
son/daughter/wife of ................................................... residing at
.................................................................. and Shri/Smt/Kum
.........................................................................
son/daughter/wife of ................................................ residing
at.........................hereinafter called ‘the Borrower' (which expression shall,
unless excluded or repugnant to the context, be deemed to mean and include
its/his/her/their respective heirs, executors, administrators, legal administrators,
successors and assigns) of the FIRST PART, United Bank of India, a body corporate
constituted under the Banking Companies (Acquisition & Transfer of Undertaking) Act,
1970 as amended by Section 10 Sub-section (i) of the Banking (Amendment) Act, 1985 and
having its Head Office at 16, Old Court House Street, Kolkata –700001 and a Branch
amongst other places at ………………………….,
hereinafter called ‘the Bank' (which expression shall, unless it be repugnant to the
subject or context thereof, include its successors and assigns) of the SECOND PART.
WHEREAS
i) The Borrower is the owner/lessor of house/flat/commercial premises
No.…………………………. Situated at
……………………………………………..………
(here set out detail description of the property) and is fully authorized and empowered to
let out/grant lease of the said house/flat/commercial premises on such terms and
conditions as the Borrower shall think fit and proper.
ii) The Borrower has let out/granted lease of the above house/flat/commercial premises to
……..…………………………………………………..,
the Tenent/Lessee herein, by way of monthly tenancy/lease upon the terms and conditions
therein contained, a copy of which Tenancy/Lease Agreement is annexed hereto.
iii) The Borrower has approached the Bank for granting a Term Loan facility to it
against mortgage of the property and assignment of rent receivables from the above
mentioned property for
………………………………………………
(Purpose)
iv) At the request of the Borrower, the Bank has sanctioned to the Borrower a Term Loan of
Rs……………………. (Rupees
…………………………
………………… …………… …
……), inter alia, against the securities of mortgage of the property and
assignment of rent receivables by the Borrower from the Tenant/Lessee in favour of the
Bank.
v) To give effect to the aforesaid arrangement, the parties hereto have agreed to execute
an agreement (being these presents) upon the terms and conditions hereinafter appearing.
NOW THIS AGREEMENT WITNESSETH as follows:
1. The Bank has granted and/or agreed to grant and the Borrower has taken and/or agreed to
take Term loan facilities for Rs…………………… (Rupees
…………………………………) from the
Bank subject to payment of interest at the rate hereinafter mentioned and upon the terms
and conditions hereinafter contained.
2. The Borrower hereby agrees and covenants with the Bank to repay to the Bank loan amount
of Rs……………………… (Rupees
……………………………………………….),
along with interest at the rate hereinafter mentioned, by
…...........……… monthly instalments of
Rs………………. (Rupees
………………………………..) each
commencing from ………………………….. and ending
on …………………………. And such payment shall be
made by assignment of rent receivable by the Borrower from the Tenant/Lessee.
3. The Borrower hereby agrees and promises with the Bank to pay to the Bank interest @
....……% per annum on the amount of loan outstanding for the time being,
calculated on daily product and charged on monthly basis.
4. In fulfillment of the Borrower's covenant to repay the loan amount by instalment and to
pay interest at the rate mentioned hereinbefore, the Borrower hereby agrees to assign in
favour of the Bank monthly rent of Rs…………………..
receivable by the Borrower from its Tenant/Lessee in terms of the Tenancy/Lease Agreement
entered into between the Borrower of the One Part and the Tenant/Lessee of the Other Part
and for the aforesaid purpose, the Borrower hereby unconditionally and irrevocably
instructs and authorizes the Tenant/Lessee to pay to the Bank each and every month the
rent payable, net of Tax Deducted at Source, by the Tenant/Lessee to the Borrower in terms
of the aforesaid Tenancy/Lease Agreement to liquidate the outstanding of the Borrower with
the Bank under the Term Loan facility under United Mortgage Loan Scheme of the Bank for
Rs……………………….. enjoyed by the Borrower with
the Bank.
5. In consideration of the Borrower having instructed and authorized the Tenant/Lessee and
agreed to assign rent receivable by the Borrower from it's Tenant/Lessee in favour of the
Bank, the Tenant/Lessee hereby agrees and undertakes with the Bank to deposit with the
Bank.
6. The Borrower hereby agrees and covenants with the Bank as follows;
a) That so long as the above loan is not fully repaid by the
Borrower to the Bank, the Borrower shall not change its instruction or authorization given
to its Tenant/Lessee
to pay the rent to the Bank and also shall not terminate the tenancy/lease of the
Tenant/Lessee without the consent in writing of the Bank.
b) Upon deposit of rent by the Tenant/Lessee with the Bank in the manner stated above, the
Borrower shall issue Rent Receipt in favour of the Tenant/ Lessee.
c) The Borrower hereby irrevocably authorizes and directs the Tenant/Lessee to pay to the
Bank the monthly rent of Rs. ………………, net of deduction at
source for tax and other amounts, by the Borrower from the Tenant/Lessee in terms of
Tenancy/Lease Agreement dated ……………………….
d) The Borrower hereby undertakes to replenish any shortfall in the monthly rent, assigned
to the Bank, payable by the Tenant/Lessee that might occur due to increase in deduction at
source of tax and such other amounts during the currency of this Agreement for Assignment
of Rent.
e) The borrower shall execute formal Deed of Assignment of Rent at its/his/her cost and
expenses including stamp duty payable on such Deed of Assignment of Rent
as and when the Borrower called upon by the Bank to do so to protect the interest of the
Bank and the Borrower undertakes to execute such Deed of Assignment of Rent and shall not
raise any dispute or objection for such purpose.
f) The Borrower hereby confirms and declares that Bank is authorized to exercise its
option to take possession of the Tenanted/Leased premise from the Tenant/Lessee
and the Tenant/Lessee delivers possession to the Bank, the Borrower shall not raise any
dispute or objection to such delivery of possession and the Bank's acceptance of
possession from the Tenant/Lessee shall be a good and valid discharge of the
Tenant/Lessee.
g) The Borrower hereby empowers and authorizes the Bank to accept possession of the above
premises from the Tenant/
Lessee pursuant to the aforesaid sub-clause (f) and if necessary to issue Discharge
Certificate in favour of the Tenant/Lessee for and on behalf of the Borrower.
The Borrower hereby agree and confirm that they shall not modify any of the terms,
conditions and covenants contained in their Tenancy/Lease Agreement without the consent in
writing of the Bank.
7. Pursuant to Clause 6(d) mentioned hereinabove the Borrower
hereby agree to intimate the Bank in advance if any such reduction in net monthly rent
receivable occurs due to increase in such deductions at source in terms of Tenancy/Lease
Agreement dated …………………
8. Any notice in writing to be served upon any of the parties hereto may be made or given
by sending the same to such party at its respective address mentioned herein and every
such notice shall be deemed to be received at the time at which it is left or at the time
at which it would have been delivered by post or otherwise at the respective address of
the parties. |
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IN WITNESS WHEREOF the
parties hereto have executed these presents on the day, month and year first above
written.
SIGNED and DELIVERED by the abovenamed 1.
Borrower (s)
2.
3. |
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SIGNED and DELIVERED
for and on behalf of Bank
By .
………………………………………………………
(name and designation)
at
…………………………………………………………
(name of Branch/Office)
SIGNED and DELIVERED by the
Above-named tenant/lessee (with
Common seal in case of Ltd. company) |