Building Loans
(Miscellaneous Provisions) (Jersey) Regulations 1961[1]
1
Save as the Minister may
at his or her absolute discretion allow, no loan shall be made under these Regulations
to any person unless he or she satisfies both the following conditions, namely –
(a) in
the case of a loan granted for a purpose specified in Article 3 of the Building Loans
(Jersey) Law 1950 (referred to in these Regulations as the
“Law”), he or she has –
(i) Entitled
Status, or
(ii) Entitled
for Work Only status by virtue of being the spouse of a person with Entitled
status,
in accordance with the Control of
Housing and Work (Residential and Employment Status) (Jersey)
Regulations 2013;
(b) he
or she does not at the time of his or her application for the loan own land in Jersey
other than, in the case of a loan for a purpose specified in Article 3(c),
(e) or (f) of the Law, the land on which the loan is to be secured, and has not
previously owned land in Jersey.[2]
2
In determining the
priority in which applications for loans shall be granted, the Minister shall
have regard, in particular, to the financial stability of the applicants, and,
where a loan is required for a purpose specified Article 3(a), (b), (c),
(d) or (g) of the Law, to their age, whether or not they are married or in a
civil partnership, the number of their dependant children, and the nature of
their housing accommodation, and, where the loan is required for a purpose
specified in Article 3(e) or (f), to the costs to be incurred in carrying
out the works of conversion, reconstruction, alteration, enlargement, repair or
improvement, as the case may be, as compared with the amount which in the
opinion of the Minister would be the value of the property on which the loan
would be secured after the works had been carried out.[3]
3
Before lending money to a
person for a purpose specified in Article 3(a), (b), (c), (d) or (g) of
the Law, the Minister shall satisfy himself or herself that the income for
income tax purposes of that person which arose in the year immediately
preceding the date of the final approval of the application for the loan or,
where the Minister so determines, that the estimated income for income tax
purposes of that person for the year during which the application is so
approved, is not less than 3, and not more than 5 times the total of the
instalments which would be payable, if the loan were made, towards the
repayment in the course of any year of the principal of the loan and interest
thereon.[4]
4
A loan may be made for a
purpose specified in Article 3(e) or (f) of the Law notwithstanding that rentes anciennes are charged on the property on which the loan is to be secured,
and, in such a case, the value of the property for the purposes of Article 8
of the Law shall be reduced by the capital value of the rentes.
5
A loan may be made to
spouses jointly if the property on which the loan is to be secured is or will
be owned by them for themselves and the survivor of them and the heirs of such
survivor and if both spouses satisfy the conditions specified in
Regulation 1.[5]
5A [6]
A loan may be made to
civil partners jointly if the property on which the loan is to be secured is or
will be owned by them for themselves and the survivor of them and the heirs of
such survivor and if both civil partners satisfy the conditions specified in
Regulation 1.
6
(1) Subject
to the provisions of these Regulations, a loan may be made in an amount not
exceeding £120,000.[7]
(2) Subject
to paragraph (3), if an applicant for a loan, or the owner of any property
on which a loan is secured, satisfies the Minister that the total of
instalments payable in any year towards the repayment of the principal of the
loan and the interest thereon is more than one quarter of his or her income for
income tax purposes which arose in the year preceding that year or, where the
circumstances so required, which it is estimated will arise in that year, the
Minister, subject to the provisions of paragraph (5), may reduce the rate
of interest on the loan or the balance of the loan as the case may be, for the
year in which those instalments are payable to such a rate, being a multiple of
.25% and being not less than the relevant minimum rate described in paragraph (4)
as will bring the total of those instalments, computed on the basis that such
reduced rate of interest will be applicable for the remainder of the period
within which the loan is to be repaid, to an amount as near as may be to, but
not more than, one quarter of his or her income for income tax purposes.[8]
(3) In
its application to a loan or an application for a loan made on or after 1st January 1991,
paragraph (2) shall have effect as if for the words “one quarter of
his or her income”, there were substituted the words “one third of
his or her income”.[9]
(4) In
paragraph (2), the “relevant minimum rate” means –
(a) 3% –
(i) in the case of a
loan made before 1st January 1995 or pursuant to a letter of offer of a
loan issued by the Housing Committee before that date, and
(ii) in
the case of a loan made on or after 1st January 1995 secured on a house
which is a lot, or on shares in a company which confer an exclusive right to
occupy a company-owned dwelling which is a self-contained part of a building;
and
(b) 5% in
any other case.[10]
(5) Where –
(a) the
rate of interest on a loan or the balance of a loan has been reduced in
pursuance of paragraph (2); and
(b) the
basis of the estimate of income giving rise to the reduction of interest is
subsequently shown to have been incorrect,
the Minister may recover
from the person in receipt of the loan the difference between the total of
instalments that the person should have paid and the amount that the person
actually paid during the year in question.[11]
(6) Subject
to paragraph (9), paragraph (7) shall apply where –
(a) the
rate of interest on a loan or the balance of a loan has been reduced in
pursuance of paragraph (2); and
(b) the
principal of the loan is repaid in full (whether by one or more instalments)
before the date on which it would have been repayable under the terms of the
loan.[12]
(7) Subject
to paragraph (8), the person to whom the loan was granted shall, not later
than the day on which the next repayment of principal or interest on the loan
would have been payable but for the repayment of the loan, pay to the
Fund –
(a) if
the loan was made before 14th October 1992, a sum equal to the difference
between the amount actually paid in interest on the loan up to the date of
repayment and the amount which would have been payable in interest up to the
date of repayment, but for the reduction of the rate of interest on the loan;
or
(b) if
the loan was made on or after 14th October 1992, a sum equal to the
difference between the amount actually paid in interest on the loan up to the
date of repayment and the amount which would have been payable in interest up
to the date of repayment if the rate of interest applicable to the loan from
time to time had been the same as the rate of interest charged to borrowers by
the Midland Bank PLC under the variable rate arrangements within its House
Mortgage Loan Scheme.[13]
(8) The
Minister may, in any case and in his or her absolute discretion, waive or
reduce any sum payable by virtue of paragraph (7).[14]
(9) Paragraph (6)
shall not apply in relation to a reduction in the rate of interest on a loan
having effect before 1st January 1968.[15]
7 [16]
(1) A
contract of creation of a simple conventional hypothec to secure a loan shall
be substantially in the form set out in Schedule 1.
(2) A
security agreement which makes provision for a security interest to secure a
loan under these Regulations shall be substantially in the form set out in Schedule 2.[17]
8 [18]
(1) If
the Minister is satisfied that the income for income tax purposes of a person
to whom a loan is made which arose in the year immediately preceding the grant
of the loan is not more than £1,200 the costs incurred in connection with
the passing of the contract of creation of a simple conventional hypothec to
secure the loan shall be paid out of the Fund.[19]
(2) If
the Minister is satisfied that the income for income tax purposes of a person
to whom a loan is made which arose in the year immediately preceding the grant
of the loan is more than £1,500 but not more than £1,800 one half
of the costs incurred in connection with the passing of the contract of
creation of a simple conventional hypothec to secure the loan shall be paid out
of the Fund.[20]
9
For the purposes of these
Regulations, a certificate of the Comptroller of Revenue as to the amount of
the income for income tax purposes of any person arising in any year may be
accepted by the Minister without further enquiry.[21]
10
These Regulations may be
cited as the Building Loans (Miscellaneous Provisions) (Jersey)
Regulations 1961.
Schedule 1[22]
(Regulation 7(1))
FORM OF CONTRACT OF CREATION OF SIMPLE CONVENTIONAL HYPOTHEC TO
SECURE LOAN
A TOUS CEUX QUI (suivra la forme usuelle)
COMPARURENT etc. A.B. (suivra la description du propriétaire), d’une part.
ET C.D.
Autorisé pour et au nom des Etats de cette Ile et agissant en vertu de
certaine décision en date du
19/20
du ministre dit “Minister for Housing” d’autre part.
LEQUEL A.B. de sa libre
volonté reconnut avoir emprunté des Etats de cette Ile la somme
de £
laquelle somme il s’obligea pour lui et ses hoirs payer ou
rembourser auxdits Etats de cette Ile avec les intérêts sur icelle
calculés au taux visé‚ à l’Article 4(2)
de la Loi intitulée Building Loans
(Jersey) Law 1950
telle que ladite Loi a été modifiée (ci-après en
abrégée ladite Loi) ou prescrit par Ordre dudit ministre en vertu
de ladite Loi, à la discretion dudit ministre à partir de ces
présentes et ce à raison de tels paiements par [semaine] [mois]
[trimestre] comme ledit ministre determinera lesquels paiements [hebdomadaires]
[mensuels] [trimestriels] par ledit A.B. ou ses hoirs devront effectuer le remboursement
de ladite somme principale ainsi que le paiement de tous lesdits
intérêts avant l’expiration de années de
la date de ces présentes.
Etant toutefois entendu que ledit A.B. ou ses hoirs auront le droit en tout temps de
payer ou rembourser ladite somme principale et intérêts ou partie
d’icelle et intérêts au moyen de versements qui seront
supérieurs auxdits paiements [hebdomadaires] [mensuels] [trimestriels],
le tout sans avis préalable.
Et pour assurance du paiement tant de ladite somme principale que desdits
intérêts, ledit A.B. créa pour lui et ses hours en faveur des Etats de cette Ile une
hypothèque conventionnelle simple sur le bien-fonds suivant
jusqu’à ce que ladite somme principale et intérêts
sur icelle aient été payés ou remboursés, savoir
– suivra une description de la propriété à
être grévée avec ses aboutissants et sa contenance).
Ladite propriété avec tous et tels droits, appartenances et
dépendances comme peuvent en appartenir située en la paroisse
de
dans la vingtaine de
et à laquelle ledit A.B. a droit par
de
par
contrat
en date du
Il est entendu que les prescriptions de l’alinéa de
l’Article 14 de la Loi intitulée Building Loans
(Jersey) Law 1950,
telle que ladite Loi a été amendée [à
l’exception du sous-alinéa (d) dudit alinéa (1)]*,
desquelles prescriptions ledit A.B. reconnait avoir connaissance, s’appliqueront au présent
contrat et seront censées en former partie.
Il est de plus convenu et accordé entre lesdites parties que ledit ministre
dit “Minister for Housing” fera assurer contre l’incendie toute
maison ou autre édifice érigé ou qui pourrait par la suite
être érigé sur ladite propriété aux noms des
États comme créanciers hypothécaires et dudit A.B. comme propriétaire, ce dernier ou
ses hoirs étant tenus de rembourser aux Etats les primes
d’assurance lorsqu’ils en seront requis, le tout
jusqu’à ce que ladite somme principale et intérêts
sur icelle aient été intégralement payés auxdits
Etats.
ET JURERENT, &ca.
* These words are to be
included only where the loan is made for a purpose specified in Article 3(e)
or (f) of the Law, i.e. of converting a building into a house or of reconstructing,
altering, enlarging, repairing or improving a house.
Schedule 2[23]
(Regulation 7(2))
FORM OF SECURITY AGREEMENT TO SECURE LOAN
|
THIS SECURITY AGREEMENT dated
the [ ]
of [
] is made
|
|
between
[A.B.]
of [
] (who, whether one or
more, is or are in this Agreement referred to as “Debtor”)
of the one part
|
|
and
|
|
[C.D.]
|
|
authorized for and on behalf of
the STATES OF JERSEY by virtue of a decision dated the [
] day of [
] of the Minister
|
|
of the other part:
|
|
WHEREAS –
|
|
(A)
|
the Debtor has applied to the
Minister for a loan to be made from the Dwelling-House Loan Fund of the
States to assist him or her in the purchase of shares in a company which upon
purchase will entitle him or her to occupy a company-owned dwelling;
|
|
(B)
|
in the exercise of his or her
powers under the Building Loans
(Jersey) Law 1950 and the Building Loans (Miscellaneous Provisions)
(Jersey) Regulations 1961, the Minister has approved the making of a
loan to the Debtor out of that Fund in the amount and on the terms stated in
the Letter of Offer and subject to the terms of this Agreement:
|
|
NOW THEREFORE IT IS AGREED as
follows –
|
1. Interpretation
1.1 In
this Agreement unless the context requires otherwise –
“certificate of
title to the Collateral” means the certificate or certificates described
in Part 1 of Schedule 2;
“Collateral”
means all those shares of the Company described in Part 1 of Schedule 2;
“Company”
means the limited liability company incorporated in Jersey described in Part 2
of Schedule 2;
“company-owned
dwelling” means the dwelling described in Part 1 of Schedule 3;
“event of default”
means an event which is constituted as such by Clause 7;
“Law” means
the Security
Interests (Jersey) Law 1983;
“Letter of Offer”
means the letter of offer issued by the Minister to the Debtor and accepted by
him or her, a copy of which is annexed to and forms part of Schedule 1;
“Minister”
means the Minister for Housing;
“Obligation”
means –
(a) all
the obligations of the Debtor to repay the loan moneys and pay all interest due
and to become due thereon upon the terms of and as evidenced by the Letter of
Offer; and
(b) all
covenants, undertakings and other obligations on the part of the Debtor arising
under the terms of the Letter of Offer or this Agreement;
“Property”
means –
(a) where
the company-owned dwelling comprises the whole of a corps de bien-fonds owned by the Company, the company-owned dwelling; or
(b) where
the company-owned dwelling comprises part only of a corps de bien-fonds owned by the Company, the corps de bien-fonds described in Part 1
of Schedule 4.
1.2 A
reference in this Agreement to the Debtor where the context allows includes a
reference to his or her heirs, executors, administrators or successors.
1.3 Where
more than one Debtor is a party to this Agreement, their obligations,
undertakings and liabilities are joint and several.
1.4 Where
the context allows, words used in this Agreement have the same meaning as in
the Law.
1.5 The
provisions of the Interpretation
(Jersey) Law 1954 shall apply, with any necessary modifications, to
this Agreement as if it were an enactment.
1.6 A
reference to an enactment is a reference to that enactment as in force for the
time being.
1.7 A
reference in this Agreement to a Clause or Schedule or Part of a Schedule by
number only and without further identification is a reference to the Clause, Schedule
or Part of a Schedule of that number in this Agreement. [24]
2. Creation
of security interest
With the intention of
creating a security interest the Debtor has delivered, and he or she
acknowledges that he or she has delivered, to the Minister possession of the
certificate of title to the Collateral OR assigns to the States title to the
Collateral and by virtue thereof, subject to the provisions of the Law, there
shall be created a security interest in the Collateral in favour of the States
for the purpose of securing payment and performance by the Debtor of the
Obligation.
3. Interest
The Debtor will pay
interest on the loan moneys at the rate fixed by Article 4(2) of the Building Loans
(Jersey) Law 1950 or, where another rate is from time to time and for
the time being fixed by Order made under that Article, at that other rate and
will pay such interest on the days and in the manner required from time to time
by the Minister and in the event that payments are not made punctually, such
interest shall be compounded with rests on the days on which payments are to be
made.
4. Licence
to Debtor to occupy
4.1 Where,
in Clause 2, the Debtor has assigned to the States title to the Collateral, the
Minister grants to the Debtor an exclusive licence to occupy the company-owned
dwelling as his or her sole or principal place of residence for the period and
upon the terms and conditions of this Agreement.
4.2 The
licence granted by Clause 4.1 shall subsist until –
(a) the
Royal Court shall make an order under Article 8(4) of the Law following the
happening of an event of default; or
(b) the
security interest created by this Agreement shall be discharged in accordance
with Article 7 of the Law,
whichever event shall first
occur.
5. Representations,
undertakings and covenants for title by the Debtor
5.1 The
Debtor represents and undertakes to the Minister that –
(a) the
Debtor owns and has good title to the Collateral;
(b) all
the shares comprising the Collateral are fully paid shares;
(c) the
Collateral is not subject to any encumbrance other than the security interest
which is the subject of this Agreement;
(d) by
virtue of the Debtor’s ownership of the Collateral the Debtor is, subject
only to the terms of this Agreement, entitled to occupy the company-owned
dwelling;
(e) the
Debtor has full power and entitlement to create the security interest in the
Collateral and to enter into this Agreement and the Debtor will not at any time
seek to assert the contrary or dispute or deny any right or title of the States
to the Collateral;
(f) the
Company owns and has good title to –
(i) the company-owned
dwelling, and
(ii) where
the company-owned dwelling comprises part of the Property, the Property;
(g) the
company-owned dwelling is not subject to any hypothec, interest or other
encumbrance except as specified in Part 2 of Schedule 3; and
(h) the
Property is not subject to any hypothec, interest or other encumbrance except
as specified in Part 2 of Schedule 4.
5.2 The
Debtor covenants with the Minister that –
(a) where,
in clause 2, the Debtor has assigned to the States title to the Collateral, the
Debtor will execute any documents and do any such things as are in the opinion
of the Minister necessary to vest in the States or its nominee title to the
Collateral;
(b) where
the security interest has been created by the Debtor in favour of the States by
delivery to the Minister of possession of the certificate of title to the
Collateral, the Debtor will forthwith after receiving notice from the Minister
to grant to the States or its nominee title to the Collateral execute all
documents and do all such things as are in the opinion of the Minister
necessary to vest in the States or its nominee title to the Collateral;
(c) the
Debtor will pay all sums due in respect of the Collateral and all the costs of
vesting the title to the Collateral in the name of the States or its nominee
and in the event that the Debtor fails to do so, the Minister is authorized to
make such payments on behalf of the Debtor who agrees to repay on demand all
sums so paid with interest thereon at the rate payable on the loan moneys; and
(d) the
Debtor will not do or permit or suffer any other act or thing that may reduce
the value of the Collateral or impair the security afforded by the security
interest created under this Agreement without the prior consent of the Minister
and then only in accordance with and to the extent permitted by the terms of
the consent.
5.3 The
Debtor acknowledges that so long as the security interest which is the subject
of this Agreement subsists he or she is not at liberty to make any transfer,
withdrawal, nomination or other disposition of the Collateral or any part of it
without the prior consent of the Minister, and any such consent shall not
constitute a waiver of this Agreement as regards any balance of the Collateral
remaining subject to this Agreement following such transfer, withdrawal,
nomination or other disposition.
5.4 Where
the Debtor shall have created a security interest in the Collateral by delivery
to the Minister of possession of the certificate or certificates of title to
the Collateral, the Debtor authorizes the Minister to deliver to the Company a copy
of this Agreement and authorizes the Company to acknowledge in writing to the
Minister that it has received the copy of this Agreement and that such delivery
constitutes notice to the Company of the security interest constituted in the
Collateral and irrevocably instructs the Company, for so long as the security
interest created by this Agreement subsists, not to issue a further or
substitute certificate or certificates of title to the Collateral without the
prior consent of the Minister.
6. Debtor’s
covenants
6.1 The
Debtor covenants with the Minister that during the subsistence of the security
interest created by this Agreement, the Debtor shall –
(a) where
title to the Collateral is not vested in the States, neither sell nor otherwise
dispose inter vivos of all or any of the shares comprising the Collateral except with
the consent of the Minister (which will not be granted where the person to whom
the same would be transferred is, by virtue of any Regulations made under Article 17
of the Building
Loans (Jersey) Law 1950, a person to whom a loan may not be made);
(b) where
title to the Collateral is not vested in the States, not by any act or omission
on his or her part, except with the prior consent of the Minister and subject
to any conditions attached to such consent, suffer any security interest or
other interest to become charged on all or any of the shares comprising the
Collateral other than the security interest held by the States;
(c) pay
punctually all moneys due or to become due in respect of principal and interest
on the loan;
(d) occupy
and reside in the company-owned dwelling as his or her sole or principal place
of residence and shall not –
(i) let or part with
possession of the company-owned dwelling or any part of it, nor
(ii) leave
it unoccupied for a continuous period exceeding 2 months,
except with the prior
consent of the Minister (which consent shall not be unreasonably withheld);
(e) take
all reasonable steps available to him or her to ensure the proper maintenance
of, to the extent to which the Debtor is responsible therefore, the common parts
of the Property;
(f) not
use or permit or suffer the company-owned dwelling to be used for any purposes
other than those of a private dwelling except with the prior consent of the
Minister and then only for such further purposes and to such extent as may be
specified in that consent;
(g) permit
the Minister and his or her agents or servants to enter the company-owned
dwelling at all reasonable times for the purpose of ascertaining whether the
Debtor’s covenants and any other conditions of this security Agreement
are being complied with;
(h) if
and to the extent that ownership of the Collateral acquired with or with the
aid of the loan moneys confers on the Debtor any rights including rights to
vote at any meeting of the Company, not exercise those rights without the prior
consent of the Minister and then only in accordance with such terms and to such
extent as may be specified in that consent;
(i) pay
promptly and in full any call or other payment in respect of the Collateral;
and
(j) pay
punctually all charges and outgoings for services and insurance premiums, in
respect of the company-owned dwelling;
(k) pay
punctually all rates, taxes, assessments and similar charges on the
company-owned dwelling;
(l) keep
the company-owned dwelling and the fixtures and fittings in it in good repair
and condition;
(m) comply with
and perform any obligation or observe any restriction or prohibition imposed on
the Debtor by virtue of the articles of association of the Company or any rules
or regulations made by the Company;
(n) not
alter or add to the structure of the company-owned dwelling or any fixtures or
fittings in it without the prior consent of the Minister (which consent shall
not be unreasonably withheld);
(o) within
7 days of its receipt, give notice to the Minister of any notice, order,
process or direction relating to the company-owned dwelling or the Collateral;
(p) promptly
vacate the company-owned dwelling upon the Royal Court making an order under Article 8(4)
of the Law;
(q) promptly
upon any request by the Minister, provide the Minister with copies of all
minutes of meetings of directors, principals or shareholders of the Company and
any other information which he or she is able to provide relating to the
Collateral, the company-owned dwelling or the Property;
(r) take
all reasonable steps to ensure that the Property is at all times insured with a
reputable insurer against all usually insurable risks, and promptly, upon any
request by the Minister, provide the Minister with evidence of such insurance;
and
(s) not
do anything which might render void or voidable any insurance required under
sub-clause (r) or cause the premiums payable in respect of it to be
increased.
6.2 In
the event that any payment required to be made by the Debtor in accordance with
any covenant contained in Clause 6.1 is not made by the Debtor promptly as
payment becomes due, the Debtor irrevocably authorizes the Minister to make
such payment on his or her behalf and the Debtor covenants with the Minister to
repay immediately on demand by the Minister the amount of any payment so made
by the Minister together with interest from the date of such payment at the rate
payable on the loan moneys and the repayment of such interest shall be secured
by the security interest in the same manner as the loan moneys and interest on
the loan moneys.
7. Events
of default
The following shall be
events of default for the purposes of Article 8 of the Law –
(a) any
failure by or on the part of the Debtor to pay or perform the Obligation,
including any failure to –
(i) repay
the loan moneys or pay interest promptly as repayment or payment falls due in
accordance with the terms of the Letter of Offer or this Agreement, or
(ii) perform
or observe any covenant, undertaking or other obligation on the part of the
Debtor arising under the terms of the Letter of Offer or this Agreement;
(b) the
inaccuracy of any representation by or on the part of the Debtor contained in
this Agreement; or
(c) the
bankruptcy of the Debtor in Jersey or elsewhere or any act, omission, process
or proceeding in Jersey or elsewhere indicative of the insolvency of the
Debtor.
8. Procedure
in event of default
8.1 Upon
the occurrence of any event of default the power of sale of the Collateral
conferred by Article 8 of the Law shall arise but shall only be
exercisable in accordance with the provisions of Article 8(3) after the
Minister has obtained an order of the Royal Court as provided by Article 8(4).
8.2 The
Minister shall not be liable to the Debtor for any failure to distribute the
proceeds of sale of the Collateral in accordance with the Law if the Minister
shall have applied the proceeds on the basis of information known to the
Minister at the time of the distribution and the Minister shall not be under
any duty to the Debtor to make inquiries or to obtain further information.
8.3 The
Minister shall not be liable for any loss to the Collateral whilst it is held
by the States pursuant to this Agreement.
9. Miscellaneous
9.1 In
the event of the States or its nominee having title to the Collateral the
Minister or his or her nominee may exercise at the Minister’s or
nominee’s discretion, but without any obligation or duty to do so and
without any liability for failing to do so and without any further consent or
authority from the Debtor, any voting rights which may be exercised by the person
in whose name the Collateral is registered.
9.2 The
security interest created by this Agreement shall not be discharged or affected
by –
(a) any
time, indulgence, waiver or consent at any time and from time to time given
either to –
(i) the Debtor,
(ii) any
person whose liabilities have been the subject of a guarantee or indemnity by
the Debtor,
(iii) the
Minister by any person to whom the Minister has at the request or on behalf of
the Debtor come under any kind of liability, or
(iv) any
other person;
(b) any
variation, extension or other amendment either to any facility given to the
Debtor or any other person or by any guarantee, indemnity, security or
obligation given or entered into by the Debtor or any other person;
(c) the
making or absence of a demand either on the Debtor or on any person whose
liabilities have been guaranteed by the Debtor or on the Minister by any person
to whom the Minister has at the request or on behalf of the Debtor come under
any kind of liability or any other person;
(d) the
enforcement or absence of enforcement of any debt, liability, facility,
security, guarantee, indemnity or obligation; or
(e) the
death or bankruptcy of the Debtor.
9.3 Any
consent of the Minister referred to in this Agreement shall be a consent in
writing and, except as expressly provided otherwise, may be given or withheld
by the Minister in the Minister’s sole and unfettered discretion.
9.4 Each
provision of this Agreement shall be separable and distinct from every other
provision and if at any time any provision or provisions is or are or becomes
or become invalid, illegal or unenforceable then the remaining provisions shall
not be affected in any way.
9.5 The
Debtor will, if and when required to do so, execute such further security
agreement or agreements as the Minister may reasonably require in respect of
the Collateral.
10. Notices
10.1 Any notice of default pursuant to Article 8(3) of
the Law and any other proceeding or notice arising out of this Agreement shall
be deemed to have been received by the Debtor –
(a) when
delivered to him or her;
(b) when
delivered to the company-owned dwelling; or
(c) if
posted by ordinary pre-paid mail to him or her at the address of the
company-owned dwelling, on the day immediately following the posting of the
notice.
10.2 In the case of the death of the Debtor and until the
Minister has received written notice of the grant of probate of the will or
administration of the Debtor’s estate, any notice sent or delivered by
the Minister to the address of the company-owned dwelling shall for all
purposes be as effectual as if the Debtor were still living and had been served
with the notice.
AS WITNESS, etc.
SCHEDULE 1
(Clause 1.1)
The Letter of Offer
The letter dated [
] from the Minister to the Debtor endorsed as accepted by the Debtor, a
copy of which is annexed and forms part of this Schedule.
SCHEDULE 2
PART 1
(Clause 1.1)
The Collateral and the certificate of title to the Collateral
[
] fully paid shares of the Company numbered [
] to [
] inclusive, and the certificate numbered [
] of the company in respect of them.
PART 2
(Clause 1.1)
The Company
|
Name:
|
|
Date of incorporation:
|
|
Authorized share
£ [
] divided into [
]
capital:
[
] shares of [
] each.
|
|
Address of registered
office:
|
SCHEDULE 3
PART 1
(Clause 1.1)
The company-owned dwelling
PART 2
(Clause 5.1(g))
Hypothecs, interests and other encumbrances
affecting the company-owned dwelling
SCHEDULE 4
PART 1
(Clause 1.1)
The Property
|
ALL THAT IMMOVABLE PROPERTY [
]
|
|
|
PART 2
(Clause 5.1(h))
Hypothecs, interests and other encumbrances
affecting the Property