This AGREEMENT
is made at _________________ this ___________________
day of ________________ 2001. BETWEEN
_____________________________________
Limited, having its place of business at / resident
of _______________________________ hereinafter
referred to as “the Client” (which
term shall wherever the context so requires or
permits mean and include its successors-in-interest
and assigns) of the ONE PART.
AND
__________________________________
Bank Limited (or financial institution), a duly
incorporated banking company (or financial institution)
having its registered office at ___________________
hereinafter referred as “the Institution”
(which expression shall wherever the context so
requires or permits mean and include the heirs,
legal representatives and successors-in-interest
and assigns) of the OTHER PART.
WHEREAS
the Institution has agreed to give an Interest
Free Loan to the Client on terms and conditions
hereinafter appearing.
NOW,
THEREFORE, THIS AGREEMENT WINTESSETH AS UNDER:-
1.
The Institution hereby agrees to provide to the
Client an Interest Free Loan (hereinafter referred
to as “the Loan”) upto a maximum of
Rs. ___________________ on the terms and conditions
hereinafter contained.
2.
The parties hereto hereby mutually agree
and covenant as under:-
i.
The Client undertake to repay the loan without
any interest on or before ______________ .
ii.
In case the Client fails to perform as per provisions
of this Agreement or any amount is required
to be paid by the Client on a specified date
and is not paid on that date, or any amount
is payable by the Client under this Agreement
within a specified period after the receipt
of a demand from the Institution and is not
paid by it within the specified period after
the receipt of the demand and such amounts have
to be recovered through litigation, a court
may award solatium to the Institution to cover
the expenses incurred in the recovery of its
dues.
3.
As security for repayment of the Institution’s
loan and/or all other sums payable as aforesaid
the Client hereby agrees and undertake to give
such security as may be acceptable to the Institution
and the terms and conditions of which shall be
such as the Institution may determine.
IN
WITNESS WHEREOF the Client and the Institution
have executed this agreement on the day, month
and year hereinabove mentioned.
| Witness |
|
CLIENT |
| 1.
________________________ |
|
________________________ |
| 2.
________________________ |
|
|
| Witness |
|
INSTITUTION
|
| 1.
________________________ |
|
________________________ |
| 2.
________________________ |
|
|
Appendix A
Description
of the Project
Appendix
B
Schedule
for Purchase of Project Shares
Appendix
C
Cost/Value
of the Project
|
