38
CAP. 219
Conveyancing and Property
[1988 Ed.
(d) Lot number: (Amended, 31 of 1988, s. 28)
SIGNED etc.
RECEIVED the day and year first above written of and from the Purchaser the above mentioned deposit of $
FORM 3
[Messrs
Equitable Mortgage of a Residential, Commercial, Industrial or Other Unit in an Uncompleted Building
THIS EQUITABLE MORTGAGE is made the
BETWEEN
(1)
(2)
(A) By an Agreement dated the
day of
19, made between
("the Vendor") and the Borrower ("the Agreement") the Borrower purchased the land described in the Schedule hereto ("the Property") for the sum of $ ("the Purchase Price") subject to the terms and conditions set out in the Agreement.
(B) Upon the issue of the [Occupation Permit] [Certificate of Compliance] relating to the Property by the [Building Authority] [Crown] and upon payment of the balance of the Purchase Price the Borrower will be entitled to an assignment of the Property.
1. In consideration of $ (the whole or any part whereof and any interest thereon remaining owing for the time being is hereinafter called "the Loan") paid by the Lender to the Borrower (the receipt whereof is acknowledged) the Borrower covenants with the Lender to repay the Loan on [demand] [a date being one month next after the date hereof] together with interest thereon from the date hereof day by day at the rate [of...] [from time to time notified by the Lender to the Borrower].
2. Notwithstanding Clause 1 the Borrower may repay and the Lender shall accept repayment of the Loan by equal monthly instalments of $ [or such other sum as may be notified from time to time by the Lender to the Borrower).
3. In consideration of the Loan and as security for the repayment thereof the Borrower charges his interest in the Property and assigns his rights in the Agreement to the Lender by way of equitable mortgage. (Amended, 31 of 1988, s. 28)
4. The Borrower irrevocably appoints the Lender and any receiver or receivers appointed by the Lender by way of security jointly and each of them severally to be the attorney of the Borrower (with full power of substitution) and in the Borrower's name or otherwise and on his behalf and as his act and deed--
5. (a) to comply and require compliance in all respects with the Agreement;
(b) to accept the Assignment to the Borrower;
(c) to execute a legal charge of the Property in favour of the Lender such legal charge to be in such form and to contain such covenants and provisions as the Lender shall require; and
(d) to sign seal execute deliver perfect and do all other deeds instruments acts and things which may be required or which the Lender or any such receiver or receivers shall think fit for carrying out any obligation imposed on the Borrower hereunder or for carrying into effect any sale lease charge or dealing by the Lender or by any such receiver or receivers or for giving to the Lender the full benefit of this charge.
There are incorporated herein as if they were herein written the covenants on the part of the Borrower set out in Part B of the Second Schedule to the Conveyancing and Property Ordinance.
1. The Property-
(a) Description and address:
SCHEDULE