40
CAP. 219]
Conveyancing and Property
[1988 Ed.
2.
The Crown Lease-
(a) Date:
(b) Parties:
(c) Term:
(d) Lot number: (Amended, 31 of 1988, s. 28)
SIGNED SEALED AND DELIVERED etc.
FORM 5
Legal Charge to secure General Banking Facilities
THIS LEGAL CHARGE is made the
BETWEEN
(1)
day of
19
L.S.
(2)
1.
("the Borrower") and
("the Lender").
In consideration of the provision of general banking facilities provided or to be provided by the Lender to the Borrower ("the Facility") the Borrower covenants to pay on demand to the Lender-- (a) all present and future indebtedness of the Borrower to the Lender according to the Books of the Lender on any current or other account together with all bank charges thereon; and (b) all costs charges and expenses however incurred by the Lender or by any receiver or any delegate appointed by the Lender in relation to this Legal Charge on a full indemnity basis; and
(c) all other liabilities of the Borrower to the Lender according to the Books of the Lender whether present future actual or contingent or as principal or guarantor and whether due alone or with any other person,
and interest on all of the foregoing in accordance with the provisions of Clause 3 hereof.
2. (a) The Borrower as beneficial owner charges the land described in the Schedule hereto ("the Property") to the Lender by way of legal charge subject to the covenants conditions and provisos contained in the Crown lease [and subject to the Deed of Mutual Covenant registered in the Land Office by Memorial No. ] as security for the repayment of the Facility up to the extent of $
and all interest thereon and for all costs charges
and expenses due from the Borrower to the Lender. (Amended, 31 of 1988, s. 28)
(b) The charge created by this Clause shall be a continuing security and shall not be considered satisfied or discharged by any intermediate payment of satisfaction of the whole or any part of the Facility from time to time.
3. Interest shall be calculated and shall be paid in the following manner-
4.
(a) at such rate as may be notified from time to time by the Lender to the Borrower from the
time any part of the Facility shall have been advanced until repayment thereof;
(b) on the daily balance from time to time outstanding with monthly rests until full discharge;
and
(c) on the last business day of each month or on such date or dates as may be determined at
the sole discretion of the Lender.
The Borrower irrevocably appoints the Lender and any receiver or receivers appointed by the Lender by way of security jointly and each one of them severally to be the attorney of the Borrower (with full power of substitution) and in his name or otherwise on his behalf and as his act and deed to sign seal execute deliver perfect and do all deeds and 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 obligations imposed on the Borrower hereunder or for performing 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 security.