Power-of-Attorney to Bank
TO ALL TO WHOM THESE PRESENTS SHALL COME, I, Mrs........................... of Bombay Indian Inhabitant residing at............................................ (hereinafter referred to for the take of brevity as the) ‘EMPLOYEE’ SEND GREETINGS :
WHEREAS, I have applied to ............................................. (hereinafter referred to as the ‘Bank’) for a Housing Loan of Rs................ for the purpose of purchase of flat situated at......................
AND WHEREAS in consideration of the Bank having agreed to grant me the said loan of Rs.................. to me, I have agreed to execute this irrevocable Power of Attorney in favour of the Bank, in order to further secure to the Bank the repayment of the said loan together with interest, costs, charges, expenses, etc.
Now KNOW ME AND THESE PRESENTS WITNESSES THAT I, Mr/Mrs ...................................................... hereby nominate, constitute and appoint .................................... hereinafter referred to as the Attorney to be my true and lawful attorney in my name and on my behalf to execute and perform the following acts, deeds, things and matters through its Managing Director, General Manager and/or any of its Officers or persons authorized or to be authorized in this behalf that is to say :
1. To negotiate with any person or persons and to agree to sell or dispose of my aforesaid flat in such a manner as the said attorney may deed fit and for such purpose to do all acts, things and execute all deeds and assurances necessary to complete all such transactions.
2. To collect any papers/documents from the society.
Such documents, certificates or reports and other documents required by the said Attorney to lodge the same with the Bank with a view to create charge upon the said flat in favour of the Bank.
3. To take possession actual or constructive of my aforesaid flat from me, or my aforesaid flat from me, or my representative, in case my said flat is to be sold to recover the payment of the loan together with interest and costs, charges and expenses (whether in part or in full) as the case may be, and if necessary to obtain a consent decree against me in the Court of Law for the said purpose. In case, I resign or retire or my services are terminated for any reason whatsoever and I am not in a position to repay the amount of the balance standing to my loan account, to recover vacant and peaceful possession of my aforesaid properly from me and for that purpose to take all necessary steps and proceedings in courts of law of otherwise.
4. To sell or cause to be sole the said flat either by public auction or private treaty on such terms and conditions as my said attorney shall think fit and proper and for the said purpose to execute the necessary transfer forms deeds of transfer or any other documents or document and to all such acts may be necessary of such sale and pass valia receipt/s and effectual discharge and to appropriate the same towards and on account of the amount disbursed to me or in my behalf under Housing Loan Scheme of the Bank together with interest cost, charges and expenses payable under the Scheme as the said Attorney may think proper and cause the name of the transferee to be registered as owner in respect of my said flat and to apply to any court or forum or authority or take any other proceedings for and on my behalf before any court, forum or authority so as to complete the said sale transfer.
5. To appear in my name and on my behalf before the Registrar or Sub-Registrar or Assurances, at any place in India, having jurisdiction in the matter and to admit execution and, get the deeds of transfer or any other documents duly registered with the said authority.
6. To appear on my behalf and represent my interest in respect of my aforesaid flat before any public authorities or bodies whether Municipal or Revenue, or Judicial including the Office of the Collector of Land Revenue, Registrar or Sub-Registrar of Assurances, Assessor or Municipal Rates and Taxes, Registrar of Co-operative Societies or any Officer duly authorized Police Officer.
7. To appoint any Advocate, Attorney, Solicitor or Counsel and to sign Vakalatnamas or Warrants to act (in their favour) for the purpose of any suit, matter or legal proceedings in any court of law and to appear on my behalf and represent my interest in Court of Law Civil or Criminal or Co-operative or Municipal or before any Judge, Magistrate or Officer empowered by law in any matter or matters concerning my aforesaid flat and to give evidence, make statements and to swear and sign any applications, affidavits, plaints, written statements, petitions, declarations or any other reference to court and to withdraw any money exhibits or documents for me from the Court, as per the other and directions passed by the Court.
8. To commence and prosecute and action, suits or other proceedings at law, against any persons or person in respect of any of the matter or thing relating to my aforesaid property and to appear and defend any action, suit or other proceedings commenced or to be commenced against me or whereunto I shall be a party and to compromise refer to arbitration, submit to judgement, discontinue, or become non-suited, in any such action suit for proceedings as aforesaid.
AND GENERALLY to do any act for me and on my behalf and to do and perform all such acts, deeds, matters and things and take all such steps whatsoever as may be requisite or desirable to be done in relation to the premises aforesaid as fully and effectually in all respects as I could have done had this Power of Attorney not been granted to the Bank.
9. In the event of the termination of my services with the Bank, either by registration, discharge, dismissal, retirement, death or operation of law or for any other reason or cause whatsoever, to receive on my behalf and to appropriate and permit to be appropriated and set off the amount or part of the amount due to me, as gratuity which may be payable to me or to my heirs or legal representative as also the amount that may be standing to my credit in the provident fund account (both my and Bank’s contribution), irrespective of any nomination made by me or that may be made by me hereafter, towards the repayment of the entire balance of the said loan amount then outstanding (including interest costs, charges and expenses relating thereto) without entertaining any objection of any kind whatsoever in that behalf raised by me or my heirs or my legal representatives. It is hereby agreed and declared by me that such appropriation made by the Bank shall be valid and binding on me, my heirs and my legal representatives and my nominees of the Provident Fund in respect of my account.
10. To do the aforesaid and all other acts, deeds matters and things or to exercise the aforesaid and all other powers and authorities in order to further secure the repayment of the said loan amount and interest together with costs, charges and expenses as a aforesaid and/or to realize the said security given by me in that behalf, as fully and effectually and to all intents and purposes as if I were personally present and did the same.
11. The said Attorney shall be entitled to exercise the powers and authorities hereby conferred upon them as aforesaid through their Managing Director, General Manager and any of their Directors, Officers or Representatives authorized or that may be authorized in this behalf, subject however to the Bank together with interest cost charges and expenses relating thereto will automatically revoke the powers hereby granted.
12. And all and whatever any said attorney shall do or cause to be done in the premises aforesaid, I for myself, my heirs, executors and administrators DO HEREBY AGREE to allow, ratify and confirm.
IN WITNESS WHEREOF, I Mr.......................... have signed these presents on this .......... Day of ....... 20.....
SIGNED by the withinnamed )
Mr/Mrs.......................... )
In the presence of ...... )
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