Pari Passu Charge Agreement Deeds Mortgages And Pledges 1660 Legal Draft Template
| Category | Deeds Mortgages And Pledges |
| Format | Rich Text |
| File name | Pari Passu Charge Agreement-Deeds-Mortgages and Pledges-1660.rtf |
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Pari Passu Charge Agreement
Tripartite Agreement
This tripartite agreement is
made this 5th day of June 1999
between
Castings Ltd., a company registered under the Companies Act 1956 having its Registered Office at 1 Netaji Subhash Road, Calcutta 700 001 (hereinafter referred to as the mortgagor, which term shall unless repugnant to the context or meaning include its successors and assigns) of
the first part, X Bank Ltd., a Banking Company within the meaning of the
Companies Act 1956, having its Head Office and carrying on business at 14 Netaji Subhash Road, Calcutta 700 001 (hereinafter called the bank which expression shall unless repugnant to the subject or context include its successors and assigns) of the second part and ELH Financial Corporation Ltd. a Company within the meaning of the Companies Act 1956 and having its Head Office and carrying on business at 9 Netaji Subhash Road, Calcutta 700 001 (hereinafter referred to as the
corporation,
which term shall unless repugnant to the subject or context shall include its successors and assigns) of the third part.
Whereas
the
mortgagor
is seized and possessed of land measuring about 10 acres, situated at 1 Netaji Subhash Road, Calcutta 700 001 with structures, factory sheds, plant, machinery, furniture and fixtures and carrying on business as manufacturer of and dealer in all kinds of castings
of machine parts.
And whereas
by a Deed of Mortgage dated 5th January 1998 made
between
the
mortgagor
and the
bank,
the
mortgagor
borrowed Rs. 10 lacs
from the
bank
and the
mortgagor
in consideration thereof conveyed
assigned, granted and assured unto the
bank
all those pieces and parcels of land, being the Premises No. 1 Netaji Subhash Road, Calcutta 700 001 and
described in the First Schedule hereunder with all buildings, structures and sheds created or constructed or to be created or constructed on the said land and all and singular plant, machinery, motors, electric and other installations, implements, equipments, spares, accessories, stores and other block assets but excluding raw materials, semifinished and finished products of the mortgagor then being or which shall at any time hereafter during the continuance of the said security be brought in or affixed, installed or erected upon the said lands and buildings or kept anywhere else by the mortgagor or which may belong to the mortgagor or are capable of being transferred by the mortgagor (all of which assets are collectively referred to as the
plants and machinery.
To
have and to hold
the said land,
plants and machinery
unto the
bank absolutely but subject to the proviso for redemption of securities therein contained.
And whereas
the
mortgagor
being in further need of money has requested the Corporation to lend and advance to the mortgagor a sum of Rs. 10 lakhs which the corporation has agreed to do on certain terms and conditions and on the
mortgagor
creating,
inter alia,
a mortgage by deposit of the Title Deeds of all lands, buildings and fixed machinery and on executing an Agreement of Hypothecation in respect of the
plant and machinery
of the
mortgagor
in favour of the corporation to secure such advance.
And whereas one of the terms and conditions of the said agreement with the Corporation is that the mortgagor shall create a mortgage by deposit of Title Deeds and execute an Agreement of Hypothecation in favour of the corporation and shall cause the bank to enter into a Tripartite Agreement whereby the
bank
mortgage shall be modified so that the mortgage by deposit of Title Deeds and Agreement of Hypothecation of the plant and machinery in favour of the corporation shall rank paripassu in point of security and in all other respects with the Bank's mortgage and Hypothecation.
And whereas the bank has agreed to the modification of its mortgage and Hypothecation so as to concede paripassu, charge on the bank mortgage in favour of corporation.
And whereas it is now necessary to record such an arrangement among the parties in a Tripartite Agreement.
Now this agreement witnesseth and it is hereby agreed and declared by and among the parties hereto as follows:
The bank shall whenever required by the corporation make the Title Deeds available to the mortgagor for the express purpose of being deposited with the corporation with the intent to create in favour of the corporation a Mortgage by deposit of the Title Deeds within the meaning of section 58(/) of Transfer of Property Act as security for payment of all moneys to be advanced by corporation to the mortgagor.
Notwithstanding anything to the contrary contained in the bank Mortgage and the Corporation Mortgage, the rights of the bank and corporation
in respect of the securities to be created by the Corporation
Mortgage shall rank part passu for all purposes and to all intents without preference and priority of one over the other.
During the subsistence of the securities mentioned in the immediately
preceding paragraph all insurance policies in respect of the mortgaged premises shall be taken by the mortgagor in the name of the
mortgagor
as
Mortgagor and the
bank
and the
corporation
as mortgagees and shall be
held by the
corporation
and in case of moneys becoming due under such
insurance the amount realised from the insurance company or companies
shall be received in the first instance by the
corporation
and shall subject
to the mutual consent of the
bank
and the
corporation
be applied to the
repairs and reinstatement of the mortgaged premises so damaged or destroyed and towards the payment of the dues of the Bank and the Corporation on
pro rata
basis.
The bank or the corporation or any of them shall be entitiled to bring suits or proceedings for enforcement of the securities created in their
respective favour or otherwise for realisation of the respective dues from the mortgagor and in the event of the suit or proceeding by any of the parties it shall join the other as party to such suit or proceeding.
Notwithstanding anything contained in the Bank Mortgage or the Corporation mortgage the following provisions shall apply as between the
BANK and the CORPORATION in relation to the mortgaged premises:
If the bank, the corporation or any of them shall enforce their respective securities created by the Bank mortgage or the Corporation mortgage all monies realised from the enforcement of such securities or the amount realised from the insurance company or companies as mentioned in paragraph 3 above or any compensation money for acquisition or requisition of the mortgaged premises or any of them or any part thereof or any other realisation from the securities by enforcement or otherwise shall be applied in the manner hereinafter appearing:
Firstly there shall be paid out of the said moneys all costs, charges and expenses incurred by the Bank or the Corporation or by both of them of and incidental to the enforcement of the securities or realisation or receipt of such moneys.
In the event of the moneys available for distribution to the bank and the corporation being sufficient to pay to them the full amount of the moneys due under the Bank mortgage and the Corporation mortgage the same shall be applied simultaneously in payment of the bank and the corporation of the full amount respectively due under the said securities and the surplus, if any, out of the said moneys shall be paid to the person or persons entitled thereto.
In the event of the moneys available for distribution to the bank and the corporation not being sufficient to pay to them the full amount of the moneys due under the Bank mortgage and the Corporation mortgage the same shall be appliedparipassu as nearly as practicable towards payment to the bank and the corporation in proportion to the amounts due to them under the said Bank mortgage and the Corporation mortgage without any preference or priority whatsoever and shall be applied towards repayment of the dues of the bank and the corporation in proportion ratio with the total amount then due (including interest, costs, charges and expenses) by the mortgagor to the bank and the Corporation respectively bears to the amount available for distribution.
All the title deeds in respect of the mortgaged premises shall remain in the custody of the corporation and the corporation shall make the same available to the bank as and when required by the bank at the cost of the mortgagor. Without the consent of the bank the corporation shall not part with the title deeds in favour of any one including the mortgagor and after all dues of the corporation under the Corporation Mortgage are fully satisfied the corporation will make over the title deeds to the bank instead of to the mortgagor against proper receipt provided the Bank mortgage be then subsisting.
Prior to taking any action for the enforcement of the aforesaid securities the bank and the corporation shall duly inform the other of the same and each of them shall consult the other in respect of all matters pertaining to the securities aforesaid so far as the same is practicable without affecting its own right and each of them at all times keep the other informed of all serious and important matters coming to its knowledge relating to the mortgaged premises or any part or portion thereof or otherwise relating to the MORTGAGOR.
The First Schedule above referred to
All those pieces and parcels of land, containing an area of 10 acres, in Mouza , Parganas , Thana , sub-Registrar's
office , J.L. No Plot and Khatian Nos are as given
below:
Particulars of Building existing or proposed
The Second Schedule above referred to (Details of plant and machinery existing or proposed to be acquired)
In witness whereof the parties have executed these presents on the day, month and year first above-written.
Signed, sealed and delivered by
Mr.
pursuant to the Board Resolution
dated of Castings Ltd.
in the presence of:
Executed for and on behalf of X
Bank Ltd. by its Constituted
Attorney Mr. , at
Calcutta in the presence of:
Signed, sealed and delivered by
Mr. pursuant to a
Board Resolution dated of
ELH Financial Corporation Ltd. in the presence of:
Stamp Paper No sold to
Advocate of the
Mortgagor of 1 Old Post Office
Street, Calcutta
at the Court Building at
Calcutta.
Presented for Registration at
11.00 A.M. on day of
1999 at his residence by Mr.
one of the executants.
Signature of Registrar of Assur
ances, Calcutta, dated
Execution is admitted by
Mr. Managing
Director of ELH Financial Corporation Ltd. of 3 Garia Road, Calcutta
Execution is admitted by
Mr
Managing Director of Castings Ltd., Calcutta
For Castings Ltd.
Sd/-Managing Director
For X. Bank Ltd.
Sd/-Constituted Attorney
For ELH Financial Corporation Ltd.
Sd/-Managing Director
Signature of Executant
For ELH Financial Corpn. Ltd.
Sd/-Managing Director
For Castings Ltd.
Sd/-Managing Director
Thumb impression of the
Executants are dispensed with,
Identified by Mr son
of residing at 6 Garia Road,
Calcutta, by Religion-Hindu by occupation-service
Signed by Mr.
of 6 Garia Road, Calcutta
Dated
Signature of Registrar of Assurances, Calcutta
Having visited the residence and/
or offices of Mr. and
Mr. both ofX. Bank Ltd.,
2 Garia Road, Calcutta
I have this day examined the said
Mr. and Mr. who have
been identified to my satisfaction by
Mr. son of of
7 Garia Road, Calcutta, by religion-Hindu, by occupation service and the said officer of the Bank as
Constituted Attorney admitted execution of this document.
Dated
Signature of
Registrar of Assurances
Calcutta