Tri Party Agreement Ntfs
4. In accordance with the tripartite agreement, Sandeep Kumar`s loan was paid in the amount of equal monthly payments (EMI) or monthly prepayments (PEMI), regardless of the construction phase of the project and the date of handover of the ownership of the dwelling. As part of the tripartite agreement, Sandeep Kuamr also agreed to secure HDFC Ltd by mortgage, and M/s Golf Course accepted and confirmed the mortgage created by Sandeep Kumar. M/s Golf Course has also undertaken not to create third party rights or guarantees on the accommodation without the prior written consent of HDFC Ltd. In accordance with the tripartite agreement, it has also been agreed that in the event of late payment of the loan to HDFC Ltd by Sandeep Kumar, any amount to be paid by M/s Golf Course to Sandeep Kumar due to the cancellation of the allocation of the apartment will be paid directly to HDFC Ltd from M/s Golf Course. However, this does not exempt Sandeep Kumar from its obligation to pay the outstanding balance under the loan agreement. «Tripartite Agreement» – A tripartite agreement is a trade agreement between three separate parties. In the mortgage industry, a contract involving the buyer, the lead lender, and a construction lender is called a tri-party agreement. This type of contract is often used to guarantee bridge loans or when the project is under construction and the client wants instalment payments on the basis of a construction contract. 2. The petitioner was late in paying monthly instalments, which the petitioner acknowledged in his cancellation letter of 23.11.2005. The bank responded by asking the petitioner to respect financial discipline, but despite various reminders, the account was not regularized.
It should be noted that, in accordance with the agreement between the parties, the petitioner was required to file the initial deed of transmission with the respondent`s bank when it was executed by the DDA in favour of the petitioner. The petitioner shared the story that the original deed of transmission had been transferred and therefore sent a certified copy of this document by letter of 4.1.2006 in order to promote the intention to create a fair mortgage. As the original document was not filed, on 14.2.2006, the respondent`s bank filed a complaint with La Criminelle Branch. The opinion of the respondent`s bank is that during the course of the investigation, it appeared that the petitioner had even attempted to obtain a mortgage from another bank under investigation. The petitioner had also received a private loan from the National Bank of Punjab. «3. The home loan granted to the borrower of HDFC must be repaid by the borrower up to equal monthly payments (EMI). The day of the start of the EMI shall be the first day of the month following that in which the payment of the loan will be completed and, therefore, the due date of payment of the first EMI shall, in that case, be the last day of the following month.
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