DATED THIS DAY OF 20
BETWEEN
[Name of Bank]
(Company No. )
AND
NAME OF BORROWERS ______
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RECEIPT AND REASSIGNMENT
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M/ s XXXX & ASSOCIATES
Advocates & Solicitors
Address _______
[Ref : ]
THIS DEED OF RECEIPT AND REASSIGNMENT is made the day of 20 Between [Bank Name] ( ) (formerly known as [Bank Name]), a company incorporated in Malaysia and having its registered office at [Insert Address] (hereinafter called “the Bank’) who has taken over the entire business and undertaking (including the assets and liabilities) of [Bank Name]( ) (“SBB”) effective from [Insert Date], of the one part and [Company Name] (NRIC NO. ) and [Insert Name] (NRIC NO. ) both of [Insert Address](hereinafter called “the Borrower”) of the other part.
WHEREAS by an Agreement of Sale and Purchase dated [Insert Date] (hereinafter called “the Principal Agreement”) made between [Insert Name] (Company No. ), a company incorporated in Malaysia with its registered office at [Insert Address] (hereinafter called “the Developer”) of the one part and the Borrower of the second part, the Developer sold and the Borrower purchased all that parcel of residential premises known as Parcel No. 02, Storey No. 15, Type A, Block A, VILLA KEJORA, Penang erected on part of Lot No. 75,Mukim 13, Daerah Timur Laut, Relau, Penang held under Geran Mukim (First Grade) No. G.M. 461 (hereinafter referred to as “the said property”) and upon the terms and conditions therein.
AND WHEREAS by a Loan Agreement and Deed of Assignment both dated (hereinafter called “the Loan Agreement”) made between the Borrower of the one part and the Bank of the other part, the Borrower in consideration of the Bank having agreed to grant to the Borrower a Housing Loan of Ringgit Malaysia [Insert Amount] [Insert Amount] only assigned absolutely to the Bank all his rights title and interest in and to the said property and under the Principal Agreement and the full benefit granted thereby and all stipulations therein contained and all remedies for enforcing the same.
AND WHEREAS all principal monies and interest due and owing under the said Loan Agreement have been paid to the Bank by the Borrower and the Borrower has requested the Bank to reassign the said Property to the Borrower.
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NOW THIS DEED WITNESSETH that in pursuance of the Principal Agreement and in consideration of all principal monies and interest due and owing to the Bank under the said Loan Agreement having been repaid by the Borrower to the Bank (the receipt whereof the Bank hereby acknowledges) the Bank hereby reassigns unto the Borrower all the rights title and interest in and to the said property and under the said Agreement and the full benefit granted thereby and all stipulations therein contained and all remedies for enforcing the same vested into the Bank by the said Loan Agreement TO HOLD the same unto the Borrower absolutely freed and discharge from the said Loan Agreement and all principal monies and interest due or to become due and payable thereby and from all and demand in respect thereof.
The Borrower hereby revokes the Power of Attorney registered vide No.
at the High Court of Penang on and every power and authority therein the Loan Agreement and the Bank for the consideration aforesaid agrees and concurs with such revocation PROVIDED that nothing herein contained shall affect the validity of any act or thing done by and on behalf of the Bank by virtue of the power conferred on it by the Loan Agreement before the revocation herein contained.
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IN WITNESS WHEREOF the parties here to have hereunto set their respective hands the day and year first above written.
Signed for and on behalf ) [Bank Name] [ ]
of the Bank by its Attorney ) By Its Attorney
in the presence of :- )
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Signed by )
the abovenamed BORROWER )
in the presence of :- )
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I , Advocate & Solicitors of the High Court of Malaya practising at Penang hereby certify that the signatures of the abovenamed Borrower were hereunto written in my presence on this day of 20 and are accordingly to my own personal knowledge the true signatures of the ______________________________________ who have acknowledge to me that they are of full age and that they have voluntarily executed this instrument.
Witness my hand.
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