TRUST DEED
THIS TRUS of Trustee] of [Insert address] (hereinafter called “the Trustee”) of the first part;
T DEED is made on the day of , 20
BETWEEN
[Insert Name and NRIC No.
AND
[Insert Name and NRIC No. of Beneficiary] of [Insert address] (hereinafter collectively called “the Beneficiary”) of the second part;
The Trustee and the Beneficiary are hereinafter collectively called “the Parties”.
WHEREAS :-
1. By a Sale and Purchase Agreement and Deed of Mutual Covenant both dated the ___________________(hereinafter referred to as “the SPA for Property”) made between [Insert Vendor’s name], a company incorporated in Malaysia with its registered office at [Insert address] and having its business address at [Insert address] (hereinafter called “Vendor”) of the one part and the Trustee of the second part, and Insert Proprietor’s name] with its registered office at [Insert address](hereinafter called “the Proprietor”) on the third part, the Vendor with the consent of the Proprietor has sold and the Trustee has purchased all that parcel of condominium known [Insert Property details] (hereinafter referred to as “the Property”) at the purchase price and subject to the terms and conditions therein contained.
1. By a Deed of Assignment and Power of Attorney both dated the ___________ made between the Trustee of the one part and [Insert Bank’s name] of [Insert address] (hereinafter called “the Lender”) of the second part, the Trustee has assigned all his rights title and interest in and to the Property and the SPA for the Property to the Lender in consideration of the Lender agreeing to grant a facility/loan of Ringgit Malaysia ________________________________________________________________only(hereinafter called “the Loan for Property”) to the Trustee upon the terms and conditions therein contained in the Facilities Agreement dated the entered between the Lender of the one part and the Trustee of the other part. The Facilities Agreement, Deed of Assignment and the Power of Attorney hereinafter collectively called “the Security Documents for Property”.
3. The Parties hereto have collectively paid for all deposits and all costs and expenses for the Property including all monthly installments and housing loans in equal shares amongst the Parties.
4. The Parties hereto have agreed to execute this Trust Deed upon the terms and conditions hereinafter contained.
NOW IT IS HEREBY AGREED AS FOLLOWS:–
1. The Trustee hereby irrevocably declares that he shall holds 1/2 undivided share of the Property on trust for the Beneficiary in equal shares and hereby agrees that he shall at the request and cost of the Beneficiary convey, transfer or dispose of the Property to such person or persons at such times and in such manner or otherwise deal with the same as the Beneficiary shall jointly direct or appoint and will at all times execute and do all such documents acts and things as may be necessary to procure the appropriate registration or entry in the register of the Registry of land titles/Land Office to give effect to any such conveyance or transfer or dealing or if so required to protect the interests of the Beneficiary.
2. The Beneficiary hereby gives his consent and authority for the Trustee to mortgage, charge, pledge and assign the Property solely for the purpose of obtaining a loan from any financial institution to complete the purchase of the Property or for re-financing or any purpose the Beneficiaries deems fit and the Trustee hereby agrees that he shall not sell, assign, let, mortgage, charge, pledge, lease or part with the possession or otherwise deal with the Property or any part thereof for any other purpose without the consent in writing of the Beneficiary.
3. Where the Property is leased, the rental proceeds shall be divided equally amongst the Parties. All expenses incurred shall be borne by both the Trustee as well as the Beneficiary.
4. Upon the sale of the Property, the Trustee shall distribute the net residue of the proceeds of sale of the Property after payment of the money due on charge assignment or otherwise, if any, to the Beneficiary or his personal representatives, or unless otherwise consented by the Beneficiary, hold the net residue of proceeds of sale of the Property after payment of the money due on the mortgage charge pledge assignment or otherwise, if any, upon trust to divide the same amongst the Parties.
5. The Trustee shall sign all relevant documents and/or payment as directed or instructed by the Beneficiary at all material time upon execution of this Deed. In the alternative, the Trustee also authorize the Beneficiary to sign all documents with or without the consent of the Trustee on behalf of the Trustee in all matters pertaining to the Property (including but not limited to Memorandum of Transfer).
6. Each of the Trustee and the Beneficiary hereby covenants with the others and each of them as follows namely that he shall:
(a) pay or contribute his due proportion of the principal monies and interest secured by the assignment, charge or pledge or other encumbrance for the time being affecting all or any of the Beneficiary’s rights in and over the rights interest and benefits in and to the Property as and when required to do so;
(b) keep indemnified every other party hereto from all actions, claims, damages, cost, liabilities and/or demands or to be incurred by such last mentioned party by reason of any default on the part of the covenanting party in performing his obligations under this clause.
(c) Where one of the parties namely the Trustee or the Beneficiary defaulted on installment payments for three (3) consecutive months the non-default party shall be entitled to take full possession over the said Property. The sum of monies paid by the defaulted party in part to fulfill his obligation towards the payment of property loan mortgage prior to the default in payment shall be fully reimbursed by the non-default party, free of any interest or charges, should the property being sold off by non-defaulting party in due course.
(d) The non-default party shall resume his obligation to make payment towards the mortgage.
(e) Upon the death of the Beneficiary, his ½ undivided share of the Property shall be conveyed to his heirs who shall survive him.
7. The Trustee and the Beneficiary shall as so far as is practicable consult with and give notice in writing to each other of any dealings or intended dealings with the Property.
8. It is hereby irrevocably declared that the presumption of advancement shall not apply herein.
9. Every reference in this Deed to the Trustee shall where the context admits include the trustees or trustee for the time being hereof and every reference to the parties hereto or to any one or more of them shall unless the context otherwise requires be deemed to include a reference to the personal representatives and assigns of such parties or party.
10. In this Deed, where the context so admits, the words importing the masculine gender shall be deemed and taken to include the feminine and neuter genders and the singular to include the plural and vice versa.
[END OF PAGE]
IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first abovewritten.
TRUSTEE
Signed by )
[Insert Name] )
in the presence of:- )
……….………………………………………….
[Insert Name and NRIC No. of Trustee]
BENEFICIARY
Signed by )
[Insert Name] )
in the presence of :- )
..…………………………………………………………..
[Insert Name and NRIC No. of Beneficiary]
