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Property Loan Indemnity Agreement

1. The document is a deed of indemnity by a chargor for a property purchase loan from Stanbic Bank Kenya Limited. 2. The chargor is purchasing a property and needs a loan from Stanbic Bank for the balance of the purchase price. 3. The chargor undertakes to indemnify and keep the bank indemnified against any claims or costs relating to the property or security during the loan. The chargor also undertakes to cooperate with the bank and comply with obligations under the loan.

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Emeka Nkem
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343 views1 page

Property Loan Indemnity Agreement

1. The document is a deed of indemnity by a chargor for a property purchase loan from Stanbic Bank Kenya Limited. 2. The chargor is purchasing a property and needs a loan from Stanbic Bank for the balance of the purchase price. 3. The chargor undertakes to indemnify and keep the bank indemnified against any claims or costs relating to the property or security during the loan. The chargor also undertakes to cooperate with the bank and comply with obligations under the loan.

Uploaded by

Emeka Nkem
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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DEED OF INDEMNITY BY THE CHARGOR

I of care of P. O. Box Number and holder of a


Kenyan National Identity Card Number / Passport Number do hereby confirm that:

1. THAT I am in the process of purchasing all that property known as


(the “Property”), pursuant to a sale agreement dated for a
total consideration of ;

2. THAT I have approached Stanbic Bank Kenya Limited (the “Bank”) for a loan facility and they
have agreed to finance the balance of the purchase price amounting to
on the security being created over the Property (the “Security”);

3. AND WHEREAS I have been duly informed, and verily believe the same to be true, that following
the repeal of the Government Lands Act (chapter 280) Laws of Kenya the same was replaced by
the provisions of the new Land Act and Land Registration Act 2012 from the effective date of 2 nd
May 2012 and this Charge is subject to the said new laws;

I, , HEREBY UNDERTAKE AND CONFIRM at all


material times during the subsistence of this Security created herein in favour of the Bank, to indemnify
and keep indemnified the Bank against all and any harm, actions, proceedings claims and demands,
costs damages and expenses which may be brought, levied or made against the Bank in connection with
the Property or the Security herein relating and I hereby unconditionally undertake if called upon during
the subsistence of this Security by the Bank to complete, perfect and /or execute and register any
documents as the Bank may require at any time.

I FURTHER UNDERTAKE and state that I shall cooperate with the Bank at all times during the
continuation of the Security to honor all my contractual and legal obligations to pay the mortgage facility
as more particularly provided in the letter of offer, facility letter, loan agreement, this Security or any other
documents (the “security documents”) and I shall not attempt to curtail or prejudice or otherwise defeat
the interest of the Bank in whatever way as comprised in any of the security documents.

Signed by the Chargor )


)
on this day of 2012 )
in the presence of : )
)
)
)
)
)

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