Form GFR 16 - For M

This document is a loan agreement form for employees to borrow money from the government of Pakistan to purchase a motor vehicle. It outlines that the borrower agrees to (1) repay the loan amount plus interest via monthly salary deductions, (2) spend the full loan amount on a motor vehicle within 1 month, and (3) secure the vehicle as collateral for the loan. If the borrower fails to purchase/secure the vehicle within 1 month or leaves employment, the full loan amount plus interest becomes immediately due.

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Form GFR 16 - For M

Uploaded by

Leo King

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

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Form G.F.

R 16

FORM OF AGREEMENT TO BE EXECUTED AT THE TIME OF

DRAWING AN ADVANCE FOR THE PURCHASE OF MOTOR CYCLE

An agreement made day of 2008.

Between of
(hereinafter called the Borrower. Which expression shall include his legal
representatives and assigns) of the one part and THE PRESIDENT OF
PAKISTAN (hereinafter called the President) of the other part THERESE the
borrower has under the provisions of the General Financial Rules ( hereinafter
referred to as the said Rule which expression shall include any amendments
thereof for the time being in force) applied to the president for a loan of
Rs.50,000/- for the purchase of Motor Cycle and the President has agreed to
lend the said amount to the Borrower on the terms and conditions hereinafter
contained NOW IT IS HEREBY AGREED between the parties here to that in
consideration of the sum of Rs.50,000/- paid by the president to the Borrower
herby agrees with the President (1) to pay the President the said amount with
interest calculated according to the said rules by monthly deductions from his
salary as provided for by the said Rules and hereby authorities by the President
to make such deduction and (2) within one month from the date of these
present to expend the full amount of the said loan in the purchase of Motor
Cycle of if the actual price paid is less that the loan to repay the difference to
the President for with the (3) to Execute a document hypothecating the said
Motor Cycle to the President as security for the amount lent to the Borrower as
aforesaid and interest in the form provided by the said Rules AND IT IS
HEREBY LASTLY AGREED AND DECLARED that if the Motor Cycle has not
been purchased and hypothecated as aforesaid within one month from the date
of these presents or it Borrower within that period becomes insolvent or quits
the service of Government or dies the whole amount of the and the loan interest
accrued thereon shall immediately become due and payable.

IN WITNESS where of the Borrower has hereinto set his hand the day and
year first before written.

Signed by said
in the Presence of)

1. 2.

COUNTERSIGNED
Form G.F.R 16

FORM OF AGREEMENT TO BE EXECUTED AT THE TIME OF

DRAWING AN ADVANCE FOR THE PURCHASE OF MOTOR CAR

An agreement made day of 2008.

Between of
(hereinafter called the Borrower. Which expression shall include his legal
representatives and assigns) of the one part and THE PRESIDENT OF
PAKISTAN (hereinafter called the President) of the other part THERESE the
borrower has under the provisions of the General Financial Rules ( hereinafter
referred to as the said Rule which expression shall include any amendments
thereof for the time being in force) applied to the president for a loan of
Rs.150,000/- for the purchase of Motor Car and the President has agreed to
lend the said amount to the Borrower on the terms and conditions hereinafter
contained NOW IT IS HEREBY AGREED between the parties here to that in
consideration of the sum of Rs.150,000/- paid by the president to the Borrower
herby agrees with the President (1) to pay the President the said amount with
interest calculated according to the said rules by monthly deductions from his
salary as provided for by the said Rules and hereby authorities by the President
to make such deduction and (2) within one month from the date of these
present to expend the full amount of the said loan in the purchase of Motor Car
of if the actual price paid is less that the loan to repay the difference to the
President for with the (3) to Execute a document hypothecating the said Motor
Car to the President as security for the amount lent to the Borrower as
aforesaid and interest in the form provided by the said Rules AND IT IS
HEREBY LASTLY AGREED AND DECLARED that if the Motor Car has not been
purchased and hypothecated as aforesaid within one month from the date of
these presents or it Borrower within that period becomes insolvent or quits the
service of Government or dies the whole amount of the and the loan interest
accrued thereon shall immediately become due and payable.

IN WITNESS where of the Borrower has hereinto set his hand the day and
year first before written.

Signed by said
in the Presence of)

1. 2.

COUNTERSIGNED