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Allan Laon Agreement

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19 views3 pages

Allan Laon Agreement

agreement format

Uploaded by

manziabel8
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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THE REPUBLIC OF UGANDA

THE CONTRACT ACT


MEMORANDUM OF AGREEMENT

THIS MEMORANDUM OF AGREEMENT is made the day........of..........20...... between


.......................................... of P. 0. Box ................... (hereinafter referred to as “the
Debtor’’ which expression shall where the context so admits include its assignees and
successors of the one part) AND SSEBAGALA ALLAN JOE of P.O. Box ..........
Kampala (hereinafter referred to as “the Creditor” which expression shall where the
context so admits include its assignees and successors) of the other part

WHEREBY IT IS AGREED AND WITNESSETH AS FOLLOWS:

1. The Creditor has at the request of the Debtor agreed to advance to the Debtor a sum of
U.shs ........................ (Uganda Shillings ...........................................) which sum
the debtor acknowledges receipt on the execution of the presents and that the debtor
irrevocably undertakes to pay U.shs ...........................(Uganda
Shillings..........................................) as outstanding and owing to the creditor,

2. The Debtor covenants with the Creditor to pay to the creditor the above money within a
period of............................... from date of execution of the presents.

3. In settlement of the debt, the debtor shall issue as a security

(a) Post-dated cheques for the appropriate amount to the creditor, ...................................
(b) Deposit ATM Card for A/C No.......................................Bank............................
(c) Land Title for land Comprised in...............................................................................
(d) Car .........................................................................................
on execution of the present; it will be the sole obligation of the Debtor to ensure
payment of the dues at the time of maturity and the creditor shall be at liberty to use all
the remedies available to recover the said debt.

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4. The Debtor shall at any time as and when required by the creditor execute such further legal
or other mortgages fixed or floating charges or assignments in favour of the creditor as the
creditor shall from time to time require over all or any of the charged assets both present
and future to secure all money obligations and liabilities covenanted under this deed to be
paid or otherwise secured under this deed.

5. The Creditor may at his discretion with or without notice declare due and payable with
immediate effect the monies outstanding together with any incidental costs thereon in
case of default in performance of any covenant or condition of this Agreement and such
default continues for a period of two days after notice thereof has been given by the
Creditor to the Debtor.

6. No failure or delay by the Creditor in exercising any right or remedy shall operate as a
waiver nor shall any single or partial exercise or waiver of any right or remedy preclude
his further exercise or the exercise of any other right or remedy.

7. The liability of the said debtor shall not be affected by any time or other indulgence
given to the said debtor or by the acceptance by the said debtor of any negotiable or
other securities or others in respect of any sum for the time being owing.

8. That the debtor hereby agrees to indemnify the creditor against all claims which may be
made upon or consequence thereof in exercise his right of sale of security and to pay
on demand all payment, losses, costs and expenses suffered or incurred arising in
consequence thereof or arising thereout.

9. This agreement constitutes the entire and only legal binding agreement between the
parties in respect of the amount outstanding and no variation in the agreement shall be
effective unless made in writing signed by all parties and expressed to be a variation

IN WITNESS whereof both parties have hereunto set their respective hands the day
and year first above mentioned

SIGNED BY
SSEBAGALA ALLAN JOE …………………………
CREDITOR

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In the presence of:
SIGNATURE:
FULL NAME:
OCCUPATION:
ADDRESS-.

SIGNED BY
.......................................................... ..........................
DEBTOR

In the presence of:


SIGNATURE:
FULL NAME
OCCUPATION:
ADDRESS

ALL IN THE PRESENCE OF


…………………………………………………………
MUKASA ISAAC
(LAWYER)

DRAWN & FILED BY:


M/s. Tugume-Byensi & Co. Advocates
General Post Office Building
Plot 35 Kampala Road
4th Floor Suite No. 410, 411,412
P.O Box 72130
Clock Tower – Kampala
Plot 40 Perse Street Suite
No. 001 Kosatu House – Masindi

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