zamzam conveyancing asssingment

zamzam conveyancing asssingment - -1-2 UNIVERSITY OF...

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-2- UNIVERSITY OF NAIROBI G34/52764/2012 GPR 402: CONVEYANCING LAW AND PRACTICE FACILITATOR: JOY K. ASIEMA
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-3- QUESTION 1. What is the nature of the transaction represented by the precedent you have? This is a transfer of land by sale. There exists a bona fide purchaser and a vendor. QUESTION 2. Which property is the subject matter of the transaction you have identified in (1) above? The subject matter in a piece of land in Nairobi Municipality, Land reference number 330/225, whose original number is 330/126/2. QUESTION 3. Assume Y is seeking a loan of Three Million ( Ksh. 3,000,000) from Bank Z, and he is going to execute a charge over property X. Draft the Commencement, Recital and Operative Part. Last owner is Y is Stanley Charles Stevenson Land reference number X is 330/225 BANK Z assume is First Community Bank.
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-4- REPUBLIC OF KENYA IN THE MATTER OF THE LAND ACT NO. 6 OF 2012 IN THE MATTER OF THE LAND REGISTRATION ACT NO. 3 OF 2012 CHARGE (ISSUED UNDER THE GOVERNMENT LANDS ACT, CAP 280,(NOW REPEALED)) Date of issue: …………………………………………………………2015 The Chargor : STANLEY CHARLES STEPHENSON of P.O. Box 69196 - 00100, Nairobi (hereinafter referred to as “the Chargors” which expression shall where the context so admits include their personal representatives and assigns) of the first part; The Chargee : FIRST COMMUNITY BANK is a limited liability company incorporated in the Republic of Kenya and registered as a Bank pursuant to the provisions of the Banking Act (Cap 488) of the laws of Kenya of Post Office Box Number 23458 –00800, Nairobi for the purpose of this charge (hereinafter called “the Chargee”) which expression where the context so admits shall include its successors and assigns) of the other part; Principal amount : KSHS. 3,000,000/- (Kenya Shillings Three Million only) or the equivalent thereof in whatever currency denominated. WHEREAS: (A) The Chargor is a registered proprietors for an estate in fee simple of ALL THAT property known as Land Reference Number 330/225 (Original Number 330/126/2) more particularly described in Schedule of this Charge (subject to the matters stated in the Indenture of Conveyance of the said property and described in the Memorandum hereunder) together with all buildings, fixtures, fittings, additions and improvements from time to time forming part of the land (together the “ Premises ”). (B) The Chargee has at the request of the Chargor agreed not to call in or to sue for or require the immediate repayment of any existing indebtedness due to it from the Chargor or others for whom the Chargor is a surety and to make advances to the Chargor to a maximum sum of Kenya Shillings Three Million only
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-5- (Kshs.3,000,000/-) or the equivalent thereof in whatever currency denominated (the Charge Debt ”) together with interest thereon as hereinafter provided.
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  • Spring '16
  • Law, Nairobi, chargee, Land Reference Number, chargor

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