Borrower Declaration Sample Clauses

Borrower Declaration. (i) I hereby acknowledge that any and all penal interest is reasonable and represent a genuine pre-estimate of the loss incurred by the Company in the event of non-payment by the Borrower and/or non-compliance with the terms of this Loan Agreement. (ii) I hereby acknowledge that the Loan provided under this Loan Agreement is for a commercial transaction entered into for valid and adequate consideration. (iii) It is hereby accepted by me that the amounts stated by the Company as due from me, shall be final and conclusive proof of the correctness of any sum claimed by the Company to be due from me and without production of any voucher, documents or other papers whether in support thereof or otherwise and I hereby agree that the same shall not be disputed by me. (iv) The right of the Company to recover the dues from me shall be exercised either directly by the Company or by the Company through its agent or any of its authorized representatives and I hereby agree to the same. (v) I undertake that for any changes/updation/modification made in mobile phone number details, the same will be duly communicated to the Company. (vi) In the event of death of the Borrower, I/We do hereby confirm that the nominee mentioned below shall be entitled to receive the gold ornaments pledged with Rupeek or such other bank/ financial institution, subject to payment of all outstanding amounts including interest etc. and production of death certificate of the Borrower, to the exclusion of any other person/s, regardless of any other depositions made by me/us, whether testamentary or otherwise I/We hereby declare and confirm that upon return of the pledged gold to my nominee, ▇▇▇▇▇▇ and any other associated banking company/financial institution shall be released from any and all liabilities towards me/us and/or my/our legal heirs. Name of Nominee: ……………………………………………. Address of Nominee: …………………………………………. Phone No. of Nominee: ………………………………………. Relationship with Borrower: ………………………………….. (vii) In the event the aforementioned nominee does not come forward within a period of 90 (Ninety) days from the death of the Borrower to retrieve the pledged gold, ▇▇▇▇▇▇ shall release the gold jointly to the legal heirs of the Borrower upon them furnishing a legal heirship certificate or similar document evidencing their relationship to the Borrower. Borrower’s Signature Place:……….…. Date: ………......