Common use of Security for the Loan Clause in Contracts

Security for the Loan. Security of the loan would be the first equitable/ registered mortgage of the Property that is being financed (the details whereof are set out in the Loan Documents) and/ or any other collateral security, unless otherwise specially approved by the Company. Collateral or interim security could be Fixed Deposits and/ or Life Insurance policies and/ or Guarantee from sound & solvent individuals and/ or pledge of shares and/ or any other such investment that may be acceptable to the Company. The Borrower shall produce such original/copy of title deeds, documents, reports as may be required by Company. The Borrower shall bear all the charges payable for the creation of said security and shall take all the steps required for the perfection thereof. The plan for the construction of the Property offered as Security shall be approved by the competent authority and the same shall not be violated by the Borrower or any other person at any point of time during the currency of the Loan.

Security for the Loan. Security of the loan would be the first equitable/ registered mortgage of the Property that is being financed (the details whereof are set out in the Loan Documents) and/ or any other collateral security, unless otherwise specially approved by the Company. Collateral or interim security could be Fixed Deposits and/ or Life Insurance policies (and/ or Guarantee from sound & solvent individuals and/ or pledge of shares and/ or any other such investment that may be acceptable to the Company. The Borrower shall produce such original/copy of title deeds, documents, reports as may be required by the Company. The Borrower shall bear all the charges payable for the creation of said security and shall take all the steps required for the perfection thereof. The plan for the construction of the Property offered as Security shall be approved by the competent authority and the same shall not be violated by the Borrower or any other person at any point of time during the currency of the Loan.