Specimen for Motorcycle / Car / Jeep Loan Agreement

Specimen for Motorcycle / Car / Jeep Loan Agreement

Rs 5O STAMP PAPER

THIS AGREEMENT is made at _______ this ________ day of ________ One Thousand Nine Hundred Ninety _______ BETWEEN Lotte Pakistan PTA Limited, a Public Limited Company incorporated under the Companies Ordinance, 1984 having its Registered Office at EZ/1-P-4, Eastern Industrial Zone, Port Qasim, Karachi 74200 (hereinafter called the “COMPANY” which term includes its successors and assigns) of the ONE PART and ______________ S/o ____________ presently residing at _______________ (hereinafter called the “EMPLOYEE” which term shall include his legal heirs and successors) of the OTHER PART.

WHEREAS the Employee is employed by the Company and whereas the Company has advanced a sum of Rs ________(Rupees __________________Only) to the Employee by way of loan, receipt whereof has been separately given by the Employee, for the purchase of a Jeep/Car/Motorcycle and whereas the Employee has purchased a Jeep/Motorcycle / Car bearing Registration No. _______________.

IT IS HEREBY AGREED THAT:

1             The ownership of the said Jeep/motorcycle / car shall be registered in the name of the Company and shall continue to be so registered until the whole amount of the said loan of Rs ______________ (Rupees only) is repaid by the Employee.

2             The Employee undertakes to repay the said loan to the Company in such instalments and at such times as may be decided by the Company, by way of deduction from the Employee’s monthly salary or from other dues payable to the Employee.

3             The said Motorcycle / Car shall remain in the possession, care and use of the Employee subject to the powers of the Company herein reserved.

4             All taxes and outgoings whatsoever relating to the said Jeep /Motorcycle / Car by way of road tax etc., shall be payable by the Employee and if paid by the Company, shall be recovered through deduction from the Employee’s salary.

5             The Company shall arrange for a comprehensive insurance of the said Jeep / Motorcycle / Car against all risks and accidents with an insurance company of its choice and the Employee shall, subject to the applicable Staff Rules, pay all premiums due in respect of such insurance which amounts shall be recovered through deduction from the Employee’s salary.

6             The Employee shall keep the Company indemnified against all risks, costs end losses that may be incurred by the Company by virtue of being the registered owner of the said Jeep/Motorcycle / Car and the Company shall be entitled to recover from the Employee’s salary and other dues all costs and losses incurred under this Clause in addition to the recoveries mentioned elsewhere in this Agreement.

7             In the event of cessation of service of the Employee due to any reason whatsoever before the said loan is fully repaid, the Company shall at its sole discretion be entitled to take over possession and sell the said Jeep/Motorcycle / Car and recover the balance of the loan outstanding at that time from the net proceeds, not withstanding the provisions of Clause 3 hereof.

IN WITNESS WHEREOF the parties hereto have executed this Agreement on the day and year mentioned above.

Signed for and on behalf of

the Company in the presence of:–

___________________________                                             _________________

Signed by the Employee                                                                          COMPANY

in the presence of:-

___________________________                                               _______________

EMPLOYEE