3.
THAT the entire loan is secured via IMPS until I turn 55 years old.
However, IMPS will not cover the loan security for my unnatural death during the coverage period.
IMPS will be charged the rate of 0.5% or as determined by the board to my loan account annually
until the loan is fully paid.
4.
THAT my FTU-CTCL shares and my sureties are securities for this loan.
In addition to any primary securities under any mortgage of specific security.
5.
THAT if my loan account remains in arrears for 30 or more days,
FTU-CTCL reserves the right to issue demand notice(s) for which I will bear all costs
and the same will be added to my loan account. The administrative and operational cost
per demand notice as issued by the solicitors is to be borne by me.
6.
THAT if any repayment installment remains unpaid for 3 months or 90 days,
FTU-CTCL shall have the right to demand payment of the total outstanding balance,
inclusive of the principal sum and accumulated interest up to the date of repayment.
7.
THAT should I fail/neglect to pay and/or make suitable arrangement
to pay within the specified period above from the date of issue of final demand notice
by FTU-CTCL, in line with the terms and conditions of this loan, FTU-CTCL shall:
(i)
Off-set my loan balance against my FTU-CTCL shares without any further notice to me; and
(ii)
If my shares are insufficient to offset my loan balance and I have sureties for the loan,
offset the balance of my loan against my sureties’ shares; and
(iii)
Proceed with the recovery action for any balance of the loan after (i) and (ii) above.
8.
THAT all notices shall be issued/served to me on my email address
and/or place of residence as provided in my application form and shall be deemed proper
and insufficient service. In case I change my email or residential address, I will provide
a new address to FTU-CTCL in writing, which shall then become my address of service.
9.
THAT at any time I cease to be a member of FTU-CTCL, the balance
of the principal sum and interest up to the date of full payment becomes immediately payable
in one single payment.
10.
THAT I have the right at my sole discretion to pay off the loan at any
time before the expiry of the loan period and interest shall only be payable till the date
of repayment of the loan balance in full.
11.
THAT I undertake to utilise the loan only and solely for the purpose
stated in my application form.
12.
THAT I shall be liable for all costs incurred by FTU-CTCL for any recovery
action initiated against me and that the same shall be added to my loan balance and interest
payable on any default of payment.
13.
THAT this bond shall be a continuing bond and shall remain in force and
effect until I have paid all dues to FTU-CTCL in respect to all monies advanced to me by
FTU-CTCL.
14.
THAT I have been advised that all other current terms and conditions of
FTU-CTCL loans and any amendments hereafter add by-laws, mortgage and specific security
agreement (if applicable) form part.
15.
THAT I have been advised to seek independent legal advice before execution
of this Bond.
16.
THAT I authorise FTU-CTCL and each of its officers and employees to complete
any blanks in the documents, amend the documents by way of additions, omission, or variation
as may be required for the purpose of completing the documents.
17.
THAT I authorise FTU-CTCL to pay annual insurance for any securities under
the mortgage or specific security agreement, and that the same be added to my loan account.
