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Letter of Authority Joint Mortgage

Letter of Authority Joint Mortgage

Draft of Letter of Authority in favour of IDBI for creation of Joint Mortgage by deposit of title deeds.

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Dear Sirs,

Limited loans from IDBI, IFCI, ICICI etc. creation of Joint Mortgage by deposit of title deeds (release and redeposit) in favour of IDBI, IFCI, ICICI and other letter of authority in favour of IDBI.

We

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hereby authorise you, the Industrial Development Bank of India (IDBI) acting through any of its authorised official and acting for itself and also as agent for us and for the other participating financial institutions/banks concerned to release all the documents of title, evidences, deeds and writings made by Ltd.. (hereinafter referred to as "the Company") in respect of its immoveable properties situate at which were deposited on the day of with you to secure the due repayment and discharge by the Company to secure their respective financial assistance for the specific and limited purpose of enabling the Company to create a fresh joint mortgage.

2. We also authorise you acting through any of its authorised official and acting for itself and also as agent for us and for the other participating financial institutions/banks concerned to accept the delivery and deposit of all the said documents of title, evidences, deeds and writings to be made by the Company with the intent to create a security thereon by way of a Joint Mortgage by deposit of title deeds, in favour of IDBI, IFCI, ICICI and the other participating financial institutions/banks concerned to secure the due repayment and discharge by the Company to:-

a)

of its Rupee Term Loan of

,

b)

of its Rupee Term Loan of

,

c)

of its Rupee Term Loan of

,

d)

of its Rupee Term Loan of

,

e)

of its Rupee Term Loan of

,

f)

of its Rupee Term Loan of

,

g)

of its Rupee Term Loan of

,

h)

of its Rupee Term Loan of

,

i)

of its Rupee Term Loan of

,

j)

of its Rupee Term Loan of

,

k)

of its Rupee Term Loan of

,

l)

of its Rupee Term Loan of

,

m)

of its Rupee Term Loan of

,

n)

of its Rupee Term Loan of

,

o)

of its Rupee Term Loan of

,

favouring LIC, together with interest, additional interest, further interest by way of liquidated damages, compound interest, commitment charges, premia on prepayment on redemption, costs, charges, expenses and other monies, including any increase as a result of devaluation / revaluation/fluctuation in the rates of exchange of foreign currencies involved, payable by the Company to IDBI, IFCI, ICICI and the other institutions/banks respectively under their respective Heads of Agreement / Loan Agreements / Letters of Sanction / Memorandum of Terms and Conditions.

In the meanwhile please acknowledge receipt.

Yours faithfully.