DEED OF VARIATION OF THE SECURITY AGREEMENT

DATED ____________________________ 20__

 

 

 

 

 

 

Between

 

 Client’s Name………………………………………………………………

Grantor

 

and

 

MOMENTUM CREDIT LIMITED

as Grantee

                                                                                       

 

 

 

 

 

 

 

 

 

 

 

                                                                                                DRAWN BY:

SHEILA IMALI         ADVOCATE C/O MOMENTUM CREDIT LTD    

 

DEED OF VARIATION OF THE SECURITY AGREEMENT

 

THIS DEED is made on ________________________________________   20_______

BETWEEN:

  • ………………………………………………………………………………………………………………………….. of Post Office Box Number…………………………………………………………………………(hereinafter called the “GRANTOR” which expression shall where the context so admits include the personal representatives, heirs and permitted assigns of each persons comprised in the expression ( ‘the Grantor’’) of the one part;

and

  • MOMENTUM CREDIT LIMITED, a private Limited Liability Company duly incorporated in the Republic of Kenya registered under Incorporation Number CPR/2010/29811 and of Post Office Box Number 29175-00100, Nairobi, Kenya (hereinafter called the “GRANTEE” which expression shall where the context so admits include its successors-in-title and permitted assigns) of the other part.

WHEREAS:

  • The Parties entered into a Security Agreement (“Agreement”) dated ________
    • Pursuant to the Agreement, the Grantee, at the request and instance of the Grantor, agreed to make certain funds available to the Grantor thereby creating a Security Right over the Movable Asset in favour of the Grantee as set out in the said Agreement.
    • The Company wishes to review various term/s of the Agreement.
  • The parties now wish to enter into this Deed to amend and vary the terms of the Agreement upon and subject to the terms and conditions of this Deed.

IT IS AGREED AS FOLLOWS:

  1. Definitions and Interpretation
    • In this Deed unless the context otherwise requires and save for words and expressions specifically defined herein, words and expressions defined in the Agreement shall have the same meanings ascribed to them in the Agreement where used herein and the principles of interpretation set out in clause 9 of the Agreement shall likewise apply mutatis mutandis in this Deed.
    • References in this Deed to clauses are references to the clauses of the Agreement

 

 

 

  1. Variation

Subject to the terms of this Deed and notwithstanding any provision to the contrary contained in the Agreement, the parties hereby agree that the Agreement shall be hereby amended and varied as follows:

  • In the schedule Part A – “The Vehicle” the following is amended:
  1. The Facility: ____________ (Loan Amount)
  2. Monthly Payments and the Period. Kshs. ______________ (Instalment Amount) ___________ (Period in Months)
  3. Due Date for 1st ______________ (Enter the payment date for the first instalment)
  4. Late payment rate.: _________ (Percentage charge in case of late payment)

 

  1. Counterparts

 

  • This Deed may be entered into on separate engrossments, each of which when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.

 

  1. Other Provisions
    • This Deed shall be governed by and construed in accordance with the laws of Kenya.
    • Subject to the modifications herein, all other terms and conditions of the Agreement remain unaltered and shall continue to remain in full force and effect.

IN WITNESS whereof the parties have duly executed this Deed :

 

[ GRANTOR ]

Signature: ………………………………….

Name:………………………….

Identity Card No:…………….

P.I.N No:………………

Address:……………………………

 

 

 

 

 

in the presence of:

SIGNED……………………………………………

ADVOCATE OF THE HIGH COURT OF KENYA

 

[ THE GRANTEE ]

For Momentum Credit

Name:…………………….

Address…………………………

 

in the presence of:

SIGNED……….…………………………………

ADVOCATE OF THE HIGH COURT OF KENYA

Download PDF