Government Housing Loans Act

Link to law: http://www.belizelaw.org/web/lawadmin/PDF%20files/cap072.pdf
Published: 2000

CAP. 72 GOVERNMENT HOUSING LOANS ACT BELIZE

GOVERNMENT HOUSING LOANS ACT

CHAPTER 72

REVISED EDITION 2000

SHOWING THE LAW AS AT 31ST DECEMBER, 2000

This is a revised edition of the law, prepared by the Law Revision Commissioner

under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,

Revised Edition1980 - 1990.

This edition contains a consolidation of the following laws- Page

ARRANGEMENT OF SECTIONS 3

GOVERNMENT HOUSING LOANS ACT 6

Amendments in force as at 31st December, 2000.

BELIZE

GOVERNMENT HOUSING LOANS ACT

CHAPTER 72

REVISED EDITION 2000

SHOWING THE LAW AS AT 31ST DECEMBER, 2000

This is a revised edition of the law, prepared by the Law Revision Commissioner

under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,

Revised Edition1980 - 1990.

This edition contains a consolidation of the following laws- Page

ARRANGEMENT OF SECTIONS 3

GOVERNMENT HOUSING LOANS ACT 6

Amendments in force as at 31st December, 2000.

,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Government Housing Loans [CAP. 72

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CHAPTER 72

GOVERNMENT HOUSING LOANS

ARRANGEMENT OF SECTIONS

PART I

Preliminary

1. Short title.

2. Interpretation.

PART II

The Government Housing Loans Board

3. Incorporation of the Board.

4. Constitution of the Board.

5. Board to conform with directions of Minister.

6. Decisions of the Board.

7. Officers and servants of the Board.

PART III

Financial Provisions

8. The funds of the Board.

4

9. Application of funds.

10. General financial provisions.

11. Reports and audited accounts to be forwarded annually to the

Financial Secretary.

PART IV

Provisions as to Loans

12. Power to make loans.

13. Loans.

14. Charges.

15. How charge on gratuity effected.

16. Attorney General’s Ministry to prepare document.

17. Preparation of documents by Attorney General’s Ministry without

fee.

18. Stamp duty.

19. Offences.

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the Government of Belize.

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PART V

Miscellaneous Provisions

20. Inspection of premises.

21. Exemption from income tax.

22. Power of Board to acquire and dispose of property.

23. Effect of failure to comply with Act or regulations.

24. Regulations.

25. First Schedule may be amended.

FIRST SCHEDULE

SECOND SCHEDULE

THIRD SCHEDULE

FOURTH SCHEDULE

6

CHAPTER 72

GOVERNMENT HOUSING LOANS

[31st December, 1960]

PART I

Preliminary

1. This Act may be cited as the Government Housing Loans Act.

2. In this Act, unless the context otherwise requires-

“Board” means the Government Housing Loans Board as hereinafter

constituted;

“chairman” means the chairman of the Board and includes the vice-chair-

man when officiating as chairman and any person appointed to officiate

temporarily as chairman;

“employee” means a Government employee, a teacher or any person in the

service of any scheduled corporation as herein defined;

“employee eligible for a loan” means any employee of a class or descrip-

tion declared by order of the Minister to be eligible to receive loans which

may be approved in accordance with this Act;

“land” means-

(a) land held on freehold tenure; or

(b) land held on lease of which the unexpired term is

CAP. 58,

R.E. 1980-1990.

29 of 1960.

1 of 1963.

40 of 1963.

Short title.

Interpretation.

40 of 1963.

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Belmopan, by the authority of

the Government of Belize.

Government Housing Loans [CAP. 72

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not less than twenty years; and

shall include any buildings or part of buildings thereon

(whether the division is horizontal, vertical or made in any

other way) and any easement, right, privilege or benefit in,

over or derived from such land, but shall not include an

undivided share in land;

“paying authority” means, in the case of a Government employee, or a

teacher, the Accountant General; and in the case of any other employee,

the chairman or secretary of the managing body of the scheduled corpora-

tion employing him;

“scheduled corporation” means any of the statutory corporations specified

from time to time in the First Schedule hereto;

“teacher” includes all certified teachers of the First Class, Second Class,

and unqualified teachers paid out of Government funds and whose names

are on the register of teachers kept by the Chief Education Officer.

PART II

The Government Housing Loans Board

3.-(1) For the purposes of this Act there shall be established a Board to be

called the Government Housing Loans Board which shall be a body corpo-

rate under that name with perpetual succession and a common seal which

shall be officially and judicially noticed. The seal shall be authenticated by

the signature of the chairman. The Board may sue and be sued in its corpo-

rate name and may for all purposes be described by that name.

(2) The Board may acquire by purchase, lease, exchange, gift or

otherwise any land in Belize.

First Schedule.

Incorporation

of the Board.

8

4.-(1) The Board shall consist of not less than five members to be ap-

pointed by the Minister, one of whom shall be appointed on the nomination

of the Public Service Union.

(2) Every member of the Board shall, unless his appointment is

sooner determined by the Minister or he sooner resigns by notice in writing

to the Minister or he sooner dies, hold office for two years from the date of

his appointment, but shall be eligible for reappointment from time to time.

(3) The Minister shall appoint from among the members of the

board a chairman and a vice-chairman who shall hold office during the

Minister’s pleasure so long as they remain members of the Board. The

vice-chairman shall officiate as chairman in the absence or inability to

officiate of the chairman.

In the absence or inability to officiate of the chairman and vice-

chairman, the Minister may appoint some other member of the Board to

officiate temporarily as chairman. Every meeting of the Board shall be

presided over by the chairman.

(4) The Board shall not be disqualified from the transaction of

business by reason of any vacancy among its members.

5. In the exercise of the powers conferred, and the performance of the

duties imposed, by this Act the Board shall conform with any special or

general directions given to it by the Minister.

6.-(1) Decisions of the Board may be taken at meetings, or in cases in

which the chairman shall so direct, by the recording of the opinions of

members on papers circulated among them:

Provided that where papers are circulated the chairman may direct

that the papers shall not be circulated to any member who through interest,

illness, absence from Belize or otherwise is, in the opinion of the chairman,

Constitution

of the Board.

40 of 1963.

Board to conform

with directions of

Minister.

40 of 1963.

Decisions of

the Board.

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the Government of Belize.

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incapacitated from voting on such papers.

(2) The quorum of the Board at any meeting or for the purpose of

voting on papers circulated shall be three.

(3) The decisions of the Board shall be by the majority of votes, but

in any case in which the voting shall be equal, the chairman shall have a

second or casting vote.

7.-(1) The Board may appoint and employ, at such remuneration and on

such terms and conditions as the Minister may determine, a secretary and

such other persons as may be considered necessary for the proper carrying

of this Act.

(2) The Board may require any officer or servant so appointed to

give such security as the Board may deem proper for the due performance

of his duties.

(3) The Board may, with the approval of the Minister and subject to

such terms and conditions as may be imposed by the Minister, provide for

the establishment and maintenance of a provident fund for the benefit of the

officers and servants of the Board, and for that purpose may make arrange-

ments with an insurance company or companies approved by the Minister.

(4) The Board may also employ valuers and inspectors on such

terms as it may think fit without appointing them to the staff of the Board.

PART III

Financial Provisions

8. The funds of the Board shall consist of-

(a) such sums as the Board may, with the consent of the

Officers and

servants of the

Board.

40 of 1963.

The funds of

the Board.

40 of 1963.

10

Minister, borrow for the purposes of this Act;

(b) such sums as may be placed at the disposal of the

Board from time to time by resolution of the Na-

tional Assembly; and

(c) such sums as may accrue to the Board from its

operations under this Act.

9. The funds of the Board shall be applied towards-

(a) the payment of the salaries, fees, remuneration and

other allowances of the persons employed by the

Board;

(b) the payment of interest at the prescribed rate on

sums borrowed by the Board with the consent of

the Minister, and the repayment of any such sums;

(c) the payment of interest at the prescribed rate on

sums placed at the disposal of the Board and the

repayment of any such sums;

(d) the making of loans in accordance with this Act to

employees eligible for loans;

(e) the payment of rates, taxes, fire insurance premiums

and other outgoings and of the expenses of mainte-

nance or disposal in connection with lands or

buildings which become vested in the Board;

(f) the payment of rates, taxes, fire insurance premiums

and other outgoings and of the expenses of mainte-

nance in connection with any land or building, in

Application

of funds.

1 of 1963.

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Belmopan, by the authority of

the Government of Belize.

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relation to which a loan has been made by the Board

and is wholly or partly outstanding, in cases in which

default has been made by the borrower;

(g) the payment of life insurance premiums in cases in

which default in the payment of such premiums is

made by the borrower;

(h) the creation of a reserve fund;

(i) the payment of all other expenses authorised by, or

incidental to the operation of this Act, and of any

other sums the payment of which is sanctioned by the

Minister.

10.-(1) Every sum payable to the Board shall be collected and received for

and on account of the funds of the Board. Receipts for sums paid to the

Board may be signed by any officer of the Board authorised by resolution of

the Board generally or specifically in that behalf.

(2) All payments out of the funds of the Board shall be made by

officers of the Board authorised by resolution of the Board generally or

specially in that behalf upon vouchers signed by the chairman.

(3) The Board shall cause to be kept proper books and accounts to

the satisfaction of the Accountant General.

The Auditor General or such other auditor as may be approved by

the Minister shall audit the accounts of the Board.

(4) The funds of the Board shall be paid into a bank or banks

approved by resolution of the Board and shall so far as is practicable, be so

paid from day to day:

General financial

provisions.

40 of 1963.

12

Provided that officers of the Board generally or specially authorised

in that behalf by resolution of the Board may retain in their hands sums to

meet petty disbursements or for immediate payment in accordance with the

terms of the resolution.

(5) Cheques on any banking account of the Board shall be signed

by an officer of the Board generally or specially authorised in that behalf by

resolution of the Board and shall be countersigned by the chairman.

(6) The Board may from time to time arrange for the interim

investment of any portion of its funds in such securities as may be approved

by the Financial Secretary.

(7) Subject to this Act and of any regulations made thereunder the

Board shall have power by resolution to provide for all matters of adminis-

tration and procedure.

11. The Board shall forward to the Financial Secretary as soon as possible

after 31st March of each year and not later than 30th June of the same

year, a report upon the administration of the affairs of the Board during the

year together with a balance sheet and statement of revenue and expendi-

ture approved and signed by the Auditor General or such other auditor as

may be approved by the Minister. The report, balance sheet and state-

ments of revenue and expenditure shall be laid by the Minister before the

National Assembly.

PART IV

Provisions as to Loans

12. Subject to this Act and to any regulations made thereunder the Board

may make a loan to any employee eligible for a loan on such conditions as

the Board may impose for all or any of the following purposes-

Reports and

audited accounts

to be forwarded

annually to the

Financial Secretary.

Power to

make loans.

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Belmopan, by the authority of

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(a) the acquisition of a house and land for use by him as

a residence for himself and his family;

(b) the purchase of land and the erection thereon of a

house for use as specified in paragraph (a);

(c) the erection on land owned by him of a house for use

as specified in paragraph (a);

(d) the discharge of any subsisting mortgage or charge

on a house or land owned by him and used as

specified in paragraph (a);

(e) the substantial alteration or improvement of a house

used as specified in paragraph (a);

(f) the payment of premiums and other expenses in

connection with the insurance of his life as security

for a loan under this section.

13.-(1) Application for loans shall be in the form approved by the Board

and appropriate to the circumstances and shall be addressed to the secre-

tary of the Board.

(2) Every loan made under this Act and the interest thereon and all

expenses recoverable by the Board from the borrower in connection with

the loan or with any security therefore shall be secured to the satisfaction of

the Board by a first charge on the land and building in respect of which the

loan is to be granted and also-

(a) if the life of the employee to whom the loan is to be

made is insured to the satisfaction of the Board, by

the assignment of the benefits of the policy to the

Board and the deposit of the policy with the Board;

Loans.

14

or

(b) if the life of the employee is not so insured, or if he

does not desire to proceed as laid down in para-

graph (a) of this subsection, and he is able to pass

the medical examination required by an insurance

company approved by the Board, by insurance on

his life in favour of the Board in such amount as the

Board may in each case determine; or

(c) if the life of the employee is not so insured and he is

not able to pass such medical examination, by a

charge on any gratuity payable on his death while in

the service of the Government or of a scheduled

corporation.

(3) All expenses and payments of premium in respect of any

insurance contemplated by subsection (2) shall be borne by the employee

concerned.

14.-(1) Every charge contemplated by section 13 (2) other than para-

graphs (b) and (c) thereof shall be created-

(a) in the case of registered land, by a deed expressed

to be by way of legal mortgage executed and

registered in accordance with Part III, Part IV or

Part V of the General Registry Act;

(b) in the case of unregistered land, by a deed ex-

pressed to be by way of legal mortgage executed

and recorded under and in accordance with Part VI

of the General Registry Act.

Charges.

CAP. 327.

CAP. 327.

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Belmopan, by the authority of

the Government of Belize.

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(2) A deed creating a charge by way of legal mortgage shall include

such of the covenants and recitals set forth in the Third Schedule as are

appropriate and shall-

(a) in the case of registered land, be in such form as may

be prescribed under the General Registry Act; and

(b) in the case of unregistered land, shall be in a similar

form with such modifications as in any case may be

necessary.

(3) The deed of mortgage shall be prepared by a law officer in the

Attorney General’s Ministry and shall be signed by the employee concerned

in the presence of such law officer and shall be forwarded to the Registrar.

A copy of the deed shall be supplied to the employee concerned by the

Board without payment of any fee.

(4) Upon receipt of such deed the Registrar shall register or record it

in accordance with the General Registry Act.

(5) On payment of all sums due under a deed of mortgage the Board

shall execute a deed of cancellation of mortgage (which shall be prepared by

a law officer in the Attorney General’s Ministry) and the Registrar shall upon

the production to him of such deed register or record it and such registration

or recording shall have the effect of clearing the register or record of such

charge.

(6) The fees payable to the Registrar for things done in the execution

of his office under this section shall be those prescribed by rules made under

the General Registry Act.

15.-(1) A charge on gratuity for the purposes of section 13 (2) (c) shall be

effected by the execution by the employee concerned of a memorandum in

the form prescribed in the Fourth Schedule and may be discharged by an

Third Schedule.

CAP. 327.

CAP. 327.

CAP. 327.

How charge on

gratuity effected.

Fourth Schedule.

16

endorsement in the form prescribed on such memorandum.

(2) Every such charge shall have effect notwithstanding any provi-

sion of any existing law to the contrary.

(3) Upon the execution of any such memorandum of charge by an

employee, the Board shall forthwith forward a copy thereof to the paying

authority concerned.

(4) Upon the discharge of any such charge the Board shall forth-

with notify the paying authority concerned.

16. Every deed of discharge of mortgage contemplated by section 14 and

every memorandum of charge or endorsement contemplated by section 15

shall be prepared by a law officer in the Attorney General’s Ministry.

17. A law officer in the Attorney General’s Ministry shall prepare any

deed contemplated by section 14 including searches, verification of title

and other incidental matters. No fees shall be payable to any law officer in

the Attorney General’s Ministry or the Board in respect of the matters

aforesaid.

18. Every deed of mortgage or deed of discharge of mortgage contem-

plated by section 14 and every memorandum of charge or endorsement

contemplated by section 15 shall be charged with stamp duty in accor-

dance with the rates prescribed by the Stamp Duties Act.

19.-(1) Any person who-

(a) makes any statement in any application to the Board

which he knows to be false or does not believe to

be true; or

(b) applies any loan under this Act, or any part thereof,

Attorney General’s

Ministry to prepare

documents.

Preparation of

documents by

Attorney General’s

Ministry without

fee.

Stamp duty.

CAP. 64.

Offences.

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No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Government Housing Loans [CAP. 72

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to any purpose not authorised by the Board; or

(c) except with the consent in writing of the Board, uses

or permits or suffers to be used any land or building

on the security of which a loan has been made under

this Act for any purpose other than as a residence for

himself and his family,

is guilty of an offence and is liable on summary conviction to a fine not

exceeding five hundred dollars or to imprisonment for a term not exceeding

six months, or to both such fine and term of imprisonment.

(2) In any prosecution under this section where a prima facie case

has been established that the loan or some part thereof has been misapplied,

the onus of proving the manner in which the loan or part thereof has been

applied shall be on the accused.

(3) Proceedings for any such offence may be commenced at any

time within three years from the date on which the offence was committed.

PART V

Miscellaneous Provisions

20.-(1) Any valuer or inspector employed by the Board may at all reason-

able times on giving forty-eight hours notice to the owner or occupier enter

upon any land or building in respect of which a loan has been made under

this Act and may value or inspect it.

(2) Any person who obstructs or causes to be obstructed any such

valuer or inspector in the exercise of the powers conferred by this section,

whether by force or by threats or otherwise, is guilty of an offence and is

liable on summary conviction to a fine not exceeding two hundred and fifty

dollars or to imprisonment for three months, or to both such fine and term of

Inspection

of premises.

18

imprisonment.

21. Notwithstanding anything contained in the Income and Business Tax

Act, the income of the Board shall be wholly exempt from income tax.

22. Subject to the Law of Property Act and the General Registry Act, the

Board may with the approval of the Minister-

(a) purchase or otherwise acquire or take on lease or

on rent any land or building on which there is a

charge in favour of the Board;

(b) sell, lease, or rent any land or building vested in the

Board.

23. No failure to comply with this Act or the regulations thereunder shall

prevent the recovery of any sum by the Board or the enforcement of any

security by the Board.

24.-(1) The Minister may make regulations for all or any of the following

purposes, that is to say-

(a) prescribing all such matters as, for the purposes of

this Act, are required or permitted to be prescribed;

(b) regulating the granting of loans under this Act;

(c) regulating the payment of any sums due to the

Board by abatement of the salary of the employee

concerned;

(d) regulating the insurance of the lives of employees to

whom loans are to be made;

Exemption from

income tax.

CAP. 55.

Power of Board

to acquire

and dispose of

property.

CAP. 190.

CAP. 327.

Effect of failure

to comply with

Act or regulations.

Regulations.

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Belmopan, by the authority of

the Government of Belize.

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(e) regulating insurance for fire, wind, hurricane;

(f) regulating the administration and procedure of the

Board; and

(g) carrying out generally the purposes of this Act.

(2) Regulations under this section shall not have any force or effect

until approved by resolution of the National Assembly.

(3) The regulations contained in the Second Schedule hereto shall be

deemed to have been made and approved under this section.

25. The First Schedule hereto may be amended by Order of the Minister

adding to, deleting from or varying such Schedule, provided that no such

Order shall take effect until approved by resolution of the National Assem-

bly and published in the Gazette.

FIRST SCHEDULE

[Section 2]

Scheduled Corporations

Belize City Council.

Belmopan City Council.

Town Councils.

Village Councils.

Other Public Statutory Bodies.

Second

Schedule.

First Schedule

may be amended.

20

SECOND SCHEDULE

[Section 24]

Regulations Under The Government Housing Loans Act

1. These Regulations may be cited as the Government Housing Loans

Regulations.

2. No loan shall be made to any borrower who is less than 21 years of

age.

3. Save in special circumstances, no loan shall be made to any borrower in

respect of more than one house, and no loan shall be made to a borrower

for the purpose of acquiring a house from his wife or for the purpose of

acquiring a house if he or his wife already owns a house.

4. No loan shall exceed a sum equal to five times the annual salary of the

borrower.

5. No loan shall exceed a sum equal to 80 per centum of the Board’s

estimate of the value of the house and land concerned or, if the borrower is

over 45 years of age, 70 per centum of the said estimate:

Provided that in any case in which the Board is secured by insur-

ance on the life of the borrower to cover outstanding balances the loan may

be a sum not exceeding 95 per centum of the said estimate.

6. No loan shall be made until the building site and the building or buildings

erected or to be erected thereon have been approved by the Board. The

prospective borrower shall cause plans and specifications of any new

building to the satisfaction of the Board, to be supplied to the Board.

7. The prospective borrower shall, if so required by the Board, supply the

Short title.

Age qualification

for loans.

Other

qualifications for

loans specified.

Maximum loan

amount.

Relationship

between maximum

loan amount and

value of land and

house.

Board to approve

building plans.

Borrower may

supply title of

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Belmopan, by the authority of

the Government of Belize.

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Board with an abstract of title to the land and shall comply with all requisi-

tions as to title made on behalf of the Board.

8. The prospective borrower shall on demand permit any person acting on

behalf of the Board and authorised thereunto in writing under the hand of the

Secretary of the Board to enter and inspect any land or building under his

possession or control and in connection with which he has applied for a

loan.

9. Insurance effected on the life of a borrower in accordance with section

13 (2) (b) of the Act shall secure payment of the sum determined by the

Board on the death of the policy holder occurring in any year during which

part of the loan is outstanding and shall be by payment of a single premium

payable at the commencement of the insurance to cover a diminishing risk.

10. Every loan shall be repayable within a period of no more than 20

years.

11.- (1) Any sum payable by an employee to the Board by virtue of this Act

may be deducted by the paying authority concerned from the salary of such

employee, but subject always to any general or special directions which may

be given by the Minister.

(2) No such deduction shall be made by a paying authority except in

accordance with a certificate as to the amount payable and the date on

which it is payable under the hand of the Secretary of the Board.

(3) Any sum deducted by a paying authority shall be paid to the

Board.

12. Minutes of every meeting of the Board shall be kept and on being

confirmed by the Board, shall be signed by the Chairman.

13. The accounts of the Board shall be kept in a form approved by the

Accountant General.

land to Board

upon request.

Inspections

by Board.

Payments

by insurance

premiums; how

made.

Duration of loan.

Payments

through salary

deductions at

source.

Minutes of

meetings of the

Board.

Accounts of

the Board.

22

THIRD SCHEDULE

[Section 14]

Deed of Mortgage

1. MEMORANDUM OF CHARGE made this

day of , 20 by of

(hereinafter called the Borrower) in favour of the Government Housing

Loans Board, incorporated under the Government Housing Loans Act,

(hereinafter called the Board).

2. WHEREAS the Borrower is seised in fee simple in possession free

from encumbrances of the land specified in the Schedule hereto and has

applied to the Board for a loan under the provisions of the said Act which

loan the Board has agreed to make upon the terms and conditions and in

manner hereinafter appearing.

3. WITNESSETH AS follows:-

In pursuance of the agreement and in consideration of the sum of $

now lent by the Board to the Borrower (the receipt of which sum is hereby

acknowledged) the Borrower hereby covenants with the Board to pay to

the Board the said sum of $ with interest thereon at the rate of

per centum per annum by monthly instalments of principal and

interest combined at the rate of in respect of every thousand

dollars:

Provided that if default is made by the Borrower in payment of any

instalment of principal and interest or if he shall commit a breach of any

covenant or obligation herein contained or if any event shall arise whereby

the Board may exercise the power of sale the whole of the principal money

then outstanding shall become immediately due and payable with interest

thereon at the rate aforesaid.

CAP. 72.

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No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Government Housing Loans [CAP. 72

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4. WHEREAS the Borrower is seised in fee simple in possession free from

encumbrances of the land specified in the Schedule hereto and has applied

to the Board for a loan under the provisions of the said Act to be applied in

or towards the purposes following that is to say, the erection and completion

of the buildings set out in a plan and specifications (hereinafter referred to as

the “Contract”) submitted to and approved by the Board on the land which

loan the Board has agreed to make upon the terms and conditions in manner

hereinafter appearing.

AND WHEREAS it was further agreed that the sum of $ should be lent

to the Borrower on the execution of these presents and that the sum of

$ should be lent to the Borrower in the manner and subject to the

conditions hereinafter appearing.

5. WITNESSETH as follows:-

In pursuance of the agreement and in consideration of the sum of $

now lent by the Board to the Borrower (the receipt of which sum is hereby

acknowledged) and of the agreement of the Board for the further loan to the

Borrower of the sum of $ the Borrower hereby covenants with

the Board to pay to the Board interest at the rate of per centum per

annum on all such loans from the dates thereof until the completion of the

buildings according to the Contract and from and after the last mentioned

date the Borrower hereby covenants with the Board to pay to the Board the

total amount of such loans with interest thereon at the rate of per centum

per annum by monthly instalments of principal and interest combined at the

rate of in respect of every thousand dollars:

Provided that if default is made by the Borrower in payment of any

instalment of principal and interest or if he shall commit a breach of any

covenant or obligation herein contained or if any event shall arise whereby

the Board may exercise the power of sale the whole of the principal money

then outstanding shall become immediately due and payable with interest

thereon at the rate aforesaid.

24

6. The further loan of $ above-mentioned shall be made by

instalments, on certificates of the Chief Engineer or of an officer of his

department authorised by him in that behalf as to the value of the work

from time to time executed in pursuance of the Contract, in accordance

with the scale set out in this Schedule:

Provided that if at any time prior to the payment of the final instal-

ment mentioned in the said Schedule any event shall arise whereby the

Board may exercise the power of sale the Board may decline to pay any

further instalments and may exercise any or all the powers available to

mortgagees for enforcing payment of their securities.

7. The Borrower hereby covenants as follows:-

(1) That as long as any money remains due under these presents

the Borrower will keep all the buildings on the land in good and substantial

repair to the satisfaction of the Board. And if the Borrower shall fail or

neglect to do so after due notice in writing thereof to him the Board may

thereupon enter upon the premises and execute such repairs as may be

necessary to comply with the above obligation. And the Borrower will on

demand repay to the Board all the expenses thereby incurred by the Board

and will pay interest at the rate of per centum per annum from

the date of the demand until repayment, and all such expenses and interest

until repayment shall be charged on the land.

(2) That so long as any money remains due under these presents

the Borrower will keep all the buildings and out-offices insured in the name

of the Board against loss or damage caused by fire in the sum of $

at least with some insurance office approved by the Board and will make

all payments required for the purpose as and when the same shall become

due and will when required by the Board deliver for safe keeping by the

Board the policy or policies of such insurance and the receipt for each such

payment. And if the Borrower shall fail to perform any of his obligations

under this paragraph and if the Board shall thereupon insure the said

,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Government Housing Loans [CAP. 72

[ ]

25

buildings or any of them in any amount not exceeding $ the Borrower

will on demand repay to the Board all payments made for that purpose and

will pay interest at the rate of per centum per annum from the

date of demand until repayment and all moneys not repaid on demand as

aforesaid and all such moneys and interest shall be charged on the land.

(3) That during the continuance of this charge the Borrower will pay

and discharge all rates, taxes, duties, charges, assessments, impositions and

outgoings whatsoever which shall be assessed, charged or imposed upon or

payable in respect of the land or any part thereof by the Borrower, and if the

Borrower shall at any time neglect or refuse to make such payments or to

deliver the receipt therefor to the Board on demand the Board may pay the

same and the Borrower will on demand repay to the Board all payments

made for that purpose and will pay interest at the rate of per centum

per annum from the date of demand until repayment and all moneys not

repaid on demand as aforesaid and all such moneys and interest shall be

charged on the land.

(4) That as long as any money remains due under these presents the

Borrower shall not exercise any powers of leasing or letting the land or

selling or otherwise disposing of the same or any part thereof except with

the consent in writing of the Board.

(5) That during the continuance of the charge hereby created the

Borrower will comply with the provisions of the Act and with all regulations

made thereunder.

(6) That the Borrower will complete the building within from the date

hereof according to the Contract.

8. PROVIDED ALWAYS and it is hereby agreed as follows:-

The Borrower may pay off all or any number of instalments on account of

the principal money for the time being owing:

26

Provided that upon such payment the interest on the whole principal

money for the time being owing be fully paid and that such partial payment

by anticipation shall not interfere with the payment in regular course of the

instalments of principal and interest subsequently payable but shall only

have the effect of accelerating the ultimate payment of the moneys remain-

ing owing on this charge.

9. ehtfoeulavdeifitreC srallodnikrow

srallodnitnemlatsnI

,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Government Housing Loans [CAP. 72

[ ]

27

FOURTH SCHEDULE

THE GOVERNMENT HOUSING LOANS ACT

(Memorandum of Charge on Gratuity under section 15)

I, . . . . . . . . . . . . . . . . . . . . . . . . of . . . . . . . . . . . . . . . .. . . . . . . . . . .

Borrower

hereby declare that on the day of I executed a

memorandum of charge in favour of the Board for the sum of $ and

for the purpose of further securing such loan I hereby charge any gratuity that

may become payable in case of my death while in the service of the Govern-

ment or of the scheduled organisation employing me with the payment of the

amount that may then be due on the said loan.

DATED this day of , 20

(Signed)

WITNESS

Form I.

28

THE GOVERNMENT HOUSING LOANS ACT

(Memorandum of Discharge of Charge on Gratuity under section 15)

It is hereby certified that the charge on gratuity dated the day

of , 20 made by

in favour of the Board is this day discharged.

DATED this day of , 20

Signed . . . . . . . . . . . . . . . . . . . . . . . . .

Secretary

Form 2.
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