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.
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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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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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No. 1 Power Lane,
Belmopan, by the authority of
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.
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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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Belmopan, by the authority of
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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No. 1 Power Lane,
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
the Government of Belize.
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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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No. 1 Power Lane,
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.
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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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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.