LETTER OF GUARANTEE BY MARVEL TOURS PVT LTD Place : Kochi Date : HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED RAMON HOUSE, 4TH FLOOR, 169, BACKBAY RECLAMATION BOMBAY – 400 020 Dear Sirs, In consideration of your having at the request of the borrowers and upon the terms, that we give this guarantee, sanctioned, in principle, a loan of Rs. 20,00,000./- (Rupees twenty lakh) vide 608385564 (hereinafter referred to as “the Loan”) to Mr. Muraleedharan.N.K, Flat No C1, Sreelayam Appartments, Elumana Temple Road,Trippunithura Kochi-682306 and Mrs (Hereinafter referred to as the “Borrower/s” which expression shall unless the context otherwise requires include its successors and assigns) broadly on the terms and conditions stated in the offer letter duly accepted by the Borrower/s,
AND WHEREAS pursuant to the said Offer Letter you have agreed to enter into a Loan Agreement and the terms and conditions whereof are known to us, AND IN CONSIDERATION of your having at the request of the borrower and our request and upon the terms and stipulations that we give this guarantee to you to disburse lend and advance to the Borrower/s the Loan. WE DO HEREBY GUARANTEE that the Borrower/s jointly and severally, will duly and punctually observe and perform each and every one of the obligations, to pay money, whether for or towards principal, interest, additional interest, commitment charge, extra charges on arrears , service , redemption premium costs or otherwise however on their part contained in the said Loan Agreement and also in any instrument or instruments that may hereafter be executed by him/them in your favour modifying the terms of the said Loan Agreement AND WE DO HEREBY AGREE AND UNDERTAKE THAT in the event of the default on his/their part or on the part of any one of them in making payments in discharge of any of such obligations, We shall forthwith upon your notifying such default to such default, make payment to you not only of the instalments due in respect of the defaulted instalments but also in event of your having accelerated the payment of the balance of the Loan, Make payment to upon of the entire loans without demur or protest myself notwithstanding any protestations from the Borrowers and We shall without prejudice to all your other rights indemnify you and keep you indemnified against all loss of principal , interest or other monies due to you in respect of the Loan under the said Loan Agreement and/or instrument or instruments that may herein after be executed by the borrower/s in you favour and all costs, charges and expenses whatsoever which you may incur by reason of any such DEFAULT the part of the Borrower/s. 1. We hereby accord my consent to the terms of the said Loan Agreement and/or any instruments that may hereafter be executed by the Borrower/s in your favour as aforesaid , being by mutual consent between you and them in any respect varied or modified without requiring our consent or approval thereto and We agree that our liability under this Guarantee shall in no manner be affected by such variations and modifications and we expressly give up all our rights and surety under the provisions of the Indian Contract Act, 1872 in that behalf.
2. You shall have the fullest liberty without in any way affecting this Guarantee and discharging us from our liability thereunder to postpone for any time or from time to time the exercise any power or powers reserved to or conferred on you by the said Loan Agreement or any instrument or instruments that may hereafter be executed by the Borrower/s in your favour and to exercise the same at any time and in any manner and either to enforce or forbear to enforce payment of principal or interest or other monies due to you by the Borrower /s or any of the remedies or securities available to you or to grant any indulgence or facility to the SHALL not be released by any exercise by you of your liberty with reference to the matters aforesaid or any of them or any reason of time being given to the Borrower/s of any other forbearance act or omission on you part or other matter or thing whatsoever which under the law relating to sureties would but for this provision have the effect of so releasing me AND We hereby waive all surety under and other rights which but for this provision have the effect of releasing me. 3. This Guarantee shall be enforceable against us notwithstanding that the securities (if any) that may be comprised in any instrument or instruments that may be executed by the Borrower/s or any other person/s in your favour shall be at the time when proceedings are taken against me hereunder be outstanding or unrealized. 4. In order to give effect to this Guarantee you shall be entitled to act as if we were the principal debtor to you for all payments guaranteed by us aforesaid. 5. Without prejudice to what is stated in any other clause herein and without in any way whatsoever limiting or restricting the scope and the operation of the Guarantee herein contained or the liability therefrom arising and keeping this Guarantee and all the obligations and liabilities thereunder in full force and effect, We, in particular agree, assure and undertake that the Borrower/s shall in terms of the said Loan Agreement and /or other instruments or documents executed hereafter pay you every month during the period of the Loan amount of the Pre- Equated Monthly Installments, failing which We shall make good the default by full payment of the Pre Equated Monthly Installments and the Equated Monthly Installment within seven days of the due date without any notice of demand being issued by you to us (which shall be
final, binding and conclusive on the Borrower/s and us) We shall forthwith, without any demur, protest or objection and notwithstanding any protestations from the Borrower/s pay the amount mentioned therein without your being required to obtains any consent or confirmation from the Borrower/s. We confirm that it shall be our obligation to ascertain the amount/s of the Pre â€“ Equated Monthly Installment. 6. This Guarantee is a continuing one and shall be binding on us, our heirs, administrators, assigns and successors, for all amount of principal of the Loan that may be advanced by you to the Borrower/s under the said Loan that may hereafter be executed by them in your favour or with you as also for all interest, additional interest, commitment charges , extra charges or arrears time to time, become due and remain unpaid to you by the Borrower/s thereunder and shall remain in force until all such money shall be paid off in full with interest remain in force until all such money shall be paid off in full with interest remain in force until all such money shall be paid off in full with interest commitment charges, extra charges on arrears, service charges, redemption premium costs or otherwise howsoever under this Guarantee shall not exceed one and a half times the loan. 7. The benefit of this Guarantee shall ensure for the benefit of your successors and assigns and shall be irrevocable until the discharge by us of all our obligations thereunder. 8. This Guarantee shall not be affected by any change in our constitution or by any reason of merger by us with any other company nor shall this Guarantee be in any wise prejudiced by your absorption or by your amalgamation with any company, corporation, or concern but shall be available for and to the absorption or amalgamated company, corporation or concern. 9. We assure you that we are under no disability or restriction to give you this Guarantee and to undertake to you the repayment and pecuniary obligations of the Borrower/s as set out in the said Loan Agreement. 10. We agree and acknowledge that this Guarantee shall ipso facto come into force and become valid and binding on us immediately upon the Loan Agreement being executed between the Borrower/s and you without requiring any further consent or confirmation from us.
11. You shall have the fullest liberty without in any way affecting this Guarantee and discharging us from our liability thereunder to increase or decrease the loan and /or any the rate of interest and/or repayment terms thereof and/or permit the borrow/to transfer the Loan from one property to another without any reference or needing prior consent from us. However as indicated in Clause (7) hereinabove our maximum liability under the guarantee shall not exceed one and half times the loan. 12. We confirm and declare that this Guarantee shall not be affected or shall be discharged from any of our liabilities thereunder if the Borrower/s is ordered to be wound - up or proceedings are initiated against the Borrower/s for its being would up or even if the Borrower/s is declared or considered be a sick company or otherwise , under any law, statute, Rule ordinance etc which would have the effect of suspending or waiving all or any right against the borrower/s or in respect of any contract concerning the Borrower/s.
For and on behalf of INTELLEKT DB SOLUTIONS PVT LTD