DECLARATION OF TRUST
THIS
DECLARATION OF TRUST
is made on this day of ,
2013.
BETWEEN
JISHAM BIN AWANG BESAR (NRIC No.
720604-11-5163)
of No. 45, Lorong Az-Zaharah B10/B,
Seksyen 10, Bandar Puncak Alam, Selangor Darul Ehsan (hereinafter referred to
as “the TRUSTEE”) of the one part.
AND
MOHD ROSLI BIN MAJID (NRIC No.
650117-10-7309)
of No. 45-A, Lorong Az-Zaharah B10/B,
Seksyen 10, Bandar Puncak Alam, Selangor Darul Ehsan (hereinafter referred
to as “the BENEFICIARY”) of the
other part.
BACKGROUND
A) ABD.
MUTALIB BIN ABU BAKAR (NRIC No. 620414-10-5169) of No. 32A Jalan USJ 16/3D, UEP Subang Jaya, 47600 Selangor Darul Ehsan
is the registered and beneficial owner of all that freehold land held under H.S. (D) 14679 for Lot PT 5645 in Mukim Jeram,
Daerah Kuala Selangor, Negeri Selangor Darul Ehsan (“the Land”) together
with a DOUBLE STOREY SHOP OFFICE erected on the Land bearing postal address
known as No. 45 Lorong Az-Zaharah B10/B,
Seksyen 10, Bandar Puncak Alam, Selangor Darul Ehsan (the Land and the
double storey shop office are hereinafter collectively referred to as “the
Property”).
B) The DOUBLE STOREY SHOP
OFFICE erected on the Land bears the following address:-
(i)
No.
45, Lorong Az-Zaharah B10/B, Seksyen 10, Bandar Puncak Alam, Selangor Darul
Ehsan (“the Ground Floor”).
(ii)
No.
45-A, Lorong Az-Zaharah B10/B, Seksyen 10, Bandar Puncak Alam, Selangor Darul
Ehsan (“the First Floor”).
C)
By
a Sale and Purchase Agreement in writing dated the 28th day of December, 2012 (“Initial Sale and Purchase Agreement”)
entered into between ABD. MUTALIB BIN
ABU BAKAR (NRIC No. 620414-10-5169), as the Vendor, and, the TRUSTEE and
BENEFICIARY, collectively, as the Purchasers, the Vendor agrees to sell the
Property to the Purchasers at an agreed price of RINGGIT MALAYSIA FIVE HUNDRED AND TWENTY THOUSAND (RM520,000.00)
only upon terms and conditions therein stipulated.
D)
The
Initial Sale and Purchase Agreement stipulates that a DEPOSIT SUM of RINGGIT MALAYSIA FIFTY TWO THOUSAND
(RM52,000.00) only had been paid to the Vendor as consideration upon the
execution of the Initial Sale and Purchase Agreement and that the Deposit Sum
was contributed by the following persons:-
(i)
The
TRUSTEE = RM31,200.00
(equivalent
to 60%)
(ii)
The
BENEFICIARY = RM20,800.00
(equivalent
to 40%)
Total RM52,000.00
The Balance Purchase Price amounting
to RINGGIT MALAYSIA FOUR HUNDRED AND
SIXTY EIGHT THOUSAND (RM468,000.00) only was to be paid through a Loan from
any financial institution.
E) The BENEFICIARY, as a
party to the Initial Sale and Purchase Agreement, was thereafter called upon by
relevant authorities to serve and/or to provide his services, as a professional
personnel, in the country of LEBANON, thereby, hampering and/or stifling the
progress of the Initial Sale and Purchase Agreement, especially in the
Application for the Loan to complete the Initial Sale and Purchase Agreement.
F) The Parties to the
Initial Sale and Purchase Agreement agreed to accept and acknowledge that the
Agreement be deemed as FRUSTRATED in law.
G) With the consent and
knowledge of both the TRUSTEE and BENEFICIARY AND
without the BENEFICIARY having to vacate
and/or to loose his rights and interest over the said property, it was agreed
that the TRUSTEE shall solely enter into a FRESH SALE AND PURCHASE AGREEMENT
with the Vendor for the Purchase of the said property upon terms and conditions.
H) Hence, by a Sale and
Purchase Agreement in writing dated the 10th
day of May, 2013 (“Subsisting Sale and Purchase Agreement”) entered into
between ABD. MUTALIB BIN ABU BAKAR (NRIC No. 620414-10-5169), as the Vendor,
and the TRUSTEE, the Vendor agreed to sell the said property to the TRUSTEE, as
the Purchaser, upon terms and conditions therein stipulated.
I)
The
Subsisting Sale and Purchase Agreement contains the following salient terms
with regards the purchase price:-
(i)
The
agreed Sale and Purchase Price RM480,000.00
(ii)
The
Deposit Sum payable upon execution RM 48,000.00
(iii)
The
Balance Purchase Price RM432,000.00
It is an understanding between the
parties in the Subsisting Sale and Purchase Agreement that the DEPOSIT paid and
received in the Initial Sale and Purchase Agreement shall be utilized as the
Deposit payment of the Subsisting Sale and Purchase Agreement AND THAT the
extra sum shall be utilized to off-set any differential sum between the Balance
Purchase Price and the Loan granted for the completion of the Subsisting Sale
and Purchase Agreement.
J) The TRUSTEE has obtained
a Loan from CIMB BANK BERHAD (13491-P) to assist him in the purchase of the
said property from the Vendor. Details of the Loan are as follows:-
(i)
Balance
Purchase Price RM432,000.00
(ii)
Loan
Facility RM
417,566.00
(iii)
Less
Legal Fee included in loan RM 8,316.00
(iv)
Less
Valuation Fee included in loan RM 1,250.00
(v)
Actual
Loan Sum Awarded towards RM408,000.00
Purchase
Price
(vi)
Differential
Sum between Balance RM 24,000.00
Purchase
Price and Actual Loan Sum
NOW THIS DECLARATION OF TRUST
WITNESSETH
as follows:-
1.
THAT
the TRUSTEE, as from the date of this DECLARATION OF TRUST, shall hold the
First Floor of the said Property bearing postal address known as No. 45-A,
Lorong Az-Zaharah B10/B, Seksyen 10, Bandar Puncak Alam, Selangor Darul Ehsan
ON TRUST FOR THE ABSOLUTE BENEFIT AND USE OF THE BENEFICIARY.
2.
THAT
the TRUSTEE shall register and/or caused to be registered this Declaration of
Trust and/or a TRUST DEED (whichever is appropriate) with the relevant Land
Office PROVIDED ALWAYS that the TRUSTEE shall then become the registered and
beneficial owner of the said Property.
3.
THAT
the BENEFICIARY shall register and/or caused to be registered at his absolute
discretion a PRIVATE CAVEAT over the said Property PROVIDED ALWAYS that such
registration shall take effect and/or conducted after the Charge is registered
in favour of CIMB BANK BERHAD and PROVIDED FURTHER that any extention of the
Private Caveat’s existence over the said Property after its term of effect
shall not be based on similar grounds as that of the initial lodgement of the
Private Caveat.
4.
THAT
both the TRUSTEE and BENEFICIARY shall on a monthly basis until full
satisfaction, contribute towards the repayment of the Loan awarded by CIMB BANK
BERHAD PROVIDED ALWAYS that the proportion of the contribution shall be based
on the following computation:-
(i)
TRUSTEE
at 60% of the monthly repayment schedule.
(ii)
BENEFICIARY
at 40% of the monthly repayment schedule.
5.
THAT
both the TRUSTEE and BENEFICIARY shall contribute towards payment of Quit Rent
and Assessment charges or any other charges imposed upon the said Property by
relevant authorities PROVIDED ALWAYS that the rate of contribution by each
party shall be computed in accordance with item 4 (i) and 4 (ii) above.
6.
THAT
this Declaration of Trust shall be binding on the respective parties, heirs,
successors-in-title and permitted assigns.
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remainder of the page is intentionally left blank)
IN WITNESS WHEREOF the parties hereto have
hereunto set their respective hands the day and year first above written.
SIGNED AND SEALED )
by the TRUSTEE )
In the presence of :- ) ________________________
JISHAM
BIN AWANG BESAR
(NRIC No. 720604-11-5163)
SIGNED AND SEALED )
by the TRUSTEE )
In the presence of :- ) ________________________
MOHD
ROSLI BIN MAJID
(NRIC No. 650117-10-7309)
