Detail

Back to Revised Laws of Saint Lucia (2023)

Schedule 4

(Reg. 39)
PART 1
FORM A
Memorandum of Charge
Before ........................... Notary Royal practising in Saint Lucia residing in the town of ............................., Saint Lucia.
MEMORANDUM OF CHARGE made this .............. day of .................................... 20 ................... by ................................ of ............................................................... in Saint Lucia
(occupation)
................................ (hereinafter called “the Borrower”) in favour of the Saint Lucia Housing Authority incorporated by the Housing Act, 1966 (hereinafter called “the Authority”):
WHEREAS the Borrower is seised as absolute owner free from encumbrances of the immovable property specified in the Schedule hereto (hereinafter called “the said property”) and has applied to the Authority for a loan of the sum of ............................. under the provisions of section 18 of the said Act to be applied in or towards the purposes following, that is to say— .................................................................................................... .................................................................................................... which loan the Authority has agreed to make upon the terms and conditions and in the manner hereinafter appearing:
WITNESSETH as follows—
1. In pursuance of the agreement and in consideration of the sum of ........................ now lent by the Authority to the Borrower (the receipt of which sum the Borrower hereby acknowledges) [or lent by the Authority to the Borrower on completion of the work to be undertaken] the Borrower hereby covenants with the Authority to pay to the Authority the said loan, namely the sum of ............................................. with interest thereon at the rate of $........................ % by monthly instalments of principal and interest combined at the rate of ............................. in respect of every $1,000: Provided that if default is made by the Borrower in payment of any instalment of principal and interest or the Borrower shall commit a breach of any covenant or obligation herein contained or if any event shall arise whereby the Authority may exercise its power of sale the whole of the principal money then outstanding shall become immediately due and payable with interest thereon at the rate aforesaid.
2. For the consideration aforesaid the Borrower as absolute owner hereby mortgages and hypothecates unto the Authority thereof accepting the said property.
3. The said loan of ............................. above-mentioned shall be made on the certificate of the Chief Engineer or of an officer of his or her department authorised by him or her in that behalf or an Inspector appointed by the Authority as to the completion of the work to be undertaken: Provided that if at any time prior to the payment of the said sum of ............................. any event shall arise whereby the Authority may exercise its power of sale the Authority may decline to pay the same and may exercise any or all of the powers available to mortgagees for enforcing payment of their securities.
4. Provided that on payment by the Borrower to the Authority of all sums due by the Borrower under this Memorandum of Charge, this Charge shall at the request of the Borrower be vacated by Memorandum of Discharge in the prescribed form or otherwise as the Borrower shall direct.
5. THE BORROWER HEREBY COVENANTS WITH THE AUTHORITY DURING THE CONTINUANCE OF THIS SECURITY AS FOLLOWS—
(1)		To keep all the buildings erected on the said property in good and substantial repair to the satisfaction of the Authority. And if the Borrower shall fail or neglect to do so after due notice thereof to him or her the Authority may thereupon enter upon the premises and execute such repairs as may be necessary to comply with the obligations. And the Borrower will on demand repay to the Authority all the expenses incurred by the Authority and will pay interest at the rate of $........................... % annum from the date of the demand until repayment and all such expenses and interest until repayment shall be charged on the said property.
(2)		To keep all the said buildings and out-offices insured in the name of the Authority against loss or damage caused by fire earthquake [and hurricane] in the sum of ................................. with some Insurance Company approved by the Authority and will make all payments required for the purpose as and when the same shall become due and will when required by the Authority deliver up for safe keeping by the Authority 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 or her obligations under this paragraph and if the Authority shall thereupon insure the said buildings or any of them in any amount not exceeding ............................. the Borrower will on demand repay to the Authority all payments made for that purpose and will pay interest at the rate of $....................... % per annum from the date of the demand until repayment and all moneys not repaid on demand as aforesaid and all such moneys and interest shall be charged on the said property.
(3)		To pay and discharge all rates, taxes, duties, charges and assessments impositions and outgoings whatsoever which shall be assessed charged or imposed upon or payable in respect of the said property or any part thereof by the Borrower and if the Borrower shall at any time refuse or neglect to make such payments or to deliver the receipt therefor to the Authority on demand the Authority may pay the same and the Borrower will on demand repay to the Authority all payments made for that purpose and will pay interest at the rate of $.................................... % per annum from the date or demand until repayment and all moneys not repaid on demand as aforesaid and all such moneys and interest shall be charged on the said property.
(4)		Not to exercise any power of leasing or letting the said property or mortgaging or hypothecating or selling or otherwise disposing of the same or any part thereof except with the consent in writing of the Authority for that purpose first had and obtained.
(5)		To use the said property as a residence for ............................ and ............................ immediate family and for no other purpose unless the permission of the Authority in writing is first had and obtained.
(6)		Not to utilise the moneys hereby loaned for any purposes other than those hereinbefore specified.
(7)		To comply with the provisions of the said Act and with all regulations made thereunder.
6. PROVIDED ALWAYS and it is hereby agreed as follows—
(1)		The Borrower may pay off all or any number of instalments of the principal money for the time being owing: Provided that upon such payment the interest on the whole principal money for the time being owing be fully paid and that any 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 remaining owing on this Charge.
(2)		The Authority may in its absolute discretion exercise its power of sale in any of the following events—
	(a)		if default is made in payment of any instalment of principal and interest for the time being owing on this Charge for one month after notice requiring payment thereof shall have been served on the Borrower;
	(b)		if the Borrower fails to observe any of his or her obligations hereunder other than in regard to the payment of principal and interest;
	(c)		if the Borrower commits any act of bankruptcy or make any assignment for the benefit of his or her creditors;
	(d)		if the Borrower dies.
WHEREOF RECORD
IN WITNESS WHEREOF these presents after due reading thereof have been signed at Castries in Saint Lucia on the day month and year first hereinbefore written by the parties with and in the presence of the said Notary.
SCHEDULE
(Description of the said property)
Title: .............................
Signed by the within-named ................... ...................................................... in the presence of .......................
The Seal of the Saint Lucia Housing Authority was hereunto affixed under a resolution of the Authority in the presence of ............ its Chairperson ............................ another member of the Authority and ...................... Secretary.				Chairperson.
Member.
Secretary.
............................. Notary Royal.

FORM B
Memorandum of Charge
BEFORE .................................... Notary Royal practising in Saint Lucia residing in the town of ............................. Saint Lucia.
MEMORANDUM OF CHARGE made this ...................... day of ................. 20 and ............................. by ............................. of ............................. in Saint Lucia (hereinafter called “the Borrower”) in favour of the Saint Lucia Housing Authority incorporated by the Housing Act, 1966 (hereinafter called “the Authority”):
WHEREAS by deed of lease dated the ....................... day of ...................... 20............ registered in the Registry of Deeds and Mortgages on the .......................... day of ...................... 20........... in Volume .............. No .......................... and made between .............................................. (hereinafter called “the Landlord”) of the One part and ............................. of the Other part (hereinafter referred to as “the said Lease”) the Landlord demised to .......................................... immovable property described in the Schedule hereto (hereinafter referred to as “the said demised property”) for the term of ................... years from the ........................... day of ............................. 20............; at the yearly rent of ............................. subject to the covenants and conditions therein appearing.
AND WHEREAS the Borrower is now possessed of the said demised property for all the unexpired residue of the term of ........................ years created by the said Lease.
AND WHEREAS the Landlord as intervener consents to the assignment of the said demised property to the Authority.
AND WHEREAS the Borrower has applied to the Authority for a loan of the sum of ............................. under the provisions of section 18 of the said Act to be applied in or towards the purposes following, that is to say— .................................................................................................................................................................. which loan the Authority has agreed to make upon the terms and conditions and in manner hereinafter appearing:—
WITNESSETH as follows—
1. In pursuance of the agreement and in consideration of the sum of ......................... now lent by the Authority to the Borrower (the receipt of which sum the Borrower hereby acknowledges) [or lent by the Authority to the Borrower on completion of the work to be undertaken] the Borrower hereby covenants with the Authority to pay to the Authority the said loan with interest thereon at the rate of $............................. % per annum by monthly instalments of principal and interest combined at the rate of ................................... in respect of every $1,000: Provided that if default is made by the Borrower in payment of any instalment of principal or interest or if the Borrower shall commit a breach of any covenant or obligation herein contained or if any event shall arise whereby the Authority may exercise its power of sale the whole of the principal money then outstanding shall become immediately due and payable with interest thereon at the rate aforesaid.
2. For the consideration aforesaid the Borrower acting herein with the consent of the Landlord as appears by the Landlord's intervention herein hereby mortgages and hypothecates UNTO the Authority thereof accepting all and singular the Borrower's rights, title, interest and estate in and to the said demised property comprised in and demised by the said Lease together with the buildings created or hereafter to be erected thereon and all the appurtenances and dependencies thereof.
3. The said loan of .............................. above-mentioned shall be made on the certificate of the Chief Engineer or of an officer of his or her department authorised by him or her in that behalf or an Inspector appointed by the Authority as to the completion of the work to be undertaken: Provided that if at any time prior to the payment of the said sum of .................................. any event shall arise whereby the Authority may exercise its power of sale the Authority may decline to pay the same and may exercise any or all of the powers available to mortgages for enforcing payment of their securities.
4. However, on payment by the Borrower to the Authority of all sums due by the Borrower under this Memorandum of Charge this Charge shall at the request of the Borrower be vacated by .............................. Memorandum of Discharge in the prescribed form or otherwise as the Borrower shall direct.
5. THE BORROWER HEREBY COVENANTS WITH THE AUTHORITY DURING THE CONTINUANCE OF THIS SECURITY as follows—
(1)	To keep all the buildings erected on the said demised property in good and substantial repair to the satisfaction of the Authority. And if the Borrower shall fail or neglect to do so after due notice thereof to him or her the Authority may thereupon enter upon the premises and execute such repairs as may be necessary to comply with the obligations. And the Borrower will on demand repay to the Authority all the expenses incurred by the Authority and will pay interest at the rate of $ .......................... % per annum from the date of the demand until repayment and all such expenses and interest until repayment shall be charged on the said demised property.
(2)	To keep all the said buildings and out offices insured in the name of the Authority against loss or damage caused by fire, earthquake [and hurricane] in the sum of ............................. with some Insurance Company approved by the Authority and will make all payments required for the purpose as and when the same shall become due and will when required by the Authority deliver up for safe keeping by the Authority 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 or her obligations under this paragraph and if the Authority shall thereupon insure the said buildings or any of them in any amount not exceeding ............................. the Borrower will on demand repay to the Authority all payments made for that purpose and will pay interest at the rate of $............................. % per annum from the date of the demand until repayment and all moneys not repaid on demand as aforesaid and all such moneys and interest shall be charged on the said demised property.
(3)	To pay and discharge all rates, taxes, duties, charges and assessments impositions and outgoings whatsoever which shall be assessed charge for imposed upon or payable in respect of the said demised property or any part thereof by the Borrower and if the Borrower shall at any time refuse or neglect to make such payments or to deliver the receipt therefor to the Authority on demand the Authority may pay the same and the Borrower will on demand, repay to the Authority all payments made for that purpose and will pay interest at the rate of $............................. % 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 said demised property.
(4)	Not to exercise any power of leasing or letting the said demised property or mortgaging or hypothecating or selling or otherwise disposing of the same or any part thereof except with the consent in writing of the Authority for that purpose first had and obtained.
(5)	To use the said demised property as a residence for .......................... and ........................... immediate family and for no other purpose unless the provision of the Authority in writing is first had and obtained.
6. PROVIDED ALWAYS and it is hereby agreed as follows—
(1)	The Borrower may pay off all or any number of instalments of the principal money for the time being owing: Provided that upon such payment the interest on the whole principal money for the time being owing be fully paid and that any 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 remaining owing on this Charge.
(2)	The Authority may in its absolute discretion exercise its powers of sale in any of the following events—
	(a)	if default is made in payment of any instalment of principal and interest for the time being owing on this Charge for one month after notice requiring payment thereof shall have been served on the Borrower;
	(b)	if the Borrower fails to observe any of his or her obligations hereunder other than in regard to the payment of principal and interest;
	(c)	if the Borrower commits any act of bankruptcy or make any assignment for the benefit of his or her creditors;
	(d)	if the Borrower dies.
AND AT THE MAKING OF THESE PRESENTS there came and intervened the Landlord WHO having taken communication herein and being satisfied with these presents as they affect him or her hereby consents to the mortgaging or hypothecating of the said demised property.
WHEREOF RECORD
IN WITNESS WHEREOF these presents after due reading thereof have been signed at Castries in Saint Lucia on the day month and year first hereinbefore written by the parties with and in the presence of the said Notary.
SCHEDULE
(Description of the said demised property)
Signed by the within-named .................... ................. the Borrower in the presence of ......................
Signed by the within-named ...................... ................................... the Landlord and Intervener in the presence of ......
The Seal of the Saint Lucia Housing Authority was hereunto affixed under a resolution of the Authority in the presence of ........................ its Chairperson ............................ another member of the Authority and ..................... Secretary.			Chairperson.
Member.
Secretary.
Notary Royal.

FORM C
THIS MORTGAGE made this ............... day of ............................. 20 and
BEFORE ............................. Notary Royal practising in Saint Lucia residing in the town of ............................. in Saint Lucia.
BETWEEN ............................. of ............................. in Saint Lucia (hereinafter called “the Borrower”) of the One part
AND THE SAINT LUCIA HOUSING AUTHORITY incorporated by the Housing Act, 1966 acting herein and represented by ..................................................... of ............................., its Chairperson ................................................ of ............................ another member of the Authority and ............................. of ............................. Secretary (hereinafter called “the Authority”) of the Other part
WHEREAS the Borrower has applied to the Authority for a loan of the sum of ............................. under the provisions of the said Act to be applied in or towards the purposes following, that is to say—
AND WHEREAS the Borrower is seised as absolute owner free from encumbrances of the immovable property specified in the Schedule hereto (hereinafter referred to as “the immovable property”).
WITNESSETH as follows—
1. In pursuance of the agreement and in consideration of the sum of ...................... now lent to the Borrower by the Authority (the receipt of which sum the Borrower hereby acknowledges) the Borrower hereby covenants with the Authority that he or she will pay to the Authority the above sum of ............................. with interest thereon at the rate of ............................. % per annum by monthly instalments of principal and interest combined at the rate of ............................. in respect of every $1,000: Provided that if default is made by the Borrower in payment of any instalment of principal and interest or he or she shall commit a breach of any covenant or obligation herein contained or any event shall arise whereby the Authority may exercise its power of sale the whole of the principal money then outstanding on this mortgage shall become immediately due and payable with interest thereon at the rate aforesaid.
2. For the consideration aforesaid the Borrower as absolute owner hereby mortgages and hypothecates UNTO the Authority the immovable property.
3. 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 immovable property in good and substantial repair to the satisfaction of the Authority. And if the Borrower shall fail or neglect to do so after due notice in writing thereof to him or her, the Authority may thereupon enter upon the premises and execute such repairs as may be necessary to comply with the obligation. And the Borrower will on demand repay to the Authority all the expenses incurred by the Authority and will pay interest at the rate of ..................% per annum from the date of the demand until repayment and all such expenses and interest until repayment shall be charged on the immovable property.
(2)	That as 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 Authority against loss or damage caused by fire ..................................... or by ....................................... in the sum of ................................ at least with some Insurance Company approved by the Authority and will make all payments required for the purpose as and when the same shall become due and will when required by the Authority deliver up for safe keeping by the Authority the policy or polices of such insurance and the receipt for each such payment. And if the Borrower shall fail to perform any of his or her obligations under this paragraph, or if the Borrower shall request the Authority to effect the policy of insurance or to pay any premium in respect thereof, it shall be lawful for the Authority to effect such insurance or to pay such premium and in such event the Borrower will on demand repay to the Authority all payments made for such purpose and will pay interest at the same rate as is payable on the mortgage loan from the date of the demand until repayment, and all moneys not repaid on demand as aforesaid and all such moneys and interest shall be charged on the immovable property.
(3)	That during the continuance of this Mortgage 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 immovable property or any part thereof by the Borrower and if the Borrower shall at any time refuse or neglect to make such payments or to deliver the receipt therefor to the Authority on demand the Authority may pay the same and the Borrower will on demand repay to the Authority all payments made for that purpose and will pay interest at the rate of ............................. % 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 immoveable property.
(4)	That as long as any money remains due under these presents the Borrower shall not exercise any powers of leasing or letting the immovable property or selling or otherwise dispensing of the same or any part thereof except with the consent in writing of the Authority for that purpose first had and obtained.
(5)	That during the continuance of the Mortgage hereby created the Borrower will comply with the provisions of the Act and with all regulations made thereunder.
4. PROVIDED ALWAYS and it is hereby agreed as follows—
(1)	The Borrower may pay off all or any number of instalments on account of the principal money for the time being owing: Provided that upon such payment the interest on the whole principal money for the time being owing be fully paid and that any 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 remaining owing on this Mortgage.
(2)	The Authority may in its absolute discretion exercise its power of sale in any of the following events—
	(a)	if default is made in payment of any instalment of principal and interest for the time being owing on this Mortgage for one month after notice requiring payment thereof shall have been served on the Borrower;
	(b)	if the Borrower fails to observe any of its obligations hereunder other than in regard to the payment of principal and interest;
	(c)	if the Borrower commits any act of bankruptcy or makes any assignment for the benefit of his or her creditors;
	(d)	if the Borrower dies.
(3)	On payment by the Borrower to the Authority of all sums due by him hereunder, this Mortgage shall at the request of the Borrower be vacated by Memorandum of Discharge in the prescribed form or otherwise as the Borrower shall direct.
WHEREOF RECORD
IN WITNESS WHEREOF these presents after due reading thereof have been signed at Castries in Saint Lucia on the day month and year first hereinbefore written by the parties with and in the presence of the said Notary.
SCHEDULE
(Description of the immovable property)
Title:
Signed by the within-named .................... ............................................ in the presence of ......................
The Seal of the Saint Lucia Housing Authority was hereunto affixed pursuant to a resolution of the Authority in the presence of ............................. its Chairperson .......... ................................ another member of the Authority and ............................. Secretary.			Chairperson.
Member.
Secretary.
Notary Royal.

FORM D
THIS MORTGAGE made this day of 20 and .
BEFORE ................................. Notary Royal practising in Saint Lucia residing in the town of ........................... in Saint Lucia.
BETWEEN ............................. of ............................. in Saint Lucia (hereinafter called “the Borrower”) of the One part
AND THE SAINT LUCIA HOUSING AUTHORITY incorporated by the Housing Act, 1966 acting herein and represented by ....................................................... of ............................................ its Chairperson ....................................... of .............................................................. another member of the Authority and ........................................................ of ............................. Secretary (hereinafter called “the Authority”) of the Other part
WHEREAS the Borrower is seised as absolute owner free from encumbrances of the immovable property specified in Schedule A hereto (hereinafter referred to as “the immovable property”) and has applied to the Authority for a loan of the sum of ............................. under the provisions of the said Act to be applied in or towards the purposes following, that is to say inter alia, the erection and completion of the buildings set out in a plan and specifications (hereinafter referred to as “the Contract”) submitted and approved by the Authority on the immovable property which loan the Authority has agreed to make upon the terms and conditions and 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 further sum of ............................. should be lent to the Borrower in the manner and subject to the conditions hereinafter appearing.
WITNESSETH as follows—
1. In pursuance of the agreement and in consideration of the sum of ......................... now lent by the Authority to the Borrower (the receipt of which sum the Borrower hereby acknowledges) and of the agreement of the Authority for the further loan to the Borrower of the sum of ......................................... the Borrower hereby covenants with the Authority to pay to the Authority 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 Authority to pay to the Authority the total amount of such loans with interest thereon at the rate of ............................. % per annum by monthly instalments of principal and interest combined at the rate of ................................ in respect of every $1,000: Provided that if default is made by the Borrower in payment of any instalment of principal and interest or if he or she shall commit a breach of any covenant or obligation herein contained or if any event shall arise whereby the Authority 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.
2. For the consideration aforesaid the Borrower as absolute owner hereby mortgages and hypothecates UNTO the Authority the immovable property.
3. The further loan of ............................. above-mentioned shall be made by instalments on certificates of the Chief Engineer or of an officer of his or her department authorised by him in that behalf or an Inspector appointed by the Authority 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 Schedule B hereto: Provided that if at any time prior to the payment of the final instalment mentioned in the said Schedule any event shall arise whereby the Authority may exercise the power of sale the Authority may decline to pay any further instalments and may exercise any or all of the powers available to mortgagees for enforcing payment of their securities.
4. 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 immovable property in good and substantial repair to the satisfaction of the Authority. And if the Borrower shall fail or neglect to do so after due notice in writing thereof to him or her, the Authority may thereupon enter upon the premises and execute such repairs as may be necessary to comply with the obligation. And the Borrower will on demand repay to the Authority all the expenses incurred by the Authority and will pay interest at the rate of ........................... % per annum from the date of the demand until repayment, and all such expenses and interest until repayment shall be charged on the immovable property.
(2)	That as 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 Authority against loss or damage caused by fire ............................. or by ............................. in the sum of ............................. at least with some Insurance Company approved by the Authority and will make all payments required for the purpose as and when the same shall become due and will when required by the Authority deliver up for safe keeping by the Authority 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 or her obligations under this paragraph, or if the Borrower shall request the Authority to effect the policy of insurance or to pay any premium in respect thereof, it shall be lawful for the Authority to effect such insurance or to pay such premium and in such event the Borrower will on demand repay to the Authority all payments made for such purpose and will pay interest at the same rate as is payable on the mortgage loan from the date of the demand until repayment, and all moneys not repaid on demand as aforesaid and all such moneys and interest shall be charged on the immovable property.
(3)	That during the continuance of this Mortgage the Borrower will pay and discharge all rates taxes duties charges assessments impositions and out-goings whatsoever which shall be assessed charged or imposed upon or payable in respect of the immovable property or any part thereof by the Borrower and if the Borrower shall at any time refuse or neglect to make such payments or to deliver the receipt therefor to the Authority on demand the Authority may pay the same and the Borrower will on demand repay to the Authority all payments made for that purpose and will pay interest at the rate of ............................. % 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 immovable property.
(4)	That as long as any money remains due under these presents the Borrower shall not exercise any powers of leasing or letting the immovable property or selling or otherwise dispensing of the same or any part thereof except with the consent in writing of the Authority for that purpose first had and obtained.
(5)	That during the continuance of the Mortgage hereby created the Borrower will comply with the provisions of the Act and with all regulations made thereunder.
5. PROVIDED ALWAYS and it is hereby agreed as follows—
(1)	The Borrower may pay off all or any number of instalments on account of the principal money for the time being owing: Provided that upon such payment the interest on the whole principal money for the time being owing be fully paid and that any 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 remaining owing on this Mortgage.
(2)	The Authority may in its absolute discretion exercise its power of sale in any of the following events—
	(a)	if default is made in payment of any instalment of principal and interest for the time being owing on this Mortgage for one month after notice requiring payment thereof shall have been served on the Borrower;
	(b)	if the Borrower fails to observe any of his or her obligations hereunder other than in regard to the payment of principal and interest;
	(c)	if the Borrower commits any act of bankruptcy or makes any assignment for the benefit of his or her creditors;
	(d)	if the Borrower dies.
(3)	On payment by the Borrower to the Authority of all sums due by him or her hereunder, this Mortgage shall at the request of the Borrower be vacated by Memorandum of Discharge in the prescribed form or otherwise as the Borrower shall direct.
WHEREOF RECORD
IN WITNESS WHEREOF these presents after due reading thereof have been signed at Castries in Saint Lucia on the day month and year first hereinbefore written by the parties with and in the presence of the said Notary.
SCHEDULE A
(Description of the immovable property)
Title:

SCHEDULE B
Certified value of the work in $	Instalment in $



Signed by the within-named ......................... in the presence of .................................................
The Seal of the Saint Lucia Housing Authority was hereunto affixed pursuant to a resolution of the Authority in the presence of .......................................... its Chairperson .................................... another member of the Authority and ............................. Secretary.	Chairperson.
Member.
Secretary.
Notary Royal.

PART 2
MEMORANDUM OF DISCHARGE

ON THIS DAY the ................ day of ............ 20 and ............

BEFORE ................ Notary Royal practising in Saint Lucia residing in the town of ............................ in Saint Lucia.

APPEARED the Saint Lucia Housing Authority incorporated by the Housing Act, 1966

WHO in consideration of the payment (hereby acknowledges) of all sums whether in principal interest or otherwise due under the claim recited in the schedule hereto hereby grants a total discharge and release of the same and consents to the total cancellation of the registration thereof.

WHEREOF RECORD

IN WITNESS WHEREOF these presents after due reading thereof have been signed at Castries aforesaid on the day month and year first above written by the Appearer with and in the presence of the said Notary.

SCHEDULE
Memorandum of Charge or Mortgage (as the case may be) in favour of the Appearer executed before .............................. Notary Royal on the .................... day of .............................. 20.................... and .............................. and registered on the .................... day of .............................. 20.................... in Vol. No. ........
The Seal of the Saint Lucia Housing Authority was hereunto affixed pursuant to a resolution of the Authority in the presence of .............................................. its Chairperson ............................... another member of the Authority and ........................................ ................................. Secretary.
Chairperson.
Member.
Secretary.
Notary Royal.