Question
The below excerpt is in the Kenyan Context. Please, read through and help me tackle it. Mr. Bazu is interested in purchasing two properties where
The below excerpt is in the Kenyan Context. Please, read through and help me tackle it.
Mr. Bazu is interested in purchasing two properties where he can set up his Bazu & Family Limited where he and his daughter Pendo are joint directors. He has approached Pride Bank Limited who have approved a loan to be disbursed to Bazu Family Limited for a sum of KES. 20 Million for the purchase of an office space on the 5th Floor of Capital Annex Building, LR No. 209/4044, at Upper Hill Road Nairobi whose construction ended on 30 April 2021. The office space is ready for occupation and it measures 15,000 Square Feet and comes with Four parking slots on Basement 1, and also a common garden on the rooftop that is shared with Four other persons who also have bought various floors in the building as agreed between Mr Bazu and Mr. Koti who is a director of Capital Annex Group PLC, which is the registered owner of Capital Annex Building. Mr Bazu renegotiated the service charge payable monthly to Next Properties Limited who are the one responsible for managing the building and through a deal brokered by Mr. Koti and Mr Waziri of next properties Mr Bazu will pay service charge of KES. 20,000.00 Monthly. All these and other terms are included in the Letter of Offer dated 20 th February 2022 and signed by all the parties above. The purchase price for the office space as contained in the letter of offer is KES. 30 Million and Ms. Pendo already paid a sum of KES. 5 Million as deposit and was issued with a receipt by Mr. Koti for the said sum. The Bank will pay directly the approved loan amount to the seller but on condition that the sums paid be held on stake and also want an irrevocable undertaking guaranteeing that the loan be secured by a charge on the Title Deed of the Office space for Bazu & Family Limited and be registered within the completion period of three (3) months and not later. The Bank will disburse the loan funds within seven (7) days after receiving the duly registered Charge. The balance of the purchase price will be paid by Mr. Bazu via EFT on the completion date. The Conveyancer retained by Bazu Family is Tigo & Co. Advocates whereas Pride Bank is represented by Wetu & Partners Advocates and who also have been retained by Capital Annex Group to also act for them.
Based on the above question, Please help me answer the following questions in depth, basing your answer on the Kenyan law.
1.Briefly explain the roles or obligations of Wetu & Partner Advocates in the transaction to your clients?
2. Draft a Sale Agreement to be signed by all the parties in the above transaction.
3. Describe all the Completion Documents to be provided by to your firm by the Vendor.
4. Describe and prepare the professional undertaking you will issue to Pride Bank's lawyers. (Kindly attach samples of the required annextures)
5. Bazu Family Limited has failed to pay the service charge and balance of the purchase price and yet the Title was already issued to them, advice the affected parties on what are their options for redress.
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