Legal Question in Real Estate Law in
We have applied for Licence to develop a residential plootted colony in Haryana and received Letter of Intent(LOI) from the cocerned department. Now as per the condition of LOI, we have to furnish Bank Guarantee to the concerned deptt. against External Development Charges(EDC) and IDC. I offered the same land on which I received LOI to the bank for an equitable mortgage, but bank refused with a reason that the land which i am giving is an agriculture land as on date and it cant create enforcement on agriculture land. But in our opinion the Bank Guarantee is applicable only after when we will get licence from th concerned deptt. and the bank can create equitable charge. please give your opinion.
1 Answer from Attorneys
yes, there can be a clause that the BG will come into force immediately on your obtaining Licence from the department whether communicated to the bank or not
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