LEONG HUP HOLDINGS BERHAD - Announcements

(b)
Budiman’s Undertakings
Budiman agrees to undertake with OCBC to:-
(i)
(ii)
Procure the Land Registry of Johor to release and deliver to
OCBC all the separate individual titles to the subdivided lots
comprised in the 73.845-Acre Land once such titles have been
issued; and
Execute any third party charges or such other security documents
as may be required by OCBC for securing the Jayaplus Loan
subject to:-
(A)
(B)
OCBC agreeing that Budiman will not be held liable for
the repayment of the Jayaplus Loan; and
Jayaplus indemnifying Budiman against any loss arising
from such security arrangement.
(c)
Premium and Surveyors’ Fees
The premium and surveyors’ fees in respect of the 73.845-Acre Land,
which are estimated to amount to RM0.686 million, will be borne by
Jayaplus.
(d)
Power of Attorney
As it is the intention of Jayaplus not to have the subdivided lots comprised
in the 73.845-Acre Land transferred to Jayaplus after the separate
individual titles thereto have been issued, and to develop, sell and transfer
such subdivided lots without Jayaplus being first registered as the
proprietor thereof, Budiman shall upon completion of the Proposed
Disposal of 73.845-Acre Land, grant to Jayaplus an irrevocable power of
attorney empowering Jayaplus to do all acts in relation to the 73.845-Acre
Land as fully and effectually in all respects as Budiman itself could do.
(e)
Mode of Satisfaction of Disposal Consideration
The disposal consideration shall be satisfied by Jayaplus in the following
manner on completion:-
(i)
(ii)
(iii)
Setting off all the shareholders’ advances granted by Jayaplus to
Budiman as at the completion date of the Proposed Disposal of
73.845-Acre Land. As at 15 May 2001, the shareholders’
advances granted by Jayaplus to Budiman amounted to RM5.292
million;
The Jayaplus Loan; and
The balance in cash.
37