Lukumi & Kasozi Associates representing a city financial institution has vowed to take over the Minister of Foreign Affair’s city suburb building located at Kigwanyi ‘A’, Nsangi sub-county in Wakiso district within 30 days.
As collateral pledged for a loan in the fallback position, the firm in representation of the financial intuition [being its client]has notified the minister that the building will be sold off as a last resort, if the Minister totally fails to pay.
In a bid to secure the financial institutions’ funds and assure a return on investment for its shareholders, remuneration for financial institution staff and it’s ability to meet other financial obligations and continue in business is the basis for the sell off” Part of of the notice reads.
“Upon instructions from our client, a financial institution, we shall proceed to sell the property below mentioned unless the defaulter/mortgagor pay to us all the outstanding loan balances (principal and interest), our fees and costs before the expiry of 30 days from the date of this publication,” part of the notice dated January 10, 2020 reads.
“As part of the loan agreement, you agreed that the property will serve as collateral for the loan: if you stop making payments, the lender can take possession of the property in order to recover the funds they lent you.
After expiry of 30 days and without full commitment from Kuteesa, the occupants of the house (whether tenants or otherwise) will be given 14 days to vacate or be treated to forceful eviction.” the notice further read