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Consent
judgment – Terms of settlement -
Sub-lease – Adoption of
settlement
HEADNOTES
The sub-lease
to be granted shall be for a
term of fifteen (15) years
certain with effect from 1st
May, 2015 to `30thJune,
2030. PROVIDED always that the
obligation of the Plaintiffs to
continue the sub-lease from 31st
October, 2024 shall be
contingent and/or subject to the
renewal of the Head-lease from
the Government of Ghana prior to
its expiration on 30th
October, 2024.
HELD
That these
terms of settlement shall be
filed and entered as consent
judgment in this Suit.
STATUTES
REFERRED TO IN JUDGMENT
CASES
REFERRED TO IN JUDGMENT
BOOKS
REFERRED TO IN JUDGMENT
DELIVERING
THE LEADING JUDGMENT
BAFFOE
BONNIE, J.S.C
COUNSEL
YONI KULENDI
ESQ. FOR THE
DEFENDANT/RESPONDENT/APPELLANT/
APPLICANT WITH HIM ROSEBERG
OWUSU ADOKOH, GEORGINA ARTHUR
AND ADWOA KONTOH YEBOAH.
DANIYAL
ABDUL-KARIM ESQ. FOR THE
PLAINTIFFS/APPELLANTS/
RESPONDENTS/ RESPONDENTS
,:
___________________________________________________________________
TERMS OF SETTLEMENT
_____________________________________________________________________
A:
1.
The
Plaintiffs shall pursuant to
these terms of settlement
execute a sub-lease in favour of
the Defendant within Thirty (30)
days after the execution of
these terms of settlement.
2.
The
sub-lease to be granted shall be
for a term of fifteen (15) years
certain with effect from 1st
May, 2015 to `30thJune,
2030. PROVIDED always that the
obligation of the Plaintiffs to
continue the sub-lease from 31st
October, 2024 shall be
contingent and/or subject to the
renewal of the Head-lease from
the Government of Ghana prior to
its expiration on 30th
October, 2024.
3.
That
during the term of the sub
lease, the Defendant shall pay
rent to the Plaintiffs as
follows:
i.
In the
initial period of five (5)
years, the sum of Ghana Cedis
equivalent of Thirty-five
Thousand United States Dollars
(US$35,000.00) per month at the
prevailing commercial bank rate
which sum the Defendant has
already paid to the Plaintiffs
pending the completion of
negotiations on all aspects of
the terms of settlement (receipt
of which payment the Plaintiffs
hereby acknowledge).
ii.
After
the initial period of five (5)
years, rent for year six (6) to
year ten (10) shall be mutually
determined by the parties.
iii.
Rent
for the last five (5) years,
being year eleven (11) to year
fifteen (15) shall similarly be
mutually agreed by the parties.
iv.
Rent
for the next four (4) years
following the exhaustion of the
rent paid under 2(i) as well as
any additional period within the
term of the sub-lease shall be
paid by the Defendant annually
in advance not later than sixty
(60) days of the commencement of
each year of the sub-lease.
4.
The
Defendant shall complete all
construction and finishing works
on the Property on or before the
expiration of the moratorium
period of ten months (10) from
the date of the execution of the
terms of settlement which shall
be on or before 1st
July, 2014 and the effective
date of the sub-lease hereby
granted shall be 1st
May, 2015 or on the date of
completion of constructional
works, whichever occurs first.
5.
The
Defendant shall require prior
written consent of the
Plaintiffs before he creates a
mortgage, encumbrance or charge
on the property or assigns the
whole of his interest in the
property or the whole of his
interest in any part thereof.
Provided that such consent shall
not be unreasonably
withheld.
6.
The
Defendant shall permit the
Plaintiffs or their duly
authorized agent during the
period of construction, with
prior written notice as to the
date and time, to enter and
inspect the Property during
normal business hours. Such duly
authorized agent shall be
accompanied at all times by the
Defendant or by the Defendant’s
representative.
7.
The
Defendant shall allocate to the
Plaintiffs for their benefit or
for the benefit of any other
person they may designate one
(1) shop/office space on the
ground floor of the Property
upon completion of
constructional works or by 1st
May, 2015 whichever occurs
first.
8.
The
Property shall be named Edward
OseiBoakye Trust House (Boakye
Mattress Building).
B.
PROVIDED ALWAYS THAT:
The
Defendant, performing all of his
obligations under these terms of
settlement, shall retain
possession and quiet enjoyment
of the Property without
interruption or disturbance by
the Plaintiffs or any person
claiming through the Plaintiffs.
C. THE
PARTIES FURTHER AGREE THAT:
1.
NO
ADMISSION
The parties
agree that these terms shall not
be taken or construed as
admission of complicity and or
liability or potential liability
on the part of either party in
respect of the allegations or
claims made in SUIT NO.
H1/55/2010, SUIT NO: BMISC
159/2014, SUIT NO: BMISC
147/2014 and SUIT NO.
H1/177/2012 or any other pending
matter but rather that such
allegations/claims or potential
allegations/claims have been
and/or expressly denied.
2. NON
DISPARAGEMENT
The parties
agree and undertake that they,
their associates and
representatives shall not
disparage the other parties,
their associates,
representatives and respective
solicitors. For the purpose of
this undertaking “disparage”
includes without limitation, any
public or private statement,
comment or communication in any
form, whether oral, written or
electronic, that may be
considered to be derogatory or
detrimental to the good name or
business reputation of, or
otherwise reflect adversely on
the parties, their
representatives, their
associates and respective
solicitors thereof. The parties
further agree that they will not
in any way solicit such
statements, comments or
communication.
3.
WARRANTIES AND AUTHORITY
a.
The Plaintiffs warrant and
represent that they have not
sold, transferred, assigned,
encumbered or otherwise disposed
of their interests in the
property, the subject matter of
this settlement or any part
thereof and that subject only to
the outcome of Suit No.
H1/177/2012 and Suit No. FAL/214/10
they have full legal authority
to compromise and resolve the
matters set out in these terms.
b.
Each party further warrants and
represents that they have full
rights, power, capacity and
authority to execute, deliver
and perform the terms and
obligations herein and have
entered into these terms with
the advice of their respective
legal advisors.
4.
INDEMNITIES
In the event
of any default by any of the
parties, the defaulting party
hereby indemnifies, and shall
keep indemnified the other
party, their associates,
representatives and successors
in title against all costs,
damages, including reasonable
legal expenses, incurred in all
future actions, claims and
proceedings in respect of that
default.
5.
ENTIRE TERMS AND AGREEMENT
a)
These
terms constitute the entire
undertaking and agreement
between the parties in relation
to the subject matter of these
terms, and fully supersedes any
and all prior agreements,
arrangements, representations or
understanding (whether orally or
in writing) between the parties
pertaining to the subject matter
of this Settlement.
b)
No
oral understandings,
representations, statements or
promises contrary to the terms
herein expressed exist. The
parties represent and agree that
they have carefully read and
fully understand all the
provisions of these terms,
having discussed same among
themselves and consulted their
legal advisors, and that they
are each voluntarily signing up
to these terms of settlement
after having received legal
advice and that they do not and
have not relied on in any way
any representation or statement
of any party outside of the
Terms and information expressly
set forth herein. The Parties
also represent that each of them
is a sophisticated party and
that each is seeking a full,
final and amicable resolution of
the dispute among them by
entering into these terms of
settlement.
6. DEFAULT
CLAUSE
Where either
Party defaults in the
performance of any of the terms
aforementioned:
a.
In
respect of any/or all sums
outstanding at the time of the
default, the Plaintiffs shall
serve one (1) month notice on
the Defendant demanding payment
failing which the Plaintiff
shall be entitled to go into
execution with leave of Court.
b.
In
respect of the execution of the
sub-lease, the Defendant shall
be entitled to specific
performance of the execution of
the sub-lease.
7.
DISPUTE RESOLUTION
a)
Any dispute, controversy or
claim arising out of or relating
to these terms of settlement, or
the interpretation, breach,
termination or validity hereof,
shall be resolved first by a
peaceful and amicable settlement
by the parties and in the event
that the parties fail to reach a
settlement either party may make
recourse to the High Court,
Commercial Division.
b)
Prior to the commencement of any
action as provided in clause 7
(a) notice of the disagreement,
default or breach generating the
dispute, controversy or claim
must have been given and the
parties must have failed to
resolve the disagreement or
settle the dispute within thirty
(30) days from the date of the
notice.
8.
NOTICE
Any notices or other
communication required or
permitted to be given under
these terms must be in writing
and will be deemed effective on
the day when it is delivered to
either party at their respective
addresses or on the fifth (5th)
business day after the day on
which it is mailed by registered
post or sent by courier or
email, addressed as follows:
If to the
Plaintiffs, to:
EDWARD OSEI
BOAKYE TRUST FUND
NO. 75,
GIFFARD CAMP ROAD,
CANTONMENTS,
ACCRA
Email:
support@legalinkonline.com
OR
EDWARD OSEI
BOAKYE TRUST FUND
PRIVATE MAIL
BAG 323
ACCRA - NORTH
ACCRA
If to the
Defendant, to
YAW BOAKYE
(MR.)
C/O WESTONE
GHANA LIMITED
F 8932 RING
ROAD EAST
DANQUAH
CIRCLE
OSU – ACCRA
OR
YAW BOAKYE
(MR.)
POST OFFICE
BOX C 2000
CANTONMENTS –
ACCRA
Email:
westonegh@gmail.com
E.
That these terms of settlement
shall be filed and entered as
consent judgment in this Suit.
(SGD) P. BAFFOE- BONNIE
JUSTICE OF THE SUPREME
COURT
COUNSEL
YONI KULENDI
ESQ. FOR THE
DEFENDANT/RESPONDENT/APPELLANT/
APPLICANT WITH HIM ROSEBERG
OWUSU ADOKOH, GEORGINA ARTHUR
AND ADWOA KONTOH YEBOAH.
DANIYAL
ABDUL-KARIM ESQ. FOR THE
PLAINTIFFS/APPELLANTS/
RESPONDENTS/RESPONDENTS |
