I currently have leased a property with the following lease clause:
'The assets created by the LESSEE in the leased land can be mortgaged to the bank, financial or educational institutions or investors who fund the school project subject to prior written approval (NOC) from the LESSOR otherwise it is deemed to be not valid
The bank that I have approached is saying that this does not give free reassignment rights to the bank in the event of default and are therefore not assigning a value to the lease as primary security.
How can I get this corrected? Two questions:
What is the wording that the banks in india will accept?
Can I register an addendum alone separately?
Thanks
