HABIB SCANNED

IN THE HIGH COURT OF THE UNITED REPUBLIC OF TANZANIA (LAND DIVISION)

AT DAR ES SALAAM LAND CASE NO. 11354 OF 2024 HABIB AFRICAN BANK LIMITED....................................... PLAINTIFF

VERSUS MWAFRIKA PHARMACY LIMITED............................ 1st DEFENDANT EMPIRE TOWERS LIMITED.......................................2nd DEFENDANT

CONSENT JUDGMENT 30h September, 2024 L. HEMED, J. The instant matter was instituted on 17th May 2024 by the Plaintiff, HABIB AFRICAN BANK LIMITED. The Plaintiff alleges that on 6th February 2019, upon request, she extended to MWAFRIKA PHARMACY LIMITED, the 1st Defendant an overdraft facility of an aggregate sum of TZS. 500, 000,000/= for purpose of building up of pharmaceutical stock. As a security to the said credit facility, EMPIRE TOWERS LIMITED, the 2nd Defendant, issued Board Resolution depositing original certificate of title No.186174/1/6, Flat No. 6B, Sixty Floor, Plot No. 1 located at Upanga, Dar es Salaam city, with signed Memorandum of Deposit of Tite Deed executed by the title holder to create Notice of Deposit in favour of the Plaintiff guaranteeing full payment of the credit facility and obligations and liabilities associated and incidental thereto. According to the plaintiff, the 1st Defendant breached the terms of the overdraft facility by neglecting or ignoring to repay the same. The Plaintiff thus came to this court seeking for Judgment and decree against the Defendants as follows: "(a) Payment of Tshs. 1,000,000,000/= as pleaded in paragraphs 4 and 5 of the Plaint. (b) Letters pleaded herein and thus the Plaintiff is entitled to realize the securities thereof, to wit i. Letter of Offer or Credit Facility HABL/CD/75/2019 dated February 0Ch, 2019. ii. Letter of

guarantee by Asgharali Aiimohamed on behalf of Mwafrika Pharmacy limited. Hi. Letter of guarantee by Mohamedabbas AHmohamed on behalf of Mwafrika Pharmacy Limited. iv. Letter of Offer or Credit Facility HABL/CD/75/2019 dated February Ch, 2019 v. Board Resolution dated 1st February, 2019 by Mwafrika Pharmacy Limited. 2 vi. Letter for requesting overdraft facility of Tanzania Shillings Five Hundred Million (Tshs. 500,000,000/=) by Mwafrika Limited vii. Board resolution by Empire Towers Limited dated 19h December, 2018 for Deposit of Certificate of Title No. 186174/1/6 Flat No. 6B, 6th Floor, Upanga Dar es Salaam City. viii. Memorandum of accompanying deposit of Title Deed No. 186174/1/6 Flat No. 6B, &h Floor, Upanga Dar es Salaam, dated 12th February, 2019 by Empire Towers Limited. ix. Notice of deposit of Certificate of Title No. 186174/1/6 Flat No. 6B, 6/ Floor, Upanga Dar es Salaam. x. Costs of this suit. xi. Any other order(s) and reiief(s) may this Honourable Court deem fit andjust to grant." At all the material time the matter was pending in court, the Plaintiff was duly represented by Mr. Abdallah Zungiza and Ms. Saadie Rifai, learned advocates while the defendants enjoyed the legal service of Mr. Hassan Salum Hassan, learned counsel. As the matter of procedure, the matter was referred to the Mediation Centre of the judiciary, to attempt an amicable settlement.

Fortunately, the matter was placed before Hon. I 3 Arufani, Judge/Mediator who successful facilitated the settlement. Settlement Agreement was executed on 4th September, 2024 and appeared before the trial judge on 30th September, 2024 to record their settlement. On the particular date, Ms. Saadie Rifai, learned advocate appeared for the Plaintiff while Mr. Hassan Salum Hassan, learned counsel acted for the defendants. Parties recorded the following as the terms of the settlement: - 1. That, the 1st and 2nd Defendants after consultation with the Plaintiff have realized that, the outstanding amount has been mistakenly written in the Plaint as TZS. 1,000,000,000/= instead of TZS. 2,470,000,000/= as per the records of the bank and 1st Defendant, as such the Plaintiff, the 1st Defendant and 2nd Defendant have mutually agreed to amend the Plaint to read the total outstanding amount to TZS. 2,470,000,000/= instead of TZS. 1,000,000,000/= all other prayers shall remain the same.

2. That, the Defendants have mutually agreed that, the said property kept as collateral Plot No. 1, Flat No. 6B, 6th Floor with Registered Title Deed No. 186174/1/6, be sold by the Plaintiff under power of sale and realize partial outstanding loan amount to the tune of TZS. 290,000,000/=. 4 3. That, the amount received from sale of the said collateral property as mentioned in Clause 2 herein above shall exonerate completely 2nd Defendant from any further claim by Plaintiff.

4. That, the 1st Defendant shall in total pay remaining balance of TZS. 2,262,090,829.56 as of today such as 03rd September, 2024 [while future value of the lending is considered to be TZS. 2,408,768,636.40 for a tenure of the next five years commencing from 03rd September, 2024 at a monthly installment of TZS 40.15 million as interest will continue to accrue, if the total amount is paid on 03rd September 2029.

5. That, upon failure of the 1st Defendant to pay Plaintiff as agreed herein the amount of TZS. 2,470,000,000/= the Plaintiff shall proceed to execute the Decree issued on the basis of the parties' Settlement agreement. In light of Order VIII Rule 34 of the Civil Procedure Code, Cap. 33, this Court do hereby enter Judgment in consent pursuant to the recorded terms herein above and proceed to make the following orders: - 1. The total outstanding amount is TZS. 2,470,000,000/=; 2. The Plaintiff to sale the property kept as collateral Plot No. 1, Flat No. 6B, 6th Floor with 5 Registered Title Deed No. 186174/1/6, to realize partial outstanding loan amount to the tune of TZS. 290,000,000/=; 3. The amount received from sale of Plot No. 1, Flat No. 6B, 6th Floor with Registered Title Deed No. 186174/1/6 to exonerate completely 2nd Defendant from any further claim by Plaintiff; and 4. The 1st Defendant to pay the remaining balance of TZS. 2,262,090,829.56 as of 03rd September, 2024 [while future value of the lending is considered to be TZS. 2,408,768,636.40 for a tenure of the next five years commencing from 03rd September, 2024 at a monthly installment of TZS 40.15 million as interest will continue to accrue, if the total amount is paid on 03rd September 2029]. It is so ordered. DATED at DAR ES SALAAM this 30th September, 2024. L. HEME

JUDGE 6