Settlement of outstanding balances -Letter

XXXXX XXXX Karunarathne

XXXX XXXX Road

XXXX 

Rajagiriya

Dear Sir

Settlement of outstanding balances

I write with reference to the meeting had with you, Mr. _______  Ratnayake and Mr. ______ Perera on the October 27, 2002. and thank you for your co-operation and the courteousness extended.

As agreed by all parties I am pleased to confirm my proposal to settle the service charge payments due on the captioned unit.

1. It is agreed that the total amount payable is LKR. 1,860,872 . 63

2. I will make immediate arrangements to make a payment of LKR. 600,000.00 as the first installment and a further LKR 400,000.00 as the second installment  within a period of 04 months.

3.Upon effecting  the first installment the ______ ______ Management Cooperation will re-connect the electricity to facilitate the functioning of the captioned shop unit.

4.The _____ _______ management corporation will look for a prospective tenant and assist me to lease/rent this property for a initial two years period and I have given my consent to utilize the proceedings from the lease/rental to recover the balance outstanding amount of  LKR. 860,872.63

 As you are aware this shop unit was not functioning for the past 15  years.

The electricity connection to the unit was disconnected 15 years ago by the Liberty plaza management cooperation without any prior notice.

During this period we made many attempts to negotiate with the officers of the Liberty Plaza management cooperation to reach a settlement but their rigid attitude in addressing this issue resulted us a loss of income which we could have generated from the shop for past 8 years.

Although that we were unable to carry out any operations in this unit the management corporation have continued to charge the member contribution added with compound interest making it completely an impossible task to settle the payments without any income.

I have  offered similar settlement proposals earlier for which no positive response was received and should they were considered the both parties would have benefited equally.

I am extremely thankful to the present management officers for the assistance and understanding extended in addressing this issue.

Many Thanks.

Sincerely,

.............................

Lakpriya R. Silva.