JUDGMENT

Facts

By an agreement dated the 29.7.1988 (hereinafter called "the Sale & Purchase Agreement") made between the Defendant as vendor of the one part and the Plaintiff as purchaser of the other part, the Defendant has agreed to purchase a portion of the land held under land title HS(D) BP 2/84 No.P.T.2356 Lot 4472, Mukim Hulu Bernam Timur, Daerah Batang, Negeri Perak measuring an area of 23.22 acres which portion is more particularly described in the Sale & Purchase Agreement as the Red Portion at the purchase price of RM35,000.00 per acre upon the terms and conditions therein contained. The said land has since been sub-divided and separate issue documents of title in respect of the Red Portion and the areas known as the Green Portion and the Blue Portion as described in the Sale & Purchase Agreement.

Pursuant to the Sale & Purchase Agreement, the Plaintiff has agreed to grant a loan to the Defendant amounting to RM895,000.00 with interest thereon at the rate of ten per cent per annum as to the sum of RM300,000.00 and free of interest as to the sum of RM595,000.00 upon the security of a first legal charge over the said land which has been duly registered.

In accordance with the