THIS AGREEMENT MADE AT NEW DELHI on this. of..
....................BETWEEN..... of ....................... (hereinafter
referred to as the first Shri................. resident of
......................... (hereinafter referred to as the second party).
The
expression "First” and Second” party shall include their successors, legal
heirs, nominees, beneficiaries, representatives and assignees.
The First party is the absolute and sole owner
of the property situate at The said property is a single story building
constructed on a 320 sq. yards plot, and is registered in the name of the first
pa vide lease Deed registered at Serial No: .................. Book No.. Volume
No. ........................ on pages..........
...............
to .................. Dt. ............. The said property is the self-acquired
property purchase and constructed out of the own funds of the first party.
AND
WHEREAS NOW the First Party wants to complete the first floor construction of
the said property at...................., so that the same may be used or let
out or sold or transferred or apportioned between the natural heirs, or in any
other way assigned or so leased out as desired by the First Party in its
exclusive discretion and/or in the interests of the first party or his heirs to
secure better and comfortable living in future. However, the First party is
short of liquid cash for the said purpose.
AND
WHEREAS the First Party has come into contact with the second Party who is
ready to help in accomplishing the said desire of the First Party. The Second
Party has offered to finance the construction of the complete first floor of
condition that the ownership right of the second floor space flat, and 50% bom
portion of the complete open terrace area above the second floor is given to
the sea party, who will construct the second floor with his own funds and use
the sam purely residential purpose as mentioned in this agreement. The said
offer is a by the First Party. Hence this agreement.
NOW
THIS AGREEMENT WITNESSES AS UNDER
:1.
That the Second Party will pay a sum of Rs...... only) to the First Party by
cheque or Bank Drai consideration of the rights given to the Second Party under
this agro schedule of payment has been agreed by both the parties mutually executed
from time to time will automatically become part of this
2.
Upon payment of the abovesaid amount of Rs. ................ (Rs............
(Rupees
in
its entirety, the Second Party will become the full,complete,absolute and sole
owner of the said Second Floor, including open spaces of the said a and also of
50% of the front portion of the terrace above the second floor on mutually
agreed basis and indicated on the map enclosed. This to all time remain as a
totally open terrace area.
3.
That the above amount Rs........................ (Rupees only) will be utilized
to finance the completion of the construction of the by the First Party, who
will spend either all, or most, of this amount toc said construction with
utmost expediency, so as to complete the construct structurally adequate first
floor roof within minimum six months from the fresh sanction revival of building plan.
Similarly, the Second Party will also out and complete his construction with
utmost expediency.
4.
That the transaction shall be subject to all the Governing Laws, rules
regulations, policies, guidelines, terms and conditions of lease including the
newly introduced provisions of the Delhi Apartment Ownership Act, as well as
all changes in statutory provisions, rules, regulations, guidelines, policies
etc., as applicable from time to time. The Second Party will be entitled and
free to get the aforesaid second floor registered/mutated in his/their own
name, as and when permissible, provided that the entire cost and expenses
thereof towards the second floor and above only, will be incurred by the second
party.
5.
From the date of the possession letter, the possession of the roof of the
ground floor shall stand handed over by the First Party to the Second Party for
the purpose of this agreement, and shall be deemed to remain with the second
party till the commencement of construction of second floor. Thereafter the
possession of second floor and 50% of the front portion of the terrace above
the second floor shall remain with the second party as full owners, and the
first floor possession will automatically revert back to the first party.
6.
The First Party shall not have the right to abandon the construction the first
floor or to keep the work for first floor incomplete so as to hamper completion
of second floor leading to inconvenience and financial losses second party
7.
That the First Party hereby irrevocably constitutes. Second General Attorney in
respect of second floor only, for submitting applicant various authorities for
all necessary exemptions, permissions, approve and allotment of building
materials etc., as required for the development, cons and completions of the
said second floor, and for the said purpose, ! executed and/or register an
Irrevocable General Power of Attorney in favor of second Party or his nominee for all purposes
whatsoever till the u implementation of this agreement, in all respects
including submission plans documents etc., to various authorities, all
exemptions, pern sanctions, allotment of building materials etc., required for
development.
construction and completion of the
said second floor. The Irrevocable of Attorney shall also include power to
transfer or convey the secon title and interest in the said second floor after
completion of the build of any one, but only after prior intimation in writing
to the first party to clause 26 hereof and only after making the present terms
to be precedent to the said transfer.
8. That the First Party will execute
comprehensive General Por Attorney and special power of Attorney for
construction of second flo authenticated both by a notary and before the
sub-Registrar for purpose including transfer. In addition, the documents as per
the draft mi agreed between the parties and as listed below should also be
executed by the First Party.
(a) Receipt for consideration
money,........
(b) Special Power of Attorney for
various matters for representing before
the public body/lessor authenticated
by a Notary.
(c) Will bequeathing absolute and
forever the right, title and interest in
the second floor and 50% terrace
thereof.
(d) An agreement to sell the second
floor and 50% of the terrace.
(e) Handing over of the physical
possession.
(f) Licence of to construct the second
floor structure and
(g) Monthly lease agreement for second
floor and 50% terrace.
9. That the second party and any of
its assignees, transferees, etc., will remain bound to furnish all
declarations, clarifications and documents as may be required by the first
party for the purpose of confirming or establishing its exclusive rights, title
and interest in respect of the entire property, except the second floor 50% of
the open terrace above the said second floor, which only will belong to second
party.
10. That the parties will obtain the
separate electric watermeter etc., obtain mutation of their respective portions
for property tax purposes. In meters are not possible for any reason, the
parties will maintain a mutually system of metersharing of all expenses on
these accounts. E responsible for making prompt and full payment of their
respective s to protect the property from any attachment, auction, sale etc.,
by any Government Department.
11. That the Stair-case and other
common areas will be commo parties. However, for security purposes both the
parties can fix doo common areas provided that the same will be fitted with
Godrej lo key thereof will be provided to the other party.
12. The First Party shall construct a
separate underground tnkum way area which will be available for exclusive use
by the second na of the tank will, however, remain with the first party.
13. That the First Party has……………………………........
The First Party has furnished
an indemnity that aforesaid family
members have no right in the second as such they can't raise any objection
whatsoever, with regard to this A. First Party hereby agrees and assures that
he has not entered into any such or transaction with anyone else till date in
respect of second floor, and will so in future also.
14. That the Second Party shall use
the premises only for residential purposes and in such as a manner that there
is no disturbance or obstruction to the First Party's or anyone else use of the
rest of the property..
15. The entire building will be used
merely for residential purposes and no illegal or impermissible user will be
carried out by either party so as to avoid the possibility of DDA excercising
premptive/rights of entry etc. It is hereby clarified further more that in case
any damages, penalties, compounding charges etc., are levied by the DDA/MCA for
the user by either party, then that party shall be exclusively responsible for
making payment of the same.
16. That neither the First Party nor
the second party shall revoke or cancel this agreement in or under any
circumstances whatsoever.
17. That subject to the other
provisions of this agreement, all the professional costs and expenses involved
in the obtaining of the requisite permissions, sanctions of building plants
etc., from the Delhi Municipal Committee and/or other autho shall be borne and
paid by the first party. All the expenses including miscellance expenses to be
incurred at the stage of Form 'C' & 'D' and completion cenu shall be shared
equally between both parties.
18. That if there be any claim
demand/litigation/and/or any court's any nature whatsoever against either
party, then it is a condition of this as that the work of development and/or
completion of this agreement and/or completion of this agreement shall not, any
time or during construction or after the completion or on handing over to the
respective parties be stopped, prevented, obstructed or delayed whatsoever.
That any claims, demands, litigation and/or court's dec be met and satisfied
out of share of the concerned party. In the built to them under this agreement
or the proceeds thereof and that outstanding demands, litigation and/or court's
decree from any author shall not, in any way, affect or be realized from the
share of the other party
19. Both parties, will carry out their
construction only and entirely in accordance with the sanctioned plan read with
all other annt: regulations. As the parties understand at present the
permissible agreed that this FAR area, or whatever may be permissible FAP the
ratio of 60(GF), 60(FF) and 40 (SF). The parties understa 1175.00 sq.ft. is the
permissible covered area for the second floor fo to construct, subject to the
further agreement that in case any com is available floor wise then second
party may avail of the same with affecting the rights of the first party in relation
to the ground floor and (including the first party's right to avail similar
compounding/penalty one also). In case compounding/penalty is for the property
as a whole, the thereof shall also be divided in the ratio of 60:60:40. The
second party will at the maximum, only that much which the first party will
construct, above the on the first. Both parties can make 3 feet balconies, at
their own respective e and responsibility. Neither party is to obstruct the
open spaces, shaft etc., bevond the existing lines.
20. Switches and electrical controls
will be situated in respective floors only. Pumps of all the floor, will be
under the main staircase or any other place on the ground floor which the first
party may choose or change in its absolute discretion.
21. It is agreed that 50% rear portion
of the terrace of the second floor will vest in the first party, while 50% of
the front portion of the said terrace will be with the second party. However,
the second party will be responsible for the quality of entire terrace
construction, provided that if there is any wear and tear due to any special
user by the first party, then first party will be liable to carry out repairs
to that extent. In all other eventualities the second party will reimburse the
maintenance, since this rear portion will be the roof, above the second party's
second floor portion
22. The stair hall and a common
staircase from the second floor to the ter of the second floor, will be
constructed after the completion of the second 110 thereof being bome equally
by both the parties. The cost of the staircase and from first floor to the
second floor will be borne by the second party.
23. Both the parties shall neither do
not cause to be done anything visit the other with penalty, inconvenience or any
other adverse consequenes.
24. That both the parties will keep
their respective portions in good and proper condition and shall not do or omit
to be done anything which may endanger or adversely affect any portion of the
said premise.
25. That both parties will have full
right of access to overhead tank, pump houses, electricity or water conduiters,
the p may be required for cleaning or repairs or for any other require nature.
26. That either party desiring to
transfer their properties and/or the benefits.
of
this agreement upon any other person, whether wholely or in pa stipulate in the
transaction of transfer, that the terms and conditions of shall also part of
that agreement. Similarly, if either party lets out an of the premises on
lease/licence, the terms and conditions of this ag, made a part of that
document, and a copy thereof shall be supplied to for ensuring that this
compliance has been made. Provided that secon not be entitled to transfer,
sell, mortgage or alienate the second floor under this agreement, for a period
of 10 years from the date hereof save for following contingencies :
PROVIDED
further that in exceptional circumstances, the second parte be entitled to sell
the second floor second party even before the expiry of 10 with the consent of
first party, which consent first party shall not unreasonably refuse
27.
That any disputes, arising at any time whatsoever, whether in relation to or in
connection with this agreement, or any other matter whatsoever, relating to the
ownership, use or enjoyment of the said premises, shall be decided by an
arbitrator mutually acceptable to both parties.
28.
Parties have agreed that this memorandum of Agreement is the basic document
governing the relations and transaction between the parties. The documents
referred to in para 8, will be drawn up by the second party in the form and
manner most convenient and best suited to the second party for obtaining a
marketable title. However, in the event of any dispute or difference of
conflict or contradiction between any of those documents (or terms thereof),
and the present memorandum (or terms hereof), then the present memorandum will
have over-riding effect, and will operate to determine the real transaction and
the real agreement between the parties.
IN
WITNESS WHEREOF THE PARTIES HERETO HAVE SIGNED THE DEED ON THE DAY, AND YEAR
FIRST MENTIONED IN THE PRESENCE THE FOLLOWING WITNESSES.:
…………………
FIRST PARTY
WITNESSESS
1…………………… ………………
2……………….. SECOND
PARTY
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