Memorandum Recording Family Settlement [CD1]
THIS
MEMORANDUM RECORDING ORAL FAMILY SETTLEMENT is made at _________
this
________ day of ____________ between
Shri ____________ an Indian inhabitant residing at
__________ _________ _________
(hereinafter called "the Party of
the First Part") of the FIRST
PART,
Shri ______________, an Indian inhabitant residing at _____________
_____________
(hereinafter
called "the Party of the Second Part") of the SECOND PART and Shri _________, also an Indian inhabitant residing
at ____________________________________ (hereinafter called "the Party of
the Third Part") of the THIRD PART.
and
reference to the parties hereto shall, unless repugnant to the context or
meaning thereof mean and include their respective successors and assigns.
WHEREAS:-
1. The
parties hereto are related to each other, the party of the first part being the
____________ of the party of the Second Part etc;
2. Serious
disputes and differences have arisen between the parties hereto, relating to
___________, and which have disrupted the peace and harmony of the family and
affected the business and family relations and threatened to resort to
litigation;
3. With
the object of resolving the aforesaid disputes arising out of the conflicting
claims made by the parties hereto as stated above and for effectuating a
permanent solution of all the outstanding disputes once and for settlement was
arrived at for ensuring family peace and harmony after considering what was
best in the interest of the parties and in expectation that the settlement would
result in achieving amity and goodwill among the Parties and it was agreed that
the parties and it was agreed that the settlement arrived at would be final and
binding upon all the parties hereto and avoid any further disputes and or
differences amongst the parties hereto.
4. The
parties hereto, have come to a settlement after the aforesaid discussion with
the help of mutual friends to resolve the disputes and differences, and a
memorandum of settlement with certain terms and conditions was drawn with a
view to avoid any future disputes and or differences amongst the parties hereto
and that this memorandum has been entered into to record the said terms and
conditions of the Family Settlement already agreed upon by the parties hereto.
NOW THEREFORE THIS MEMORANDUM OF FAMILY
SETTLEMENT WITNESSETH THE SAID TERMS AND CONDITIONS AS FOLLOWS:
1. In
pursuance of the said agreement and in consideration of the premises, the
parties hereto agree that the Party of the Third Part shall apply to the Court
for grant of letters of administration with the will annexed of the estate of
the late ___________, the deceased.
2. Without
prejudice to their right to get their shares in the estate of the deceased as
hereinafter fixed and agreed to by the parties hereto, the heirs shall give
their letters of consent to the Party of the Third Part for obtaining the
letters of administration as aforesaid.
3. In
consideration of the premises, the Party of the Third Part shall immediately
after the letters of administration have been obtained grant, deliver and
transfer one-third of the said properties and assets (after setting apart a sum
of Rs. ___________/- for discharging the liabilities of the late _____________
and also to meet the expenses for the grant of letters of administration in favour
of the Party of the Third Part.) to each of the said heirs and retain the
remaining one-third for himself.
4. An
inventory of the assets of the deceased and of the respective agreed values
thereof, is listed in Part I of the annexure B, hereto. A list of the debts due
and owing by the estate of the deceased is listed in Part II of the said
Annexure B hereto. An estimated sum of Rs______ has been taken into
consideration and set apart by the Parties in a separate Savings Bank Account
no. with __________ Bank, _____________ Branch, towards the expenses of
obtaining the Probate / Letters of Administration with the will annexed and the
transfer / distribution of the estate of the deceased in accordance herewith
and the said sum shall be utilized by the parties hereto, accordingly. In case
of any deficit in meeting the debts of the deceased and/ or the expenses of
proving the Will and distribution of the estate, the parties hereto, shall
contribute equally to such deficit.
5. After
setting apart sums to meet the debts of the deceased and the estimated expenses
of distribution of the estate, The assets allotted to the said the Party of the
First Part pursuant to the Family Settlement arrived at are more particularly
described in the First Schedule hereunder written. Similarly, The assets
allotted to the said the Party of the Second Part pursuant to the Family
Settlement arrived at are more particularly described in the Second Schedule
hereunder written. The assets allotted to the Party of the Third Part pursuant to
the Family Settlement arrived at are more particularly described in the Third
Schedule hereunder written.
6. All
expenses of and incidental to the grant of letters of administration as also of
transfer of the shares to the respective parties hereto shall come out of the
estate of the deceased.
7. It
is expressly agreed by and between the parties hereto that the heirs shall not
claim any rights under the said codicil and the Party of the Third Part shall
not, after obtaining the letters of administration with the will annexed, claim
any rights under the said will, save as hereinbefore provided.
8. The
parties hereto confirm and declare that all the disputes and differences
between them are settled and that none of the parties has any further or other
claim or demand of any nature whatsoever against the other or others of them.
9. The
parties hereto expressly agree and declare that they have arrived at this
Family Arrangement in order to put an end to existing and future disputes
between the parties and with a view to bring about amity and goodwill amongst
them and with a view to maintaining peace and bring about harmony in the
family. The parties hereto further agree and declare that the terms of the
Memorandum of Family Settlement arrived at between them and recorded herein are
fair and bona fide and in the interest of all the parties.
10. The
parties hereto shall sign and execute or cause to be signed and executed all
such documents, deeds, writing and/or instructions as may be necessary to give
effect to the Family Arrangement arrived at amongst the parties hereto. On
___________ and which is recorded in this Memorandum of Family
Arrangement-cum-Compromise.
Annexure 'A'
(Copy to the Will)
Annexure 'B'
Part
I:List of assets of the deceased and estimated agreed values Thereof.
The
first schedule hereinabove referred to (The assets allotted to the said the
Party of the First Part) Part IV: List of
Debts of the Deceased.
The Second schedule hereinabove referred
to
(The
assts allotted to the said the Party of the Second Part)
The third schedule hereinabove referred
to
(The
assets allotted to the said the Party of the Third Part)
IN WITNESSES WHEREOF the parties hereto
have hereunto set and subscribed their respective hands the day and year first
hereinabove written. SIGNED AND DELIVERED by }
the
Party of the First Part }
Shri..........................
}
in the presence of
___________ }
SIGNED
AND DELIVERED by }
the Party of the Second Part }
Shri..........................
}
in
the presence of ___________ } SIGNED AND DELIVERED by }
the Party of the Third Part }
Shri.........................
}
in
the presence of ____________ }
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