Tripartite Agreement

THIS AGREEMENT made at …………….This ………. day of ………. 20…… between ………………….. incorporated under the Companies Act, 1956 and having its Registered Office at ……………… hereinafter referred to as “the Corporation” (which expression shall, unless it be repugnant to the context or meaning thereof, include its successor or successors and assign or assigns) of the First Part, Shri ……………….. in Indian Inhabitant residing at …………………. In the State of Maharashtra, hereinafter referred to as “the Original Apartment Owner”, (which expression shall, unless it be repugnant to the context or meaning thereof, include his heirs, executors, administrators and permitted thereof, include his heirs executors, administrators and permitted assigns) of the Second Part AND Shri ………………………….. Indian Inhabitant, residing at ….…………. In the State of Maharashtra, hereinafter referred to as “the Apartment Owner” (which expression shall, unless it be repugnant to the context or meaning thereof, include his heirs, executors, administrators and permitted assigns) of the First Part.

WHEREAS by an Agreement made at …………………….. between the Corporation and the Original Apartment Owner (hereinafter referred to as “the said Agreement”), the Corporation agreed to sell and the Original Apartment Owner agreed to buy Apartment No……………. in on the terms and conditions specified therein.

AND WHEREAS the Original Apartment Owner paid to the Corporation a price of Rs…….. (Rupees…………..) and the Corporation delivered the possession of the said apartment of the Original Apartment Owner in pursuance to the said Agreement.

AND WHEREAS the Original Apartment Owner requested the Corporation to grant him permission to transfer and assign his rights and interests in or benefits under the said Agreement to the New Apartment Owner in accordance with condition No……. of the said Agreement and to execute the Deed of Agreement in favour of the New Apartment Owner in accordance with condition No. 11 of the Agreement, and the Corporation having granted the permission to the Original Apartment Owner agreed to do so on the terms and conditions appearing hereinafter.

NOW IT IS HEREBY AGREED BY AND BETWEEN PARTIES HERETO AS FOLLOWS :

1. The Corporation shall, in pursuance to the said Agreement and in consideration of the premises contained herein, execute the Deed of Apartment in favour of the New Apartment Owner.

2. The New Apartment Owner shall be substituted for the Original Apartment Owner in the said Agreement and shall have all the rights, obligations, liabilities and equities accordingly thereunder.

3. The Original Apartment Owner relinquishes and releases all his rights, title, interest, claims or demands whatsoever in the said Agreement and discharges the Corporation from all obligations or liabilities required to be performed to him by the Corporation or under the said Agreement.

4. The Original Apartment Owner indemnifies and saves harmless the Corporation against any loss or damage that may be caused to the Corporation in consequence of this Agreement or the permission granted to him as aforesaid.

IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands the day and year first hereinabove written.

Signed sealed & Delivered
By the within named
Corporation
M/s…………………………

Signed sealed & Delivered
By the within named 
Original Apartment Owner 
Mr………………………….