Deed of Partition between two co-owners

THIS DEED OF PARTITION is made at..............this..............day of ,................between Mr. A of...............................hereinafter referred to as the Party of the First Part of the One Part and....................Mr. B of...................hereinafrer referred to as the Party of the Second Part of the Other Part;
WHEREAS-
1. The Parties hereto are two co-owners....................and as such own two immoveable properties consisting of land and building thereon and situate at..............and more particularly described in the First and Second Schedules hereunder written and each of the parties hereto is entitled to one-half undivided share in the said two properties.
2. The Parties desire to effect a partition of the said properties between themselves as they no longer desire to continue as joint owners and desire to be separate in estate.
3. The Parties have agreed that the said two properties will be divided and partitioned in such a way that the property described in the said First Schedule shall be allotted and belong to the Party of the First Part exclusively and the property described in the said Second Schedule shall be allotted and belong to the Party of the Second Part exclusively.
4. For the purpose of equal partition and stamp duty the property in the first Schedule Is valued at Rs........and the property described in the Second Schedule is valued at Rs	
5. As the value of the property described in the Second Schedule is less by Rs......than the value of the other property the Party of the First Part has agreed to pay a sum of Rs........to the Party of the Second Part to compensate for the deficiency in price or value of the share of the Party of the Second Part.
6. The Parties hereto have proposed to effect and record the said partition in the manner following;
NOW THIS DEED WITNESSETH AS FOLLOWS -
1. Pursuant to the said agreement the Parties hereto hereby divide the said joint family properties described in the First and Second Schedules hereunder written in two equal shares to the effect that the property described in the First Schedule hereunder written is allotted to the share of the Party of the First Part to the exclusion of the party of the second part and the property described in the Second Schedule hereunder is allotted to the Party of Second Part to the exclusion of the Party of the First Part.
2. In order to equalise the shares and the value of the property described in the First Schedule being more than the value of the property described in the Second Schedule by Rs..........the Party of the First. Part has paid to the Party of the Second Part a sum of Rs............on the execution of these presents (receipt whereof the Party of the Second Part does hereby admit). 
3. In consideration aforesaid, each of the parties hereto doth grant and release all his undivided share, right, tide and interest in the property allotted to the other of them as aforesaid so as to constitute each party the sole and absolute owner of the property allotted to him, freed and discharged from all claims and demands of the other party hereto or concerning the same but subject to the payment of all taxes, rates dues and duties and assessment payable to Government or Municipal Corporation or any
other public body in respect thereof.
4. Each party covenants with the other that he has not done any act deed or thing whereby or by means whereof he is prevented from conveying and releasing the property to the other in the manner aforesaid. 
5. Each party also covenants with the other that each party will execute and get registered, if necessary any deed, assurance or other document which may be required for fuller and more perfectly and effectually assuring the property, allotted to the other but at the cost and expenses of the other.
6. Each party hereto further covenants with the other that the latter will hereafter hold and stand possessed of the property allotted to him, quietly and peacefully and enjoy the rents and profits thereof without any suit, interruption claim or demand by the covenanting party, his heirs, executors administrators and assigns or any person claiming under him.
7. The original of the Deed of Partition will remain in the custody of the Party of the First Part and the duplicate copy hereof will remain in the custody of the Party of the Other Part.
8. And it is further agreed and declared that the title deeds relating to the properties and which are common to both of them and which are set out in the Third Schedule hereunder written shall remain with the Party of the First Part who has agreed to give a covenant for production in favour of the Party of the Second Part in the manner following that is to say [usual covenant for production of title deeds'.
In witness where of etc.
THE FIRST SCHEDULE ABOVE REFERRED TO
XX	X	X
THE SECOND SCHEDULE ABOVE REFERRED TO
XX	X	X

THE THIRD SCHEDULE ABOVE REFERRED TO
( List of Title deeds ]
Signed and delivered by the               )
within-named Party of the First         )
Part. .A                                               )
in the presence of                               )

Signed and delivered by the               )
withinnamed  party of
the Second Part B. . .                          )
in the presence of………………