Deed of Partition of a common House and Relinquishment

This Deed of Partition made at..................this day of......................between Mr. A hereinafter referred to as the Party of the First Part, Mr. B hereinafter referred to as the Party of the Second Part and Mrs. C hereinafter referred to as the Party of the Third Part.
WHEREAS
(1) The Parties hereto of the First and the Second Parts are full brothers and the Party of the Third Part is their married sister and they own an immovable property consisting of a piece of land with a building or house standing thereon and which is more particularly described in the schedule hereunder written.
(2) The said property has been inherited by the Parties hereto from their father and is held by them jointly (as tenants in common) Each of the Parties of the First and the Second Parts hereto (including his wife and sons) is entitled to one third undivided share therein and the Party of the Third Part is entitled to one third undivided share therein.
(3) The said house is a residential house of the family. The Party of the First Part and his wife and children are occupying the ground floor thereof and the Party of the Second Part with his wife and children is occupying the First floor.
(4) The Parties of the First Part and Second Part are living separate in food and ownership and now they desire to divide the said property by way of a partition, though the property is not capable of physical division by metes and bounds in equal shares.
(5) The Parties of First Part and Second Part have agreed to pay to the Party of the Third Part a sum of Rupees........in lieu of her share in the said properly and in consideration thereof she has agreed to relinquish her share right title and interest therein as hereinafter provided.
(6) The Parties of the First and Second Parts are, under the circumstances, entitled   to the said property in equal shares and as physical division into two equal parts is not possible they have agreed to enter into this deed of partition in the manner following.
NOW THIS DEED W1TNESSETH AS FOLLOWS:-
(1) In view of the Party of the Third Part having relinquished her share in the property as hereinafter provided, the Parties In the First and Second Parts hereby agree and declare that each of them (including their wives and Children) is entitled to one half (undivided) share, right title and interest in the said property that is the said land and the building thereon and more particularly described in the schedule hereunder written, to be held in severally and not as members of their Hindu Joint Family or coparcenary.
(2) As holder of one half share in the said property the Party of the First Part will hereafter be entitled to use and occupy the whole of the ground floor portion of the said house  for his and  his family's residence to the exclusion of the Party of the Second Part and his family and the Party of the Second Part as the holder of the one half share in the said property will be entitled to use or occupy the whole of the first floor portion of the said house for his and his family residence to the exclusion of the Party of the First Part and his family.
(3) Each of the Party of the First and Second Parts will be entitled to let out or give on leave and licence the floor in his occupation or any part thereof if so required and recover and appropriate the rent thereof for his own use but in the event of any of the Parties of the First and the Second Parts so intending to let out or give on leave and licence basis the premises in his occupation as aforesaid or any part thereof he shall give first option to the other Party at the reasonable rent or compensation offered to him by any other person and only in the event of the party having such option declining to take the premises the Party intending to let out or give of licence basis  his premises can do so in favour of any other person.
(4) All the rates, taxes, assessments dues and duty chargeable in respect of    the said property and payable to the Government or the Municipal Corporation (or Council) or any other Local authority shall be paid by the Parties of the hereto of the First and Second Parts in equal shares and each of the Parties of the First and Second Parts hereby indemnifies the other against such liability.
(5) If any Party of the First and Second Parts intends to sell or otherwise dispose of his one half share in the said property he shall not do so unless he first gives an option to the other of them to purchase the same by giving one month's prior notice in writing to the other of his intention to sell his undivided share and in the event of the party failing to exercise the option within the notice period, then only he the party intending to sell his share shall be entitled to do so in favour of any other person. In such a case he will be entitled to sell his share together with the right to occupy the premises in the said house in his occupation. In the event of absence of any agreement between the Parties of the First and the Second Parts as to the price of the one half share intended to be sold, the price will be determined by arbitration under the Arbitration Act. 1940 as provided in clause 8 hereof.
(6) Each of the Parties of the First and the Second Parts shall be liable to maintain in good repairs and conditions the premises in his occupation as aforesaid at his own costs. Except as aforesaid all the expenses of repairs, structural or ordinary including repairs to drainage, sewage, water and other connections or amenities as may be required to be carried out from time to time either under or by virtue of any notice of any public authority or otherwise and which are common to the whole house shall be borne and paid by the Parties of the First and Second Parts in equal shares and each of them shall indemnify and keep indemnified the other against such expenses. If any such common repairs are required to be carried out, any of the Parties of the First and Second Parts will be entitled to undertake the work by giving one weeks prior notice in writing to the other and will be entitled to recover one hall part of the expenses incurred in such repairs provided such expenses are certified to be correct by a qualified architect.
(7) It is further agreed that the land appurtenant to said house will be kept open and clean and nothing will be built upon or stored in any portion of the said land without the consent of both the Parties of the First and Second Parts.  The land can be used only as recreation or for children to play or for parking their cars.
(8) None of the Parties of the First and the Second Part will be entitled to put up any addition to the said house or any part thereof without the consent of the other.
(9) If any dispute arises between the Parties hereto of the First and the Second parts regarding the interpretation of any term of this deed or carrying out or complying with the same or regarding the management and disposal of the said property it will be referred to a common arbitrator if any agreed upon or to two arbitrators, one to be appointed by each party and the arbitration will be governed by the Arbitration Act, 1940.
(10) In pursuance of the said agreement hereinbefore recited and in consideration of the sum of Rupees	paid by the Parties of the First and Second Parts in equal share to the party of the Third Part she the Party of the Third Part hereby releases and relinquishes all her share right, title and interest in the said property unto the Parties of 1 he First and Second Parts absolutely and she declares that she has now no right title or interest to or in the said property whatsoever.
(11) This deed is executed in duplicate and one: original copy will remain with the Party of the First Part and the other with the Party of the Second Part.
IN WITNESS WHEREOF the Parties have put their hands the day and year first herein written. THE SCHEDULE ABOVE REFERRED TO
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Signed by the within-narned Mr. A 
of the First ['art in the presence of

Signed by the within-named Mr, B

Signed by the within-named Mrs. C 
of the Third Part in the presence of