Deed of Partition of Mitakshara Coparcenary Estate where some Properties are Retained as HUF Estate

This deed of partition made this.........day of.........between (1)......... son of......... by caste Hindu, by occupation trader at present ......... hereinafter referred to as party of the first part, (2) Smt..........wife of the said.........by caste Hindu, by occupation trader and housewife at present of......hereinafter referred to as party of the second part, (3)............son of........., by caste Hindu, by occupation trader of.........hereinafter referred
to as party of the third part, (4) Sri.........by caste Hindu, by occupation trader at present of............, hereinafter referred to as party of the fourth part, (5) Sri............son of............by caste Hindu, by occupation trader at present of............hereinafter referred to as party of the fifth part,
(6).........son of.........by caste Hindu, by occupation trader at present of .........hereinafter, referred to as party of the sixth part, and (7).........son of......... by caste Hindu, by occupation ......... at present of......... hereinafter referred to as party of the seventh part:
Whereas the parties hereto, viz. the parties of the first, third, fourth, fifth and sixth parts constitute a Mitakshara family joint in food worship and estate of which the party of the first part is the karta or head and the party of the second part his wife and the other parties are coparceners and whereas the HUF estate of the family consists mainly of the properties described in Schedule I hereto. And whereas for reasons and considerations best known to the parties and for better management, enjoyment, control and administration of their estate the parties hereto have agreed to have the same partitioned by metes and bounds in the manner hereunder appearing, viz. that the HUF shall henceforth continue and constitute the parties of the first, fourth, fifth and seventh parts who represent 4/7th share in the HUF estate which is valued at Ks..........by mutual agreement and consent as under s. 269(q) of the Income-tax Act 1961, and a stamp duty of Rs..........has been paid on the value of the separated 3/7th share. 
Whereas under the Hindu law to which the parties are subject the party of the second part, viz. the said Smt.......being the wife of the karta is also entitled to a share in the said property in the event of partition and each of the other parties hereto is accordingly entitled to a 1/7th share of the same.
Whereas the party hereto of the first part with the mutual consent of and agreement with the other coparceners divided the said HUF properties in four lots for the purpose of partition out of which one lot comprising the properties described in the Second Schedule hereto and representing approximately 4/7th share of the entire HUF estate, including movables comprised in the First Schedule will continue as undivided and shall be retained by the said HUF as continuing and consisting of the parties hereto of the first part, fourth part, fifth part and seventh part and the second lot comprising the properties described in the Third Schedule hereto and representing the approximately 1/7th share of the entire HUF estate shall be allotted to the party hereto of the second part as her separated share to which she is entitled to under the law in the event of the partition of the HUF estate as aforesaid and the third lot comprising the properties described in the Fourth Schedule hereto and representing approximately 1/7th share of the entire estate shall be the allotted share of the party hereto of the third part as his separated share in lieu of his said undivided share and the fourth lot comprising the properties described in the Fifth Schedule hereto and representing approximately the 1/7th share of the entire HUF estate shall be allotted to the party hereto of the sixth part as his separated share in lieu of his said undivided share in the joint family estate.
Whereas inasmuch as the value of the properties in the Second Schedule to be retained by the parties hereto of the first, fourth, fifth and seventh parts and to be continued as HUF properties including movables allotted as per books of account exceed 4/7th share of the entire estates by Rs.......... they agreed to pay a sum of Rs..........as an owelty money to the party of the third part for equality of partition (of which a sum of Rs..........has already been paid on.........) and also to pay a further sum of Rs..........to the party of the second part as an owelty money and such payment has already been made on.........and whereas the value of the property allotted to the party of the sixth part as described in Fourth Schedule exceeds the value of 1/7th share of the entire estate by Rs..........the party of the sixth part has agreed to pay a sum of Rs..........as an owelty money to each of the parties of the first, fourth, fifth and the seventh parts and the said amounts have already been paid on.........(all such payments having been made by adjustment of entries in the books of account maintained by the said HUF in respect of its estate hereunder partitioned). Whereas in consideration of the absolute or sole ownership acquired by each party in respect of the allotment made out of the heretofore joint properties by mutual transfer and releases hereunder effected and in consideration of the covenants hereinafter mentioned and agreed to be observed and performed by all the aforesaid parties the said parties resolved to incorporate the terms of the partition in a deed of partition as follows:
Now this indenture witnesses that in pursuance of the said agreement and in consideration of partition and/or division of the shares of the parties in their ancestral properties and allotment thereof in severally and individually to them as hereunder made under and by virtue of these presents the parties of the second, third and sixth parts and each of them do hereby grant, convey, transfer, assign, assure, release and confirm unto and to have the use of the parties of the first, fourth, fifth and seventh parts all the properties described in Schedule II so as to enable them to hold possess and enjoy the same as the continuing HUF properties with the party of the first part as its karta freed and discharged from all rights in common and all claims, demands whatsoever by the parties of the other parts in, to, upon or concerning the same subject however to the rights of their respective male descendants and jointly as between themselves.
In pursuance of the said agreement and in consideration of the partition and/or division of shares of the parties in their ancestral properties by allotment of portions thereof as hereunder effected the parties of the first, third, fourth, fifth, sixth and seventh parts do hereby grant, convey, transfer, release, assign, assure and confirm unto and to the use of the party of the second part the properties described in Schedule III so as to constitute her as the sole and absolute owner thereof and to have hold, possess and enjoy the same as her own freed and discharged from all rights in common and claims and demands whatsoever of the other parties concerning the same.
In pursuance of the said agreement and in consideration of the partition and/or division of the shares of the parties in their ancestral properties as hereunder made by their respective allotments as hereunder effected by the parties of the first, second, fourth, fifth, sixth and seventh parts grant, convey, transfer, assign, assure, release and confirm unto and to the use of party of the third part all the properties described in Schedule IV so as to enable him to have hold, possess and enjoy the same as his own freed and discharged from all rights in common and claims and demands whatsoever of the parties of the other part in to upon or concerning the same, but subject to the rights of his male descendants.
In pursuance of the said agreement and in consideration of the absolute ownership acquired by the parties in respect of their respective allotments as hereunder effected, the parties of the first, second, third, fourth, fifth and seventh parts do hereby grant, convey, transfer, assign, assure, release and confirm the properties described in Schedule V unto and to the use of the party of the sixth part so as to constitute him the sole and absolute owners thereof and to have hold, possess and enjoy the same as his own freed and discharged from all rights in common and claims and demands whatsoever of the other parties in to upon or concerning the same but subject to the rights of his male descendants.
And this Indenture furthermore witnesseth as follows:
1. All Income-tax, Wealth-tax and other capital and revenue liabilities of the estate as on this day shall be borne and paid by the parties proportionate to the shares in the joint family properties hereunder partitioned.
2. That the parties hereto shall henceforth be the separate owners of the shares allotted to each of them and shall hold and enjoy the shares so allotted in severalty and free and discharged from all claims and demands of the other parties hereto or anyone claiming through, under or in trust for them.
3.  None of the parties shall be entitled to sell, mortgage or otherwise deal in his or her share hereby allotted to a stranger unless he or she has offered the same to the other parties.
4. That it has been further agreed that each party shall execute and get registered, if necessary, any other deed or deeds, document or documents or receipt which he/she or they may be required to do at the instance of any other party or parties to this deed at the latter's expenses, in order to more effectually assure or confirm any right or title conferred on him/her under these presents.
5. That the original Deed of Partition shall remain with the party hereto of the first part and a true copy thereof signed by all the parties hereto will be delivered to each of the other parties hereto who shall be entitled to require production of the original from the former before any court or public officer or arbitrator or bank or insurance company etc., if so desired.
6. It is hereby agreed that each party will be entitled to realise the arrears of rent including arrears if any outstanding in respect of the property allotted to him/her without any claim or objection from any of the other parties and to effect mutation of their respective names in all public records.
7.  That all revenue taxes and other public charges in respect of any property shall be borne by the party to whomsoever the same has by virtue of this deed been allotted.
8. Parties shall bear and pay all costs, charges and expenses in connection with the preparation, execution and registration of this deed and also the stamp costs in equal shares.
And this indenture furthermore witnesses that the parties do hereby covenant agree and declare that all of them had and still have good title full power and absolute authority to have the properties partitioned in the manner hereinbefore indicated and none of them has charged nor encumbered the same or any part thereof nor otherwise dealt with, nor done, executed or performed any act, deed or thing or suffered anything to the contrary whereby or by reason or means whereof the same may be affected or prejudiced in title or estate or they may be hindered or prevented from having the same granting, conveying or having the same partitioned as effected by these presents AND that the respective allottees shall hold, possess, enjoy their respective allotments peaceably and quietly without any claim or demand or interruption whatsoever by any other parties and that further the parties shall at the request and costs of any allottee or any person or persons claiming under or in trust from him do execute and perform all such acts, deeds and things for further better and most perfectly assuring the same according to the true intent and meaning of these presents.
Schedule I above referred to
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Schedule II above referred to
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Schedule III above referred to
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Schedule TV above referred to

In witness whereof the parties have executed these presents in quadroplicate on the day, month and year first above-written.

Signed, sealed and delivered at                                        Sd. All seven parties
Mumbai in the presence of: