Agreement

ARTICLE OF AGREEMENT made at …………………... this day of ……………., Two Thousand …………………………… BETWEEN ……………….……………………. of …………………. Indian Inhabitant hereinafter called the Vendor (which expression unless repugnant to the context or meaning thereof be deemed to mean and include his heirs, successors, executors, administrators and assigns) of the First Part; AND …………………………….. also of ……………, Indian Inhabitant hereinafter called “The Confirming Party” (which expression unless repugnant to the context or meaning thereof shall mean and include his heirs executors, administrators and assigns) of the Second Part; AND Messrs. ……………………….. Builders, a Partnership firm carrying on business of Builders and Developers having their registered office at ………………………………. hereinafter called the Purchasers (which expression unless repugnant to the context or meaning thereof be deemed to mean and include the partners of the said firm for the time being their heirs, executors, survivors of them, their administrators and assigns) of the Third Part;

WHEREAS the Vendor within his own rights is seized and possessed of otherwise well and sufficiently entitled to all that piece and parcel of land ground hereditaments and premises bearing Survey No. …………., Hissa No. ………, corresponding C.T.S. No. ……..……… admeasuring …………….…. Gunthas or thereabout of Village …..………………., Taluka ………………., in the registration district and sub-district of ………………….. City and Suburban and more particularly described in the plan annexed hereto and shown by …..……….. Colour boundaries. For the sake of brevity the aforesaid land will hereinafter be called as “the said land”.

AND WHEREAS the Vendor herein is in possession, use and enjoyment of the said land from the year ………… openly, solely, exclusively, absolutely, peacefully, continuously, uninterruptedly in his own right and has constructed Chawls on the said land and is paying house taxes to the Corporation and N.A. taxes to the Government and at present is recovering rent from his tenants. At present there are ……… chawls of the Vendor on the said land bearing Municipal Assessment Nos. ………………… the said chawls are assessed in the name of the son of the Vendor the Confirming party herein; AND WHEREAS the said chawls are occupied by the tenants of the Vendor.

AND WHEREAS in the land records ……………… and Others are shown as the Owners of the said land but the Vendor herein being in open and uninterrupted, continuous and peaceful possession has become owner of the said land by adverse possession. The Vendor herein has full right, absolute authority to use, occupy and enjoy the aforesaid land and structure standing thereon and is recovering rent of the rooms let out to his tenants on monthly tenancy basis and enjoying all rights of ownership of the said structures and the land underneath. For the sake of brevity the said structures will hereinafter be called as “the said property”.

AND WHEREAS the Vendor has constructed structures on the aforesaid piece and parcel of land, and got the same assessed to the Municipal taxes in the name of his son the confirming party herein; AND WHEREAS the party of the Second Part, confirms and assure this agreement of sale unto the purchasers and hereby agrees having transferred and conveyed all his right title and interest in the structures whatsoever of the said property in favour of the purchasers TO HAVE AND TO HOLD the same for the benefit of purchasers themselves.

AND WHEREAS the Purchasers have approached the Vendor for the purchase of the said structures together with the rights of the Vendor on the said land and after mutual discussion the parties hereto have arrived at certain terms which they hereby intend to record in writing by this indenture of agreement.

NOW THIS AGREEMENT WITNESSETH and it hereby agreed by and between the parties hereto as under:-

1. In consideration of a sum of Rs. ………….. to be paid by the Purchasers to the Vendor in the following manner:

(i) Rs. …………… being the earnest money on or before the execution of these presents;  and

(ii) balance Rs. …………… to be payable on or before ………………, 20….. from the date hereof. 

2. The Vendor hereby agrees to sell, convey and transfer the aforesaid structures together with all his right, title and interest in or upon the same to the Purchasers forever.

3. It is further agreed that the Vendor shall execute a Power of Attorney in favour of the Purchasers authorising the Purchasers to negotiate with the tenants of the Vendor and to collect rent from the tenants and also accept surrender of the tenements for cash or other consideration and also institute legal proceedings for recovery of rent and possession. The Power of Attorney to deal with the said ……………………. AND OTHERS and settle all dispute whatsoever regarding the ownership right of the said land.

4. The Purchasers hereby agree, undertake and covenant with the Vendor that they the Purchasers shall provide to the Vendor the Premises admeasuring ……….. sq. ft. for self-occupation on ownership basis free of cost in the buildings to be constructed by the purchasers on the aforesaid property. A Plan and specification thereof shall be provided by the Purchasers to the Vendor as and when it is ready and sanctioned by the ……………. Municipal Corporation. The Vendor declares that the rent bill of the room presently occupied by him and his family members is in the name of grand son …………………….. and the aforesaid premises admeasuring ………. sq. ft. agreed to be provided to the Vendor shall be in consideration and in lieu of the present room. 

5. The Vendor declares that the tenants are in arrears of rent as per particulars annexed hereto. It is hereby agreed that the Purchasers shall collect arrears of rent and also future rent from the tenants of the Vendor and out of the said amount the Purchasers shall pay property taxes to the ……………….….. Municipal Corporation and other taxes, to other authorities for and on behalf of the Vendor. It is however, agreed that in case Purchasers are not able to collect the arrears of rent from the tenants the Vendor shall not be liable to pay the arrears of property taxes and other tax and the Purchasers shall alone have to pay the same and in that event the Purchasers shall not be entitled to claim the said amount and or deduct the same from the amount of consideration to be paid to the Vendor as set our hereinbefore.

6. It is further agreed by and between the parties hereto that from the date of execution hereof Vendor shall not be entitled to collect arrears of rent or future rent from the tenants. The Vendor shall send intimation to the tenants to pay the rent to the Purchasers directly. It is hereby clearly understood and agreed by and between the parties hereto that the Purchasers shall not be entitled to demolish the structures of the Vendor unless they, the Purchasers pay full consideration amount to the Vendors as mentioned hereinabove subject to the Vendors as mentioned hereinabove subject to the terms contained herein. The Vendor hereby put the Purchaser in possession of the said property with all rights of ownership in respect thereof and also allow the purchasers to put their Board on the said property.

7. The Purchasers shall at their own cost and expenses in all respects obtain approval of plans for putting up building/s and executing work on the said plot from the Municipal Corporation of ………………….. and the Planning authority.

8. The Purchasers shall at their own cost and expenses obtain permission and/or permissions from the Competent authority for the development of the said land for construction of dwelling units of the Society and for that purpose the Vendor shall execute an irrevocable Power of Attorney in favour of the purchasers or their nominee or nominees. The Vendor shall render all assistance and co-operation and sign and execute or cause to be signed and executed all applications, plans, authorities and other writings as may be necessary or requisite to enable the Purchasers for developing the said land and to obtain approval of Municipal Corporation and Planning Authority of the plans, specifications and drawings. The Vendor shall within …….. days from the date of execution hereof deliver or cause to be delivered or produced copies of the documents, deeds, monuments, certified extracts and other records relating to the said property to the Purchasers.

9. The Purchasers shall apply and obtain on their own cost and expenses the permission of the Competent Authority under the Urban Land (Ceiling & Regulations) Act 1976 for the development of the said land by constructing residential and commercial units by the Purchasers or their nominee/s including Co-operative Housing Society in one lot or such parts as the Purchasers may desire and the Vendors, if necessary, shall sign and execute all applications, writings and do and perform all acts and deeds and things necessary in that behalf.

10. The Purchasers shall be entitled to the proper conveyance or conveyances by the Vendor and all parties interested transferring, assigning and conveying to the Purchasers all right, title and interest whatsoever in or upon the said structures and the said land in favour of the Purchasers. The Vendor also agree to deal with the original holders …………………... and Others and to get all the defect of the title cleared. However, it is specifically agreed by and between the parties hereto that all costs charges and expenses in that behalf shall be borne by the Purchasers and Vendor shall not be liable for the same.

11. The Vendor hereby irrevocably agrees and declares to confirm any other and future agreement which the Purchasers may enter into with any other person or persons for the development of the said land or ground situated lying and being at Village …………… and more particularly described in the Schedule hereunder written on receipt of intimation from the purchasers and thereupon the Vendor shall be liable to complete the transaction with such person or persons with whom the Purchasers shall enter into agreement. However, the Purchasers shall be bound to pay the consideration payable under this agreement.

12. The Vendor hereby declares that as far as property bearing Survey No. …………, Hissa No. ………., C.T.S. No. ……. is concerned no notice from Government or any other body or authority under ……………….. Municipal Corporation Act or Epidimic Deceases Act, Land Acquisition Act or Town Planning Act, Defence of India Act or any other legislative enactment, Government Ordinance, orders or notification (including any notice of acquisition or requisition of the said land or any part thereof) has been received or served upon him. The Purchasers agree to pay the Municipal betterment charges, water, electricity charges, taxes, fines and penalties etc., arising as a result of development of the said property by them. If, the sale is not completed due to willful default of the Vendor the Purchasers shall be entitled to require the specific performance of this agreement and in that case the Purchasers will recover all costs, charges, expenses and damages, if any, resulting from such willful default from the Vendor.

13. It is further agreed that in case the terms of agreement are not materialised or acted upon or given effect to within the specified period due to the failure of the Purchasers by non-compliance thereof the present right title and interest of the Vendor shall be deemed to be valid, continued, subsisting and intact and shall not be affected by virtue of this agreement and in that even the earnest money shall stand forfeited to the Vendor herein.

14. The Vendor further agrees to pay to the Purchasers such amount as demanded by the Purchasers from the date the Vendor is put in possession of the tenement agreed to be allotted to him on ownership basis in the proposed building to be constructed on the said land. The amount so paid to the Purchasers shall be on account of Municipal taxes, and other necessary expenses and outgoings for the said tenement. 

15. The Vendor also agrees to join as a Member of proposed Co-operative Housing Society or Limited Company to be formed by the Purchasers of rooms/flats of the building to be constructed on the said plot of land.

16. The Purchasers hereby agree and undertake to execute necessary sale agreement with the Vendor accepting thereby the members share money, entrance fee, society registration charges and other expenses from the Vendor.

17. The Vendor hereby agrees, declare and covenant with the Purchasers to provide all facilities and assistance to the Purchasers in developing the said property and also to shift himself in the temporary accommodation to be constructed by the Purchasers in the said plot of land for occupation of tenants and/or Vendor herein during the intervening period of construction.

18. The Stamp Duty, registration charges incidental to this agreement and the conveyance shall be borne and paid by the Purchasers and the Vendor shall not be liable to share the same.

19. The Vendor hereby agree that his occupation of the existing room shall hereinafter be merely as licencee of the Purchasers for the intervening period between the payment of the balance consideration amount and the occupation of the new premises in the said proposed building. The Vendor also agrees to shift himself and his belongings to the temporary alternate accommodation as and when required by the Purchasers.

IN WITNESS WHEREOF the Parties hereto have hereunto set their respective hands and seal the date and the year first hereinabove written.

SCHEDULE

All that piece and parcel of land ground hereditaments and premises together with chawls, structures, well and other constructions standing thereon admeasuring ………. Gunths or thereabout bearing Survey No. …………., Hissa No. …….., C.T.S. No. ……… of Village …………………, Taluka ………………… in the registration district and sub-district of …………………. City and Suburban and bounded as follows, that is to say:

On or towards East by the Property of

On or towards West by the Property of

On or towards South by the Property of

On or towards North by the Property of

SIGNED SEALED AND DELIVERED BY THE	)
WITHINNAMED Vendor ………………………	)
………………… in the presence of 			)
……………………………				)

SIGNED SEALED AND DELIVERED BY THE	)
WITHINNAMED Confirming Party			)
………………………………………. IN 		)
the presence of …………………………………..	)

SIGNED SEALED AND DELIVERED BY THE	)	
WITHINNAMED Purchasers M/s. ………………..	)
BUILDERS, in the presence of ……………………	)
 
RECEIVED and of from withinnamed 		)
………………….. BUILDERS the sum of		)
Rs. …………….. (Rupees …………………………	)
Only) the part consideration within mentioned	)
to be by them paid to me.				)
    Rs. ……………..
                                                                                         ---------------------

							I SAY RECEIVED.

Witnesses:

1.	

2.