AGREEMENT FOR RIGHT OF PRE-EMPTION

Agreement made between Mr. A…….. Mr. B……..Mr. C…. Mr. D ……all of……… residing at ……… hereinafter called the Owners, as follows:

WHEREAS
1. The Owners are the joint owners of an immoveable property situate at……..and more particularly described in the schedule hereunder written (hereinafter referred to as the said property).
2. All the owners have equal undivided share, right, title and interest in the said property.
3. The owners desire that the property should remain joint or in any case in the hands of one or more of them and should not go into the hands of a stranger.
4. The owners therefore propose to enter into this agreement so as to create a right of pre-emption among them in the event of any one or more of the said Owners desiring to or being required to sell his share right, title or interest in the said property.

Now it is agreed between the parties hereto as follows:
1. If during the life time of any of the Owners, he (hereinafter referred to as the Vendor) desires to sell or mortgage charge or otherwise dispose of for consideration his undivided equal share or equal title and interest in the said property he shall first give notice in written to each of the other owners of his desire to so dispose of his share. Such notice shall be in writing and served on each of the other owners personally or by registered post. Such notice shall also state the price of the share which he expects to get or the amount which he proposes to borrow on the security of his share by way of mortgage or charge.
2. If any one or more of the remaining co-owners to whom a notice for sale is given desires or desire to purchase the share of the vendor he or they shall give notice to the Vendor in writing within 15 days from the receipt of the notice of the Vendor as aforesaid, stating his or their willingness to acquire the share of the Vendor subject to the price being agreed upon or determined in the manner hereinafter provided. On such acceptance of the offer there will be a valid and binding agreement to sell between the Vendor and the other co-owners to be completed on the determination of the price.
3. Any of the co-owners, other than the Vendor may offer to purchase the share of the Vendor or jointly between themselves.
4. If however the other Co-owners or any of them fail to exercise this option to purchase given by the Vendor as aforesaid within the said period of 15 days the Vendor will be entitled to sell his share to any other person and any other co-owners will not be entitled to object to the same.
5. On the acceptance of such offer of the vendor by the co-owner or co-owners separately or jointly between all or any of them the Vendor and the intending Purchaser or Purchasers shall negotiate for the price of the share of the Vendor and agree upon the same. But if there is no such agreement arrived at within two weeks from the receipt of acceptance of the offer to purchase by the Vendor then the question of determination of the market price will be left to the decision of a common Architect to be agreed upon failing which to the decision of an Architect to be nominated by the All India Institute of Architects and the decision of such Architect will be binding on the parties and the decision shall be deemed to be an agreement between them.
6. If two or more co-owners other than the Vendor offer to purchase the share of the Vendor independently then the intending purchasing co-owners shall bid between themselves. Subject to the maximum price agreed to or as determined aforesaid the share will be sold to the co-owner who offers the higher or highest price.
7. Any contract formed as a result of the service of the notice and counter notice by the Vendor and any other co-owners respectively as mentioned above, shall be completed by execution of the deed of conveyance by the Vendor against the payment of the price by the Purchasing co-owner or co-owners within 4 weeks after the determination of the price as aforesaid
8. In case any of the co-owners (hereinafter referred to as the mortgagor) proposes to alienate his share, right, title, interest as a security for payment of any loan proposed to be raised by him, he shall give first option to any of the co-owners to advance the loan by serving a fifteen days notice on the other co-owners to that effect and in the event of any co-owners agreeing to do so by serving a counter notice to the mortgagor within two weeks from the receipt of the option notice from the mortgagor, the mortgagor shall execute the necessary document of security in favour of such co-owners or co-owner against advance of the loan. If however the other co-owners fail to counter reply or the terms of the loan are not agreed upon between the mortgagor and other co-owner the mortgagor will be free to raise the loan from any other person.
9. In connection with the notice and counter notice under the terms of this deed, time shall be of the essence. 
The schedule above referred.
IN WITNESS WHEREOF THE PARTIES HAVE PUT THEIR RESPECTIVE HANDS THE DAY AND YEAR FIRST HEREINABOVE WRITTEN.
Signed by the within named	)
(1)   (2)   (3)    )
(4) ….. in the presence of…...)