This Agreement is
made at ____ this ________ day of ______ between Mr. A residing at __________
hereinafter referred to as the Vendor of the One Part and Mr. B residing at
_____________________ hereinafter referred to as the Purchaser of the Other
part.Whereas1.
By
a Deed of Lease Dated the _________ day of _______ made between Mr.
____________ therein referred to as the Lessee of the One Part and the Vendor
therein referred to as the Lessee of the Other Part and registered at _______
under Sr. No. _____ of Book No. 1, at the office of the sub Registrar at
_______ the said Lessor has demised unto the Vendor the land and Premises
situated at ______ and more particularly described in the Schedule hereunder written
for a period of 999 years, from the day of ____ at the yearly rent of Rs.
_______ and on the covenants, terms and conditions therein mentioned.2.
The
said Lese is still valid and subsisting.3.
The
purchaser has offered to purchase the leasehold land and premises and the
Vendor has agreed to sell the same and to assign the said lease on the terms
and conditions agreed upon and hereinafter set out.Now it is agreed by
and between the parties hereto as follows:1.
The
Vendor shall sell and assign to the Purchaser the said land and premises
described in the Schedule hereunder written and assign the said lease for all
the residue of the unexpired period of the said lease and subject to the rent
reserved by and to the terms, covenants and conditions contained therein and
the Purchaser has agreed to purchase the said land and premises subject to the
said lease, at the price of Rs. ____ out of which the Purchaser has paid to the
Vendor a sum of Rs. ______ as earnest money on the execution of this agreement (receipt whereof the
Vendor hereby admits) and the balance of Rs. ________ is agreed to be paid on
the completion of the sale.2.
The
Vendor shall make out a marketable title to the said leasehold property free
from encumbrances and reasonable doubts. The root of title will be the said
Deed of Lease and the Vendor will not be bound to make out a marketable title
to the property so far as the said Lessor is concerned.3.
The
Vendor shall deliver the title deeds relating to the said property in his
possession or power within eight days from the date hereof for inspection
thereof by the Purchaser or his Advocate for investigation of title. The said
documents may be handed over to the Purchasers Advocate against his personal
accountable receipt for the sake of convenience, if so required by the
Purchasers Advocate.4.
If
the Purchaser shall insist on any requisition or objection of any kind which
the Vendor shall be unable or unwilling to remove or comply with, the Vendor
may (notwithstanding any intermediate negotiation or litigation in respect
thereof) give notice in writing to the Purchaser or his Advocate of the
intention of the Vendor to rescind this contract unless such requisition or
objection shall be withdrawn and if such notice shall be given and the
requisition or objection shall not be withdrawn within 7 days after the day on
which the notice was sent, this contract shall, without further notice, stand
rescinded. The Vendor shall thereupon return to the Purchaser the said earnest
money but without any interest, costs or other compensation or payment
whatsoever.5.
The
Vendor will obtain the written consent of the lessor to the assignment of the
Lease as a condition precedent to the completion of the sale.6.
The
outgoings in respect of the said property by way of property taxes, ground
rent, land revenue payable by the Lessee till the completion of the sale will
be paid by the Vendor and thereafter they will be paid by the Purchaser and the
same if necessary will be apportioned as on the date of completion of this
transaction.7.
The
sale will be completed within a period of four months from the date thereof.8.
The
sale will be completed by the Vendor executing a Deed of Assignment in favour
of the Purchaser or his nominee paying the balance of the said price.9.
The
draft of the Deed of Assignment will be prepared by the Purchasers Advocate
and will be approved by the Vendors Advocate.10.
On
completion of the sale as aforesaid, the Vendor will give possession of the
said property to the Purchaser by delivering vacant possession of such portion
thereof as is vacant and by attorning tenants of such portion thereof as are
occupied by them to the Purchaser.11.
The
Vendor declares that the said property is not subject to any acquisition or
requisition and no notice has been received by him for carrying out any heavy
or structural repairs. If any notice for acquisition or requisition or
structural repairs is issued and received by the Vendor before completion of
Assignment, the Purchaser will have the option to cancel this agreement and in
that event the Vendor will return the earnest money paid to him by the
Purchaser.12.
If
the Vendor fails to make out a marketable title as aforesaid, the Purchaser
will have the right to cancel this agreement by giving atleast fifteen days
prior notice to the Vendor to that effect and on the expiration of the said
period, the agreement shall stand terminated and in that event the Vendor will
return the earnest money to the Purchaser and each party will bear and pay the
costs of and incidental to this Agreement.13.
If
the Vendor makes default in completing the sale within the stipulating period,
the Purchaser shall have the right to make time essence of the contract and to
cancel this agreement thereafter by giving atleast fifteen days notice in
writing to the Vendor to that effect and on the cancellation of the agreement,
the Purchaser shall be entitled to claim and recover from the Vendor not only
the said amount of earnest money but also all costs, charges and expenses
incurred by the Purchaser of and incidental to this Agreement and the damages
suffered by him. This is without prejudice to the right of the Purchaser to
seek specific performance of this agreement through Court.14.
If
the Purchaser makes default in completing the sale, within the stipulated
period, the Vendor shall be entitled to make time essence of the contract and
to cancel this agreement, thereafter by giving atleast fifteen days notice to
the Purchaser to that effect and on the cancellation of the agreement, the
Purchaser will forfeit his right to the said earnest money which will be
appropriated by the Vendor towards his claim for damages including the costs,
charges and expenses of and incidental to this agreement.15.
Before
execution of the deed of assignment the Vendor will obtain Income Tax
Certificate under Section 230A of the Income Tax Act, 1961 as a condition
precedent to the completion of sale.16.
The
expenses by way of stamp duty payable on this agreement and the deed of
assignment and registration charges in respect thereof will be borne and paid
in equal shares by the parties hereto and except that all the other costs
charges, and expenses incurred by the party in respect of the transactions
including his and advocates fees will be borne and paid by him.IN WITNESS WHEREOF
the parties have put their respective hands the day and year first above
written.THE SCHEDULE ABOVE
REFERRED TO(Particulars of the
property)Signed and delivered
by thewithinnamed VendorMr. ________in the presence ofSigned and delivered
by thewithinnamed PurchaserMr. ________in the presence of