Deed Of Cancellation Deeds Miscellaneous 1832 - Legal Draft
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DEED OF CANCELLATION
This agreement is made at Calcutta the 10th day of January 2000 between
Mr. X of
hereinafter referred to as the first party and
M
r
. z of
hereinafter referred to as the second party.Whereas the first party has executed a Deed of Conveyance on the day of... . in favour of the second party in respect of the land and premises situated at and more particularly described in the Schedule to the said Deed.
And whereas
the second party had agreed to pay to the first party a sum
of Rs. 5,00,000 as consideration for the sale of said land and premises for
the said amount but the second party failed and neglected to pay and has
admitted his inability to pay the said sum.
And whereas
the title to the said property was intended to be passed to
the second party on payment of the said amount.
And whereas
the possession of the said property has not yet been given
to the second party.
And whereas
the said Deed of Conveyance has been lodged for
registration with the Registrar of Assurances at Red Cross Place, Calcutta
but the first party has not yet admitted the execution thereof.
And whereas
the second party was unable to make arrangement for
payment of the said consideration money, the first party and second party
have therefore agreed to cancel the said Deed of Conveyance and they have
also agreed to cancel the said agreement and do hereby record the said
agreement of cancellation.
Now
it
is
agreed and declared
by the parties hereto that in view of
inability of the purchaser to pay the consideration money the parties hereto
by mutual consent do hereby cancel the said Deed of Conveyance and agree and confirm that the same is cancelled and shall be deemed to be and treated
as cancelled and never to have been acted upon.
And
it is agreed and confirmed that the said property has not passed to the second party and second party does not claim any right, title or interest
in the said property under or by virtue of the said Deed of Conveyance.
And
it is further agreed and declared that all costs, charges and expenses
including the stamp duty and registration fees in respect of the Deed of
Conveyance and of these presents are to be borne and paid by the second
party wholly.
.
In witness whereof
the parties have executed these presents on the
day, month and year first above-written.
Signed and delivered by the
within-named first party Mr. X
in the presence of: Signature
Signed and delivered by the
within-named second party Mr. Z
in the presence of: Signature