MEMORANDUM OF UNDERSTANDING 1

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MEMORANDUM OF UNDERSTANDING
THIS MEMORANDUM OF UNDERSTANDING is made and entered into at Mumbai
this ……………………. day of ………………………….., 2013 BETWEEN SUNBRICK REALTOR
LIMITED, a Company registered under Indian Companies Act., 1956 and having its
office at G-9, Pankaj CHS Ltd., S.Keer Marg,Mahim (West), Mumbai-400 016,
Represented by it’s Director Mr. Subhash Jain hereinafter referred to as “ T H E
T R A N S F E R O R ” (which expression shall unless it be repugnant to the context or
meaning thereof mean and include its director or directors for time being and from
time to time and their respective heirs, executors, administrators and assigns) of the
ONE PART ;
AND
Mr. ________________ AGED __ YEARS PANo.. ___________ an adult Indian
Inhabitant
of
_______________________________________________
hereinafter referred to as “T H E T R A N S F E R E E ” , (which expression shall
unless context or meaning thereof mean and include his heirs, executors,
administrators and assigns) of the OTHER PART;
to the context or meaning
thereof mean and include his/her/their heirs,
executors , administrators and assigns ) of the OTHER PAR
WHEREAS:
I.
“The Transferor” is seized and possessed or otherwise well and sufficiently
entitled to the pieces and parcel of land or thereabout bearing Survey No. 42
of the revenue Village – SADVE Taluka- Dapoli, District –Ratnagiri, situated
at Village – SADVE Taluka - Dapoli , within the limit of Gram Panchayat Dapoli (hereinafter referred to as the said Property ) and more particularly
described in the Schedule written hereunder;
II.
The said Transferor intend to develop the said property by dividing the said plot
of land in various plots and developing the basic infrastructures as per the
proposed scheme plan under approval of the local authorities including Town
planning permission;
III.
The said Transferor prepared a scheme of small plots
intending Transferees;
IV.
The said Transferor agreed to sell to the said Transferee a plot of land
admeasuring 1938 sq. ft. area bearing Plot No. __ of Magic
View ( hereinafter referred to as the “said Plot”) on the terms, conditions and
consideration mentioned hereunder;
V.
The Transferee agreed to purchase from the said Transferor the said Plot and as
per the terms, conditions and consideration as agreed herein under;
VI.
“The Transferor” declares that the said Plot is free from all encumbrances &
disputes and “The Transferor” has absolute power to sell;
VII.
The Transferee on demand is supplied with title documents for the said property
by “The Transferor” and the Transferee on inspection of the same is satisfied;
VIII.
That the intending Transferee has accepted the plans, designs, specifications
which are tentative and are kept at the company’s registered office ;
IX.
That “The Transferor” shall have the right to effect suitable and necessary
alterations in the layout plan. If and when necessary ,this may involve all or any
of the changes, namely change in the locations of plot/unit, change in its
number, dimensions, height, size, area, layout or change of the entire scheme;
and offered to various
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X.
That the intending Transferee agrees that the company may affect such
variations, additions, alterations, deletions and modifications therein as it may
in its sole discretion deem appropriate and fit or as may be done by any
competent authority and the intending Transferee hereby gives consent to such
variations /additions/alterations/deletions and modifications;
XI.
That the intending Transferee agrees that allotment shall be subject to approval
of town planning and or competent authority including due execution of The
Transferor‘s Agreement in its standard format including maintenance agreement
and acceptance by Transferee
of all the terms and conditions of “The
Transferor” ;
XII.
That the intending Transferee agrees and confirm that if in the event of any
major alteration/modifications resulting in any increase/ decrease in the plot
area after the plans approved, in that event such increase/decrease shall be
acceptable and such increases or reduction shall be payable or adjusted against
the consideration payable;
XIII.
That the advance ,if any paid by Transferee would be adjusted against the
booking amount payable by Transferee(s) and when offer of booking of
plot/Flat/Bungalow/Apartment is made to them;
XIV.
That the said Transferee as agrees to execute the Deed of Development or
Development Agreement for construction of premises with “The Transferor” on
the said plot;
XV.
AND WHEREAS “The Transferor” has agreed to sell the said Plot to the
Transferee with the incidental rights to use, occupy and possess and the
Transferee has agreed to purchase and acquire the same from “The Transferor”
at the lump sum consideration and on the terms and conditions mutually agreed
by and between the parties hereto and in the manner hereinafter appearing
:-
NOW THIS INDENTURE WITNESSETH AND IT IS HEREBY AGREED AND CONFIRMED BY
AND BETWEEN THE PARTIES HERETO AS FOLLOWS:1.“THE TRANSFEROR” shall sell and transfer to the Transferee and The Transferee
shall purchase and acquire from “The Transferor the incidental rights to use,
occupy and possess the said Plots at or for the consideration of land being Rs.
4,06,980/-(Rupees Four Lakhs Six Thousand Nine Hundred Eighty Only)
calculated @Rs. 210/- per sq. ft. which shall be payable as follows ;
a. Rs. Rs. 4,06,980/-(Rupees Four Lakhs Six Thousand Nine Hundred
Eighty Only) has been paid at the time of booking of the said plot being
plot value of the total cost for said plot which is paid to “The Transferor” ,
Date
Cheque No.
Bank Name
Amount
However,if the Transferee is desirous to cancel the booking of the said plot
after 48th months the Vendor shall buy-back the said plot for total lumpsum
consideration of Rs…………(Rs……………………………………………. Only) and
the Transferee have to Surrender this MOU to the Vendor in the 45th Month
of this MOU;
b. Incase the said the Transferee desires cancels the booking of plot at any
point of time before 12 Twelve months, he/she is liable to get the refund
amount after the deduction of 24% cancellation charges of basic selling price
within 180 days of submission of written notice of cancellation to the
company , however the interest on booking and installments amount paid
by the Transferee to “The Transferor”
shall not be payable by “The
Transferor” ;
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c. In case of the termination/cancellation by “The Transferor” of the said
Agreement as per the provision of the clause No.1(b) mentioned
hereinabove “The Transferor”
shall refund
the amount paid by the
Transferee within 60 days from the cancellation of the said Agreement for
Sale without carrying any interest on the said amount after deducting 24 %
of the amount paid by the Transferee being the administration, service and
processing charges, however the interest paid by the Transferee to “The
Transferor” on default installment shall not be refunded by “The Transferor”
;
2. The Transferee agrees to pay the extra cost towards the infrastructure development
like Electricity and Water supply etc. The said amount of the extra cost shall be
payable by the Transferee to “The Transferor” either before last installment or along
with the last installment in case of default of the same compensation @ 18% (Eighteen
Percent) on the extra cost payable by the said Transferee and the said compensation
shall be payable by the Transferee on or before execution of the Deed of Conveyance
in favour of the Transferee in respect of the said Plot;
3. On receiving the full and final payment from the said Transferee in respect of
the said plot as agreed in clause No.2 & 15 along with the extra cost payable “The
Transferor” will execute Deed of Conveyance in respect of the said Plot and register
the same with the competent authority;
4. Unless prevented by any circumstances beyond its control, “The Transferor” shall
complete all necessary works of the said plot within 48 months from the date of
execution of this agreement;
5. In case of prolonged monsoon, draught, flood or any other reason which is beyond
the control of “The Transferor”, the possession of the said plot and registration of the
Conveyance shall be postponed and new date will be informed by “The Transferor”,
however if the Transferee opts to cancel the booking, Transferor shall refund the
amount paid by the said Transferee along with simple charges @ 9 % per annum;
6.In case of dispute arises for the development of proposed site due to laws of
Government or semi Government or Societies Law, Transferor is bound to provide the
same size of plot /land (as mentioned in application form) to the Transferee at another
site;
7. “The Transferor” will pay all
rent, charges, taxes, assessment, outgoing and all
charges and amounts due by “The Transferor” to any authority or all charges and
amounts due by “The Transferor” to any authority or authorities in respect of the said
Plot on or before handing over the vacant plot allotted to the Transferee & shall
indemnify & keep indemnified to the Transferee against the same. “The Transferor”
declares that they have paid and discharged all liabilities as aforesaid in respect of
the said Plot as on the date thereof;
8.The Transferee shall pay and discharge the Liabilities in respect of the said Plot on
and after the execution of conveyance deed of the said Plot by the said Transferor
and shall indemnify & keep the Transferor indemnified against the same ;
9.Unless a conveyance deed is executed and registered, “The Transferor” shall for all
intent and purpose continue to be the owner of the land and this agreement shall give
to the Transferee only the right and interest therein as allottee;
10.The sale deed shall be executed in favour of the Transferee within reasonable time
after the completion of development work at the site and receipt of full price and other
connected charges received from the Transferee namely the cost of stamp duty and
registration /mutation, and all other incidental legal expense etc. as applicable will be
extra shall be borne by the Transferee and shall be paid as and when demanded by
“The Transferor”;
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11.The Transferee may assign his rights, title, interest and claim to any person or
persons with the consent of the said Transferor and the said Transferee agrees to pay
the necessary transfer charges to the said Transferor to give its consent;
12.The Transferee shall not sale, transfer mortgage, pledge gift, pawn his/her/their
rights, title, interest and claims in the said plot to any person or persons before he
makes the full and final payment to the Transferor as agreed hereinabove ;
13.The Transferee agrees to abide the laws, rules and regulations or any law of
developer, society, concerned government or semi-Government or competent
authority for the construction of Bungalow or Row Houses on the said property;
14.The Transferee may execute development Agreement or The Deed of Development
with the said Transferor to construct the premises at the rate for construction on the
said plot, construction cost and other incidental construction development charges
shall be payable by the said Transferees as agreed in the Deed of Development or
Development Agreement to be decided and mutually;
15.The The Transferee agrees to pay from the date of the execution of conveyance
deed his proportionate share towards the property tax including maintenance charges
for common internal roads, street lights, Garden maintenance ,watchmen wages and
other common amenities to “The Transferor” or the apex body appointed by “The
Transferor”. The Transferee shall before taking possession of the said Unit pay/deposit
with the “The Transferor”(Builder) the following amount:a.Rs. 1000/= for the entrance fees as well as Share Application Money;
b.Rs. 5000/= for the formation and Registration of the Society;
c.Rs.15000/= for Security Deposit for proportionate share of Maintenance of property
and other
outgoings on adhoc basis;
d.Rs.38760/=for Water and Electric charges etc;
e.Rs. 6000/= advance payment for 12 months’s property tax,Maintenance etc ;
f.Rs. 3000/= professional charges of Drafing of Sale/conveyance Deed ;
g.Rs………………………..other customized (extra dev if asked by client) development
charges
16. That the Transferee of the plot shall pay property tax and necessary charges
including security deposit for maintenance and upkeep of the project and provision of
the various services as determined by the company or its nominated agency as and
when demanded after the N.A. is completed. The intending Transferee agrees and
consents to this arrangement and will not question to the same until the Society is
formed;
17.That the Transferee undertakes to abide by all the laws, rules and regulations or
any law as may be made applicable to the said property i.e.plot/unit and other
amenities and facilities;
18.That Transferee shall get his/her complete address registered with “The Transferor”
at the time of booking and it shall be his/her responsibility to inform “The Transferor”
by registered letter about all the subsequent address and the Transferee shall be
responsible for any default in payment and other consequences that might occur there
from. In-all communication the reference to property booked must be mentioned
clearly;
20.NOT WITHSTANDING anything contained to the contrary in the provision of the said
Act, in the event of any dispute or differences arising by and between the party hereto
and/or privies in connection with this agreement then and in such event, such dispute
shall be referred to conciliation and failing which to arbitration to be held at Mumbai
respectively in accordance with and subject to the provisions of the Indian arbitration
conciliation Act, 1996 ( Act No.26 of 1996 ) and/or any other statutory modification in
respect thereof, for the time being in force;
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21.Mumbai court alone shall have jurisdiction in all disputes or matters concerning
these transactions and this Agreement.
IN WITNESS WHEREOF THE PARTIES HERETO SET AND SUBSCRIBED THEIR
RESPECTIVE HANDS ON THE DAY AND YEAR HEREINABOVE WRITTEN.
S C H E D U L E
A singular piece and parcel of Landbearing Plot No. 21 admeasuring 1938 sq. ft.
each and bearing Survey No. 42 of the revenue Village – Sadve Taluka- Dapoli,
District –Ratnagiri, situated at revenue Village – Sadve Taluka- Dapoli, District –
Ratnagiri,, within the limit of Gram Panchayat – Sadve and bonded as under;
On the North
:
Open Space
On the South
:
Plot no. 18
On the East
:
Plot no. 41
On the West
:
Road
Signed and Delivered by the
Within named “Transferor”
SUNBRICK REALTOR LIMITED
Through its Director
Mr. SUBHASH JAIN
In the presence of Notary
Signed and Delivered by the
Within named “Transferee”
(Mr. ____________)
PAN NO. ___________
In the presence of
Mr. ____________