1 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 2 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” ; 3 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”; 4 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; 5 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. ____________
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