Release Deed of Flat
This Release Deed of Flat is made and entered into at______, this___ day of____, 20__, amongst 1] ABC, an adult Indian, aged about____ years, occ:-_______, r/o_______________________ (hereinafter for the sake of brevity referred to as the ‘Releasor of the First Part’); 2] DEF, an adult Indian, aged about_____ years, occ:-____, r/o____________________ (hereinafter for the sake of brevity referred to as the ‘Releasor of the Second Part’)
AND
3] XYZ, an adult Indian, aged about_____ years, occ:_____, r/o___________ (hereinafter for the sake of brevity referred to as the ‘Releasee of the Third Part’)
WHEREAS, ‘Releasor of the First Part’, ‘Releasor of the Second Part’ and ‘Releasee of the Third Part’ are all real brothers born to Mrs._______________ & Mr.________________, both residents of__________________ at the time of their demise.
AND WHEREAS, late Shri_____________ (hereinafter referred to as the ‘demised Father’) had during his lifetime acquired a tenancy in respect of residential premises, admeasuring about___ Sq.Feet, being and situate at________________ (hereinafter referred to as the ‘Tenanted Premises’) and the same were used for the residence of the family of the ‘demised Father’ comprising his wife and three children i.e. the parties hereto.
AND WHEREAS, the said ‘Tenanted Premises’ comprised only a single room with attached sink and bathroom, but without any W.C, it failed to meet the growing needs of the family of the ‘demised Father’. In due course of time, the ‘Releasor of the First Part’ and the ‘Releasor of the Second Part’ moved out of the said ‘Tenanted Premises’ and settled with their respective families elsewhere. The ‘Releasee of the Third Part’ being the youngest son stayed back at the said ‘Tenanted Premises’ and lived there with the deceased parents.
AND WHEREAS, in the year________, ‘Releasee of the Third Part’ got married and since then he and his family shared the ‘Tenanted Premises’ along with the parents until their demise.
AND WHEREAS, the ‘Tenanted Premises’ were comprised in an old and dilapidated two storey chawl and with the passage of time the structural stability of the chawl became endangered. Hence, the landlord of the chawl and al the tenants came together and formed a co-operative housing society for the purpose of redevelopment of the said chawl and appointed M/s.________________, a real estate company incorporated under the Companies Act, 1956 as the Developer to re-develop the said chawl (hereinafter for the sake of brevity referred to as the ‘Said Developer’).
AND WHEREAS, the tenancy of the ‘Tenanted Premises’ stood in the name of the ‘demised Father’ and all the rent receipts thereof were passed by the landlord in the name of the ‘demised Father’, a dispute arose at the time of re-development over the rights of the legal heirs to the “Re-developed Flat”; However, the dispute was amicably settled amongst the parties hereto and it was decided by and amongst the parties that the ‘Development Agreement’ for the ‘Tenanted Premises’ would be executed in the name of the ‘Releasee of the Third Part’, without prejudice to the rights, interests and claims of the Releasors of First & Second Part in the ‘Re-developed Flat’ as and when developed and the terms and conditions of this arrangement were set out in a Memorandum of Understanding dated_____. Under the said MOU, the ‘Releasee of the Third Part’ admitted and acknowledge the 1/3rd share and interest each of the Releasors of First & Second Part in the ‘Tenanted Premises’ or the ‘Re-developed Flat’ and further undertook not to sell, mortgage, lease, exchange or gift the “Re-developed Flat” without the written consent of the Releasors of First and Second Part. The said MOU also contained a provision that in the event of the ‘Releasee of the Third Part’ settling the respective claims of the Releasors of First and Second Part to their satisfaction they would release their respective shares and claims in favour of the ‘Releasee of the Third Part’.
AND WHEREAS, in__________ the ‘Said Developer’ completed the construction of the re-developed building and obtained an OC from the______________ Municipal Corporation/Council. The ‘Said Developer’ in pursuance of the ‘Development Agreement’ dated_____, allotted and disbursed Flat No______, _____ Floor, ______ Wing (“Re-developed Flat”)in the newly constructed building which was renamed as_________ Heights.
AND WHEREAS, the Releasors of First and Second Part had their undivided 1/3rd share each in the “Re-developed Flat” they requested the ‘Releasee of the Third Part’ to settle their respective claims. Thereafter several meetings were held amongst the parties hereto and after protracted negotiations the Releasors of First and Second Part assured to forego their respective 1/3rd shares in the “Re-developed Flat” in lieu of full and final payment of Rs___________/- to be made by the ‘Releasee of the Third Part’. However, as the ‘Releasee of the Third Part’ was not in position to make the lump sum payment, he asked for the moratorium of 24 months to make the said payment and both the Releasors hereto accepted the said proposal.
AND WHEREAS, ‘Releasee of the Third Part’, pursuant to the aforesaid arrangement has paid sums of Rs_____/- (Rs_________/-only) each in full and final settlement of the 1/3rd share each of the Releasors of First and Second Part, this Deed witnesseth as under:-
1] The ‘Releasor of the First Part’ and ‘Releasor of the Second Part’ do hereby acknowledge the payment of the sum of Rs________/- (Rs_______________ only) each and acquit and/or discharge the ‘Releasee of the Third Part’ to that extent.
2] The ‘Releasor of the First Part’ and ‘Releasor of the Second Part’ forego, renounce and release their respective rights, claims and interest as well as their undivided 1/3rd share each in the “Re-developed Flat” in favour of and unto the ‘Releasee of the Third Part’ absolutely and without any condition, whatsoever.
3] The ‘Releasor of the First Part’ and ‘Releasor of the Second Part’ do hereby indemnify and keep indemnified the ‘Releasee of the Third Part’ against any loss, injury or damage that they might suffer, if any adverse claims concerning the former ‘Tenanted Premises’ or the said “Re-developed Flat” were to be brought against him by any party whatsoever, including the legal heirs of the Releasors of First and Second Part.
4] The ‘Releasee of the Third Part’ from the date of execution of these presents, shall have the absolute right, title and interest in the said “Re-developed Flat” and shall have the authority to deal with the same in any manner whatsoever.
5] ‘Releasor of the First Part’ and the ‘Releasor of the Second Part’ hereby empower the ‘Releasee of the Third Part’ to apply to the______________ Housing Society for the issue of Share Certificate in his name and for incorporating his name in the appropriate Government, Semi-Government record, as per the exigency of situation, and in general to do all such acts, deeds and things as are necessary for effectual enjoyment of the “Re-developed Flat”.
SCHEDULE OF PROPERTY
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IN WITNESS WHEREOF, all the parties hereto have set and affixed their respective hands to this writing on the day, month and year first hereinbefore mentioned.
Signed, sealed and delivered
by ABC the withinnamed
‘Releasor of the First Part’ in the
presence of Witness:-
Name:_____________
Address:_____________
ABC
‘Releasor of the First Part’
Signed, sealed and delivered
by DEF the withinnamed
‘Releasor of the Second Part’ in the
presence of Witness:-
Name:_____________
Address:_____________
DEF
‘Releasor of the Second Part’
Signed, sealed and delivered
by XYZ the withinnamed
‘Releasee of the Third Part’
in the presence of Witness:-
Name:_____________
Address:_____________
XYZ
‘Releasee of the Third Part’
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