AGREEMENT FOR SALE OF FLAT

This agreement for Sale is made and entered into at Mumbai this________   day of _________between Shri/Smt/Miss.________________________________________________, an adult Indian aged about_____years, residing at ____________________________________________________________________, herein after referred to as “Vendor of One Part” (Which expression shall unless it be repugnant to the context and meaning thereof, include his/her legal heirs, executors and administrators) and Shri./Smt/Miss.__________________________________________________________________, an adult Indian, aged about_____years, residing at______________________________________________________, herein after referred to as “ Purchaser of other Part” (which expression shall unless it be repugnant to the context and meaning thereof include his/her legal heirs, executors, administrators and assigns)

AND WHEREAS a flat situate at and more particularly described in the schedules annexed hereto (herein after referred to as “The said flat”  for the sake of brevity) , admeasuring about          __________Sq.Feet was originally acquired and purchased by Vendor etc. pursuant to an agreement dated_________entered into between______________, the developer  and the Vendor by virtue of which  he/she became fully seized and possessed of the “said Flat” as the owner thereof.

AND WHEREAS the “Vendor” has obtained a suitable accommodation elsewhere and was desirous of leaving the “Said Flat” and whereas the “Purchaser” was desirous of obtaining  a better accommodation for the growing needs of his/her  family, he/she (Purchaser) approached the “Vendor” in connection with the “Said Flat” and upon holding preliminary rounds of discussions , both of them agreed upon certain mutual points of agreements and in terms of those points, they have now agreed to and do hereby agree to enter into an agreement for sale in respect of the “Said Flat” in favour of the “purchaser”.

NOW IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS UNDER:- 

1)  That the “Vendor” herein, agrees to transfer by way of sale  and the “Purchaser” agrees to purchase the “Said Flat” including  all the rights , title, claim and interest in the “Said Flat”, together with all its fixtures and fittings at the price of Rs-________/- (Rs ____________________only).   The “Purchaser” has seen the “Said Flat” and shall not raise any objection on the question of the area mentioned above.

2)  The said price will be paid by the “Purchaser” to the “Vendor” as follows that is to say a sum of Rs________/- (Rs______________________only) will be paid on the execution of this agreement as earnest money and the balance will be paid against delivery of the possession of the “Said Flat” by “Vendor” to the “Purchaser” (The “Vendor” doth hereby admit and acknowledge the receipt of the said earnest money and gives a valid discharge for the same.

3)  The transfer of the ‘said flat’ will be completed on or before the________day of __________, 20__.

4)  The ‘Vendor’ shall obtain the consent of the Managing Committee of the “_________________________________” for the transfer of the ‘said flat’ and that of_______shares held by him/her  in the said society in favour of the purchaser before the completion of the transfer.

5)  The ‘Vendor’ has disclosed and given inspection of the documents in his/her possession relating to the ‘said flat’ to the ‘Purchaser’ and ‘Purchaser’ will not raise any objection on the said count.

6)  On obtaining such consent of the said society the ‘Vendor’ shall deliver and peaceful possession of the ‘said flat’ to the ‘Purchaser’ against the payment of the balance amount of Rs__________/-(Rs____________________only) by the ‘Purchaser’ to the ‘Vendor’ and shall also execute transfer form of the said______ shares (bearing nos. ____ to______) held in the society and represented by share certificate No. _______dated_________as and by way of completion of the sale.

7)  The flat will be delivered to the ‘Purchaser’ in the condition as it is and the ‘Vendor’ will not be liable to make any addition or alteration therein.

8)  On the delivery of the vacant possession of the ‘said flat’, the “Purchaser’ will be absolute owner thereof with all rights of occupation thereto as member of the said society and thereafter the ‘Vendor’ will have no rights , interests, claim or title therein. Society and thereafter the ‘Vendor’ will have no rights, interests, claim or title there in.

9)  All the society’s dues including Municipal taxes up to the date of delivery of possession will be paid by the ‘Vendor’ and thereafter the ‘Purchaser’ will be liable to pay the same.

10)  The ‘Purchaser’ will hold the ‘said flat’ on and subject to the Bye-Laws of the society and the Managing Committee from time to time and as a member of the society.

11) The ‘Vendor’ has represented to the ‘Purchaser’ that:-

(a)  He/she has been in exclusive possession of the ‘said flat’, ever since it was originally acquired and purchased by him/her;

(b)  That the ‘said flat’ is free from any encumbrances, either in the form of mortgage, lease or lien;

(c)        That the original owner (____________________) or the Developers of the plot (______________________) don’t have any adverse claim or interest in the ‘said flat’ as the ‘Vendor’ had paid the full and  final amount of the consideration.

(d)  That when the ‘Vendor’ purchased the ‘said flat’, he/she was satisfied about the title to the ‘said flat’, being clear and marketable and it is even now clear and marketable.

(e)  That the ‘Vendor’ has paid all dues of the society up to date and he/she will indemnify and keep indemnified the ‘Purchaser’ against any claim made for any period prior to the completion of sale.

(f) That the legal heirs of the ‘Vendor’ will not contest for any share or interest in the ‘said flat’ or in connection with the consideration amount paid or payable.  As such on the completion of the transaction, the purchaser will be entitled to occupy the same without any interruption or hindrance.

(12)  The ‘Vendor’ is aware that relying upon the aforesaid representation, the ‘Purchaser’ has agreed to purchase the ‘said flat’.

(13)  On the completion of the transfer as aforesaid, the ‘Vendor’ will hand over to the ‘Purchaser’ (a) The Share Certificate in the society together with the share transfer form.  (b)  The agreement for the purchase of flat between the Original Owner, The Developer and the ‘Vendor’, together with all other documents relating to the ‘said flat’, if any, in the possession of the ‘Vendor’.

(14)  If this agreement fails due to the refusal of the society to give its consent to the transfer or the refusal of the Income-Tax Authorities to give its approval or for any reason beyond the control of the ‘Vendor’ or the ‘Purchaser’, the ‘Vendor’ shall refund the earnest money (Rs_________________Only) to the ‘Purchaser’ forthwith without any interest.

(15)  If the ‘Purchaser’ commits default in completing the transaction , the ‘Vendor’ will be entitled to cancel the agreement by giving _____________days prior notice to the ‘Purchaser’ and in that event the ‘Purchaser’ will only be entitled to the earnest money without any interest. However, if the agreement fails due to the default of the ‘Vendor’, then the ‘Purchaser’ shall be entitled to the refund of the earnest money together with _____% interest per annum.

IN WITNESS WHERE OF the parties have put their respective hands the day and the year first herein before mentioned.

Signed, Sealed and Delivered by the

Withinnamed

‘Vendor’ Shri/Smt/Miss_______________________

in the presence of

(Shri/Smt/Miss_______________)

Vendor

Witness:-

Name:- ___________________

Address:- _________________

_________________________

Signed, Sealed and Delivered by the

Withinnamed

‘Purchaser’ Shri/Smt/Miss____________________

in the presence of

(Shri/Smt/Miss_______________)

Purchaser

Witness:-

Name:-____________________

Address:- __________________

__________________________

Schedule of Property

Flat No. ______, admeasuring about _______Sq.Feet (Carpet area) lying and situate at ____ Floor of ___________________ CHS, Plot Number__________(CS/CTS) _____________________Road, near ____________(Landmark) ________________________Railway Station (E/W), __________ (City), _____________________ (State), India- PINCODE- ____________________

____________________________________________________________

Discharge Receipt

Dated:- __________________

This is to acknowledge that today I have received a sum of Rs.________/- (Rs._______________________Only) from Shri/Smt/Miss __________________________________________________ (Purchaser), towards the earnest money for the sale of my flat, lying and situate at_____________________________________ and more particularly described in the Schedule of Property above.

I say received.   

(Shri/Smt./Miss____________________________)

Vendor

MODEL FORM

MEMORANDUM OF UNDERSTANDING

This Memorandum of understanding is made and entered into at _______, this_____ day of ________20___, amongst Mr. ________________________________________, an adult Indian Citizen, r/o___________________________________________, Mumbai-___________, hereinafter referred to as the ‘Party of the First Part’ (which expression shall unless it be repugnant to the context and meaning there of, include his legal heirs, executors, administrators and assigns);  Mr. _______________________________________, an adult Indian Citizen, r/o___________________________________________________, Mumbai- ________, hereinafter referred to as the ‘Party of the Second Part’ (which expression shall unless it be repugnant to the context and meaning there of, include his legal heirs, executors, administrators and assigns); Mrs. __________________________________, an adult Indian Citizen, r/o ________________________________, Mumbai- ___________, hereinafter referred to as the ‘Party of the Third Part’ (which expression shall unless it be repugnant to the context and meaning there of, include her legal heirs, executors, administrators and assigns ); Mr. _____________________________, an adult Indian Citizen, r/o _______________________________________, Nasik, hereinafter referred to as the ‘Party of the Fourth part’. (Which expression shall unless it be repugnant to the context and meaning there of, include his legal heirs, executors, administrators and assigns) and Mr. ________________________, an adult Indian Citizen, r/o _______________________________________, Nasik, hereinafter referred to as the ‘Party of the Fifth part’. (Which expression shall unless it be repugnant to the context and meaning there of, include his legal heirs, executors, administrators and assigns)

WHEREAS Mr. ____________________________, the ‘Party of Second Part’, Mrs. __________________, the ‘Party of third Part’ and Mr. ____________________________, the ‘Party of  Fourth Part’ are the directors and members of ‘M/s. ABCD Private Ltd.’ a private limited company incorporated under the Companies Act, 1956 as a private limited     company (limited by guarantee). The said company has its registered office situate at _______________________________, District-Nasik and it is engaged in the business of purchase, manufacture and sale of synthetic rubber and other allied products and such other incidental and ancillary businesses as are mentioned in the Memorandum and Articles of Association. That the said company is established with the authorised capital of Rs. 10,00,000/= (Rs. Ten Lac Only) divided into 10,000 shares of Rs. 100/-each.

AND WHEREAS, the ‘Party of the First Part’ and the ‘Party of  Fourth Part’, herein are the Partners in “M/s. XYZ Industries”, a Partnership Firm registered under the provisions of the Indian Partnership Act,  under a Deed of Partnership dated __________ and the said Partnership is engaged principally in the business of purchase, manufacture and sale of synthetic rubber and other allied products and the same is carried on at _____________________________, District-Nasik.

AND WHEREAS “M/s. XYZ Industries” and ‘M/s. ABCD Private Ltd.’ are sister concerns for all practical purposes and intents, both of them being engaged in the same business and both of them have joint and unseverable business ties.

AND WHEREAS due to unforeseen circumstances, natural calamities and vagaries of business, “M/s. XYZ Industries” has run into losses and has incurred heavy debts and liabilities, whereas in comparison ‘M/s. ABCD Private Ltd.’ is a sound business concern with bright future.

AND WHEREAS the ‘Party of the First Part’, ‘Party of the Second Part’ and ‘Party of the Third Part’ herein wanted to quit both these firms for good on the terms and conditions acceptable to them and the ‘Party of the Fourth Part’ and the ‘Party of the Fifth Part’ were ready to accede to their proposal for renunciation and retirement.  After due negotiations all the parties herein have arrived at a mutual agreement, the terms whereof are hereby recorded as follows:-

NOW THIS MEMORANDUM OF UNDERSTANDING WITNESSETH AS FOLLOWS:-

1) It is agreed by and amongst the Parties herein that the ‘Party of the First Part’ and the ‘Party of Fourth Part’ will execute a Deed of Dissolution to dissolve the Partnership Firm “M/s. XYZ Industries” and the said dissolution will take effect from the date of execution of the  agreement in that regard.  It is also agreed by and amongst the Parties herein   that the ‘Party of the first part’ will forgo and renounce his entire right, title and interest in respect of all the assets and properties of the partnership firm “M/s. XYZ Industries” in favour of the ‘Party of Fourth Part’ in lieu of the latter partner taking over all the liabilities, debts and outstanding amounts owed by the said partnership firm.

2) It is agreed that on effecting the above referred quid-pro-quo arrangement the ‘Party of the Fourth Part’ will be entitled to continue the business of the Partnership Firm in the same name and will also be entitled to retain all the assets and properties of the said Partnership Firm, subject to all the debts and liabilities of the Partnership Firm and subject to the payment of all taxes, rates, assessments, dues and duties payable to the Government or Municipal Corporation or any other public body and to that extent the said partner, will be deemed to have retired from the said Firm.

3) It is also agreed by and amongst the parties hereto that the ‘Party of the Second Part’ and ‘Party of the Third Part’ herein do hereby forgo and renounce their entire right, title and interest in respect of all the assets and properties of  ‘M/s. ABCD Private Ltd.’ in favour of the ‘Party of Fourth Part’ in lieu of the latter party taking over all the liabilities, debts and outstandings owed by the said company i.e. ‘M/s. ABCD Private Ltd.’ including the liability of the Parties of the  Second & Third part.

4) It is also agreed by and amongst the parties hereto that in order to give effect to the arrangement contained in the foregoing paragraph, the ‘Party of Second Part’ and ‘Party of Third Part’ shall renounce, forgo and transfer their entire share in the capital of  ‘M/s. ABCD Private Ltd.’ (i.e. 30% & 20% respectively) in favour of the ‘Party of Fourth Part’ and the ‘Party of the Fifth Part’ and thereby shall cease to be the members of the said company.

5) It is also agreed by and amongst the parties hereto that the ‘Party of Fourth Part’ shall be at liberty to admit the ‘Party of the Fifth Part’ or any other proper person as the member of the company during or after the tenure of the ‘Parties of the Second & Third Part’, and shall also be entitled to effect any change in the composition of the Board of Directors by appointing new Directors and ‘Parties of the Second & Third Part’ shall cooperate with him in that regard.

6) It is also agreed by and amongst all the parties hereto that on effecting the arrangement referred to in the foregoing paragraphs, the ‘Parties of the Second & Third Part’ shall be deemed to have been released from all their liabilities, debts and obligations in respect of ‘M/s. ABCD Private Ltd.’.

7) It is also agreed by and amongst all the parties hereto that  the ‘Party of Fourth Part’ shall be at liberty to run the business of “M/s. XYZ Industries” in the same name as a sole proprietorship concern or as an adjunct or a subsidiary concern of ‘M/s. ABCD Private Ltd.’  If the ‘Party of Fourth Part’ decides to continue the business of  “M/s. XYZ Industries” as a sole proprietary concern, he himself shall be liable for all its debts, liabilities and obligations.  On the other hand if  “M/s. XYZ Industries” is taken over as an adjunct or a subsidiary unit by ‘M/s. ABCD Private Ltd.’, it shall be the obligation of the latter company to meet former’s obligations, debts and liabilities from its profits, business reserves and from all other permissible sources.

8) It is also agreed by and amongst all the parties hereto that on the dissolution of “M/s. XYZ Industries”  the benefits of or rights to all permits, licences held by it shall belong to the Party of Fourth Part alone to the exclusion of the all other parties.

9) Each of the parties hereto agrees and undertakes to sign all applications, documents, and other papers as may be required to properly transfer the properties and other assets allotted, assigned or released to the Party of Fourth Part, in respect of “M/s. XYZ Industries” and in favour of the surviving and/or newly admitted members of ‘M/s. ABCD Private Ltd.’,  including all licenses and permits issued by the Government or Municipal bodies, but the costs, charges and expenses in respect thereof will be borne by the party requiring such documents to be signed.

10) The ‘Parties of the First, Second & Third Part’ shall not for a period of three year from the date hereof, carry on or engage, either directly or indirectly, in the same or identical business as carried on by the said Partnership Firm or the Company in the Districts of Nasik and Mumbai  and in the vicinity there of.

11) In the event of any dispute arising between the parties hereto, in the course of effecting the arrangements set out herein or concerning the interpretation of the terms here under, the same will be referred to the arbitration of a common arbitrator if mutually agreed upon or to the arbitration of two or more arbitrators, each party to the dispute appointing his arbitrator, and the decision of the arbitrator/arbitrators shall be final and binding on the parties.

IN WITNESS WHEREOF the parties hereto have set out and subscribed their hands the day and year first herein above written.

Signed, Sealed and Delivered      )

By the Withinnamed                       )

Mr. _______________________ )

In the presence of                            )      ——————————

Witness :-                                          ) ( Mr. __________________)

“Party of First Part”

Signed, Sealed and Delivered      )

By the Withinnamed                       )

Mr. _______________________  )

In the presence of                            )      ——————————

Witness :-                                          ) ( Mr.  ___________________)

“Party of  Second Part”

Signed, Sealed and Delivered      )

By the Withinnamed                       )

Mrs. ______________________  )

In the presence of                            )      ——————————

Witness :-                                          ) ( Mrs. ___________________)

“Party of  Third Part”

Signed, Sealed and Delivered      )

By the Withinnamed                       )

Mr. _______________________  )

In the presence of                            )      ——————————–

Witness:-                                           ) ( Mr. ___________________)

“Party of  Fourth  Part”

Signed, Sealed and Delivered      )

By the Withinnamed                       )

Mr. _______________________  )

In the presence of                            )      ——————————–

Witness:-                                           ) ( Mr. __________________ )

“Party of  Fifth Part”

MODEL FORM

GIFT OF IMMOVABLE PROPERTY

THIS GIFT DEED is made and entered into at ________________________this______ day of _________year 20______, between Mr.__________________________________________________________an adult Indian, aged about_____________________years, Occ:-__________________ r/o___________________________________(hereinafter referred to as the “Donor of first part”) and Mr.__________________________________________________, an adult Indian, aged about__________years, Occ:-_________________________ r/o_________________________________________(hereinafter called the “Donee of the other part”)

WHEREAS the “Donor of first part” being the absolute owner and possessor of the property, presently valued at Rs.__________, and described in the schedule annexed hereto, is desirous of disposing of the said property by way of gift, out of natural love and affection, in favour of the “Donee of the other part” who is donor’s younger sister;

AND WHEREAS the “Donor of first part” desires to set out in writing the various terms governing the grant of the said property, this Deed of gift witnesses as follows :-

  1. That the “Donor of first part” out of his natural love and affection towards the “Donee of the other part” and without being influenced by any kind of force or coercion or undue influence and of  his free will and volition and in full possession of all his mental and bodily senses, doth hereby, gift, transfer and convey the said property, as described in the schedule appended hereto, unto the “Donee of the other part”, together with all the attendant profits, advantages, privileges and appurtenances attached to the said property and authorises her to hold the property so gifted, forever and absolutely.
  1. That the said property has been gifted without any let or hindrance whatsoever, from or by the said “Donor of first part” or by any person or persons claiming through, under or on his behalf.

IN WITNESSES WHEREOF the “Donor of first part” doth hereby set and subscribe his signature to this writing and the “Donee of the other part” accepts the same and in token thereof she has affixed her hand to this writing, the day, month and year herein before mentioned

Sd/-

“Donor of first part”

Witness 1:

Sd/-

“Donee of the other part”

Witness 2:

________________________________________________________________

Schedule of the Property

All that piece and parcel of land being and situate at___________, Tehsil_________, District_____________, State________________, bearing Survey/Gatt. No.________, Hissa No._________, admeasuring about_____________, which is bound on four sides as follows:-

On or towards East:-__________________________________________

On or towards South:-_________________________________________

On or towards West:-_________________________________________

On or towards North:-__________________________________________

MODEL FORM

[LEAVE   &   LICENCE   AGREEMENT WITH LOCK-IN OPTION]

LEAVE   &   LICENCE   AGREEMENT

THIS AGREEMENT OF LEAVE AND LICENCE is made & entered into at Mumbai this _____ day of February 20___ between ABC, aged ____ years, r/o _________________________________________, hereinafter referred to as “The Licensor of the First Part” (which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean & include his legal heirs, executors, successors &/or administrators)            and DEF, aged about _________ years, currently residing at __________________________________________, hereinafter referred to as “The Licensee of the Other Part”

WHEREAS the LICENSOR is the absolute owner and otherwise fully possessed of a flat being __________________________________________________, Mumbai- , admeasuring. ________sq. ft. [carpet area], together with all fittings & fixtures installed therein, hereinafter collectively referred to as “the said flat”,

AND WHEREAS THE LICENSEE has approached the LICENSOR & requested him to give him the said flat on Leave & Licence basis for 33 months & the LICENSOR has agreed to the said request on the terms & conditions as appear hereinafter:

NOW THIS AGREEMENT FOR LEAVE & LICENCE WITNESSTH AS UNDER: –

1) The LICENSOR hereby grants Leave & License & the LICENSEE takes on leave & license basis the said flat, for residential purpose only, temporarily for a period of 33 (thirty-three) months, i.e., from __________to ________ , both days inclusive, subject to terms & conditions & covenants herein.

(a) The first six months of the license period shall be known as LOCK-IN period & if the Licensee vacates the said flat within the LOCK-IN period, he shall have to pay royalty/licence fee for 6 months plus Registration expenses, Stamp Duty and the appropriate legal fees incurred by the Licensor, from the date of vacating the said flat.

(b) No extension shall be allowed & any overstay by the Licensee shall be deemed to be an act of trespass on the said flat by the Licensee for which he shall be liable to face appropriate punitive action and/or penalty.

2) The Licensee shall pay monthly royalty/licence fee to the Licensor as per the following schedule of payment:-

(i) Rs. _____/- (Rs ______________ only) per month during the period between __________and ______ &

(ii) Rs. ________/- (Rs ________ only) during the period between _________and _____ &

(iii) Rs. _______/- (Rs _________only) during the period between _________ and _______

However, the Licensor shall be responsible to pay the maintenance charges of the housing society and no other liability shall be attached to the Licensee under any other account save & except as provided herein.

3) The Licensee shall pay the monthly royalty/licence fee to the Licensor on or before the 1st day of each English calendar month, in advance.   It is agreed by and between the parties that the Licensee shall pay a penalty of Rs. 500/- per day, from the 6th day of the month, being penalty for delayed payment, in addition to the monthly royalty/licence fee as stated hereinabove.

4) The Licensee shall pay the Electricity bills for his domestic power consumption & handover to the Licensor all the duly paid bills on or before the 10th day of each calendar month.

5) The Licensee shall furnish a deposit of Rs. _______/- (Rupees _____________only) as & by way of Interest Free Security Deposit with the Licensor, for the due performance of the terms and conditions of this agreement by the Licensee.   The Licensee has paid the said sum to the Licensor & the Licensor doth hereby acknowledge to have received the same on or before the execution of this agreement.   The said Interest Free Security Deposit shall be refunded to the Licensee after deducting therefrom any costs, damages, charges and/or unpaid expenses which the Licensor may be required to incur by reason of occupation & use of the said premises by the Licensee & which costs, charges & expenses should have been met & borne by the Licensee in the normal course of such occupation & use, but not paid and upon the Licensee removing all his belongings and handing over peaceful and vacant possession / keys of the said flat to the Licensor, subject to adjustment of outstanding arrears of Electricity bills / cable / parking charges and/or any other dues, including the arrears of monthly royalty/licence fees.

6) The Licensee shall use the said flat for the residential purposes of his family members only shall not induct any other person / party in the said flat.

7) The Licensee shall not demolish / repair / renovate/ alter or cause to be done anything in the said flat without obtaining prior written permission of the Licensor.  Moreover, he shall under no circumstances make any structural changes in the said flat, which might endanger the stability of the building. In the event of any default, he shall make good the loss at the end of the license period.

8) The Licensee shall not sub-let, re-let, sell, transfer, mortgage, dispose-off, assign and/or create any third party interest or induct any third party or create any encumbrances or claim any rights in respect of the said flat.   It hereby agreed by and between the parties that this agreement shall in no way confer any right of tenancy or otherwise upon the Licensee and that the Licensee shall not claim any such right.

9) The Licensee shall not store any illegal, combustible, or inflammatory articles in the said flat nor shall he use the said flat for carrying on any illegal / immoral / anti-social activities.

10) The Licensee shall not cause any nuisance or annoyance to the neighbours & shall abide by all the laws, regulations or bye-laws for the time being in force.

11) The Licensee shall not obtain a Ration Card/Passport or any other document furnishing proof of residence either in his own name or that of his family members on the strength of the said Leave & Licence agreement.

12) That the Licensee, before executing this Agreement, has satisfied himself about the proper working of sanitary, electrical and water supply fittings and fixtures in the said flat. He shall be duty bound to maintain them in tenantable repairs during the subsistence of this agreement and shall restore them in the same condition at the time of handing over possession of the flat back to the Licensor on the expiration / termination / cancellation of this agreement. In the event of any loss or damage being caused to the said flat, articles, fittings or fixtures, the Licensee shall be liable to make good such losses either by paying commensurate monetary compensation to the Licensor or by rectifying/repairing the damage by appropriate material of standard quality.

13) The Licensor shall always have the option to terminate this agreement by giving one month’s prior notice in writing to the Licensee.  On the other hand, the Licensee can terminate this agreement by giving one month’s written notice to the Licensor only after the expiration of the Lock-In period.

14) If the Licensee commits breach of any of the terms & conditions contained herein, leading to termination or cancellation of the said agreement, he shall reimburse proportionate expenses incurred by the Licensor for the documentation, Stamp Duty, Reg. fees & other ancillary expenses of this agreement in respect of the remaining period covered under this agreement plus one month’s royalty/licence fee to the Licensor.

15) In the event of failure on the part of the Licensee to pay monthly royalty/licence fee for two consecutive months with applicable penalty and /or if the Licensee is found to be carrying on any unlawful, illegal, immoral or prohibited activities in the said flat, then the Licensor shall be entitled to evict the Licensee from the said flat, with immediate effect and without prior notice.

16) On the expiration, cancellation and/or termination of this agreement, the Licensee shall handover vacant and peaceful possession of the said flat in a good & tenantable condition, without any delay or hindrance. In such event the Licensee shall be eligible for the refund of the Security Deposit to such extent as may be left after defraying the arrears of the electricity bill, Licence fees and/or any other sums on account of any damage caused to the said flat.

17) The Licensor shall be entitled, during the subsistence of this agreement, to enter the said flat at all reasonable hours after giving reasonable oral intimation to the Licensee, for the purpose of inspecting the said flat or otherwise.

18) Any notice required to be given under this agreement by the Licensor shall be deemed to be sufficiently served, if addressed and delivered to the Licensee at the licensed premises.   Similarly, any notice on the part of the Licensee shall be deemed to be sufficiently served, if addressed and delivered to the Licensor at the above mentioned address.

19) No extension of this agreement shall be allowed & any clauses in this agreement contrary to or inconsistent with the said stipulation shall be deemed to be null & void.

20) Notwithstanding anything contained hereinabove, the Licensor shall be entitled to recover possession of the said flat on the expiration, cancellation or termination of the said agreement as also to recover damages alongwith costs, penalty & compensatory amounts for any overstay in the said flat in accordance with the relevant laws, regulations or bye-laws for the time being in force.

IN WITNESS WHEREOF, THE PARTIES HERETO HAVE HERE UNTO SET & SUBSCRIBED THEIR RESPECTIVE HANDS TO THIS AGREEMENT, IN MUMBAI, ON THE DAY & YEAR FIRST HEREINABOVE MENTIONED.

SIGNED, SEALED & DELIVERED          ]

By “THE   LICENSOR” ABC                       ]

IN THE PRESENCE OF                             ]

WITNESS:-                                                   ]                       ……………………

……………………………………………..                                  ABC

……………………………………………..

……………………………………………….

SIGNED, SEALED & DELIVERED          ]

BY “THE   LICENSEE” DEF                       ]

IN THE PRESENCE OF                             ]

WITNESS:-                                                   ]           ……………………

………………………………………………                      DEF

………………………………………………

………………………………………………

SCHEDULE OF THE FLAT

Flat No._________, admeasuring ______sq. ft. carpet area, situate at _____________________________________, Mumbai – ________.

 

 

 

 

 

 

 

 

RECEIPT FOR DEPOSIT

Received from the Withinnamed Licensee, DEF, a sum of Rs. ______/- [Rs. _________________only], in Cash, by way of INTEREST FREE SECURITY DEPOSIT.

I say received.

                                     ABC

The Licensor.

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