Agreement For
Sale Of Leasehold Property
THIS AGREEMENT is made at ____ this
________ day of ______ between Mr. A residing at __________ hereinafter
referred to as the Vendor of the One Part and Mr. B residing at
_____________________ hereinafter referred to as the Purchaser of the Other
part.
WHEREAS
1. By a Deed of Lease Dated the
_________ day of _______ made between Mr. ____________ therein referred to as
the Lessee of the One Part and the Vendor therein referred to as the Lessee of
the Other Part and registered at _______ under Sr. No. _____ of Book No. 1, at
the office of the sub Registrar at _______ the said Lessor has demised unto the
Vendor the land and Premises situated at ______ and more particularly described
in the Schedule hereunder written for a period of 999 years, from the day of
____ at the yearly rent of Rs. _______ and on the covenants, terms and
conditions therein mentioned.
2. The said Lese is still valid
and subsisting.
3. The purchaser has offered to
purchase the leasehold land and premises and the Vendor has agreed to sell the
same and to assign the said lease on the terms and conditions agreed upon and
hereinafter set out.
NOW IT IS AGREED BY AND BETWEEN THE
PARTIES HERETO AS FOLLOWS :
1. The Vendor shall sell and
assign to the Purchaser the said land and premises described in the Schedule
hereunder written and assign the said lease for all the residue of the
unexpired period of the said lease and subject to the rent reserved by and to
the terms, covenants and conditions contained therein and the Purchaser has
agreed to purchase the said land and premises subject to the said lease, at the
price of Rs. ____ out of which the Purchaser has paid to the Vendor a sum of
Rs. ______ as earnest money on the
execution of this agreement (receipt whereof the Vendor hereby admits) and the
balance of Rs. ________ is agreed to be paid on the completion of the sale.
2. The Vendor shall make out a
marketable title to the said leasehold property free from encumbrances and
reasonable doubts. The root of title will be the said Deed of Lease and the
Vendor will not be bound to make out a marketable title to the property so far
as the said Lessor is concerned.
3. The Vendor shall deliver the
title deeds relating to the said property in his possession or power within
eight days from the date hereof for inspection thereof by the Purchaser or his
Advocate for investigation of title. The said documents may be handed over to
the Purchasers Advocate against his personal accountable receipt for the sake
of convenience, if so required by the Purchasers Advocate.
4. If the Purchaser shall insist
on any requisition or objection of any kind which the Vendor shall be unable or
unwilling to remove or comply with, the Vendor may (notwithstanding any
intermediate negotiation or litigation in respect thereof) give notice in
writing to the Purchaser or his Advocate of the intention of the Vendor to
rescind this contract unless such requisition or objection shall be withdrawn
and if such notice shall be given and the requisition or objection shall not be
withdrawn within 7 days after the day on which the notice was sent, this
contract shall, without further notice, stand rescinded. The Vendor shall
thereupon return to the Purchaser the said earnest money but without any
interest, costs or other compensation or payment whatsoever.
5. The Vendor will obtain the
written consent of the lessor to the assignment of the Lease as a condition
precedent to the completion of the sale.
6. The outgoings in respect of
the said property by way of property taxes, ground rent, land revenue payable
by the Lessee till the completion of the sale will be paid by the Vendor and
thereafter they will be paid by the Purchaser and the same if necessary will be
apportioned as on the date of completion of this transaction.
7. The sale will be completed
within a period of four months from the date thereof.
8. The sale will be completed by
the Vendor executing a Deed of Assignment in favour of the Purchaser or his
nominee paying the balance of the said price.
9. The draft of the Deed of
Assignment will be prepared by the Purchasers Advocate and will be approved by
the Vendors Advocate.
10. On completion of the sale as
aforesaid, the Vendor will give possession of the said property to the
Purchaser by delivering vacant possession of such portion thereof as is vacant
and by attorning tenants of such portion thereof as are occupied by them to the
Purchaser.
11. The Vendor declares that the said
property is not subject to any acquisition or requisition and no notice has
been received by him for carrying out any heavy or structural repairs. If any
notice for acquisition or requisition or structural repairs is issued and
received by the Vendor before completion of Assignment, the Purchaser will have
the option to cancel this agreement and in that event the Vendor will return
the earnest money paid to him by the Purchaser.
12. If the Vendor fails to make out a
marketable title as aforesaid, the Purchaser will have the right to cancel this
agreement by giving atleast fifteen days prior notice to the Vendor to that
effect and on the expiration of the said period, the agreement shall stand
terminated and in that event the Vendor will return the earnest money to the
Purchaser and each party will bear and pay the costs of and incidental to this
Agreement.
13. If the Vendor makes default in
completing the sale within the stipulating period, the Purchaser shall have the
right to make time essence of the contract and to cancel this agreement
thereafter by giving atleast fifteen days notice in writing to the Vendor to
that effect and on the cancellation of the agreement, the Purchaser shall be
entitled to claim and recover from the Vendor not only the said amount of
earnest money but also all costs, charges and expenses incurred by the
Purchaser of and incidental to this Agreement and the damages suffered by him.
This is without prejudice to the right of the Purchaser to seek specific
performance of this agreement through Court.
14. If the Purchaser makes default in
completing the sale, within the stipulated period, the Vendor shall be entitled
to make time essence of the contract and to cancel this agreement, thereafter
by giving atleast fifteen days notice to the Purchaser to that effect and on
the cancellation of the agreement, the Purchaser will forfeit his right to the
said earnest money which will be appropriated by the Vendor towards his claim
for damages including the costs, charges and expenses of and incidental to this
agreement.
15. Before execution of the deed of
assignment the Vendor will obtain Income Tax Certificate under Section 230A of
the Income Tax Act, 1961 as a condition precedent to the completion of sale.
16. The expenses by way of stamp duty
payable on this agreement and the deed of assignment and registration charges
in respect thereof will be borne and paid in equal shares by the parties hereto
and except that all the other costs charges, and expenses incurred by the party
in respect of the transactions including his and advocates fees will be borne
and paid by him.
IN WITNESS WHEREOF the parties have
put their respective hands the day and year first above written.
THE SCHEDULE ABOVE REFERRED TO
(Particulars of the property)
Signed and delivered by the
withinnamed Vendor
Mr. ________
in the presence of
Signed and delivered by the
withinnamed Purchaser
Mr. ________
in the presence of
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