(ON STAMP
PAPER OF RS. 50)
MEMORANDUM
OF UNDERSTANDING
THIS Memorandum of Understanding is made at
New Delhi on this 29th day of June, 2011 between:
……………………………..., a company incorporated under
the Companies Act, 1956 having its registered office at ………………………………………………………………………,
through its Authorised Signatory Mr. ……………………… (hereinafter
may be referred as “the Company/Seller”
which expression shall, wherever the context permits, be deemed to include its successors,
legal representatives and assigns of the ONE PART)
AND
Mr./Mrs./Ms.…………………………………………….S/o/W/o/Do……………………………………………
R/o……………………………………..…………………………………………………………………………………………………………………… (hereinafter may
be referred as “the investor/Buyer”
which expression shall, wherever the context permits, be deemed to include his/her
successors, legal representatives and assigns of the SECOND PART)
WHEREAS
The Company is in the process of developing a
commercial project under the name “……………..Mall” located at ……………………..
Sonipat (hereinafter may be referred as “the
Project”).
The Buyer is interested in advance
registration of Shop/Commercial Unit No…………………….., having an area of …………………
Sq.ft. (Super builtup area) on the …........... Floor of the proposed project
(hereinafter to be referred as “Unit”)
for a total consideration of Rs. ……………………………. (Rupees ………………………………).
This Memorandum of Understanding
(Hereinafter may be referred to as “MOU”)
is made at New Delhi on this 29th day
of June 2011 (Hereinafter referred to as the “Effective Date”)
The Buyer hereby confirms to the Company
that he has made an upfront payment for the unit after clearly reading,
understanding & agreeing to all the terms and conditions of the Company. The Buyer has clearly understood his
rights, duties, responsibilities and obligations.
The Buyer hereby confirms to the Company that
the Buyer is sufficiently acquainted with the laws, rules, notifications etc.
in general and application of the said project in particular and has perused
all the title documents and has satisfied himself of the terms and conditions
of the development of the same as imposed by Govt. Authorities and fully
understands the authority of the Company to construct, allot, sell, lease,
transfer the rights, title and interest in the said project.
The Buyer acknowledges that he has verified
& satisfied himself about the project. The Buyer acknowledge and confirms
that the Company has provided all the information and clarifications as
required by him and that he has made independent enquiries and used his best
Judgment and discretion and satisfied himself in all respects and that he has
made the decision independent of any representations or statements of any
nature whatsoever made by the Company.
The Company relying on the commitments,
confirmations and representations made by the Buyer to faithfully abide by all
the terms, conditions and stipulations as stated above and is now willing to
enter into this MOU on the terms and conditions contained in this MOU.
The Company and the buyer shall hereinafter
be individually referred to as the “Party”
and collectively referred to as the “Parties”.
The Buyer is a
female then the terms “he”, “him”, “himself” etc. shall be read and constructed
as “she”, “her’, “herself” etc. These expressions shall be modified and read
suitable whenever the Buyer is a Body Corporate, or a Firm or any other
artificial person or body.
NOW
THIS MEMORANDUM OF UNDERSTANDING WITNESSETH THAT IT IS HEREBY AGREED AS
FOLLOWS:
1) That the Buyer hereby agrees to make an upfront payment
for the unit.
2) That the
price of the said Unit which is measuring …………. Feet is Rs……… per square feet
amounting to a total Consideration of the said Unit as Rs. ……………………………. (Rupees
………………………………).
3) That the Buyer has opted for the “Down Payment Plan” and paid an amount
of Rs……………………………… (Rupees…………………..……………) amounting to 95% of the total
consideration of the unit to the Company in advance on the effective date as
per the “Annexure A” attached herewith.
The Company hereby acknowledges the receipt of the amount paid by the
Buyer. However, this MOU executed and signed by both the parties, shall be
enforceable only after realization of all the cheques mentioned in the
“Annexure A”.
4) That the Buyer shall make the balance payment of the consideration and
other charges such as EDC, IDC etc. as per the terms and conditions contained
in the Builder Buyer Agreement.
5) That the Company hereby undertakes to make fixed payment of Rs. …………./-(Rupees…………………)
(hereinafter to be referred as “assured Return”) after the completion of every
month to the Buyer w.e.f. the Effective Date i.e., ……………………till the maturity
date (date of possession or two years whichever is later), which the Buyer duly
accepted, irrespective of the possession of the unit being handed over to the
buyer or not.
6) That the Company will give monthly cheque to the buyer in the names of
the sole owner/co-owners equally and is subject to
deduction of TDS as per the rates prescribed in Income Tax Act, 1961 or
any other law for the time being in force in the relevant period.
7) That in case the said unit is leased out on or before the maturity date,
and the lease rent is not less than the assured return, then the Company shall
have no liability to pay the assured return. However, in the eventuality the
lease rent is lower than the assured return the Company shall pay the differential
amount to the buyer after deducting the lease rent from the assured return.
8) That the Buyer agrees that the present payment of the assured return is
the subject to the compliance of the terms and conditions as stated above. The
buyer hereby duly authorizes the company to lease out the said unit on his behalf.
9) The parties herein shall resolve all disputes in connection with this MOU
amicably by mutual negotiation, failing which, the parties shall be referred to
a sole Arbitrator to be nominated by the Company for Arbitration under the
Arbitration and Conciliation Act, 1996, with its statutory modifications,
enactments or re-enactments thereto. The Arbitration
proceeding shall take place in New
Delhi
10)
That
this MOU shall be executed in two counterparts and each
such counterpart shall be an independent instrument but both of them together
constitute the one and same MOU. Each party shall be entitled to one such
counterpart. Any change or amendment made to this MOU shall be made only in
writing and signed by both parties.
11)
Any notices
required to be served by the parties under this MOU shall be served by hand
delivery, registry or any other mode at the following address:
If to the Company: Address:
……………………
If to the Buyer: Address:…………………
In the event of any change in the address the same may be duly
notified in writing to the other party.
IN WITNESS WHEREOF,
the parties hereto have signed this MOU on the day, month and year first
written above in the token of acceptance thereto.
For
the Company (…………………………………..)
………………………
For the Buyer
……………………………
Witness:
(Signature, Name, Father’s
Name, Address)
1.
2.
“ANNEXUREA”
Payment Receipt
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Cheque No.
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Cheque Date
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Amount
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Bank
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