ll SHREE ll

MEMORANDUM OF UNDERSTANDING
THIS MEMORANDUM OF UNDERSTANDING IS MADE ON . DAY THE OF MONTH & IN THE YEAR 2011. BETWEEN
Through Its Chairman & Managing Director MR. Age : .Years, Occupation : Business & Agriculture Having Office at: (which expression shall, unless it be repugnant to the context & meaning thereof, mean and include the Vendor & their respective legal heirs, Successors, Executors Administrators and/or Assigns) PARTY OF THE FIRST PART.

AND
Mr.X Y Z Age : Years Occupation : .................... and Agriculturist ADD :.. . , Hereinafter referred to as PURCHASER' (which expression shall, unless it be repugnant to the context & meaning thereof, mean and include the Vendor & their respective legal heirs, Successors, Executors Administrators and/or Assigns) PARTY OF THE SECOND PART.

Whereas the Party of First Part is in business of real estate and land development & having rich experience. And Whereas the Party of First Part has decided to launch a project of. PLOTS in Village .,Tal. .., Dist Pune by the name .. And whereas the said land situated in Village .Tal. Dist. Pune is an agriculture land and the Purchaser [ Party of the Second Part ] is interested in buying .farm house plots (With road, electricity, Wall compound of entire project, Natural Leveling of Plot, Plot marking) mentioned project .. And whereas the said land situated in Village, Tal. .., Dist. Pune is a agriculture land and the purchaser / Party of the Second Part should be agriculturist and must provide the proof of it at the time of making agreement. And whereas the Party of First Part has acquired some land and balance is in the process of acquiring land for the said project and the land acquiring process will be completed within twelve to eighteen months from the date of execution of this Memorandum of Understanding subject to compliance of necessary permissions and thereafter Party of the First Part will prepare a private layout demarcation of the plots on the said land. and in the above

And whereas the Party of First part will prepare a Private layout, lay demarcation as per the layout, show the plots to the prospective Purchasers and allot the plots to the prospective Purchasers and execute agreement in favour of the prospective Purchaser. And whereas the Party of Second Part is desirous of buying in .. farm house plot out of the above said proposed project of Party of the First Part. And whereas the Party of Second Part after taking information on the above mentioned project of Party of the First Part approached to the Party of the First Part with offer to buy such farm house plot land out of the above said proposed project. And whereas the Party of Second Part has relied upon the relevant information & agreed to Purchase a developed farm house plot in the project from the Party of the First Part. Party of the First Part has given the available details regarding the proposed project to Party of the Second Part. And whereas after due discussions & negotiations the parties here to have mutually decided to reduce all the terms & conditions of the Memorandum of Understanding in writing. The Party of the First Part will allot to the Party of Second Part a .farm house plot admeasuring area ..Sqft. i.e. 00 Hector Are at a price Rs. ..-per Sq.ft for a total consideration of Rs. /- (Rupees ..Only) on the terms & conditions hereinafter mentioned. NOW THIS MEMORANDUM OF UNDERSTANDING WITNESSTH, AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERE TO AS FOLLOWS.
1

Pursuant to Negotiations taken place between the parties hereto, the Party of the First Part will allot the developed farm house plot admeasuring area sqft. i.e. 00 Hector .Are in the said project to the Party of the Second Part at the rate of Rs. ..per sqft., for a total consideration of Rs (Rupees .Only) and the Party of the Second Part has agreed and with full knowledge to get the Party of the First Part become absolute owner of the said land by getting the Sale-deed

executed from the land owner in the name of Party of the First Part.
2

That the farm house plot area to be purchased is ..sqft and rate decided is Rs. .- sqft. and the Party of the Second Part has till date paid an amount of Rs. 1,00,000/- to the Party of First Part as per payment schedule described hereinafter.

3 That the Party of First Part will not change the consideration amount till the Sale deed Agreement is executed in favour of the Party of Second Part.
4

It is agreed by and between the parties here to that the Party of the First Part will execute the agreement as per Maharashtra Government revenue act prevailing at the time of agreement and allot a farm house plot in the above said project & hand over the peace full possession of the said plot to Party of the Second Part and after completing all the necessary revenue formalities pertaining to the said plot.

5 It is decided by & between the parties mutually that Party of First Part will execute the agreement and hand over the possession of the said developed farm house plot to Party of the Second Part subject to:
a.

Party of the First Part becoming absolute owner of the said land from owner or Within a period of twelve to eighteen months from the date of execution of this Memorandum of Understanding, which ever is earlier.

b.

Also it is decided by & between the parties that if Party of First Part fails to execute the agreement in favour of Party of Second Part within the stipulated period of twelve to eighteen months from the date of execution of this Memorandum of Understanding as mentioned herein and party of second part wish to withdraw , then Party of First Part will pay an interest @ 8% per annum to Party of Second Part on amount paid by the Party of Second Part After eighteen months of lock in period party of the second part.

That the Party of the First Part assures to the Party of Second Part that they will allot a .farm house plot to the Party of Second Part which will be free from all encumbrances, Provided that the party of the First part shall be entitled to reasonable extension of time for the execution of the documents as

well as giving possession of the said plot, which is not subject to any delay in necessary completions /formalities from the revenue authorities on account of. a. Changes in any rules regulations bye - laws of various statutory bodies and authorities from time to time affecting the development and the said project. b. c. d. e. f. g.
7

War, civil commotion or act of God Delay in grant of any NOC/ permissions etc. from appropriate authority. Delay or default in payment of dues by the Purchasers under these presents. Any notice, orders, rules, notifications of Government and / or public or competent authority. Pending of any litigations or order of the court. Any act beyond the control of the Party of the First Part.

And whereas the Party of the First Part has clearly informed to the Party of the Second Part that the above said project is a proposed project in Village.. in Tal: ..Dist. Pune near Hinjewadi IT Park & Party of First Part has acquired some land and is in further process of acquiring the land and the land acquiring will be completed within twelve to eighteen months from the date of execution of this Memorandum of Understanding subject to compliance & necessary Permission.

8 It is also agreed that the exact location of the said plot to be allotted to the Party of the Second Part shall be Mutually decided between the parties at the time of execution of the agreement and on payment of entire amount of consideration as decided herein above under this agreement.
9

That it is hereby agreed by & between the parties that in case the Party of First Part fails to handover the proposed plot to the Party of Second Part by agreement within the stipulated period of twelve to eighteen months from the date of execution of this Memorandum of Understanding then the Party of First Part will refund the amount received along with 8% pa rate of interest, the received advance amount within twelve to eighteen months on receipt of written withdrawal Memorandum from party of the Second Part or shall give plot in other project owned by the party of first part with in surrounding area.

10 If the Party of First Part delivers the plot to Party of the Second Part in their proposed project, And if Party of Second Part wishes to withdraw at any point during the land acquisition process, even if Party of the First Part is willing to hand over the plot/or not at fault by any means then the Party of the First Part will refund above said amount only after one year to The Party of Second Part without interest after deducting twenty percent of total consideration amount towards administrative charges. 11 Payment Schedule: It is decided by and between the parties that the Party of Second Part will pay an amount equivalent to %of total consideration at the time of booking and balance .% amount will become payable at the time of final agreement. The above said amount will be treated as advance paid against plot area in the above said project. Details of payment are as follows: Sr. No. 1 Date Cheque No. Banks name Amount

To be paid at the time of Agreement Total Consideration Rs.

12 The legal expenses, Stamp Duty & Registration fees @12% of total

consideration will be borne by the party of the Second part & the same is payable before the execution of agreement.
13 That in the project known as after the execution of the agreement

by the Party of the First Part in favour of the Party of the Second Part. The Party of the Second Part will be liable / responsible to pay the maintenance charges as per the actual. 14 In case the Party of the Second Part wishes to transfer his rights on the said land/ plot, in favour of Party of the Third Part, then it is obligatory on the Party of the Second Part to take necessary N.O.C. from Party of the First Part along with the stipulated transfer fees not more than Rs. 1,00,000/- payable to Party of First Part.

15 In case Party of the First Part gets the township plan sanctioned within a period of 5 years then the Party of the Second Part can sell the said plot to the party of first part at the prevailing market rate or as mutually decided by both the parties or shall give unconditional consent to the party of first part and pay the required expenses for N.A Process. 16 Party of the Second Part has the option to buy a flat/villa/Row house/commercial space in the project herein above mentioned at the rate declared purchase. 17 By way of this M.O.U. Party of the Second Part is giving a consent to Party of the First part to get the required sanction for the development of Township from the concerned authorities.
18 This Memorandum of Understanding in subject to the Pune Jurisdiction only.

for

the

project

and

in

particular

for

the

flat/villa/Row

house/commercial space which the Party of the Second Part decides to

19 The Memorandum of Understanding is based on mutual understanding

between Party of First Part and Party of Second Part and terms conditions herein above will be binding on both the parties.
20 Once the Party of First Part delivers the plot and registers the agreement in

the proposed scheme, or if Party of second Part withdraws and gets back his advance paid to the Party of First Part whichever is earlier then this Memorandum of Understanding will become automatically Null & Void cancelled and will not be in force & the party of the Second part will not have any legal standing/claims of whatsoever nature in the said project & the said plot. IN WITNESS WHEREOF the parties hereto have hereunto set and Subscribed their respective hands and seals on the day, month and the Year first herein above written. Signed Sealed And Delivered By The Within Named Party of the First Part } }

} Through its Chairman & Managing Director } MR. } __________ PARTY OF THE FIRST PART Signed Sealed And Delivered MR }

By The Within Named Party of the Second Part }

__________

__________ PARTY OF THE SECOND PART

In the presence of: (1) Signature Name Address __________________ __________________ __________________

(2)

Signature Name Address

__________________ __________________ __________________