Agreement Between Landowner And Promoter Deed Format

Agreement Between Landowner And Promoter

Agreement Between Landowner And Promoter Deed Format

This Agreement is made this 20th day of November 2000 between Mr. AB of …………………………..  (hereinafter referred to as the owner) which term shall include his heirs, successors and assigns of the one part and XY Ltd., a company registered under the Companies Act 1956 having its office at ………………………..  (hereinafter referred to as the promoter which term shall include its successors and permitted assigns) of the other part.

Whereas the owner is seized and possessed of a piece of land measuring 5 cottahs with more or less being premises No. …………………………… and more fully described in the Schedule hereunder.

And whereas the promoter has approached the owner with an offer to develop the said land and has shown a plan for construction of a 5-storeyed building with self-contained 3 flats on each floor.

And whereas the owner has agreed to authorise the promoter to develop the said land described in the schedule in accordance with the plan annexed hereto after demolishing the existing structures thereon for the purpose of sale of flats.

And whereas the owner has agreed to execute and/or join in execution of the Sale Deeds in favour of buyers of the flats to be constructed.

And whereas the promoter has undertaken to take the necessary permission of the Urban Land Authorities, the Clearance Certificate from the Income Tax Authorities and necessary permission from the Authorised Officer appointed under the State laws and municipalities in relation to the development and construction of the said multi-storeyed building and to comply with all other provisions of law, both Central and State.

Now, therefore, these presents witnesseth and the parties hereby agree as follows:

1. The owner would hand over vacant possession of the said land and building to the promoter and entrust the work and the right to develop the said property.

2. The owner hereby gives licence and permission to the promoter to enter upon the land with full right and authority with men and material to commence carry on and complete development and construction thereon of the multi-storeyed building in accordance with the particulars given in the schedule annexed hereto.

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3. In consideration of the owner having given licence and permission to the promoter to enter upon the said land and in consideration of having agreed to entrust to the promoter to develop and construct the multi-storeyed building on the said land and to confer upon the promoter rights, powers, privileges and benefits mentioned in these presents the promoter paid Rs. 15 lakhs on execution of these presents and agrees to give possession to the owner 2 flats on floor of the said multistoreyed building to be constructed and a further sum of Rs. 15 lakhs by quarterly instalments within 2 years from the date of execution of these presents.

4. In developing the said land and constructing the said multi-storeyed building the promoter shall obtain the requisite sanctions, permissions, clearance and authority from the authorities concerned under the Urban Land (Ceiling and Regulations) Act 1976, Income-tax Act 1961 and the other relevant Central and State Acts and the rules and regulations in force at his own expense and costs.

5. The promoter will develop the said land and construct the multi-storeyed building and complete the same in every respect at his own costs, expenses and risks and on his own account.

6. The owner shall however on request by the promoter sign and execute the applications, plans and other documents necessary in relation to the said development and construction and the costs and expenses thereof would be borne by the promoter.

7. In accordance with law and as required by the authorities concerned including the Municipal Corporation the promoter shall bear all costs, charges and expenses, carry out the work of development of the said property and construction and completion of the said multi-storeyed building, including the drainage system, laying of cables, water pipes and obtaining connections for electricity as might be necessary and required under the plans, sanctions, permissions of the authorities concerned and would make the said property fit for occupation and use.

8. The promoter shall be entitled to make advertisements, hung up advertisement boards upon the said property and do such other things as might be required for the purpose of sale of the flats in the said premises to be constructed without in any way prejudicing the interests of the owner.

9. The promoter shall pay and discharge all taxes, rates and other levies on or in relation to the said land and building and payable by the owner or occupier thereof.

10. The promoter shall be at liberty to sell or allot flats or apartments or units in the said building to be constructed on the said land and to enter into agreements with the prospective buyers or allottees individually or collectively on such terms and conditions as he might think fit and proper without affecting any right or interest of the owner.

11. The agreement to sell or allot flats or units that might be entered into by the promoter shall be in accordance with the laws applicable and the rules and regulations governing the said building and flats and allow any of the parties to occupy any of the flats or dwelling units without affecting any right of the owner under these presents.

12. It will be the sole responsibility of the promoter to deal with the authorities concerned and to comply with the rules and regulations of the said multi-storeyed building and transfer thereof to the intending purchasers of the flats at his own costs and expenses and that the owner shall not be responsible in any manner whatsoever.

13. The promoter agrees and declares that he has made searches and enquiries and has satisfied himself that the said land is free from encumbrances or restrictions and that it is suitable for construction of the said multi-storeyed building and the laws applicable thereto permit the sale of flats and to carry out the purposes and object of these presents.

14. The owner agrees to execute conveyances or sale deeds or join in the execution thereof in favour of the prospective purchasers of flats in the said building to be constructed. The Stamp Duty and Registration charges and all formalities in connection therewith will be paid and borne by the Promoter and/or the Purchasers and that the owner shall have no responsibility whatsoever in respect thereof. The promoter shall arrange for payment of Stamp Duty and registration of Sales Deeds or Conveyances and arrange for payment of all expenses including the lawyer’s fees.

15. The promoter shall keep the owner fully indemnified against and harmless from all losses and damages, costs, charges, expenses, claims or the proceedings in relation to the said land, development thereof, construction, completion, occupation and sale of the flats or otherwise in relation to or touching the subject-matter of this agreement or for violation of any laws, rules or regulations or due to accident, mishap and other calamities, malicious damage, riots, thefts, burglary, fine, death or injury to any worker or person who is engaged in or near the construction site or arising from any other way whatsoever and the promoter undertakes to take out appropriate Insurance Policies in this regard without in any way reducing his duty to the owner.

16. Without causing prejudice to the rights of owner, the promoter will be at liberty to enter into separate contracts in his own name with a building contractor, architect and others including the prospective purchasers.

17. The time of performance of these presents is to be of the essence of the Contract and in default of the promoter keeping the time schedule or committing any breach of any of the terms of these presents the owner shall be at liberty to give notice for compliance or to make good the breach within sixty days from date of receipt of notice and in default of such compliance, the owner shall be entitled to forfeit the moneys already paid by the promoter and to terminate the agreement and to engage any other builder for completion of the work and that the promoter shall have no claim against the owner or against the land or against the construction already made on the said land by the promoter and the said licence and the permission shall automatically stand cancelled.

In witness whereof the parties have executed these presents on the day, month and year first above-written.

Schedule

(Particulars of land on which the multi-storeyed building would be constructed).

Signed and delivered by Mr. AB

the owner in the presence of:

1. ………………………                                                            Signature

2. ………………………

Signed, sealed and delivered by

Mr. ……………………………………

pursuant to the Board Resolution

dated 5th July 2000 of XY Ltd.

               in the presence of:

1. ………………………                                                               Signature

2. ………………………

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