Assignment of Right to Purchase Property by Shiva.

Assignment of Right to Purchase Property

Deed of Assignment made on the . . . . . . day of the month of. . . . . . of the year two thousand . . . . . . . . by A.B . . . . . . ., son of . . . . . ., resident of . . . . . ., (hereinafter called, ‘‘the Assignor’’ which expression shall, unless there be anything inconsistent therewith in the context, include his heirs, survivors, administrators, executors and representatives) in favour of C.D . . . . . . . . ., son of . . . . . . . ., resident of. . . . . . . ., (hereinafter called ‘‘the Assignee’’ which expression shall, unless there be anything inconsistent therewith in the context, include his heirs, survivors, administrators, executors, assigns and representatives);

WHEREAS the Assignee has the right to purchase/re-purchase (here describe the property) from . . . . . . . . E.F . . . . . . . . ., son of . . . . . . . , resident of . . . . . . . ., under an agreement to sell, dated . . . . . . . . on payment of the sum of Rs . . . . . . . . (Rupees . . . . . . . .) as the consideration therefor, within . . . . . . years/months from the said date of that agreement; and

WHEREAS the Assignor does not now wish to/or/expect to be able to/purchase the said property; and

WHEREAS the said property is worth at least Rs . . . . . . . . more than the consideration for which the said E.F. had agreed to convey/reconvey to the Assignor, and as such the benefit arising from the said contract, possessed by the Assignor is valuable, which the Assignor is willing to transfer; and in the circumstances it is in his interest to do so; and

whereas the Assignee is in need of the property and is willing to acquire the benefit arising from the said contract for the cash consideration of Rs . . . . . . (Rupees) which appears to be reasonable in view of the apprehension that the Assignee may have to enforce the right by a suit for specific performance of the contract against the said E.F.;

NOW, THEREFORE, THIS INSTRUMENT WITNESSES as follows:

1. That in consideration of the sum of Rs . . . . . . . . (Rupees . . . . .) paid by the Assignee, the receipt of which the Assignor hereby acknowledges, the Assignor does hereby convey and assign absolutely to the Assignee all that benefit arising from the contract, witnessed by agreement dated . . . . . . . . between the said E.F . . . . . . ., son of . . . . . . , resident of . . . . . . . ., of the one part and the Assignor of the other part, including the right to purchase/repurchase the (here describe the property) which is more particularly described in the Schedule hereto, on payment of the sum of Rs . . . . . . . . (Rupees . . . . . . . .) within a period of . . . . . . . . years/months from the said date of that agreement.

2. That the Assignee shall hereafter have all the rights and be subject to the same obligations which the Assignor hitherto had and was subject to under the said contract between the Assignor and the said E.F.; and the Assignee shall within the said period of time limited thereby, pay the said sum of Rs . . . . . . (Rupees . . . . .) to the said E.F. and obtain a conveyance of the said property described in the Schedule hereinbelow, on the same terms and conditions on which the Assignor could have obtained the conveyance from the said E.F. but for this assignment.

3. That the Assignee shall also have the same right of obtaining extension of time for purchasing the said property which the Assignor has had under the said contract from the said E.F.

4. That the Assignee hereby indemnifies the Assignor free and harmless against all action for all claims or damages arising from the said contract of purchase which the said E.F. may have against the Assignee for any breach of contract on account of his inability to perform or fulfil obligations to be performed or observed by the Assignor under the said contract.

IN WITNESS whereof the parties hereto have executed this deed on the date first hereinbefore mentioned.

Witnesses:

1 . . . . . . . . .                                                ?Sd. . . . . . . . . .

Assignor.

2 . . . . . . . . .                                              ??Sd. . . . . . . . . .

Schedule hereinabove referred to ??  ?????Assignee.

Description of the Property

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