Deed of Agreement related property

DEED  OF  AGREEMENT

 

This DEED OF AGREEMENT is made on this the ______ day of __________, 1996

 

BETWEEN

 

MR. P, son of ___________________, Dhaka  hereinafter   referred to as “the First Party” (which expression, where the context so admits, shall include their heirs, administrators, legal representatives and assigns) of the ONE PART.

A N D

 

Mr. Q, son of _____________, of Address____________, hereinafter referred to as the “Second Party” (which expression, where the context so admits, shall include his heirs, successors-in-interest, administrators, legal representatives and assigns) of the SECOND PART.

W H E R E A S :-

 

A.        WHEREAS the property morefully described in the schedule below (hereinafter reffered to as the scheduled property) originally belonged to Dhaka Improvement Trust (now R) which was leased out to Mr. M vide Registered Deed of Lease No. 13925 dated 25.09.69 and Mr. M paid all dues and while in peaceful possession of the property entered into a deed of agreement on 02.03.71 with Mr. X for sale of the said property.

B.         Mr. X, paid the full consideration price to Mr. M who  delivered possession of the scheduled property to Mr. X but failed to execute and register the Deed of Sale in favour of Mr. X.

C.        Mr. X, thereafter filed Title Suit No.436/85 in the Court of 1st Sub-Judge, Dhaka against Mr. M for specific performance of the contract, which was decreed ex-parte on 05.01.87 in favour of Mr. X. As against the said decree, the Government who was made a party in the suit filed Misc. Case No. 67 of 1988 for setting aside of the said decree. The Misc. Case was dismissed in favour of Mr. X.

D.        That thereafter the scheduled property was included in the list of the abandoned property against which Mr. X, filed an application before the 1st Court of Settlement, Dhaka being Case No._________.  The said application was allowed and the scheduled property was deleted from the list of the abandoned property.

E.         Meanwhile, the First Party entered into an agreement dated 10.01.90 with Mr. X to purchase the scheduled property. But due to the pending cases and due to the fact that Mr. X had not been recognised by R as the lessee of the scheduled land, the Deed of Sale between First Party and Mr. X could not have been executed.

F.         That in the meantime the Second Party expressed his intention to purchase the the scheduled property and approached the First Party to forego his right title and interest in the schedule land for valuable consideration.

G.        That the First Party has agreed that in consideration of payment of Tk.2,89,00,000.00 (Taka two crore eighty nine lac) only the First Party shall forego his right title and interest in the scheduled property accrued in him under the Agreement dated 10.01.90 and terminate the  agreement dated 10.01.90 entered into with the Mr. X. The First Party has further undertaken that for the same consideration shall arrange at his own expenses mutation of the schedule land in the name of Mr. X so that necessary permission could be obtained from R for transfer of the scheduled property to the Second Party.

NOW THEREFORE, THIS AGREEMENT WITNESSETH AS FOLLOWS :

1.         That the First Party in consideration of Tk.2,89,00,000/- (Taka two crore eighty nine lac) only has agreed to forego his right to purchase the scheduled property from Mr. X in favour of the Second Party, terminate the agreement dated 10.01.90 entered into with Mr. X and shall arrange at his own costs mutation of the scheduled property in the name of Mr. X.

2.         The Second Party has  paid Tk.1,49,00,000/-(Taka one crore forty nine) only on the date of execution of this Agreement and the First Party acknowledges receipt of the said amount.

3.         The First Party shall hand over possession of the the cancelled agreement dated 10.01.90  to the Second Party on the date of execution of this agreement.

4.         That the First Party shall receive the balance consideration price of Tk. 1,40,00,000.00 (Taka one crore forty lacs) only upon completion of mutation of the scheduled property in the name of Mr. X with RAJUK.

5.         That the Second Party has entered into a separate agreement for purchase of the scheduled property with Mr. X to which the First Party has become a witness.

6.         That upon execution of this agreement and upon receipt of the part of the consideration price,   the First Party  shall make necessary arrangement for mutation of the scheduled property in the name of Mr. X and the said mutation with RAJUK shall be completed within 60 days from the date of execution of this agreement. The First Party shall bear all expenses with the concerned authorities for mutation of the scheduled property in the name of Mr. X with RAJUK, a further period of 30 days shall be extended but the First Party shall be liable to pay compensation of Tk.20,00,000.00 ( Taka twenty Lac ) to the Second Party for delay of each 30 days or part of 30 days  which shall be deducted from the balance consideration price. If R refuses to accept Mr. Xas Lessee, the First Party shall refund Tk.3,00,00,000.00 (Taka three crore) only to the Second Party as compensation and consideration money within 30 days from the date of refusal from RAJUK..

7.         That in the event of completion of mutation as stated above, out of the balance sum of Tk.1,40,00,000/- (Taka one crore forty lacs) only the Second Party shall pay Tk. 50,00,000.00 (Taka fifty lac) only within 30 days of mutation in the name of Mr. X and the remaining sum of Tk. 90,00,000.00 ( Taka ninety Lacs ) only shall be paid within 6 (Six) months from the date of mutation in the name of  Mr. X.

8.         That if Second party fails to pay the consideration in time, Second party will pay Tk. 20,00,000.00 ( Taka twenty Lacs ) only as compensation for every  thirty days or part of 30 days with the balance consideration.

9.         That once the name of Mr. X is mutated with RAJUK and RAJUK accepts Mr. X as the lessee, necessary application shall be filed to RAJUK for permission to transfer the scheduled property in the name of the Second Party and/or his nominee and the Second Party shall bear all costs in this regard. The First Party shall render all possible assistance in this regard.

10.       The First Party shall hand over all original documents in connection with the scheduled property which are in his possession to the Second Party after execution of this Agreement.

11.       That the First Party shall resolve all legal complications in connection with the scheduled property within the period stated above so that the land can be transferred to the Second Party free from all hindrances.

12.       That the First Party  although not the legal owner of the scheduled property but in view of his acquiring beneficial interest through the agreement dated 10.01.90 (now terminated) undertakes and covenants that the scheduled property is free from all encumbrances, charges and mortgages and that the Second Party shall get absolute right, title and interest on the land.

13.       The terms and stipulations contained in this Agreement shall not be amended and/or altered without the mutual agreement in writing of the parties hereto and shall be binding and enforceable against both the First Party and the Second Party and their respective heirs, administrators, successors- in-interest and legal representatives.

14.       This Agreement is made in 2(two) sets in original. Each of the parties shall get a set of original of the Agreement.

SCHEDULE

All that piece and parcel of land containing by admeasurements 19 Kathas 13 Chattaks situated within District- Address_________ Improvement Trust now R.

IN WITNESS WHEREOF, THE PARTIES HERETO SIGN THIS DEED OF AGREEMENT ON THE DAY, MONTH AND YEAR MENTIONED ABOVE.

SIGNATURE OF THE FIRST PARTY

Signed in presence of:

SIGNATURE OF THE SECOND PARTY

Signed in presence of

Drafted by:

For: “The Lawyers & Jurists”
M.L.Hotel Tower Ltd,
208,Shahid Syed Nazrul Islam Sarani,
Bijoy Nagar, Dhaka-1000.

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