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Joint Development Agreement Between Owner and Developer

Articles of Agreement made at Bengaluru, this 21st day of April, 2020 between R. Ravindran of Bangalore, Resident of Indian hereinafter referred as ‘Owner” of the one part,
And

[*], Exquisite Developers Limited, a Private Limited Company incorporated under Companies Act, 2013, registered office at Bengaluru, carrying on business across India, hereinafter referred as “Developer” of the other part;
WHEREAS-

  1. The Owner is absolutely seized and possessed and sufficiently entitled of all those pieces of land or ground or any parcel of land lying at Bengaluru (District) and sub-District of Koramangala of area 5 acres of land or thereabouts and which is more particularly described in the Schedule hereunder written;
  2. And Whereas the Developer has requested the Owner to allow him to develop the property as mentioned in the Schedule
  3. And Whereas the said property is vacant and of which the Developer is aware
  4. And Whereas the Owner has agreed to grant an exclusive right to the Developer and the Developer has agreed to develop the property as per the terms and conditions herein recorded;


Now It Is Hereby Agreed By And Between Two Parties Hereto as follows:

  1. With a view to develop the land as per the description laid down in the schedule hereunder written, the owner hereby grants exclusive right to the Developer and the developer accepts the same for the consideration and subject terms and condition herein provided;
     
  2. Convenants of Parties
    It is further agreed that the developer shall submit his Architects plans to the Owner in relation to the development of 2 Buildings, after the execution of the agreement the Owner shall execute the Power of Attorney in favour of Developer to approach all public authorities and to obtain sanction of plans in respect to structure of building, or permission form Municipal corporation and other concerned authorities;
     
  3. Case of Insolvent/Bankruptcy
    It is hereby mentioned that in case Exquisite Developers Limited become insolvent/Bankrupt, the contract shall stand automatically terminated and the owner shall not be liable for any discharge of payment obligations;
     
  4. Raising Funds
    The Developer shall be entitled to raise funds and bear all the costs during the project, and satisfied that the owner is the sole owner of the property and there is no charge on it; in case whereof the property is mortgage, the developer shall provide a bank guarantee to the owner
     
  5. Joint Liability
    Both the parties in the agreement are nowhere in partnership and are separately liable in case of any default of breach in the terms and conditions of the agreement. It is further stated that in case of sub-licensing, the developer shall take prior permission from the Owner, otherwise the Owner shall stand in a position to terminate or not to terminate the contract. In case of sub-license, the Developer shall be independently liable.
     
  6. Consideration
    In Consideration to the owner granting all the exclusive rights to the Developer for development under this agreement, the Developer shall pay a minimum consideration of Rs. 1,20,00,000/- Rupees (one crore twenty lakhs only) and the total money shall be paid as follows
    · Rs. 20,00,000 (Rupees Twenty lakhs only) on the execution hereof being the earnest money or deposit and in part payment, provided that any F.S.I is available in addition to existing F.S.I, the developer shall pay an additional sum of Rs. 1000 per square foot.
     
  7. License
    The Owner grants license and permission to the developer in regards to enter the said property hereunder described in the schedule with full rights to commence and complete the project in accordance with the permissions herein mentioned. In any case the developer or his agents commits any breach during the project, the owner shall stand at a liberty to terminate the agreement and to forfeit all the money paid under this agreement and under such circumstances the license given to the Developer shall stand revoked along with all the permissions granted. Under no condition the Developer shall transfer this assigned project, title and interest to any other party without the prior approval of the owner, and if such act is committed than the owner shall not exercise his right to terminate the agreement without giving a notice of breach of terms and conditions to the third party, or if the third party fails to rectify the breach from the developer withing 60 days from the notice served by the Owner.
     
  8. Default in Payment
    If the Developer fails to make any default in payment of any instalment of the balance amount on the due date thereof as aforesaid then under such circumstances the Owner shall be at a liberty to terminate the contract and to forfeit all moneys paid under and the license given to Developer shall stand revoked and the Developer shall remove all the material, structure and building brought on the property within 45 days of such termination, in default thereof the owner shall have the right over the material, structure or building and the Developer shall not be entitled to any compensation or damages. Without any harm to his rights, the Owner may, at his option, extend the time for the payment if the Developer agrees to pay interest of 15% on the defaulted installment.
     
  9. Force Majeure
    1. Neither the Developer nor the owner shall be considered in breach of this Agreement to the extent of performance of the agreement if it is prevented by an Event of Force Majeure that arises after the Effective Date (excluding payment obligations). For the purpose of this contract Force Majeure Event shall mean fire, flood, riot, war, civil commotion, embargo etc.
       
    2. In the Event of Force Majeure, if parties are unable to fulfill Contract obligations o performance of contract, shall within 30 days from such event notify the other party with detailed information of such event, failure to do so, then other party would be at a discretion to terminate or not to terminate the contract.
       
  10. Stamp Duty and Registration Fees
    All the expenses incidental to this agreement including Stamp duty, and registration fees shall be born by the Developer himself. The Developer and Owner shall pay their respective fees to the Advocates.

In Witness Whereof the parties hereto have hereunto set their respective hands the day and the year first hereinabove written.

SIGNED BY THE WITHINH NAMED
OWNER………………………………
IN THE PRESENCE OF ……………..
 
 
 
SIGNED BY THE WITHIN NAMED
DEVELOPER………………………..
IN THE PRESENCE OF……………                                                           DATE-----------------
 
                                                                            Receipt

Received a sum of Rs. 20,00,000/- (Rupees Twenty Lakh only) from the Developer being the deposit to be paid by him to us by cheque (NUMBER_________), Dated 21 April 2020.

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