First party rights
This Memorandum of Understanding is being entered into on executed on this 28 day of September 2013 at Agra.
Aapple Estates, a Real Estate Marketing Company having its Office situated at Flat No. – 101, 1st Floor, Aishwarya Complex, 69, Ellora Enclave, 100 ft. Road Dayal Bagh Agra , hereinafter referred as First Party (which expression shall, unless repugnant to the context or meaning thereof, be deemed to include their respective legal heirs, permitted assigns, successors, representatives, etc) of the First Part;
Ashok Kumar, Rajendra Kumar office at UG 6 Suresh Plaza, MG Road, Agra. hereinafter referred as Second Party (which expression shall, unless repugnant to the context or meaning thereof, be deemed to include their respective legal heirs, permitted assigns, successors, representatives, etc) of the Second Part:
WHEREAS the First Party Marketing the land for Residential Plots/Unit.
WHEREAS the Second Party has approached the First Party to invest in the project Carlton Residency of MARS Infra Pvt. Ltd which is situated at Village Mauja, Chaulipaur Khurd, NH2, Mathura, UP 281122, and the First Party has consented and agreed to the request of the Second Party and has accepted the offer of the Second Party ,First Party is ready and willing to allot a Unit /Plot in I Block of appropriate size at 4000/- per Sq. Yard against the investment of the Second Party on the terms and conditions as agreed upon which are being reproduced and stipulated herein below:-
NOW THIS MEMORANDUM OF UNDERSTANDING WITNESSETH and the parties hereto agree as follows:
1. That the Second Party agrees that they will invest an amount of Rs.5,00,000/- up to 31st October’2013 and against that investment of an amount of Rs5,00,000/- through RTGS to Shri Vivek Raman and Swapna Raman account in Central Bank of India Transaction ID:______________________, the First party will allot a Unit / Plot in I Block of appropriate size at 4000/- per Sq. Yard in its project.
2. On 31st October’2013 , the First Party will pay a total amount of Rs. 5,60,000/- to the Second party and the Second Party hereby undertakes that after receiving the total amount of Rs. 5,60,000/- as follows:
a. Cheque (Cheque No. 773926) in Favor of Ashok Kumar Agarwal – Amount- 30,000/-
b. Cheque (Cheque No. 773927) in Favor of Rajendra Kumar Agarwal – Amount – 30,000/-
c. 5 Cheques (Cheque No. [deleted] ) in Favor of Ashok Kumar Rajendra Kumar Amount 1,00,000/- Each
Second party will return all original documents (Allotment letter/Receipt/ Agreement Copy etc) to First Party; after that Second Party will have no right on the above said allotted Unit /Plot.
3. That First Party has full right and absolute authority to transfer the said Unit / Plot in I Block of appropriate size at 4000/- per Sq. Yard, if the Second Party has not performed any act, deed, matter or things whatsoever provided for in this MOU is prevented from any sale and transfer of the said Unit / Plot in I Block of appropriate size at 4000/- per Sq. Yard.
4. That in case of any dispute between the parties relating to this agreement either during the period of the Agreement or afterwards the same shall be referred to the Sole Arbitrator to be nominated by the First party.
5. That the Courts of Mathura shall have jurisdiction if any dispute arise between the parties.