MEMORANDUM OF UNDERSTANDING

        This Memorandum of Understanding is made and executed on this the ____ day of __________ at __________ by and between:-

____________ S/o W/o D/o ____________ Aged about ____ years, Occupation ________ R/o. H.No. ___________________________  

(Hereinafter referred as the Party of the FIRST PART which term shall mean and include his/her legal heirs, successors in interest, assignees etc.,)

_____________ S/o W/o D/o ___________ Aged about ____ years, Occupation ________R/o. H.No. ___________________________  

(Hereinafter referred as the Party of the SECOND PART which term shall mean and include his/her legal heirs, successors in interest, assignees etc.,)

       VENDOR ____________ purchased the land _______________ through _______________, and thus they became the owner of the property which was purchased from _________ through _________ ______________________________________________________.

       WHEREAS, the First Party has approached the Second Party and offered to give on development of the said land and the Second Party has agreed to take necessary steps for getting court directions from the High Court and also take the necessary formalities which has proposed to be done before the revenue authorities for getting No Objection Certificate and as well as for getting mutation and other clearances which are required.

      

       Both the parties have decided to reduce the terms in writing for more clarity and future convenience. Hence this M.O.U.

NOW THIS M.O.U. WITNESSETH AS UNDER 

1.    The Party of the First Part are hereby accepted to give G.P.A. to the Second Party to sign and execute all the required applications and documents for the purpose of obtaining the required permissions/licenses etc.,

2.    The Second Party has agreed to bear all necessary expenses to get clearance for the land. An advance of Rs. ________/- (Rupees ________ __________Only) will be paid by the Second Party to the First Party at the time of signing in the M.O.U.

3.    The Party of the First Party hereby agreed to give all powers to the Second Party over the said land to clear all disputes before the Courts and Revenue Authorities. As such the Second Party is hereby possess all powers over the said land to sign all documents except the power of signing on the Registration documents.

4.    The First Party already handed over the original documents to the Second Party.

5.    The First Party is hereby agreed to give the land for development to the Second Party on basis of ____ ratio. The Second Party is also agreed to take up for development for the said ratio.

6,    The Second Party will pay another Rs. ________/- (Rupees ____________________ Only) after getting clearance orders from Court and after implementation by the concerned revenue authorities in favour of the party of the First Part.

7.    The Amount so paid as advance shall be returned by the First Party to the Second Party from the First Sale Proceeding of the property.

8.    The Second Party will pay monthly Rs. ______/- (Rupees ___________________ Only) to the First Party for expenses till the M.O.U. completes.

IN WITNESS WHEREOF, both the Parties herein put their hands and signatures on this Memorandum of Understanding in the presence of the following witnesses, on the day, month and year first above mentioned at ____________.

WITNESSES:

1.                                                                                                                                     FIRST PARTY

2.                                                       SECOND PARTY