Ramesh Kumar Tiwary s/o Late Shri A.C. Tiwari, Prop. M/s. Kirti Constructions, 264, Civil Lines, Allahabad.
This agreement made between the Landowners Party No. 1 and the Builder Party No. 2 witnesses as under :
1. That, the Landowners have placed their property land bearing Nazul lease Plot No. 141, 142 and 143, Block No. 76, measuring 6125-710 Sq. Ft. already sold 5415 Sq. Ft. for construction of a multi storeyed building of commercial cum residential complex on it. The landowners are the present owners of the property and the lease deed has been renewed in their names.
2. That, the Builder shall be entitled to get the building plan of the proposed construction to be raised on the plot sanctioned from the Corporation and town and country planning department in the name of the landowners. All expenses of preparation and sanction of the map to be borne by the Builder Party No. 2.
3. That, for generating funds for construction of the building the Building Party No. 2 shall be entitled to take refundable advances from the persons, who desire to have a shop or office chamber in the Complex.
4. That, for advances, which the Builder takes from the persons desiring to have a shop or office chamber on tenancy basis in the Complex shall be received by the Builder with stipulation that the amount of advance shall be refunded to the person concerned at the time he vacates the commercial unit in his occupation. If vacancy arises after 5 years the Landowners shall refund the said advance to the person vacating the shop or office chamber.
5. That, all investments for construction of the Complex building shall be made by the Builder with his own resources and funds generated by him as above. The Landowners shall not contribute anything towards construction cost of the building.
6. That, the Builder Party No. 2 shall let out the commercial units on reasonable rent which for units of the Ground Floor shall not be less than Rs…………………… per Sq. Ft. and of the upper floors at the rate of…………………. per Sq. Ft. The commercial units of the building shall be first let out to persons who have given advances for construction of the building to the Builder. The lease deed shall bear signatures of the Landowners.
7. That, the building constructed by the Builder shall belong to the Landowners. The Builder shall only have the right of realising the rent of the units of the building for a period of 5 years commencing from the date of letting out of the particular unit.
8. That, after 5 years the Builder shall stop realising rent of the commercial units of the building after that all rent realisation shall be made by the Landowners who shall exercise full ownership rights over the buildings.
9. That, both the parties shall co-operate with each other so that the venture results in mutual benefit of both the parties.
PROVIDED ALWAYS and it is hereby agreed that if the Landowners so desire the Builder shall construct four small flats for residence of the Landowners on the Top Floor. Each flat shall have two living rooms with kitchen and toilet. The construction of these flats shall be made on such terms as may be agreed to between the parties.
IN WITNESS WHEREOF, both the parties append their signatures to this agreement in presence of witnesses.
1. Party No. 1
2. Party No. 2