DEED OF CANCELLATION OF AGREEMENT OF SALE
This DEED OF CANCELLATION of agreement of sale is made
and executed on this the Fourteenth day of December Two Thousand
Twenty (14.12.2020) at Bangalore:
BETWEEN:
1. SRI. BHAIRAPPA,
Aged 65 years,
S/o. Late Boranna,
Residing at Gangenahalli Village,
Thavarekere Hobli,
Magadi Taluk,
Bangalore Rural District – 560 029
Hereinafter called as the ‘FIRST PARTY’ (which expression unless
repugnant to the context, shall mean and include his respective heirs,
legal representatives, administrators, executors, successors, assigns
etc) of the One Part:
AND
SRI. NANJAPPA,
Aged 42 years,
S/o. Late Gangaiah,
Residing at Kittanahalli Village,
Thavarekere Hobli,
Magadi Taluk,
Bangalore Rural District – 562 162
Hereinafter called as the ‘SECOND PARTY’ (which expression unless
repugnant to the context, shall mean and include his legal
representatives, Legal heirs, executors, successors, assigns etc) of the
Other Part:
WITNESSETH AS FOLLOWS:
WHEREAS the First Party herein have represented that he is the
owner by title and in peaceful possession and enjoyment of all that is
part of Agricultural land bearing [Link].19/2, Situated at Gangenahalli
Village, Thavarekere Hobli, Magadi Taluk, Bengaluru Rural District –
560 029, measuring to an extent of 4 Acres, which is more fully and
particularly described in the Schedule hereunder and hereinafter
referred to as ‘SCHEDULE PROPERTY’.
WHEREAS, the said parties herein have entered into an
agreement of Sale in respect of sale of the Schedule Property, under a
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Agreement of Sale dated 01.12.2020. That the Second Party have
received a sum of Rs.10,00,000/- (Rupees Ten Lakhs Only) as advance
cum part sale consideration amount under the said agreement of sale.
That the balance Sale consideration of amount Rs. 30,00,000/-
(Rupees Thirty Lakhs Only) has to be paid by the first Party by
15.02.2021 i.e. upon registration and execution of the said sale deed.
WHEREAS the parties to this cancellation deed have deemed it
fit to cancel the agreement of Sale dated 01.12.2020, due to their
personal reasons and were unable to comply with the terms and
conditions of the said Agreement of Sale. The First Party on
10.12.2020 approached the Second Party and expressed his intention
to cancel the agreement of sale and requested to refund the part sale
consideration amount paid under the agreement of sale and assured
that he has not created any encumbrance or third party interest or
right over the Schedule Property in pursuance to the agreement of
sale. That the Second Party accepted the proposal and have agreed to
cancel/terminate the agreement of sale dated 01.12.2020 and to
refund the advance cum part sale consideration amount of
Rs.10,00,000/- (Rupees Ten Lakhs only) paid by the First Party. That
in pursuance to the concurrence of both the parties, this cancellation
deed is entered into on the following terms and conditions;
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NOW THIS DEED OF CANCELLATION WITNESSETH AS FOLLOWS:
1. That in pursuance to the cancellation/termination of the Agreement
of Sale dated 01.12.2020, the Second Party has refunded a sum of Rs.
10,00,000/-(Rupees Ten Lakhs Only) to the First party, which was
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received by them towards advance cum part sale consideration
amount under Agreement of Sale. That the First Party has duly
received and acknowledged the said sum of Rs.10,00,000/-(Rupees
Ten Lakhs Only) before the witnesses attesting hereunder towards full
and final settlement and hereinafter discharge the Second Party from
any further payments. The Second Party shall not pay any further
amount to the First Party.
2. That the First party in pursuance to receipt of the said sum of Rs.
10,00,000/-(Rupees Ten Lakhs Only) hereby relinquishes all his rights
that has accrued to him under Agreement of Sale 01.12.2020. The
First party has no claim whatsoever over the Schedule Property or
against the Second Party.
3. The First Party has handed over the original copy of Agreement of
sale dated 01.12.2020 to the custody of the Second Party and the said
agreement has been marked as cancelled and both the parties have
affixed their respective signatures. Similarly the First Party has also
returned all the Original documents and title deeds pertaining to the
Schedule Property which were in the custody of First Party to Second
Party.
4. That the Second Party hereby indemnifies and assures the First
Party that he has not created any encumbrances or third party right
or interest over the Schedule Property in pursuance to the agreement
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of sale dated 01.12.2020. That both the parties have entered into this
Cancellation deed out of their own will and accord and there is no
coercion or force from any quarter.
5. That the Second Party hereinafter being the absolute owner of the
schedule property have got every right to deal with the schedule
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property in any manner as he deem fit and the First party has no
objection whatsoever, as the agreement of sale dated 01.12.2020 is
cancelled. The Second party is free to deal with the schedule property
according to their convenience and there is no subsisting contract
between the parties herein in respect of the schedule property under
the said agreement of sale dated 01.12.2020.
SCHEDULE PROPERTY
All that part and parcel of the Agricultural land bearing
[Link].19/2, Situated at Gangenahalli Village, Thavarekere Hobli,
Magadi Taluk, Bengaluru Rural District – 560 029, measuring to an
extent of 4 Acres, and bounded on the:
East by : Jairama’s Property,
West by : Devanna’s Property,
North by : Gajendra’s Property,
South by : Mud road.
IN WITNESS THEREOF, the first party and Second Party have
affixed their respective signatures to this Deed of Cancellation on the
day, month and year first above mentioned, at Bangalore.
WITNESSES:
1.
2.
FIRST PART:
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SECOND PARTY:
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