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    19 views29 pages

    8.JDA Old

    Uploaded by

    Deenbandhu Sahani

    Copyright:

    © All Rights Reserved
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    of 29
    Weret’y MAHARASHTRA 020170 JOINT DEVELOPMENT AGREEMENT THIS JOINT DEVELOPMENT AGREEMENT (‘Agreement’) s made at Mumbai this 12 day of June, 2037 BETWEEN MR. KISHANKUMAR JUGALKISHOR KEDIA, aged 70 years, Indian Inhabitant residing at 601/831, Laxmi Mall, Lexmi industrial estate. Newt Link Road, Andheri (west) Mumbai - 400083. hereinafter referred to a6 the “the Owner’ [which expression shail Unlass it be repugnant to the context or meaning thereof be deemed {o meen and include his heirs, executers, administrators, successors and his penrited assigns) of the FIRST PART AND MOUNTHILL REALTY PRIVATE LIMITED, a Company incorporate under the Frovisions of Companies Act 1856 and having its office at Between Gate No.1 & 2, Salt Lake Stadium, Sel Lake, Kolkata -700098 through its Authorised Signatory M.Sachin Kumar Singh , hereinafter referred to as the ‘the Developer’, (which expression shat! unless it be repugnant to the context ar megning thereof be deemed to mean and include its executors, administrators and permitted assigns) of the OTHER PART ‘The Owner and the Developer shall hereinafter be collectively referred to as “the Parties” WHEREAS {@) The Owner is the owner of and is well and sufficiently entitied to and is absolutely seized and possessed of land bearing Survey No. 26 Hissa No. 7 acimeasuring 3H-12R-00P equivalent to 31200 sq. mtrs. of Village Amibvali Tare Wankhal, Taluka Khalapur and District Raigad, and delineated on the plan annexed hereto as ANNEXURE “A” and thereon shown surrounded by red hatched color boundary line and more particularly described in the SCHEDULE hereunder wntten (hereinafter referred to as “said Property"). Copy of 7/12 abstract is annexed hereto and marked es ANNEXURE "B” (b} The Owner is desirous of developing the said Property and approached the Developer having requisite skit, infrastructure, experience and expertise with fegard to development and marketing of residential and commercial projects in Kolkata and other parts of India, ior éeveiopment of the saia Property; {c) Pursuant to protracted deliberations between the Owner and the Developer, the Owner has. subject fo entitlement of 28% (twenty eight percent) of sale proceeds arising from the saie of the constructed area in the building(s) constructed on the Lay aes Ok jude tee Said Propeny, agreed to appont, grant, entrust unto the Developer exclusive development rights and authority in respect of the said Property and the Developer, relying solely uoon the representations, declarations, warranties and assurances of the Owner and dslieving them to be true and correct, has agreed: and accept he exclisive deve opment rights in respect of the sand Property and to develop the said Property. with clear, valie! and marketable tile thereof, free from all encumbrances, on the terms and conditions agreed by and between them and in the manner as set out in this Agreement (d) The Parties hereto are row desirous of secording the terms and conditions agreed to by and between them in the manner as provided herein Now. REEMENT WITNESSETH AND IT IS HEREBY AGREED BY AND. BETWEEN THE PARTIES HERETO AS UNDER: 1. Definitions and interpretations. 14 Definitions AS used in this Agreement, the following teims shall have the following meanin (or the meanings set forth in the recited sections of this Agreement) {) “Applicable Law' means all applicable laws, bye-laws, rules, regulations, orders, ordinances, guidelines, policies, notices, directions, conciitions of any regulatory approval or license issued by a government, government authenties, Collector Ra gad and planning and statutory authorties: (i) “Approvals means at! approvals, permissions. sanctions, orders, nan agriculture order, no-objection certificates, resolutions, authorizations, licenses, exemptions, letters of intent, annexures to all Approvals, intimations of approval. intimations of disapproval, commencement cett'cates, occupetion cenificates, notifications. sanctions of layout plare (and any amendments thereto}, sanctions of building plans (and ary amendments thereto), approvals of the Central Government, Goverment of Maharashtra, Collector office Raigad, Sub-Divisional Office Khalapur Grampanchayat, NAINA, CDCO, High Rise Committee. Ministyy of Environment and Forests, and all other governmantal, public and loca! autherties and bodies, as may be adplicable and/or required for the development of the said Property by utilising the full and maximum development potential of the said Praverty (ii) “Association” shall mean and include 3 co-operative society registered Jets oo 8° : yes ww ™ (vi) (wi vis) (x w and incorporated under the provisions of the Maharashtra Co-operative Societies Act, 1960 and the Rules made thereunder or a company registered and incorporated under the provisions of the Companies Act, 1956 cr an association formed under the provisions of Maharashtra Apartment Ovmershig Act, 1970 and the Rules made thereunder of the Purchasers of the Premises: ‘Buildingé residential. commerciel, hespitalty, religious or educational institutions anc so on oF other constructed spate) to be constructed on the said Property in accordance with the Approved Plans and Approvais and this Agreement and including but not iimited te all requisite infrastructure facilities and common areas/facilties which form part of such building/s or structures: shall mean all kinds of buding/s and structure/s (including “Common Areas and Facilities’ sal! meen and include all the common areas, amenities and facilities that may be constructed and provided in the Buildings andior the said Property andior the amenities to te constructed ‘and provided in the Buildings by the Developer: “Completion Certificate” shall mean certificate issued by Gram Panchayat’ competent authority with respect to the Buildings certifying that the Buildings constructed on the said Progeny are complete as per Sanctioned Plans; “DCR” shall mean the Development Control Regulations, as applicable to Pen-Panvel-Khalepur and any statutory amendment or modification or re- ‘enactment thereof: “Developer's Allocation" shall mean 72% (seventy two percent) of the sale proceeds arising from sale of cons:ructed area on the said Property, “Encumbrance” shall mean any mortgage. charge, setoff or other security interest of any kind, pledge, hypothecation, assignment, deed of trust, encumbrance, len, claim, option, lis-pendens, acquisition or requisition proceedings, or any statutory lien or ciaim or charge in favour Of any persen of any tigation oF dispute, any interest. pre-emptive right, tvansfer restriction, or exercise of any attribute of ownership, any right of Setoff; and any adverse claim as to ttle, possession of use; “Marketing” shall mean and include sale, allotment, agresing to sell, transfer of the Premises under the provisions of MOFA Act andior to 12 xi) (oi) xii) (ivy (xv) wi) ow execute and/or to register the necessary deeds, documents and wrtings in respect of such Marketing in favour of the Purchasers and to receive, accept snd appropriate the consideration on account thereof and to give full and effectual aischarge for the payments received and to execute receipts in respect thereof “MOF Act” shall mean Maharashira Ownership Flats (Reguiation of the promotion of construction, sale, management and transfer) Act, 1963, “Occupation Certificate” shail mean occupation certificate andor pat ‘occupation certificate issued by the Competent Authority with rescec: <2 the Bulidings on the said Property “Owner's Allocation’ shall mean 28% {twenty eight percent) of proceeds arising from the sale of constructed area on the said Property “Purchaser(s)” shall mean and inclidle individual(s), partnership Sims), limited lability partnership, Hindu undivided famiies 3 limited companyties), bedy corporate|s), a private andlor public trustis) andor any other person(s) to whom the Premises are Marketed andfor agreed to be Marketed in accordance with this Agreement, “Premises” shall mean and include all the flats, apartments, basements. podiums, sti areas, floor areas, cer-parking spaces and all other areas and spaces (including all ancillary areas) comprised in the Buildings and ‘on the said Property; “Project” shall mean building!s constructed on the said Property; “Sanctioned Plan’ shall mean the layout plan of the said Property, the poullding pians and the floor plans for the Buildings as may be sanctioned and amended from time to time by Collector/Fown Planning Authorties. Allbaug, Raigad/competent authorities. Interpretation w a ‘The terms referred to in this Agreement shall, unless defined otherwise of inconsistent with the context or meaning thereof, bear the meaning ascribed to them under the relevant statute/legisiation: ‘Any reference herein to any Clauss, Annexure, Schedule or Exhibt is to such Clause of, of Schedule or Annexure to this Agreement unless the context otherwise requires. The Annoxures end Schedules to this ‘Agreement shall be deemed to form part of this Agreement, The headings are inserted for convenience only and shell not affect the construction of this Agreement, ivi Uniess the context requires otherwise, words importing che singuar Inside the plural and vice versa, end pronouns imocing a gerder include each of the masculine, feminine and neuter genders () Reference to statutory provisions, rules, regulations ang guidelines shall be construed as meaning and including reference: alse to any amendment or re-enaciiment whether before or after the date of this, Agreement) thereof and to all statutory instruments oF orders made pursuant to such rules, regulations and guidelines; (wi) The words “directly or indirectly’ mean directiy, or indirectly through ene or more intermediary persons or through contractual or other tegal arrangements, and “direct or indirect” have the correlanve meanings: (wi) The word “including” means “including without limitation’ and the words ‘include’ or “Includes” have correlative meanings, (wii) Any reference to “writing” shall include printing, typing. lithography and other means of reproducing words in visible form, and (o} Any reference to 2 document in the agreed fom is a reference to a document in a form agreed between the Parties hereto, (9 The recitals shall form an integral part of this Agreement Grant of Development Rights: Subject to entitiement of 28% (twenty sight percent) sale proceeds arising from the sale of the constructed atee over the sald Propery. the Gwner do and doth hereby irrevocable appoint, grant, entrust and empower the Developer with the Night to develop ail that piece and parcel of Non-agricuitural land beacing Survey No. 25 Hissa No.7 admeasuring SH-12R-00P equivalent to 31,200 sq. mrs. situate at Vilage Ambivali Tarfe Wankhal, Taluka Khalapur, Distriot Raigad and delineated on the plan annexed hereto as ANNEXURE “A” snd thereon shown surrounded by ced hatched colour boundary line and more particularly descrbed in the SCHEDULE hereunder written (hereinafter referred to as the “said Property") for constucting residential ‘ commercial buildingis on the said Property in accordance with the plans and specifications which may be sanctioned by the Collector Alibaug or other competent authority from time te time and to sell the constructed premises in the manner stipulated herein, \ . Ne License to Develoy Simuitaneously on the execution of this Agreement and after date of sanctior of construction pian and oataining ell the requisite sanctions necessary for commencement of construction, the Owner has granted License to enter of -he said Property for the Developer to undertake the development of the sad Property in accordance witn this Agreement and to underiake all necessary siecs to give effect to this Agreement and develop the said Property. in the manner contemplated in this Agreement, However its clearly understood that possession of said property will continue with the Owner during the period of develooment In consideration of the Qviner granting the development rights in respect of the said Property as set out hereinabove, Owner shall be entitled to 26% (twenty eight percent} of the sale proceeds arising from the sale of constructed premises in buildingls constructed on the said Property (hereinafter referred to as “Owner's Allocation”) and in consideration of Developer developing the said Property by constructing residential commercial buiklingls in accordance with the terms hereof and the Develope complying with ail their cbiigations specified herein, the Developer shall be entitled to 72% (seventy two percent) of the saie proceeds arising from sale of constructed premises in buildings constructed on the said Pronerty (hereinafter referred to as “Developer's Allocation”) (a) The term Sale Proceeds shall mean sale proceeds arising on account of sale of constructed premises, floor rise, preferred location charges, Recteational charges and open space. It is further expressly agreed tat in the event of any of the party hersto desiring to retain any portion of constructed premises for tiemseives, then such retaining party shall compensate to the other party herein for the same at such rate as may be mutually decided by the parties and such compensation shall form part of sale proceeds. (b) However, the term sale proceeds shall specifically not include the followings: {) Payments made by ary purchaser's for getting ary extra work dene in hisihertthair premises; (i) Stamp duty and registration fees collected from the purchasers of the premises; Volt i My Mil) Maintenance charges, sinking fund. membershio fees, transformer and electricity charges, HT/LT electric supply. Dieso! ganerator charges, club development fees. special amenitiesitacilties fees cluding stub faciities, fie cess charges. development charges and other charges of ke nature, MSEB deposit, electric meter and connection charges, legal charges, maintenance deposit, service tax, VAT, GST. share money collected from the purchasers of premises: {¢} The Developer shail cbiain cheques ‘or the above amount ie. 5%6) fi). fi) ‘hi im As own name and shall deposit such cheques in a separate bank Account to be opened and maintained in its name only in this regards, In ‘case any proceeds are received in escrow account related to dems of 5{b)() to ii, the same will goin full to the developer. (9) The Developer shail abide by the rules and reguiations of Real Estate ‘(Regulation and Development) Act 2016 (2) There wil not be liability upon the owner te refune the abovementioned amount ie. Sib) (0, i), (ii) to the eustemer. interest Free Refundable Security Deposit (IFRSD); [tis hereby agreed by and between the pares hereto that the Developer shell Pay a sum of Rs. 1,17,00,000/. (Rupees One Crore Seventeen Lacs only) as Interest free refundable security deposit in the manner stipulated hereunder, as guarantee for due performance of the obligations undertaken by Developer. The sloresa d Interest Free Refundable Security Deposit of Rs. 1,17.00 000%. (Rupees One Crore Seventeen Lacs oniy) shall be paid by Developer to Owner on or before the execution of Development Agreement Deposit inal Title Deeds: In the event of the Developer availing loan towards funding for construction and development of the said Property. tte Owner shall deposit the original ttle documents in respect of the said Property with the Banker as security towards such loan to be availed by the Developer. Provided Developer shall always be Mable and responsioie for repayment of loan amount without holding Owner or Owners allocation in any manner lable or responsible for repayment of the same and Developer shall indemnity and keep indemnified the Owner against non Payment 0° loan amount weaese Vw iby ©) velopment and Construction: The entire cost of the development of the said Property and expense to be incurred for obtaining at! permissions for construction shall be borne ard Paid by the Developer. The cost of development shall intar alia, incluse but not limited to the cost of construction, betterment charges, deficiency charges, taxes, costs, charges, expenses, premium, scrutiny. deposits (refundable or etherwisa), fees, etc. payable to the Authorities. Cost of labour and building material, fees payabie te architects ROC consultants structural engineers, security personnel, contractors. sub-contractors and other professionals, slecticity and other charges; {tis further agreed that Owner shall not be fable to contribute towards any cost of development / construction and/or cosi towards obtainment of any permission, The Developer alone shall be responsible for carrying out the day to day work of construction of Buildings in the said Property and vay and bear the cost and expense thereof, The full development of the said Property shall be carried out by the Developer on its awn ccst. The Developer shall alco bear and pay assessments and all othe’ charges / taxes / electricity charges / water charges, fees, deposits etc, payable to the Comoration and / or Government Autharties or anyone concerning the said Prepemty andior the Bulding/Buildings to be constructed on the said Property for the partied pertaining te commencing from the date of execution of this Agreement The Developer shall also be liable to bear all expenses of the security agency appointed by the Developer to look after the said Property. Representations of the Owner: ‘The Owner hereby represents warrants, confirms, declares and states as under (@) The Owner is the absolute and legal owner of the said Property and title of the Vendar fo the said Property is clear and marketable and “ree from all encumbrances, reasonable doub's and litigation fb) The said Property is free feo encumbrances and is not subject to any sale, exchange, tenancy or any sub-tenancy, charge, lease, license, sub-license, conducting agreement, lien, morigage. gif, inheritance, easement, trust, injunction or any ale de Ne eyed a ©) @ ) ‘such encumbrances and the Quner has not given guarantee for recovery of lean etc to any person or persons/banks’ financial ‘sitation or any other third party whereby the right of the Deveioper may be prejudictally atfected; ‘There Is no suit or proceedings nor notice of lispendens nor attachment either before or after judgment of pronibitory order or Injunction pending in respect of the sald Property or any pact thereof in any court whereby the right of the Daveloner may be jeopardized. There are no tenements building / sheds / structures standing on the said Property; ‘The said Property falls under “Residential Zone” as per the Zone Cerificate issued by Town Planning and Valuation Department Copy of Zone certificate is marked ANNEXURE “C" hereto: The Gwner has not entered into any Agreement or arrangerent Partnership, jeint venture, joint development. or such similar agreement with any other person or persons or builders or developers for sale or development of the sald Property or Crested third party nights in respect of the said Property andior ‘Structures thereof or any part thereof nor has the Owner taken any deposivearnest moneyladvance from any person or offered the said Property or any part therecf as a sccurity against any loan taker nor has executed any Power of Aitomey in respect of the said Property in favour af any person(s) which is subsisting and/or in force, affecting the grant of development rights of the said Property. The Owner hereby agrees to indemnity and keep indemnified the Developer against any third party claims of whatsoever nature; No petition or procsedings for insolvency of the Owner is Pending or has been filed or mitiated before any Court of Law or ‘other Competent Authority by or against the Owner his ereditors ‘oF any other person or persons No notice for setback or notification for acquisition ar requisition under the Land Acquisition Act cr any other Act or statute for the time being in force or from the Government or the Municipal Council or Gram Panchayat or Zila Parishad or CIDCO or any 6 0 « “ (my () other public body or autherity has been received, served or issued affecting the rights of the Owner to the said Property till Date There are no piohibitory orders or any attachment orders under Section 2818 of the Income Tax Act, 1961 or otherwise any liabilities in respect of the said Property of any part thereof whereby the rights of the Owner to the said Property are affected There are no estate duty, wealth tax, imcome tax, sales tax or ther taxation proceedings whether for recovery or otherwise initiated by any taxation authorities andior pending before any authority whereby the rights of the Owner to the said Property are affected: ‘The assessment of land reverus / property taxes have been duly made in accordance with the process of the law and the Quine hhas paid all rates, taxes and other public charges in respect of tho damand raised on the said Property tit the date of execution of this agreement and that there are no arrears of any such rales, taxes or any other public charges. payable to the government or any ether revenue or local body or any other authorities: ‘The Owner has not obtained any loans and/or advances fram any person or persons, banks, financial institutions or any other third party by mongaging the said Propery and/or against collateral secunty thereof nor given any guarantee whereby the Tights of the Owner to the said Property ate adversely or prejudicially affected in any manner whatsoever. The said Property is not reserved or acquired for any public purpose viz state government ar co-operative or private Institution of seri govemment authorities or special economic zone or state highway or nationat highway nor has he received any notice of acquisition, reservation, requisition from statefoenttal Goveinment Depariment til date The said Property or part thereof has not been declared as Protected Forest / Reserved Forest / Private Forest by the State Government / Central Government under Indian Forest Act, 1927 (0) ) (@ oO (s) ® fu) w & Maharashtia Private Forest (Acquisition) Act. 1975 and that nc ‘roltication in that regard has been passed or issued by the State Government / Central Government til date nor any enquiry under ary of the prowsions of Maharashtra Private Forest (Acquisition! Act 1875 was or is pending in respect of the said Property or part thereof, The said P-operty or part thereof does not belong to any Schedule Trives /VJ-/ NT and that suet persons do not have any right of wnatsoever nature in the sad Property The said Property does not belong to Group Grampanchayat, hor the same is iransfered or claimed u/s 51 of Bombay Grampanchayat Act; The seid Property is frechold land and is not gavki land ander Rot declaredinatified a§ adivasi land, forest iand. watan lane devasthan land, defence land, and no permission is required from any authority for dealing with the same as contemplated herein; No appeals under See. 247 of Land Revenue Code oF review applications under See. 258 have been made or pending in respect of the mutation entries sanctioned so far of the sad Property: There are no tiler tenanvfarmer cultivating the said Property or any portion thereof, There Is no dispute with any of the adjoining properties as to boundaries or areas or encroachments: ‘The Owner has the absolute right, and authority to enter into this Agreement and has net done or shall net do in future, any act of commission or emission or allow any persen or party to do any act of commission or omissior whereby the rights of the Developer under this Agreement may be preyuctcially affected: ‘There are no encroachments, trespassers, in respect of the said Property any part thereof and no rights have been created in favour of third parties with respect to the said Property or any part thereof (w) There are no easementary rights created under any document or ary covenan: or by prescription in respect af and / 3 upon the said Property of any part thereof Roles and Obtigations of the Owner: The Owner shall be entitled to, and shall perform the following roles and obligations: (a) The Owner shall apply and obtain 10D, Commencement Ceniticate, Approvais and Sanctioned Plans for development of the said Property. it accordance with the Applicable Law and Approvals. 2 required for development of the project. The Owner shall, if sequired by the Developer, execute and sign all the deeds, documents. witings applications, forms for the Approvals and Sanction of Plans submitted by the Developer and all Cost and expenses. of Approvals shall be bear by Developer Only: {b) To draw, design, amend, and to submit and apply to Town Planning andor other competent authorities, the layout plans, building plans and floor plans for the development of the said Property anc to seek their sanction thereof and owner shall be provide excess Road to said project: (©) The Ovmer shall aot do any acts, deeds, matters and things which shall adversely affect, the title to the said Property and shall pursue all he legal Temedies to clear detects and/or irregularities, if any in this regard: (2) The Ovmer shall akvays continue to keep the ttle of the said Property clear, valid, marketable and free from doubts, tigation and encumbrances; [s} The Owner shall conduct land survey through Taluka Inspector of Lang Records (TILR) and demarcate boundaties thereof within 7 (seven) days from execution of these presenis and upon sa doing developer shall erect! Construct boundary wall at his own cosi and expenses: 48) The Ovmer shall not do any acts, deeds. matters and tings which shall adversely affect the said Property ancfor the development rights of the Said Property andor the Buildings to be constructed on the said Property and/or the premises in the buildings io be constructed on the said Property or any part thereof and/or any rights andior entitlements of the Developer lundier this Agreament, so as to enable the Developer to develop the said je Lk se’ 12 Property, (a) To pay all cutgoings and statutory dues including, rates, cesses, municipal fees and other assessments andior dues and/or charges pertaining to the period til execution of this agreement whether demandedipayable prior to or post execution af this agreement {hy The Owner, so tong as the same are on account of the Quner's own acts, shall, at his own cost, pursue all the lecal remedies to clear defects and/or inregularties, if any that may have arisen or that may arise with respect to the titi of said Property or part thereof andor the development rights of the said Property andor the project andfor building's comprising in the project and shall keep the Developer safe. harmless and indemnified from and against all claim, action, proceeding thai may arise in relation thereto () To convey the said Property to one or mare Association(s), in accordance with the provisions of the MOFA Agreement, and for that purpose te sige: and execute all necessary deeds, documents and writings and register the same with the Office of the concemed Sub-Registrar of Assurances and also execute ali the applications, papers, writings. instruments and documents and make representations before all concerned authorities as and when mutually agreed between the Parties; @ The Owner shall sign and execute all applications. papers, writings instruments, deeds and documents as are reasonably necessary and generally to do, execute and perform any and all other acts. deeds matters and things as are reasonably necessary to enable the Developer {0 perform as roles and obligations; (bj The Qamer shall give and rencier atl assistance and give co-operation that may be required by the Developer form time to time within legal framework to cary cut the development works on the said Property and the construction te be carried thereon and provide all details anc papers relating to the said Property or any part thereof as and when required by the Developer. il) The Owner shall give free passage towards ingress and outgross to the project site at alltime during or after the completion of construction 11. Roles and Obligations of the Developer: @) The Developer shail be entitled to and shal perform the following roles and obligations at its own costs and expenses and and shall abide by / Ack 3 Ty ) (a) fe) fh @ «hy rules and regulations under Real estate (Regulation and Development) Act, 2016 To davelop the said Property in accordanes with the terms of this Agreement: To modify, amend. revise the Approvals and Sanctioned Plans in consultat on wath the Owner. Fo appoint the architects and other consultants and professionals for the development of the said Property and for the preparation of the designs plans and lay-outs, for the devetopment of the seid Property To change such architects and other consuitants and professionals ancl appoint others ia their place and stead; To apply for and cblain quotas. entilernents and other allocations for coment, steel, bricks and other building materials and inputs and facilities required for the construction of the Project To apply for and obtain connections of water, electricity, drainage and sewerage; To employ andior engage labour, workmen. contractars, personne! » skiled and unskilled (or cause any separate agency to do the same) to carry out the work on the said Property and to pay the wages remuneration and salary of such labour, workmen, contractors and personnel and to comply andor to cause the compliance of all Apoticabie Laws in chat behalf including taking out the requisite insurance policies including workmen's insurance: To deal with all the concered statutory and local authorities including but Rot limited to the Collector office, Revenue Authorities, NAINA, CIDCO, Environment Department, Government of Mahareshva and all ts ministries and departments, Government of India and all its ministries and Gepartments, defence establishments including the Air Force. Airport Authority. concemed publiv/statutory authorities(pavate utiities with respect to the development and implementation of the development of the said Property and apply for, deal with. appear before and obtain from the concemed authorities ali such orders, cattificates, permissions, ‘extensions, modifications, clearances, exemptions and concessions a may be necessary for the development and implementation of the development of the said Property To take all decisions with respect to the lay-out, design. aesthetics, A Sets )be ee a Ky o «m) (ny (0) tp} planning, development, quality, amenities, facilties, lay-out infrastructure. in respect of the said Property; To carry cut ali the infrastructural work including leveling of tne said Property. laving of roads, street lights. water storage fac ies. mains. sewages. storm water drains, rectealion gardens. boungavy electrical eub-staions To obtain Occupation Centticate and Completion Certilioates in respact of the Buildings constructed on the said Property rem the competent authority To put up hoardings advertisement boards and other boards’ sigrage on the satd Property and buildings constructed thereon as i may aeem ft On the completion of the development of the project and as per the Applicable Lew {and applicable judaments of courts). to take all necessary steps for the formation and registration of one or more Associations in respect of the Buildings, as the Developer decides in its sole discretion and for that purpose to sign and execute all necessary applications, papers, writings, insttuments and documents and make representations before ali concemed authorities as and when necessary and required to do s0; ‘To keep informed or updated the owner about the development and a! acts deed and matters conceming the development es well as the progress of the development to the ow7er properly and regularly. To cause the Owner to convey the said Property in favour of one or mare Association(s), in accordance with the provisions of the MOFA Agreement, and for that purpose to cause the Owner to sign and execute all necessary deeds, documents and writings and register the same with the Office of the concemed Sub-Registrar of Assurances and also to execute all the appiications, papers, writings, instruments and documents. and make representations before all concerned authorities as and when mutually agreed between the Parties; ‘To enable the formation of society or co-operative society of purchasers , ‘as case may be, under the laws applicable To generally do any and al other acts, deeds, matters and things that may be required for development of the said Property in the manner as stated herein; ake * wees Vk an (a o 6) @ wy) ) The entire devefopment of the project shalt be earriad out, in a proper and workman-like manner, by the Developer in accordance wath the Approvals and the Applicable Law, at the tisk and cost entirely of the Developer Such cost shail include but is net limited to the cost of construction. costs charges andior expenses of obtaining Approvals, and/or payment of development charges and/or fees, premium {by any name called) including deposits and/or fees, costs. charges andlor excenses that may at any time, be cayable to such authorities for carrying out the work of constructing and/or for applying and/or obtaining Occupation Certificate andior Completion Cerificate: In the event of any accident. mishap. collapse. damage or any such ‘accurrences at the said Propemy, in connection with the development of the project, so long as the same are on account of or attributable to the Developer's own acts or omissions, and/or those of its employess Contractors. workmen, agents and/or tepresentatives, the responsibilty obligation and liability pertaining thereto and consequent there upon {including to third parties) shall be of the Developer alone. The Develoner agrees and undertakes to forward to the Owner. true copies of any letters or other communications which may be received by the Developer afer the date hereof concerning the said Property. within a Period of 18 (fifteen) days from the date of receipt of such letter or ‘communication by the Developer, together with enclosures. (if any); To take out an appropriate workmen's compensation insurance policy to Cover the fisk of any claim that may arse on account of any injury or death caused to or suffered by any workmen employed at site Takeout an appropriate insurance policy, against any third party claim that May arise on account of any mishap or aceigent at site and against the toss of building materais by theft, riot, destruction or fire, ‘The Developer shall provide detais of planned arnenities and specifications in the Project (including (he Premises) as per the details set out in Annexure “D” hereto. Further, the developer shail Keep the Owner updated with respect to any changes in the amenities and specifications in the Project. The Developer shall eiso furnish (o the Maharashtra Real Estate Reguialory Authority such information as is required under the Reat Estate Regulation and Development Act 2016 and also any we eee Aww 12. Representations of the Developer: (@) The Developer represents that the Developer has the absolute right, and authority to enter into, deliver and perform this Agreement and will take all necessary action 10 enable it to execute. deliver and perform this, Agreement and shal. not do any act of commission or omission or allow any person cr party io do any act of commission or omission whereby the development of the said Property may be prejudicially affected: (b) The Developer has necessary expertise in development of real estate and has undortakenideveloped various real estate projects of this magnitude in Kolkata and other parts of India (6) The Developer has ail the necessary infrastructure. mar power arc financial strength to undertake the development of the sais Proverty as contemplated herein anc complete the same: (@) The Developer undertakes that there shall be no disparity between the specifications and/or amenities orovided in the Developer's entitlement and the Owner's entitlement (e) There are_no winding up proceedings initiated or filed against the Developer and no order of winding up has been passed and no provisional or final liquidator has been appointed, 143. Developer's right to borrow: (a) ) The Developer shall be required to make its own arrangements to make available the finance from bankifinancial institutions for comoiating the development of the sic! Property and upon registration of these presents. the Developer may without any further recourse of reference to Owner ‘obtain such loans and finance against the security of the rights of the Developer under this Agreement and for thal purpose enter into and register the necessary Indenture of Mortgages ets, Upon registration of these present, the Ovner hereby grant its ievocable consent to the Developer for creating any charge, mortgage, lien or any other encumbrance on over and upon their rights under this Agreement, provided that the Owner shall in no way be liable or responsible for payment of any loan or finance borrowed by the Developer or for the payment of any interest thereon and without the Owner incurring (abilities, whatsoever financial or otherwise: The Developer shail also be entitled to mortgage the said Property as - \ob Ane \we / 1“ 16, 16. Security for the purpose of raising construction finance for the development of the said Property, vithout further recourse to Owner provided it shall always be the responsiblity of the Developer to repay the joan along with accrued interest. if necessitated the Owner shall a¢ set out in Clause 7 hereinabove deposit all original title documents in relation to sai Propery with the Bank advanong loan to the Developer for evelopment of te said Propeay, (6) The Developer undertakas to repay all icanvboorrowings along with interest ‘nd agrees to indemnify and keep the Owner indemnified against any Claimlossesidamages which the Owner may have to sufferfincur on account of defau'tinon repayment of such loan Commencement and Completion of Project: Subject fo delay attributable to Force Majeure set out in Clause 20, the entire Project shail be developed and completes in 2 (two) phases. The Developer shall commence the construction within 6 (six) months from the date of sanction of plans by the competent authorities or the date of execution of this agreament, Wwhishever is later: and shail compiete the construction within 48 {forty oight) months with an extension of 6 (six) months from the dete of sanction of project plan for each phase, however the developer shall construct erect and complete the entire project in total patiog of @4 (eighty four) months from the aforesaid commencement date, Subject to Force Majaure. if there is any further delay beyond the Extended Period, then in such circumstances, the Developer shall be lable to pay to the Owners a sum of Rs.1,00.000)- (Rupees one lac only} per ‘month as liquidated damages till the completion of the construction Refund of Interest Free Refundable Security Deposit (IFRSD) : ‘The Owner shall refund Interest Free Refundabie Security Deposit of Rs. 1,17,00.000/- (Rupees One Crore Seventeen Lacs only} to the Developer after ‘completion of project ir accordance with the sanctiared plans and Occupation Certificated granted by competent authority within 80 days from the date of intimation of compietion of the project by the developer. Inevocable Power of Attorney: Simultaneously with and pursuant to the execution of this Agreement, the Owner has executed Irrevocable power of ettomey in favour of the Developer to perform and undertake ail actions that may be cequited {i} for obtaining Aporovals for constuction of the Project, to camry out development of te said Properly [ote BE wee ade A 18 7 16. fa) &) wo Notwithstanding the execution of such Power of Attorney, the Owner shall sign such proposals, applications, affidavits. declarations and other writings, if required to be submitted under his personal signature to any authority in connection with the develogment of the said Property {i} to undertake all activities for construction anc development of the Property in accordance with the terms of this Agreement: (il) authorizing the Developer to execute agreements for mortgage (including, deed of mortgage, deed of further Charge and all other deeds, documents, writings and assurances) of the said Property including but not tmited to Developer's development tights {if mortgageable) in favour of any bank, Third Party financial instituton/s or financier. Maintonance: ‘The Developer and Owner shail jointly design a scheme for the management and administration of the Buildings constructed on the said Property. Bath the parties hereby agree to abice by all the sutes and regulations to be so framed by the Developer and Owner for the raragement and administration of the Buildings constructed on the said Property, Sale of Premises to the Intended Purchasers: Upon the sanction of bullding(s} plan by the Competent Authority / Appropriate Authority: ‘The Developer shali be entitled to book, allot, sell, transfer, retransfer, cance, surrender, 10 issue Leiter of Allotment, enter into Agreement for Sale on what is known as "Ownership" basis and recover realize th entire sale oroceeds or consideration monies arising therefrom and appropriate to themselves such sale proceeds or consideration monies in proportion to their respective allocation Le 28% of Owner and 72% of Developer in the manner spelt out in Clause 19 herein below. The Parties hereto have decided that they shall from time to lime fx minimum base selling prices in respect of the premises (with or without car parking spaces and other premises) in the building(s) and which may be recorded separately and all sales shall bo made under single window by the Quner and Developer jointly at the agreed base price from time to tire: The Agreement for Sale/MOFA Agreements in respect of the sale of unitsioffices/shops/premises in the new residential buiding(s) shall be prepared by the Attomey of the Developer and shall be approved by the Attomey of the Owner and the parties shall use the said approved draft for sale of premises in Ae Me Jue Now ae 8 : 40, 20. 24 @ the building(s), However, the said Developer shall alone be conside-ed to be the. Promoter’ as defined ky the Maharashira Ownership Flats Act, 1965 in respect of the construction carried out. ‘The Developer and owner shall open Escrow bank accounts In Bank’s te 2 rules and vegulations under Real Estate (Regulation and Develone~ 2016 The Name of such account shall be “of Mounthill Realty Private Limited Escrow A/C Panvel Hills Pyramid”, It is ag-eec sale proceeds as specified in Clause 5(a} above from the pross shall be first deposited only in the aforesaid designated joint tan itrevocable written instructions to the bank to be given joint y cy cart cartes that sale proceeds 21 consideration monies so deposited shal! = -ansferre to the Bank account of both parties in the proportions of 72°: ena 28% Le. the Developer shail be entiled to 72% (seventy two percent) o° the sales proceeds: and the Owner shall be entitled to 28% (twenty eight percent of the sales proceeds. The Developers shall submit monthly statements of accounts to the ‘Owners cf the sales proceedsicompensation received by them in respect of the premises in the building{s) Forco Majeure: Developer shall not be liable for any delay in compliance with its obligations Under this Agreement in the event such delay is due to any event of force majeure such as civil commotion, war, terrorism, earthquake, riots, strikes, lock ‘outs, fire, accident or other act of God or due to any prohibitory order or injunction or directive of any Government Tribunal, Quasi-ribunal, jacal or public body or authority or competent aulhordy or any Act, Ordinance, Statutes, Rules Regulations, Bye-laws, Notifications by Government (Stsie ane Central) or municipal or other tocai bodies or competent authorities, provided the same ere not attributable to any act or omissicns of the Developer, its employees, contractors, workmen, agents, representatives or as 2 result of any industryawide evert. Default: If any Party (Defaulting Party’) commits a breach of thrs Agreement or commits @ default in performance of its roles, obligations and covenants under this Agreement, then in such a case without prejudice to the other rights and remedies, in law available fo the other Party ("Non-Defaulting Party"), the Non- Defauting Party shall issue a notice (‘Remedy Notice’) to the De“auiting Party and call upon the Oefauiting Party to rectify and remedy the breach andlor vet Ve () fo) ay 22, perform its roles, responsibilities and covenants. in the event the Defaulting Party fails to rectify or remedy the breach andlor perform the soles. responsibilities and obligations of the Defauiting Panty, at its own cost 11 2 deri0s of 6G (sixty) cays from receipt of the Remedy Notice. nen

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