MEMORANDUM OF UNDERSTANDING

This Memorandum of Understanding is made at Navi Mumbai this __ day of

October, in this Christian year Two Thousand Sixteen.

BETWEEN

MR. MALLIKARJUN RAMCHANDRA MALGE, Aged about 47 years, PAN No.

AHRPM6319E, Indian Inhabitant, at present Residing at Room No. M-130,
Sector-4, Airoli, Navi Mumbai, hereinafter referred to as the party of the
“FIRST PART” (which expression shall unless it be repugnant to the context
or

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meaning thereof be deemed to include his/her/their respective heirs executors
and administrators of the last surviving partners and his/her/their permitted
assigns) of the ONE PART.

And

1) MR. SURESH MAHADEV KOLI, Aged about ….. years, PAN

No.AJHPK1278N, 2) MR. MAHADEV C. KOLI, Aged about …. Years, PAN no.
…………………., both Indian Inhabitant, both Residing at M-90, Sector-4, Airoli,
Navi Mumbai, hereinafter referred to as the party of the “SECOND PART”
(which expression shall unless it be repugnant to the context or meaning
thereof be deemed to include his/her/their respective heirs executors and
administrators of the last surviving partners and his/her/their permitted
assigns) of the OTHERPART.

WHEREAS the party of the “FIRST PART” is doing business of Fabrication as

well as for Investment and that he is also brother in law of the party of the
second part. During the regular course of his business the party of the first
part required financial assistance from time to time for his business as well for
Investment and therefore he approached the party of the second part.

WHEREAS the party of the “SECOND PART” in a view that his brother in law is
in need of money and further that his money would be paid returned to him as
per his demand agreed to pay the said amount to the party of FIRST Part

Whereas in accordance with the request of the party of the first part the party
of the second part against the assurance of refund of the said money on
demand paid the friendly loan amount of Rs. 13,00,000/- (Rupees Thirteen
Lakh only) as and by way of financial assistance on compoundable interest @
24% per annum to the party of the first part in the following manner and
against the terms and conditions as recorded herein below;;

1) Rs. 5 lakhs in November 2013.

2) Rs. 6 lakhs in January 2014.
3) Rs. 1 lakhs 50 Thousand in April 2014.
4) 50 Thousand in November 2014.

NOW THIS INDENTURE WITNESSETH :-

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1. That the party of the first part acknowledges the receipt of the said
Friendly Loan of Rs. 13Lakhs with the assured interest @ 24% p.a. which
till date of this indenture is 21,20,000/-.

2. That the Party of the Second Part is giving a Friendly Loan of Rs.
13,00,000/- (Rupees Thirteen Lakh only)to the Party of the First Part for
the period 7 months of from the date of execution of this indenture.

3. That the party of the first part hereby undertakes to refund/return the
said friendly loan along with the incurred interest till date i.e. Rs.
21,20,000/- (Rupees Twenty One lakh twenty Thousand only) along with
the compensation of Rs. 24% (Yearly compoundable interest) p.a. of the
total due amount within 1 month od such demand of the party of the
Second Part. Provided that the party of the second part shall not ask for
the refund/return of the amount due at that time before 31 st May 2017.

4. That both the parties hereto agree /accepts that if the party of the first
part fails to repay the said friendly loan along with interest incurred at
that time when asked to the party of the second part then the party of
the second part is at the liberty to ask for execution of the regular
conveyance deed in respect of the property being No. SS-II/ M-130,
Sector 04, Airoli, Navi Mumbai- 400 708.

5. That to secure the said friendly loan amount is extended to the party of
the first part to second part and compensation amount accruing thereto,
the party of the first part is submitting/severing Title Documents of the
property being No. SS-II/ M-130, Sector 04, Airoli, Navi Mumbai- 400
708 to the party of the Second Part as an by way of Mortgage/Security of
the said money received by him of the said friendly loan.

6. That the party of the “FIRST PART” is in the possession of the said
Apartment No. SS-II/ M-130, Sector 04, Airoli, Navi Mumbai- 400 708,
District Thane, which was signed delivered and transferred in his name
through necessary Conveyance Deed dated 13/08/2009 at Sr. No TNN9
01546, executed by one Sri K.M Kotiyan, an adult, Indian Inhabitant,
Residing at Apartment No. SS-II/ M-130, Sector 04, Airoli, Navi Mumbai
for a consideration of a sum of Rs. 3,55,000/- (Three Lakhs Fifty Five
Thousand).

7. That the party of First part hereby undertakes to do all the requisites
that are required to be done by seller to transfer the good marketable
title and free from encumbrances in respect of theSaid Property in the

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 name of the party of the Second Part on failure on his part to repay the
saidfriendly loan.

8. That both the parties hereby state that they will enter into the registered
Sale Deed/Conveyance Deed in respect of the Said Property in the
occasion of the failure of the party of the First part to repay the said
friendly loan a/w agreed compensation amount within the stipulated
time period and that on completion of the all legal formalities for the sale
of the above the said property of the party of the First part shall
handover the possession immediately to the party of the Second part.

IN WITNESS WHEREOF the parties hereto have hereunto set and

subscribed their respective hands the day and year first hereinabove
written.

IN WITNESS WHEREOF the parties hereto have executed this

Agreement in the manner hereinafter appearing on the day and year
hereinabove written.

SIGNED AND DELIVERED BY THE

Within named party of the “FIRST PART”

MR. MALLIKARJUN RAMCHANDRA MALGE

SIGNED AND DELIVERED BY THE

Within named party of the “SECOND PART”

1) MR. SURESH KOLI

2) MR. MAHADEV C. KOLI
Witness:

1. Mrs. SHOBHA M. MALGE

2. Mrs. VIJAYSHREE S. KOLI

3. Mr. NAGAPPA MALGE

4. Mr. BHAVESH MALGE

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 RECEIPT
Received with thanks an amount of Rs.13,00,000/- (Rupees
Thriteen Lakh only) from the within named party of the second
part towards this memorandum of understanding
dated_________________.

I say Received
Rs. 13,00,000/-
(Rupees Thriteen Lakh only)

MR. MALLIKARJUN RAMCHANDRA MAGLE