Page 188 - DMGT512_FINANCIAL_INSTITUTIONS_AND_SERVICES

Unit 12: Hire Purchasing

That the actual physical vacant possession of the said portion of the said property will be Notes
delivered by the FIRST PARTY to the SECOND PARTY, at the time of the registration of the
Sale Deed, after receiving the full consideration.
That on or before ……………………………., the FIRST PARTY will execute and get the Sale
Deed of the said portion of the said property registered, in favour of the SECOND PARTY or his
nominee/s, on receipt of the full and final balance amount, failing which either party shall be
entitled to get the Sale Deed registered through the court of law by SPECIFIC PERFORMANCE
OF THE CONTRACT, at the cost and expenses of the defaulting party.
That the FIRST PARTY hereby assures the SECOND PARTY that the FIRST PARTY has neither
done nor been party to any act whereby the FIRST PARTY's rights and title to the said portion
of the said property may in any way be impaired or whereby the FIRST PARTY may be
prevented from transferring the said portion of the said property.
That the FIRST PARTY hereby declares and represents that the said portion of the said property
is not subject matter of any HUF and that no part of the said portion of the said property is
owned by any minor.
That the FIRST PARTY assures the SECOND PARTY that the said portion of the said property is
free from all kinds of encumbrances such as prior Sale, Gift, Mortgage, Will, Trust, Exchange,
Lease, legal flaw, claims, prior Agreement to Sell, Loan, Surety, Security, lien, court injunction,
litigation, stay order, notices, charges, family or religious dispute, acquisition, attachment
in the decree of any court, hypothecation, Income Tax or Wealth Tax attachment or any
other registered or unregistered encumbrances whatsoever, and if it is ever proved otherwise,
or if the whole or any part of the said portion of the said property is ever taken away or goes out
from the possession of the SECOND PARTY on account of any legal defect in the ownership and
title of the FIRST PARTY then the FIRST PARTY will be liable and responsible to make good
the loss suffered by the SECOND PARTY and keep the SECOND PARTY saved, harmless and
indemnified against all such losses and damages suffered by the SECOND PARTY.
That the house tax, water and electricity charges and other dues and demands if any payable in
respect of the said portion of the said property shall be paid by the FIRST PARTY up to the
date of handing over the possession and thereafter the SECOND PARTY will be responsible for
the payment of the same.
That no common parts of the building shall be used by the SECOND PARTY or other owners/
occupants of the said building for keeping/chaining pets, dogs, birds or for storage of cycles,
motor cycles nor the common passage shall be blocked in any manner.
That the proportionate common maintenance charges will be paid by all the occupants/owners
of the said building in proportion of the area occupied by them.
That the SECOND PARTY shall have full right of access through staircase to the top terrace
at all reasonable times to get the overhead tank repaired/cleaned etc. and to install T.V.
Antenna.
That the SECOND PARTY shall have, as a matter of right, right to use all entrances, passages,
staircases and other common facilities as are available in the said building.
That a separate electric meter and water meter have been provided in the said building for the
exclusive use of the owner(s)/occupants of the said portion of the said property.
That in the event of the building being damaged or not remaining in existence on any account
whatsoever then the SECOND PARTY shall have the proportionate rights in the land alongwith
other owners of the building and shall have the right to raise construction in proportion to the
one as now being sold conveyed and being transferred under this Agreement to Sell.

LOVELY PROFESSIONAL UNIVERSITY 183