Annexure-HL-AM

Draft Tripartite Agreement

This agreement is executed on this .. day of . Two
thousand and. between Shri/Smt/Ms...
son of/wife of/daughter of Shri.. resident of
and Shri/Smt/Ms..
son of/wife of/daughter of Shri.
resident of and Shri/Smt/Ms
son of/wife of/daughter of Shri..
..resident of hereinafter
referred to as the Borrower (s) which term sha!! un!ess re"ugnant to the
context sha!! mean and inc!ude his/her heirs re"resentati#es successors
executors attorneys administrators and assigns of the "arty at the $irst
%art.
&'(
M/s.. ('ame of the Bui!der/
(e#e!o"ers) a "ro"rietorshi" )rm/"artnershi" )rm/com"any incor"orated
under the "ro#isions of the *om"anies &ct +,-. ha#ing its registered o/ce
at
(&ddress of Bui!der/(e#e!o"er) hereinafter referred to as the Bui!der which
term sha!! un!ess re"ugnant to the context sha!! mean and inc!ude its
re"resentati#es successors administrators and assigns of the "arty at the
Second %art.
&'(
State Ban0 of 1ndia a body cor"orate constituted under the State Ban0 of
1ndia &ct +,-- ha#ing amongst others one of its Branch 2/ce
at... ('ame and address of Branch)
hereinafter referred as the SB1 which term sha!! un!ess re"ugnant to the
context sha!! mean and inc!ude its re"resentati#es successors
administrators and assigns of the "arty at the Third %art.
3hereas the Bui!der is the abso!ute owner and in "eacefu! "ossession of
the residentia! "ro"erty bearing no.. situated at
. . and whereas
. ('ame of the de#e!o"ment authority)
has sanctioned bui!ding "!an #ide. to construct a
residentia! a"artment on the said "ro"erty. 3hereas Bui!der has ta0en u"
construction of residentia! a"artment 0nown as ........................... on the
said "ro"erty.
24
3hereas the Bui!der has been a!!otted the %!ot 'o. ................ situated
at .by
the .............................................................. ('ame of (e#e!o"ment
&uthority) hereinafter referred to as the 5&uthority6 for the construction
of ................... ('umber) residentia! units/a"artments. The %arty at the
Second %art has a!ready recei#ed the "ossession of the abo#e7said "!ot.
The bui!ding "!ans ha#e a!ready been a""ro#ed by
the................................ ('ame of the bui!ding "!ans sanctioning
authority) #ide.. 3hereas Bui!der has ta0en u"
construction of residentia! a"artment 0nown as ........................... on the
said "ro"erty and whereas the %arty at the Second %art has a!ready "aid
the entire consideration amount and the Sa!e (eed/8ease
(eed/*on#eyance (eed has a!ready been executed in its fa#our and the
tit!e of the %arty at the Second %art is c!ear and mar0etab!e.
24
3hereas the bui!der has been granted %ower of &ttorney registered as
document 'o at the Sub74egistrar 2/ce
by
Shri the owner of the
!and/"!ot bearing Sur#ey 'o.. situated
at whereby the bui!der is
authori9ed to de#e!o" the "ro"erty and se!! the undi#ided share in the
!and to the "ros"ecti#e "urchasers. The bui!der has a!so been further
authori9ed to execute agreement for sa!e recei#e sa!e consideration and
execute sa!e deed in fa#our of the "urchasers. :a#ing recei#ed
"ossession of the "ro"erty from the owner the bui!der has ta0en u"
construction of the a"artment in the !and and obtained sanctioned
bui!ding "!an #ide. from the com"etent
authority. The bui!der has executed a construction agreement
dated. with the borrower for construction of a"artment on
the !and.
3hereas the %arty at the Second %art sha!! com"!ete the construction of
the ;ats !atest by. ((ate) and is boo0ing the sa!e of the
unit/a"artment. The "ro"osed buyer has to ma0e the "ayment of the sa!e
consideration by .. ((ate) and on the "ayment of the entire
sa!e consideration the %arty at the Second %art sha!! hand o#er the
"ossession of the ;at to the said "ro"osed buyer.
3hereas the %arty at the $irst %art has boo0ed a ;at bearing
'o. ............... measuring su"er area/bui!t7u" area s<. ft.
(hereinafter referred to as the said ;at) in the bui!ding which the %arty at
the Second %art sha!! construct on the abo#e said "!ot and the %arty at
the $irst %art has to "ay the entire consideration amount by ..................
((ate).
3hereas the %arty at the $irst %art has a""roached the %arty at the Third
%art for a#ai!ing a !oan of 4s...........................
(4u"ees................................ ...................................... on!y) to )nance
the "urchase of the said ;at. Besides other securities the %arty at the
$irst %art has agreed to create the charge o#er the said ;at a!ong with
the "ro"ortionate undi#ided share in the !and in fa#our of the %arty at the
Third %art. 1n the absence of "ro"er *on#eyance (eed/Sa!e (eed in its
fa#our the %arty at the $irst %art is not in a "osition to create a #a!id
mortgage o#er the said ;at and "ro"ortionate share of !and in fa#our of
the %arty at the Third %art.
3hereas the %arty at the $irst %art and the %arty at the Second %art ha#e
re<uested the SB1 to disburse the said !oan to the Borrower
notwithstanding the fact that the *on#eyance (eed/Sa!e (eed is not
executed in fa#our of the %arty at the $irst %art at this stage and in
consideration of the SB1 sanctioning the !oan to the Borrower(s) the
Borrower(s) and the Bui!der ha#e executed this &greement on the
fo!!owing terms and conditions.
Now therefore it is hereby agreed by and between the parties
that:
!. That the SB1 has and sha!! ha#e the )rst and "aramount !ien o#er the
money a!ready "aid by the Borrower(s) to the Bui!der and or whate#er
amount the Borrower(s) sha!! "ay to the Bui!der in future for the due
re"ayment of the !oan which the SB1 sha!! grant to the Borrower. The
charge in fa#our of SB1 sha!! be )rst and "aramount o#er the charge
which the Bui!der may ha#e o#er the said ;at.
=. That the Bui!der agrees that it has no ob>ection to the Borrower(s)
mortgaging the said ;at with "ro"ortionate share in !and to the SB1 as
security for the said !oan agreed to be ad#anced by the SB1 for the
"ur"ose of "urchase/construction of the said ;at. 1n the e#ent of defau!t
in the re"ayment of !oan and/ or the Borrower(s) committing any other
defau!t which ma0es the Borrower(s) !iab!e for the re"ayment of the
entire amount outstanding in the said !oan as "er the terms of the 8oan
&greement executed between the Borrower(s) and the SB1 the Bui!der
sha!! at the ca!! of SB1 be under ob!igation to cance! the boo0ing and "ay
a!! the amounts recei#ed by the Bui!der from the Borrower(s) or on beha!f
of the Borrower(s) to the SB1.
?. That if for any reason there is any increase/esca!ation in the cost of the
said ;at the increase sha!! be "aid and borne by the Borrower(s) without
any reference to the SB1 and unti! such "ayment is made the SB1 sha!!
ha#e the right to sus"end further disbursement of the said !oan.
@. That in the e#ent of the Bui!der cance!!ing the said boo0ing for any
defau!t committed by the Borrower(s) or the "ro>ect is she!#ed by the
Bui!der or for any other reason whatsoe#er the Bui!der sha!! "ay the
entire amount recei#ed from Borrower(s) to the SB1.
-. That in the e#ent of fai!ure of the Bui!der to com"!ete the "ro>ect the
Bui!der sha!! "ay the entire money so recei#ed by it from the Borrower(s)
to the SB1.
.. That the Bui!der sha!! note in its records the charge and !ien of SB1
o#er the said ;at. The Bui!der sha!! not transfer the said ;at to any other
"erson without the "rior written consent of the SB1.
A. That on the recei"t of the entire consideration amount the Bui!der
sha!! execute a "ro"er *on#eyance (eed/Sa!e (eed/8ease (eed in fa#our
of the Borrower. The Bui!der underta0es to de!i#er the same a!ong with
origina! registration fee recei"t direct!y to the SB1 and not to the
Borrower(s). Before the execution of the Sa!e (eed/*on#eyance
(eed/8ease (eed the bui!der sha!! inform the SB1 about the same on the
com"!etion of the "ro>ect.
B. That the bui!der agrees that the !oan amount may be credited to the
!oan account nowith...
('ame of the Ban0 C Branch) from where the
bui!der ha#e a#ai!ed )nancing faci!ity for the "ro>ect. D3here#er
a""!icab!eE
,. That the Borrower(s) sha!! a!so 0ee" informed the SB1 about the
de#e!o"ments in the "ro>ect. The Borrower sha!! notify the SB1 the date of
ta0ing o#er the "ossession of the said ;at. 1n case the Borrower(s) comes
into "ossession of the 8ease (eed/*on#eyance (eed/Sa!e (eed he/she
sha!! immediate!y de!i#er the same to the SB1.
+F. That the Borrower(s) assures that he/she wi!! not a#ai! )nance from
any other Ban0 or $inancia! 1nstitution in res"ect of the "ro"erty or
further mortgage/charge the said ;at to be a!!otted to him/her in any
manner whatsoe#er.
++. That the Borrower(s) sha!! "ay a!! charges duties taxes in res"ect of
the said ;at im"osed or "ayab!e to the Bui!der and or to *or"oration or
any other Go#ernment (e"artment/&uthority in res"ect of the said ;at
and the SB1 sha!! not be !iab!e or res"onsib!e in any manner whatsoe#er
or howsoe#er for the same.
+=. That the Borrower(s) agrees and ac0now!edges to 0ee" the SB1
indemni)ed against any !oss or damage incurred by it in the e#ent of
fai!ure of the Borrower(s) to honour or to meet any of its ob!igations
under this &greement in connection with the sanctioning of the !oan in
res"ect of the said ;at.
+?. That during the currency of the !oan the Borrower(s) sha!! not
transfer the said ;at to any other "erson without the "rior written
consent of the SB1. The Bui!der sha!! not issue the du"!icate a!!otment
!etter/"ossession !etter to the Borrower(s) without the "rior written
consent of the SB1.
+@. 1t is understood that the term !oan mentioned herein sha!! inc!ude
interest "ena! interest and a!! other sums "ayab!e by the borrower(s) to
the SB1.
+-. That in the e#ent of any defau!t by the Borrower(s) the SB1 may at its
discretion enforce the security by the sa!e and the Bui!der sha!! acce"t
the %urchaser of the said ;at in "!ace of the Borrower(s) after the
%urchaser com"!ies with the necessary re<uirements of the Bui!der in this
res"ect.
+.. That the Bui!der assures the SB1 that the construction sha!! be
com"!eted as "er schedu!e and as "er the sanctioned "!ans and on
com"!etion of construction the tit!e of the ;at with "ro"ortionate
undi#ided share in the !and sha!! be con#eyed in the name of the
Borrower(s).
+A. That it is further made c!ear and understood by a!! the "arties that
the non7com"!etion of the "ro>ect or the ha""ening of any e#ent sha!! not
aHect the ob!igations of the Borrower(s) to re"ay the !oan a#ai!ed from
the SB1.
+B. That the said ;at is free from a!! encumbrances charges !iens
attachments trusts "rior agreements whatsoe#er or howsoe#er. The
"arty at )rst "art and second "art wi!! not do any act or deed which wi!!
aHect the security of the ;ats/ or charge created in fa#our of SB1 in any
manner whatsoe#er.
+,. That there is no order of attachment by the 1ncome Tax &uthorities or
any other authority under any !aw for the time being in force nor any
notice of ac<uisition or re<uisition has been recei#ed in res"ect of the
said "ro"erty
=F. That this &greement sha!! not aHect in any manner whatsoe#er the
duties and ob!igations of the Borrower(s) and the terms and conditions
agreed to by the Borrower(s) in the 8oan &greement and other
documents executed in fa#our of SB1 sha!! remain binding u"on the
Borrower(s)
=+. That in case of ac<uisition forfeiture/resum"tion of the said "ro"erty
the SB1 sha!! be entit!ed to get the com"ensation sett!ed in res"ect of the
said ;at and to a""ear and act before the *o!!ector/4e#enue
2/cer/Istate 2/cer or any other concerned authorities to sign any
form to gi#e any statement a/da#it a""!ication on Borrower6s beha!f
to recei#e the com"ensation in its own name and on the Borrower6s
beha!f to )!e a""ea! in any court for the enhancement of the
com"ensation amount to get the com"ensation amount enhanced and to
recei#e the same.
1n witness whereof the "arties hereto ha#e signed this &greement on the
day month and year )rst herein abo#e written.
Signed and de!i#ered by theJ
'amed Borrower (s)
i) Shri/Smt/Ms
ii) Shri/Smt/Ms
iii) Shri/Smt/Ms
Signature of
Borrower (s)
&uthori9ed signatory of Bui!der M/s
(name C &ddress) Signature
State Ban0 of 1ndia ('ame C address of
o/ce/ Branch) re"resented by its authori9ed o/cia!
Signature
3itnessJ
'ame C &ddress
+. Shri/Smt/Ms
Signature
=. Shri/Smt/Ms
Signature