ASSIGNMENT AGREEMENT
THIS ASSIGNMENT AGREEMENT is made and executed on this the ………….. day
of …………... TWO THOUSAND and FIFTEEN (..................201) at Bangalore.
BETWEEN
M/s_______________, a
(Hereinafter referred to as the “PARTIES OF THE FIRST PARTY” which expression
shall wherever the context so requires or admits, mean and include its respective
partners, executors, administrators, and assigns);
AND
M/s ____________________A company incorporated under the Company’s
__________________________
(Hereinafter referred to as the “PARTY OF THE SECOND PARTY” which expression
shall wherever the context so requires or admits, mean and include, its successors – in –
office and assigns);
WITNESSES AS FOLLOWS:
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1. WHEREAS subsequent to the Agreement, the Party of the First Part not being
desirous of continuing the transaction have offered the Party of the Second Part to
purchase the Schedule Property, for which the party of the Second Part has agreed upon
the following terms and conditions.
2. WHEREAS the Party of the First Part herein has agrees to register the Schedule
Property in favour of the Party of the Second Part and/or its nominee for a total sale
consideration of
3. AND WHEREAS the Party of the First Part have offered to nominate/assign the
rights acquired under the said Agreement for Sale dated …………… to the Party of the
Second Part herein as his nominee/assignee for purchase of the Schedule Property and
further has offered to assign all his right, interest and monies advanced to the Land
Owners under the aforementioned agreement and made the following representations:
a. The Agreement for Sale dated ………….. entered with the Land Owners namely
Mrs. Rathnamma wife of Late T. Srinivas and Mr. T. Anjanappa son of Late Timmanna is
still valid and subsisting as on date and the Party of the First Part is the Agreement
Holder of the Schedule Property and has the full power and legal authority to
assign/nominate the Party of the Second Part herein to execute, deliver and perform
the terms and conditions of this Understanding;
b. The Party of the First Part shall keep the Agreement for Sale dated …………. valid
and subsisting till the execution of the Sale Deed/s by the original Owner in favour
of the Party of the Second Part and Party of the First Part agrees to sign the Sale
Deed/s as consenting Witnesses/ Confirming Parties;
c. There are no pending suits, legal proceedings, lis pendence or claims against the
First Party that may affect in any way the original owner’s title to or right to dispose
of the Schedule Property, and there is no impediment relating to the sale of the
Schedule Property under any law, order, decree or contract or arbitration award;
d. That there are no easements, quasi-easements, rights, exceptions or other similar
matters, whether or not apparent on inspections or disclosed in any of the documents
referred to in this Agreement;
e. That the Party of the First Part undertakes to obtain the sale of the Schedule
Property directly executed by the Owner in favour of the Party of the Second Part
and/or its nominee(s) by means of a registered Sale Deed;
f. That there are no outstanding encumbrance(s), mortgage(s), charge(s), lien(s),
notices for acquisition(s), requisition(s), set-back(s), easement(s) or outstanding
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interest in or claim by any parties in respect of the Schedule Property and/or any
portion thereof nor is the said property the subject matter of any pending litigation or
the subject of any attachment either before or after judgment;
NOW THIS ASSIGNMENT AGREEMENT WITNESS AS FOLLOWS: -
1. The Party of the First Part do hereby nominate/assign the Party of the Second Part as
his nominee for purchase of Schedule Property under the said Agreement of Sale and
the Party of the First Part agrees and undertakes to procure and obtain for the Party of
the Second Part and/or its assignee(s)/ nominee(s) herein the absolute sale and
conveyance in respect to the Schedule Property through the original Owner and having
the same duly registered with the appropriate authorities and carrying out all other
acts, deeds and things to assure and ensure proper passing of title in respect of the
Schedule Property to and in favour of the Party of the Second Part.
5. The Party of the First Part agrees to get the following completed before the
registration of the Sale Deed in favour of the Party of the Second Part: -
a) That will get the Schedule Property converted to non- agricultural
residential/ commercial/ industrial use by paying the conversion charges,
penalty / fine etc.
b) That will get the Phodi done and get a new Survey No.
c) That will get survey sketch and exact location of the Schedule Property.
d) That the Party of the First Part hereby agrees to provide to the advocates of
the Party of the Second Part, all relevant title deeds pertaining to the Schedule
Property and other related documents to clear the marketable title of the
Schedule Property.
5. The Party of the First Part along with the original Owners and the Party of the
Second Part shall conduct a joint survey of the Schedule Property and fix the boundary.
The total sale consideration payable shall vary in accordance with joint survey to be
undertaken by the parties hereto (not more than the extent in the title deed). The Second
Party shall pay the total consideration as per the survey measurements and physical
possession of Schedule Property with the Original Owners.
6. The Party of the Second Part shall be entitled to issue Public Notice/s with respect to
the sale of the Schedule Property and that, in the event of there being any claims or
objections to the sale of the Schedule Property, the Party of the First Part shall (at his
sole cost) be responsible for removing any such claims or objections to the satisfaction of
the Party of the Second Part.
7. Subject to the Party of the First Part fulfilling all the other terms and conditions of this
agreement shall obtain the relevant Deed of Conveyance/Sale Deed in favour of the
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Party of the Second Part and/or its assignee(s)/nominee(s) herein by the Owners
personally on or before …….. days from the date of the Party of the First Part fulfilling/
complying with the conditions precedents mentioned here above.
8. That the Party of the First Part will not default in performing the obligations under
this Agreement and the Party of the First Part shall furnish to the Party of the Second
Part all documents of title of the original Owners and shall co ordinate with the Original
Owners and necessary parties to execute and register the Sale Deed/s conveying the
Schedule Property in favour of the Party of the Second Part.
9. The Party of the First Part hereby assure the Party of the Second Part that all taxes,
levies, cess etc., on the Schedule Property have been fully paid up to this day and there
are no dues whatsoever.
10. The Party of the First Part and the original Owners shall delivered vacant
possession of the Schedule Property at the time of registration of the Sale Deed but now
shall allow the Party of the Second Part to fence the Schedule Property at their own cost.
11. It is agreed that if the Party of the First Part fail to comply with all or any of the
conditions of this agreement and in regard to the conversion of the Schedule Property,
then the Party of the Second Part shall at its option has the right to enforce specific
performance of the Agreement and/or to recover the moneys paid towards the advance
sale consideration/sale consideration and further amounts with interest at the rate of
21% per annum from the date of signing this Agreement.
SCHEDULE PROPERTY
IN WITNESS WHEREOF the Parties have affixed their signatures to this Assignment
Agreement made on the day, month and the year first above written.
WITNESSES:
1.
PARTY OF THE FIRST PART
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2.
Authorized Signatory
PARTY OF THE SECOND PART
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