EXIT OPTIONOFFER TO TENDEROFFER TO TENDER – Memorandum of Understanding
EXIT OPTIONOFFER TO TENDEROFFER TO TENDER - Memorandum of Understanding (MoU) is made and executed on this …. Day of ………………………. 2016 BY AND BETWEEN
M/s. _______________________., (Subsidiary of _______________________.,) A Company incorporated under the Companies Act, 1956, Having its Registered Office at: `_______________________________________________________________________ ___, represented by its Authorised Signatory: Mr._____________, Director, hereinafter called the “FIRST PARTY” (which term shall where the context so admits be deemed to include its successors in office and assigns) of the One Part: AND
-------------------------------------------------------------------------------------------------------------------hereinafter called the “SECOND PARTY” or “PURCHASER” (which term shall where the context so admits be deemed to include his/her/their heirs, executors, administrators, legal representatives and assigns) of the Other Part: Hereunder ‘the First Party’ and ‘the Second Party’ or “Purchaser” shall be jointly and collectively referred to as ‘the Parties’ WHEREAS the First Party has floated a Scheme of AcquisitionSale of the apartment unit in `________________________________' apartment complex being constructed on the land bearing Survey Nos. ________________________________________________________________________ _____________ along with proportionate right, title and interest in the said land and in the common areas and common amenities to be provided in the `_________________________________________' apartment. As per the Scheme of AcquisitionSale, the prospective purchaser/s can subscribe to the foregoing scheme by making ___% payment of the entire sale consideration (i.e., consideration towards construction of the apartment unit and towards purchase of proportionate undivided share in the aforesaid land and common areas and common amenities to be provided in the apartment building) (‘the Booking Date’). And thereafter the Purchaser is entitled to avail the home loan to pay the agreed sale consideration in terms of the Agreement for Sale and Construction Agreement to be executed in favour of such Purchaser/s within 45 days from the Booking Date. Before By the 24th month and no later than the expiry of 30 26 months from the Booking Date, the Second Party for the reason/s best known to the Second Party, can exit from the Scheme of AcquisitionSale by exercising the exit optionOffer to Tender its apartment and cancel such sale. Upon exercising receiving the exit optionOffer to Tender, the First Party shall repay the entire amount of ___% or more received by the Second Party towards purchase of the unit in `_____________________________' Apartment in terms of the aforesaid Scheme of AcquisitionSale without any deductions/cancellation charges subject to deduction of applicable TDS or any other statutory taxes and the First Party shall discharge the loan availed by the Second Party towards purchase of the Unit from the bank/s designated by the First Party and get all the security/ies (that the Second Party might have given at the time of availing loan) released in favour of the Second Party without any/additional cost. Besides refund of the sale consideration and discharge of loan availed, the Second Party shall be entitled to a compensation and for an Opportunity Cost of Rs._________________ to be paid by the First Party. The First Party’s obligation to refund of the sale consideration, discharge of loan availed and to pay Opportunity Cost shall commence only upon expiry of ___ 30 months from the Booking Date and the First Party shall refund the sale consideration paid by the Second Party, discharge of loan availed from the First Party’s designated Bank and pay Opportunity Cost of 1
Formatted: Superscript