paramount by LEGO

TRIPARTITE AGREEMENT This agreement is made at _______ this_____ day of______________ 2015 amongst: Mr/Ms.______________________________________________ Indian Inhabitant residing at ____________________________________________________________________________of the FIRST PART; AND

Paramount Golf Foreste, a unit of Paramount Propbuild Pvt. Ltd., a Private/ Public Limited Company within the meaning of the Companies Act, 1956 and having its registered office at ___________________________________________________________________________ (hereinafter called "the Developer", which expression shall, unless repugnant to the context or meaning thereof, be deemed to mean and include its representatives, associates / subsidiary / affiliate /group companies, successors and permitted assigns of the of the SECOND PART, AND

TATA CAPITAL HOUSING FINANCE LIMITED, a company incorporated under the Companies Act, 1956, having its Registered Office at One Forbes, Dr.V.B. Gandhi Marg, Fort, Mumbai – 400 001 and its branch concerned office at 16, SHANKAR VIHAR, MAIN VIKAS MARG, DELHI 110092 (hereinafter called “TCHFL” which expression shall, unless it be repugnant to the meaning or context thereof, mean and include its successors in title and assigns) of the THIRD PART WHEREAS 1)

The Developer started construction of a residential project comprising of a ground plus ________ storied building comprising of several flats, units, car parking spaces and other premises at Plot No.BGH-A, opp. Sector – Zeta, Site-C, Greater Noida (“said Building”).

The Developer has obtained plans approved and the commencement certificate for construction of the said Building only up to ____ floor and the Developer agrees and undertakes to obtain the duly approved plan and the commencement certificate for the full Building from the municipal authorities within a period of _______ months from the date of this Agreement.

The Developer has offered various Subvention Scheme for the purchase of flat/property in its project to the members of general public on the terms & conditions mentioned in the scheme.

The Developer has agreed to sell/ allot and the Purchaser being aware of the aforesaid facts, has agreed to purchase under the Subvention Scheme a flat in the said Building, details whereof are more particularly described in the Schedule hereunder written (hereinafter referred to as the “said Flat / Premises”), for a total consideration of Rs.___________ (Rupees ________________________________________only) free from all encumbrances, charges, lispendences, attachments, trusts or whatsoever and howsoever, in terms of the allotment letter dated ________________ (“said allotment letter”).

In terms of the said allotment letter, the Purchaser has already paid a sum of Rs.___________ (Rupees __________________________________only) in part payment of the consideration amount and the Developer has sold the said Flat / Premises to the Purchaser in terms of the provisions of the said Allotment letter.

The Developer has agreed to complete the construction within the period of ____ months from the date of Provisional Allotment and handover the possession of the said Flat / Premises to the Purchaser in terms of the Provisional Allotment against the balance payment.

For the purpose of making payment of the purchase price and acquiring the ownership of the said Flat / Premises, the Purchaser along with Sri/ Smt __________________, the coapplicant have approached TCHFL for availing finance facility under its Home Loan Scheme.

TCHFL has agreed to sanction loan of Rs.___________ (Rupees __________________________________only) to the Purchaser jointly with the co-applicant subject to usual terms and conditions applicable to the said Home Loan Scheme, such as mortgage of property, rate of interest, repayment terms, payment of penal interest in case of default, assignment of insurance policy to TCHFL and furnishing of other collateral securities etc.

At or before the execution of this agreement the Developer has represented and assured TCHFL as follows: 



10)

That the Developer has purchased the land being Plot No.BGH-A, bearing C.S. No. __________ situate at opp. Sector – Zeta, Site-C, Greater Noida and is the absolute owner of the said land and the Developer to develop land and construct the multistoreyed building, sell the flats/ premises, accept the advance payment against the purchase consideration and other subsequent payment and also final payment and execute the conveyance deed under their signature on behalf of the original owner. That the Developer has availed term loan facilities for completion of the project to be constructed on Plot No.BGH-A, opp. Sector–Zeta, Site-C, Greater Noida from ______________________ The said bank has agreed to issue NOC for the sale of the individual flat. Subject to the aforesaid the said flat as well as the said project and the land appurtenant thereto are not subject to any encumbrance, charge or liability of any kind whatsoever and that the entire property is free and marketable. The Developer has a clear, legal and marketable title to the said property and every part thereof. That the Developer has full power and authority to sell and transfer the said Flat / Premises unto and in favour of the Purchaser.

Relying on the representation and undertaking made by the Developer herein and at the request of the Purchaser, TCHFL has sanctioned a loan of Rs.___________ (Rupees __________________________________only) to the Purchaser on the terms and conditions agreed vide Loan Agreement dated________ executed between TCHFL and the Purchaser (“said Loan Agreement”), one of the conditions there under being that the Purchaser shall execute by way of security an equitable mortgage in favour of TCHFL with all the Purchaser’s right title interest in the said Flat / Premises and also on the undertaking by the Purchaser that the Purchaser’s right title interest in the said Flat / Premises which is under construction and remains to be completed, shall remain charged/ mortgaged with TCHFL and further on the terms and condition agreed upon between TCHFL and the Purchaser.

11)

The housing loan advanced to the Purchaser by TCHFL is to be repaid by the Purchaser by way of monthly instalments (MI) comprising of principal and interest. Until the commencement of the MI, the Purchaser shall be liable to pay simple interest being the Pre Monthly Instalment Interest [hereinafter referred to as’ the PRE MII’]. The details of the repayment of the loan as regards to both MI and PRE-MII are laid down in the Loan Agreement signed /to be signed between Purchaser and TCHFL.

12)

Under the said Subvention Scheme as per the MOU executed between the Developer and TCHFL dated ________, as requested by both the Developer and Purchaser, the Developer agrees & undertakes to service the Pre-MII interest, on the entire amount of loan disbursed by TCHFL, as payable by the Purchaser to TCHFL till _______________ (date) starting from the first month of disbursement (“Subvention Period”). After the expiry of said period the Purchaser shall be solely liable to service/pay the Pre-MII /MI as per the terms & conditions contained in the Loan Agreement.

13)

That the Developer by way of a separate undertaking has unconditionally agreed to and have accordingly authorized TCHFL to deduct the Pre-MII from each instalment of the disbursed loan made by TCHFL to the Purchaser during the Subvention Period. After disbursement of the loan to the Purchaser/s, the Developer shall give a receipt for the net amount received by the Developer from TCHFL on behalf of the Purchaser after deducting the amount of PreMII. The interest liability in terms of the Loan Agreement after the Subvention Period shall be payable by the Purchaser.

14)

The Developer has undertaken to TCHFL that they would obtain completion certificate and the certificate of occupation of the said Flat / Premises issued by the Municipal Corporation and also undertake that on execution of conveyance deed in respect of the said Flat / Premises, the conveyance deed will be deposited with TCHFL.

15)

The Purchaser has deposited the original allotment letter and the lodgment receipt dated _________ in respect of allotment with TCHFL for the part payment made to the Developer.

NOW THIS AGREEMENT WITHNESSETH AS UNDER: In consideration of TCHFL sanctioning a loan of Rs.___________ (Rupees __________________________________only)to the Purchaser/s for the purchase of the said Flat / Premises to be constructed by the Developer, it is hereby agreed among the parties hereto as under:1.

TCHFL will make disbursement of the sanctioned loan by making payment to the Developer directly on behalf of the Purchaser in installments as provided in the said allotment letter and under the subvention scheme in the manner as provided hereinabove and upon specific written request of the Purchaser subject to the Loan Agreement entered into between the Purchaser and TCHFL and the covenants hereunder agreed to among the parties hereto and any payment made to the Developer shall be deemed to be payments made to the Purchaser and the Purchaser shall, in each case, be liable for the amount of the loan disbursed on his/her/their behalf to the Developer as though the same had been disbursed directly to Purchaser. It is further agreed by the Purchaser that TCHFL shall not be responsible or liable to ensure or ascertain the progress of construction and mere demand for payment would be sufficient for TCHFL to effect disbursement as aforesaid.

The Purchaser/s will not further mortgage/charge/let out/part in the possession of the said Flat / Premises allotted as aforesaid to any person/financial institution for availing any loan without the prior written consent of TCHFL.

The Developer shall maintain a separate account of the Purchaser and adjust the payment received by it from TCHFL against the cost of the said Flat / Premises applied by the Purchaser.

The above covenants shall not be construed to mean and fasten any responsibility upon TCHFL to observe the payment schedule, if any, between Developer and the Purchaser/s or make payments to the Developer as requested. TCHFL shall not be responsible for any delay or omission in disbursements on account of breach/default attributable to the Developer / Purchaser. The Purchaser/s shall be responsible to follow-up with TCHFL to make disbursement on his/her/their behalf as per any agreement he may have with the Developer.

Without prejudice to above and notwithstanding anything to the contrary contained herein, TCHFL may in its sole discretion refuse to disburse the loan until:i)

The Purchaser/s has paid his/her/their own contribution in full to Developer i.e. the cost of the said Flat / Premises (including escalation, if any) less loan and/or

ii)

Progress and need of construction justifies (TCHFL being the sole judge thereof) the disbursement requested.

The Developer undertakes that on completion of the construction of the housing property the possession of the said Flat / Premises shall be handed over by the Developer to the Purchaser subject to his/ her compliance with the terms and conditions of the said allotment letter in full after obtaining no objection from TCHFL in writing and the Purchaser shall hold the said Flat / Premises in trust for TCHFL when the possession of the said Flat / Premises is delivered.

The Purchaser/s undertake/s to take steps for creation of mortgage of the said Flat / Premises in favour of TCHFL by deposit of registered allotment letter, lodgement receipt and other title documents with TCHFL as stipulated under the Loan Agreement, to secure the housing loan.

All stamp duty and charge payable for registration of the deed of conveyance or transfer and also on deed of mortgage or charge shall be paid by the Purchaser.

The Developer hereby records its consent and no objection for creation of mortgage of the said Flat / Premises by Purchaser in favour of the TCHFL.

10.

The Purchaser/s shall diligently and faithfully observe and comply with all the rules, regulations and bye-laws of Developer.

11.

If for any reason there is an increase/escalation in the cost of the said Flat / Premises such increase shall be paid and borne by the Purchaser without any reference to TCHFL and until such payment is made, TCHFL shall have the right to suspend further disbursement of the sanctioned loan.

12.

In the event of default by the Purchaser/s in repayment of dues of TCHFL, TCHFL will be entitled to sell the said Flat / Premises and the Developer will have to accept the purchaser of said Flat / Premises as member of the Developer.

13.

The Developer shall not transfer the said Flat / Premises of the Purchaser/s to any other intending purchaser without the prior written consent of TCHFL.

14.

If the Purchaser/s withdraw/s from the scheme of Developer or in the event of cancellation of allotment of the said Flat / Premises in Purchaser's name by the Developer for whatsoever reasons, with prior written consent of TCHFL or if he /she / they fail(s) to pay the balance amount being the difference between the loan sanctioned by TCHFL and the provisional / final price of the said Flat / Premises or death of Purchaser/s, the Developer will refund the entire amount standing to the credit of the Purchaser/s (including Purchaser's contribution) after forfeiting 5% of such amount towards cancellation charges to TCHFL. TCHFL shall refund the balance, if any, to the Purchaser after adjusting entire outstanding dues of the Purchaser. After receipt of the aforesaid amount from the Developer, if any balances remain outstanding in the loan account of the Purchaser, the same will be recovered from the Purchaser together with interest. In any event in which any refund becomes due and payable under the Agreement/arrangement executed/made between the Purchaser/s and Developer or otherwise, Developer agrees not to pay any amount on any account to the Purchaser/s by way of refund or otherwise without written consent of TCHFL.

15.

The Developer undertakes that in case of failure for any reason whatsoever to allot/ hand over the possession of the said Flat / Premises to the Purchaser as per terms, the Developer shall immediately refund total money so received from the Purchaser and/ or from TCHFL with interest to TCHFL to the extent of its dues. The Developer agrees and undertakes to indemnify and keep TCHFL indemnified against any loss, damage, costs, charges and expenses suffered by TCHFL arising out of attachment / distrait / demolition of the said Building by the concerned authorities and any action taken by the concerned authorities on account of non approval of the Building Plan and non issuance of the commencement certificate for the said Building. That in case of default in executing mortgage in favour of TCHFL to secure the loan or in default or repayment of instalment and/ or interest thereof, TCHFL may exercise its power under the Loan Agreement and to take all action as provided under the Loan Agreement. The Developer have further agreed:

16.

17. 18.

a. b. c. d. 19.

Not to create any charge or mortgage over and in respect of the said Flat / Premises except in favour of TCHFL. Not to permit any other person to occupy the said Flat / Premises without prior written permission of TCHFL. The Developer shall complete the said Flat / Premises strictly within the time as agreed. To regularly keep TCHFL informed as to the progress of the work of construction of the said Flat / Premises.

Supremacy & Amendment a) This Agreement supersedes all discussions and Agreements (whether oral or written, including all correspondence) prior to the date of this Agreement between the Parties with respect to the subject matter of this Agreement. This Agreement may be modified or amended only by a writing duly executed by or on behalf of each of the Parties.

b) TCHFL shall be entitled to enforce this Agreement and its rights and benefits created hereunder including (but not limited to) in relation to the Security and to seek any and all remedies to the extent applicable under the laws prevailing in India from time to time including without limitation under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 20.

Governing law The rights, powers and remedies available to TCHFL under this Agreement shall be in addition to and without prejudice to all rights, powers and remedies available to TCHFL under applicable law or bye-law and which may be given to TCHFL and may be exercised independently or collectively.

21.

Arbitration a) If any dispute, difference or claim arises between the parties hereto in connection with this Agreement or the security hereof or the validity, interpretation, implementation or alleged breach of this Agreement or anything done or omitted to be done pursuant to this Agreement or otherwise in relation to the Security hereof, the parties shall attempt in the first instance to resolve the same through negotiation/ conciliation. If the dispute is not resolved through negotiation/ conciliation within thirty days after commencement of discussions or such longer period as the parties agree to in writing, then the same shall be settled by arbitration to be held at such place as mentioned in Schedule A of the Loan Agreement in accordance with the Arbitration and Conciliation Act 1996, or any statutory amendments thereof and shall be referred to a to a panel of three Arbitrators, one each to be appointed by TCHFL and the Developer and the two appointed Arbitrators shall appoint the presiding Arbitrator. The award of the arbitrator shall be final and binding on all parties concerned. b) The Purchaser's liability hereunder shall not be affected, terminated or prejudiced by the death, insolvency or any incapacity of the Purchaser, but such liability shall continue in full force and effect and shall be binding on the Purchaser's successors. SCHEDULE

That all the Flat/ House in Tower/Block No______________ on the Floor ____________ being Flat/House ____________ as proposed to be constructed/ under construction at Plot No.BGH-A, opp. Sectorâ&#x20AC;&#x201C;Zeta, Site-C, Greater Noida Survey no______________ P.S______________ in Ward No______________ of the ____________________ Municipal Corporation according to sanctioned plan together with Greater Noida Authority

IN WITNESS WHEREOF the parties hereto have signed this agreement on the day, month and year first above written. SIGNED AND DELIVERED by the within named Purchaser/s Shri/Smt.________________ _____________________________________________ __________________________ Witnesses (Signatures with full names and address) 1. 2.

PURCHASER/S

SIGNED AND DELIVERED by the within named Developer___________________________ ___________by the hand of________________________________its ______________ ______________________________. Witnesses (Signatures with full names and address) 1. 2.

FOR THE DEVELOPER

SIGNED AND DELIVERED by the within named TATA CAPITAL HOUSING FINANCE LIMITED by the hand of Shri/Smt. __________________________________________ ___________ Witnesses (Signatures with full names and address) 1. 2.

FOR TCHFL