TO BE SUBMITTED WITH DEMAND DRAFT WORTH Rs.
200/- IN FAVOUR OF MD AWHO
PAYABLE
AT NEW DELHI
THIS
AGREEMENT made the _________day of ______ Two thousand _______BETWEEN (1)
Shri___________S/0 Shri _________ and Smt ______________ W/o_________________
aged _________years respectively both residing at __________________(hereinafter
called “BORROWER” his/her heirs, executors, administrators and legal representatives)
of the FIRST PART, (2) Army Welfare Housing Organisation a registered under
the Societies Registration Act XXI of 1860 having its registered office presently
at South Hutments, Kashmir House, Rajaji Marg, New Delhi-ll00ll) (hereinafter
called ‘The AWHO’ through its Secretary or any other
officer authorised by him /her in this behalf which expression shall
unless repugnant to the subject or
context or mean thereof be deemed to include its successors or assigns) of
the SECOND PART, and (3) ____________, Company registered under__________ having its
registered office at_____________________ hereafter called ‘The Company’
which expression shall unless repugnant
to the subject or contest or meaning thereof
be deemed to include its successors and assigns) of the THIRD PART.
WHEREAS the
Borrower desires to purchase a flat from the AWHO under the provisions of its
Self-Financing Scheme (hereinafter referred to ‘as the Scheme’), (a copy of the
letter of allocation issued to the Borrowers by the AWHO along with the terms
and conditions of allotment is annexed is this agreement) which envisages
allotment of applicants of such flats constructed under the Scheme (hereinafter
referred to as the flat) and payment by the applicants of the cost of
construction and proportionate cost of land thereof to the AWHO ion
installments/lump sum in the manner provided under the terms of allotment.
AND WHEREAS the
Borrower has under the provisions of the ________ Scheme framed by the Company
has applied to the Company for a loan of Rs___________ (Rupees _________________)
for the purchase of a flat under the Scheme and the Company has agreed to
sanction a loan of Rs __________ (Rupees _________________________) to Borrower
(Hereinafter referred to as the Housing Loans for purchase of flat) subject
to the usual terms and conditions applicable to the same Scheme such as mortgage
of the flat, rate of interest of loan repayment term, payment of additional
interest in case of default, assignment of __________to the
Company as security etc.
AND WHEREAS the Borrower has
already deposited with the AWHO a sum of Rs _____________
(Rupees __________________) as part payment toward the purchase of a flat
under the Scheme.
NOW IT IS HEREBY AGREED AS
FOLLOWS:-
1. On receipt of intimation from AWHO that a flat shall be allotted to the Borrower, the
Company will sanction the Housing Loan for purchase of flat to the Borrower
according to its rules, but the actual payment in installment/lump sum will
be made by the Company directly to the AWHO within the time specified in the
allotment letter and as and when required by AWHO. Before the disbursement of loan, any amount towards purchase price
in excess of the Housing Loan for purchase of flat sanctioned by the Company
will be paid by the Borrower directly to the AWHO from the date of demand
of such amount within the time specified by the AWHO. If there is any delay on the part of the Company
in payment of the installments, the Borrower shall be liable to pay to the
AWHO penalty/interest on such delayed payment, if any, according to the rules
of the AWHO.
2. The AWHO shall maintain
a proper account for the Borrower only
when the loan installments are disbursed by the Company directly to AWHO under covering letters
of the Company and adjust the amount advanced
by the Company against the cost of the allocated
flat to the Borrower.
3.
On completion of the flat and after receipt of full payment
and completion of requisite formalities including the submission of documents
etc, the possession of the flat shall be handed over to the Borrower on Lease
Hold/Free Hold basis. However, the
Sub Lease/Conveyance Deed in favour of the Borrower by AWHO shall be executed
within a reasonable time say within a year or so and after completion of all
requisite formalities by the Borrower/Allottee, the
flat shall form part of the security for Housing loan for the purchase of
the flat granted by the Company and as soon as Sub Lease/Conveyance Deed is executed
by the AWHO, the Borrower shall mortgage the flat immediately to the Company
for having taken the Housing loan for the purchase of flat. The Borrower shall also furnish all the necessary documents for
registration of Sub Lease/Conveyance Deed to the concerned registration authorities.
4.
If the Borrower desires to withdraw
from the scheme or if he/she fails to pay the balance amount, after the Company
has paid full or part of the loan, the entire amount advanced by the Company
will be refunded by AWHO to the Company.
The AWHO will be responsible to refund the loan amount to the extent
of the loan amount disbursed under
intimation to borrower in accordance with Clauses 1 and 2 above. The
AWHO will refund to the Borrower the initial deposit paid by the Borrower
after deducting there from such amount as may be recoverable from the Borrower
in accordance with provisions applicable to the Scheme.
5.
In the event of cancellation of allotment of flat/dwelling
unit by the AWHO, AWHO shall refund to the Company the entire amount received from it in accordance with Clauses 1 and 2 above.
6.
The AWHO has given its consent
that the Company shall have a lien on the flat in terms of mortgage permission
granted by the Principle Leaser/Land Allotting Authority, or as the case may
be and that the Borrower may furnish the flat as security for the loan
to be obtained from the Company and create mortgage in favour of the
Company.
7.
It is agreed that prior to handing over the possession of the
dwelling unit to the allottee, AWHO shall have the absolute right of re-entry
provided the allottee commits breach of the terms of allotment. On or after
the handing over the possession of the dwelling unit, the Company may exercise
it's right to re-enter the dwelling unit provided the reasons of re-entry
by the Company have also been notified to AWHO and further that re-entry of
the dwelling unit is with due processes of law. The Company shall be entitled
to enforce it's lien on the dwelling unit and after receiving it's dues out
of the sale proceeds shall hand over the amount in excess to AWHO as well
as the defaulting allottee in accordance with the scheme of the housing project
in question.
8. It is agreed and understood in an eventuality
of the allottee/loanee causing any breach and loaning agency (either party)
initiating any legal action to recover, the ou-standing amounts/dues including
the principle element, interest and other administrative and legal expenses,
shall be due to loanee and not to AWHO.
IN WITNESS WHEREOF the
parties above named have hereunto set their hands on the dates specified
hereinafter in each case.
(Signature of the Borrower/ Allottee)
1.
Name, address & occupation
2.
Name, Address & Occupation
WITNESS
(Signature on behalf of the AWHO
1.
Name, Address & Occupation
2.
Name, Address & Occupation (Signature on behalf of Housing Loan Agency)
1.
Name, Address & Occupation
2.
Name, Address & Occupation
SCHEDULE OF
PROPERTY
Flat No_____ Category ________Name of
Colony & Block __________AWHO allotment letter No
___________________________dated
_________loan sanctioned ______________Period of loan_____.