Deed of Cancellation

DEED OF CANCELLATION

This Deed of Cancellation (“Deed”) is made and executed at [PLACE] on this 10th day of [DATE].

BETWEEN

[COMPANY NAME]

A company incorporated under the Companies Act, 1956, having its registered office at Plot No. [ADDRESS], [PLACE] – [PIN], bearing PAN [PAN], acting through its Authorized Signatory Mr. [DIRECTOR NAME], (hereinafter referred to as the “First Party”, which expression shall, unless repugnant to the context or meaning thereof, include its successors and assigns).

AND

[FIRM NAME]

A Limited Liability Partnership registered under the provisions of the Limited Liability Partnership Act, 2008, having its registered office at Plot No. [ADDRESS], [PLACE], acting through its Designated Partner and Authorized Signatory Mr. [DIRECTOR 2 NAME], (hereinafter referred to as the “Second Party ”, which expression shall, unless repugnant to the context or meaning thereof, include its successors and permitted assigns);

The First Party and the Second Party are hereinafter collectively referred to as the “Parties”.

WHEREAS:

The Parties had entered into Four Agreements for Sale & Purchase in respect of certain floor areas in a new constructed building at the Plot No [ADDRESS], [PLACE], (hereinafter referred as “Premises”) agreement dated [DATE], the details are as :

Ground Floor Unit [ADDRESS](Area: [FIGURE] square meters)

Ground Floor Unit [ADDRESS](Area: [FIGURE] square meters)

Ground Floor Unit [ADDRESS](Area: [FIGURE] square meters)

Loft Area(Area: [FIGURE] square meters )

(hereinafter collectively referred to as the “Said Agreements”).

The Said Agreements were executed for sale of the above premises by the Second Party to the First Party on ownership basis, on the terms and conditions mentioned therein.

Due to non-completion of the said premises and non-handing over of possession within the agreed time, and after mutual discussions between the parties, it has been mutually agreed that the aforesaid Agreement for Sale shall be cancelled and terminated by mutual consent.

The Parties are desirous of recording such cancellation formally by executing this Deed of Cancellation.

NOW THIS DEED WITNESSETH AS FOLLOWS:

CANCELLATION

The Parties hereby mutually agree, confirm and declare that the Said Agreements dated [DATE] stand cancelled, terminated & rescinded with immediate effect, and shall be treated as null, void and inoperative.

NO RIGHT, TITLE OR INTEREST

The First Party hereby confirms that it has no right, title, interest, claim or demand of any nature whatsoever in respect of the said premises, and the Second Party shall be the absolute owner thereof.

SETTLEMENT OF ACCOUNTS

The Parties confirm that:

All payments Excluding GST received pursuant to earlier agreements were required to be repaid within [QUANTITY] days from the date of this Deed of Cancellation, made under the Said Agreements, and

No amount is due or payable by either Party to the other, and

Neither Party shall raise any future monetary or other claims arising out of the Said Agreements.

MUTUAL RELEASE

Each Party hereby irrevocably releases and discharges the other Party from all claims, demands, actions, proceedings, liabilities and obligations arising out of or in connection with the Said Agreements.

POSSESSION

The First Party confirms that it is not in possession of the said premises and that vacant and peaceful possession, if ever taken, stands handed over to the Second Party.

IN WITNESS WHEREOF

The Parties hereto have executed this Deed of Cancellation on the day, month and year second written above.

WITNESSES

Name: Signature: ______________________

Name: Signature: ______________________