ADDENDUM TO THE DEVELOPMENT AGREEMENT

 

 

ADDENDUM TO THE DEVELOPMENT AGREEMENT

This addendum to the development agreement is executed at _________ on this ___day of February 2009.

                                                          Between

S/Sh. __________r/o___________(hereinafter referred to as “owners”); which expression shall unless repugnant to the context or meaning hereof mean and include their successors, heirs, representatives and assigns of First Part;

And

M/s. A to Y Ltd., a company incorporated under the Companies Act, 1956 having its office at________________, through its duly authorized and empowered Director Shri __________Resident of _______________ (hereinafter referred to as “developers”), which expression shall unless repugnant to the subject or context hereof mean and include its successors, administrators and assigns) of the Second Part;

WHEREAS the owners and the developers had entered into a Development Agreement dated ___ February 2006 (hereinafter referred to as “said agreement”).

WHEREAS in order to express their true intentions and in furtherance of the object of the said agreement the parties considered it necessary to execute this addendum to the said agreement and agreed to make the following changes therein.  

NOW, THEREFORE THIS ADDENDUM TO DEVELOPMENT AGREEMENT WITNESSES AND THE PARTIES HERETO AGREE AS UNDER.

1.       That the said agreement was executed by;

Shri________________

as “owners” and as FIRST PARTY of the said land. Out of these signatories  Smt._________ had lease hold interest in the said land on the date of execution the of said agreement. Ownership title rights of the said land were/are vested in the remaining signatories. These lessees had singed the said agreement along with the owners in title of the said land and Sh. ____________being head of the family executed the lease deed just in order to pass perfect rights to the “developers” for making unhindered, unobstructed use the said land Now, the aforesaid lessees have surrendered their aforesaid lease hold rights in the said land and entries to that effect have already been made in the revenue records. Now the said lessees have left with no interest in the said land. Hence the aforesaid Shri_____________, Smt.___________shall be omitted from the expression “owners” and they will not be considered as party to the said agreement, with effect from the date of execution of this addendum.    

2.       The clause No. 16 at page No. 12 of the said development agreement be substituted with the following para and be read as under with effect from this day. 

FINANCIAL ASSISTANCE

That the SECOND PARTY has the right to mortgage the SAID LAND or any part thereof or any structure constructed thereon and may create any charge on the said land in favour of any bank or financial institution or in favour of any other person in order to raise funds for the said project (i.e., construction and development of commercial/residential complex on the said land).

The FIRST PARTY has agreed to indemnify the Bank or Financial Institution in case of any default in payment of the funds raised by the SECOND PARTY for the said project.  

IN WITNESS WHEREOF THE PARTIES TO THE DEVELOPMENT AGREEMENT DATED ______2009 has executed this Addendum on the day, month and the year first above referred in the presence of the following witnesses.

 

                                                                                        FIRST PARTY

WITNESSES

                                                                             SECOND PARTY