MEMORANDUM OF UNDERSTANDING
This MEMORANDUM OF UNDERSTANDING is executed at Hyderabad, Andhra Pradesh, on this the day of 4th August, 2015.
BETWEEN
1. __________ s/o _____________ aged about ___yrs proprietor of M/s _____________ builders and developers having registered office at H no:- ______________________________ and
2.
3.
Hereinafter referred to as the First, Second and Third party respectively;
WHEREAS the above second and third parties expressed their desire to invest a sum of Rs 20,00,000/- ( Rupees Twenty Lakhs Only) each in a real estate development venture styled as _______________________ on the following terms and conditions
NOW THIS AGREEMENT WITNESSES AND THE PARTIES HERETO AGREE AS FOLLOWS:
1. The monies advanced will be in the form of investment in M/s _______________________ at __________ on the below mentioned terms and conditions.
2. The total investment in the project is expected to be Rs 80 lacs upto its completetion. The land is taken on development from Mr_______________ on the following terms and conditions 50:50 basis
3. Agreed that, in return of such investment the profits of ____________ will be distributed in the following Manner
First party 33.33%
Second party 33.33%
Third party 33.33%
However in the event the investment in the project exceeds Rs 40 lakhs which is the amount now being put in by the second and the third parties and the sale did not go as per planned then in such an event the first party may have to rope in some other investors or arrange for the funds. In such an event the profit sharing ratio of the second and third party shall be diluted to the extent of fresh investment being brought in.
4. In the event of any dispute with regard to this AGREEMENT and / or the interpretation of any of the terms and conditions hereof and / or the implementation hereof, including questions of determination of any aspect hereof as may arise or become applicable, any and all other matters relatable to or arising out of the same, howsoever remotely connected, the same shall be referred to arbitrator of the choice all the parties. The Arbitrators decision shall be final and binding and all the parties being bound to forthwith implement the same. The arbitration shall be held at Hyderabad and shall be conducted in accordance with the Arbitration and Conciliation Act, 1996.
IN WITNESS WHEREOF, the parties hereto have executed this AGREEMENT on the date, month and year first hereinabove written in the presence of the following witnesses :
WITNESSES
1. 1.
2. 2.
3.
BETWEEN
1. __________ s/o _____________ aged about ___yrs proprietor of M/s _____________ builders and developers having registered office at H no:- ______________________________ and
2.
3.
Hereinafter referred to as the First, Second and Third party respectively;
WHEREAS the above second and third parties expressed their desire to invest a sum of Rs 20,00,000/- ( Rupees Twenty Lakhs Only) each in a real estate development venture styled as _______________________ on the following terms and conditions
NOW THIS AGREEMENT WITNESSES AND THE PARTIES HERETO AGREE AS FOLLOWS:
1. The monies advanced will be in the form of investment in M/s _______________________ at __________ on the below mentioned terms and conditions.
2. The total investment in the project is expected to be Rs 80 lacs upto its completetion. The land is taken on development from Mr_______________ on the following terms and conditions 50:50 basis
3. Agreed that, in return of such investment the profits of ____________ will be distributed in the following Manner
First party 33.33%
Second party 33.33%
Third party 33.33%
However in the event the investment in the project exceeds Rs 40 lakhs which is the amount now being put in by the second and the third parties and the sale did not go as per planned then in such an event the first party may have to rope in some other investors or arrange for the funds. In such an event the profit sharing ratio of the second and third party shall be diluted to the extent of fresh investment being brought in.
4. In the event of any dispute with regard to this AGREEMENT and / or the interpretation of any of the terms and conditions hereof and / or the implementation hereof, including questions of determination of any aspect hereof as may arise or become applicable, any and all other matters relatable to or arising out of the same, howsoever remotely connected, the same shall be referred to arbitrator of the choice all the parties. The Arbitrators decision shall be final and binding and all the parties being bound to forthwith implement the same. The arbitration shall be held at Hyderabad and shall be conducted in accordance with the Arbitration and Conciliation Act, 1996.
IN WITNESS WHEREOF, the parties hereto have executed this AGREEMENT on the date, month and year first hereinabove written in the presence of the following witnesses :
WITNESSES
1. 1.
2. 2.
3.
