AGREEMENT TO PURCHASE SHARES WHICH ARE SUBJECT TO EQUITABLE MORTGAGE
THIS AGREEMENT made on this_______ day of __________
Sh.______________, S/o Sh._________ r/o ________________________ hereinafter referred to as "the First Party" (which expression shall unless repugnant to the context or meaning thereof include his heirs, executors, administrators, legal representatives and assigns) of the one part.
Sh. _________________,S/o Sh._________ r/o _______________ hereinafter referred to as "the Second Party" (which expression shall unless repugnant to the context or meaning thereof include his heirs, executors, administrators, legal representatives and assigns) of the other part.
1. The Second Party are in possession of certain shares more particularly described in the Schedule I annexed hereto in the ___________Company Limited.
2. The Second Party is a mortgagee under an equitable mortgage dated _______ on behalf of ______________Company Limited for an amount of Rs._____________ more particularly described in the Schedule II annexed hereto.
3. The Second Party offered to sell the aforesaid shares and also to transfer the mortgagee rights under the equitable mortgage aforesaid to the First Party in consideration of Rs. ____________ and the First Party has agreed to the proposal.
NOW IT IS HEREBY AGREED AND DECIDED BETWEEN BOTH THE PARTIES AS FOLLOWS:
1. In consideration of a sum of Rs.________ paid by the First Party to the Second Party (the receipt whereof the Second Party hereby acknowledges), the Second Party hands over to the First Party the share scrips alongwith the blank transfer deeds for the said shares and the title deed (or, memorandum) relating to the mortgage aforesaid TO HOLD the same to the First Party as absolute owner.
2. The Second Party further covenants with the First Party that if some other documents are also required by either of the party hereto in relation to the transactions herein contained, these shall be executed by the parties and the cost of the same shall be borne by the party requiring such documents.
IN WITNESS WHEREOF, the parties hereto have signed this agreement on the day and year first here-in-above written.
The First Party
The Second Party