Joint Venture Housing Project Implementation Agreement of Karnataka Housing Board 2011

8/3/2019 Joint Venture Housing Project Implementation Agreement of Karnataka Housing Board 2011

1/10

JO IN T VEN TU RE H OU SIN G PR OJEC T IM PLEM EN TATIO N AG REEM EN T O F KAR NATAKA H OU SIN G BO AR D 2011

~;d.! ; ! jeJ~~o.jJ15(:BF'~15 r1 ,}55 i il lo rn~oo W(j;\)f\o:))~o A la )~ l\, ~d :;2 , o ;) ;\ )'; c ir .m : ,, (d o l( J .,_ 05, : ) )-M~to)~r\fhJ 9 ~ Supplementaryagreement ~N,~d ~mdJM~ ; ; : lo tJO~~dQ;5. s u pp lemen ta ry a g re eme nt l a d de nd um ~~t3~~t:o ~ot ;: J. J. lm$ ( :) eQ l (' ,J .~ < . i

M~t)%b-3, W;;)0 ' O l t - , , ( ) g J:IJ~f 'D e~ea ~o& 36 : ~.~ 2 33 ~~o ::Do 2008 , a : : w o t / : 20 -05-2011 ~

t!lrn~oQMEMOR AI) ID UM I O F J OIN T V EN TU RE AGR EEMENT

This MEMORANDUM OF JOINT VENTURE AGREEMENT made on th is _ day of _ _ _ 2010,a t IBang !a lo re,B y a nd iB e tw e enKa rn eta ka Hou sin g Boa rd (KHB) a b od y con stitu ted u nd er th e p rov is ion s of th e Ka rn ata ka Hcn usin g B oa rd Act, 1962 , h av in g itsp rin cip al/r eg is te re d O ffic e a t IK HB C om p le x, C au ve ry B na va n, K .G . R cn ad ,B an ga lo re -5 60 009 . ( he re in afte r re fe rr ed to a s th e "KHB "w hic ll ex pres sion s ha ll u nless rep ug na nt to U 'le con tex t or m ea nin q th ereof in clu des h is s uc ces sors a nd a ss ig ns ) a nd rep res en tedh erein b y th e Hou sin u Comm is sion er of th e ONE PART,AN n

_ _ __ _ __ _ __ _ __ _ __ _ __ _ __ _ _ a c ompa n y in c or po ra te d u n de r th e In d ia n Compa ni es , A ct '1 95 6 ,hav ing i ts reg is tered Office a t _ _ _ _ .


2/10

ORM/s , a Partnersn ip F im n reg is tered w ith the R eg is tra r of F irm s, hav ing its r eg istered o fficea t rep resen ted by its Manag ing Partner Mr. .ORMr ......... , Slo . aged ... _. yea rs , res id ing a t( he re in afte r r efe rr ed to a s 'D ev elo pe r' w h ic h e xp re ss io n s ha ll me an a nd in clu de h is h eir s, its s uc -c es so rs i n o ffic e, e xs cu io rs a ndadmin is t ra t ors ) o f t he O f HER PARTWHEREAS

A . T he Gov emment o f K ama ia ka v id e its o rd er No. D01H119 3/KHB f2 00 3d ate d: 2 5- 11 -2 00 5 (An ne xu re -B ) h as e vo lv eda po lic y t o en te r in to Joi nt v er n ure Ag reemen ts a n d a rr a ng emen ts W : it llp r iv a te d eve lo p er s t o ma ke a v ail ab le Il ou s in gs it es , se rv ices and fu ll y const ru c ted apa r tmen t /houses , and cc rn rnerc ia l p rem ises ;

B. Th e De velop er h as s ub mitted a p rop osa l to th e KHB lo e nte r in to a jo iilt v en tu re a gr eemen t to d ev elo p ... _..... _ .A cres o f c on liq u ou s l an d t o f orm res id ent ia l s it es a n d c ons tr u ct io n o f dwe lli ng h ouses o f d if fe re n t d imen si on s lo c at eda t -........................................ In ( wh ic h a re m o re fu lly d es crib ed in S ch ed ule U N he re in a jt er a n dreferred to as . fiheSchedu le Property ).

C. The proposel of the Developer has been apprnved by the Board of the KIHB at its m eeting da ted........................................ a nd ccmmunceted to the Developer v ide leiter No.: .da ted l .

D . Th e p ro po sa l o f th e D ev elo pe r h as b ee n a cc or de d in p rin cip le a pp ro va l b y th e G ov efln m en t o f K arn ata ka v id e th eletter No da ted and h as p erm itted to the K IHB to en ter in to th is Join tVen fi l. lreAg reemen t w i th t he Develope r unde r ce rt a in t e rms and cond it ion s .

E. As per these approva l and the Governm ent Gu idelines theDevelop er sh alll a cq uire th e sc hed ule A Prop erty , tra ns fer th is to th e KHB a ndthen develop the layou t a t its ow n cost. ihe KHB sha ll not bear any financia lbu rden ln th is p roject and sha ll lend its b rand nam e ,of receive m arketing feesa s c on sid era tio n fo r th e s am e .

F . T he Par tie s h av e a gr ee d IGe nte r in to th is J oin t V eiltu re A gr eemen t a s p er tlh e te rm s a nd r nn ditio ns s et OUitbelow.N o w i HIEREFORE T il lS AGREEMENT WITNESSES THAT:

1. Nam e of the Projec tThe nam e o f Ule p roject sha ll be " ". Th is nam e s ha ll be used by both pe rties to refer lo the projec t in a llp u bli ci ty a n d s a le s ma t er ia ls , p u rc h as e a n d t ra n sf er o f l an d .

2. Procu reeien t of Land2.1 Tile Developer sha ll subm it a deta iled p lan on the land to be procu red for the p :roject a nd ob ta in in p rinc ip le

a pp ro va l o f KHB .. In th e e ve nt a ny a dd itio na l la nd s a re to b e p ro cu re d a s up plem en ta l a gr eem en t s ha ll b ee xec u ted b y t he par tes herein

2.2 Tile Developer sha ll then prov ide to the KHB a~1he deta ils of tihe lands (as set ou t in Annexure A) and aSu mm ary Title Rep ort in res pect of ea ch p arcel of p rop erty b ein g p rocu red , p rior to fih e s aid la nd s b ein gt rans fe r red /conveyed to t he KHB

2.3 Tile Parties sha ll conduct a Join t s urvey and assessm ent of the lands to be conveyed to KHB th rough anAUit ho riz edSu rv e yo r o r t hr ou g h t il e Su rv e y Set tl emen t Dep a rtmen t. Th e Deve lo p er u n de rt ak es t o b ear a ~1os tsof s uch s urv eyor a ss ess men t a nd th e p arties sh all s ha re a ll th e resu ns of th e su rvey a s s oon a s it b ecom esavai lab le.

2.4 Tile Dev elop er w an an ts ih e la nd to b e p rocu red is fu illy m ark eta ble, d oes n ot su ner a ny d efec ls Gf title a nd isn ot s ub je ct to tllir d p ar ty c la im s a nd a ny g ov er nme nt a cq us in on p ro ce ed in gs , a nd th at it s ha ll fu lly in demnifyKHB in th e e ve nt o f a ny - ch alle ng e W itllo ut lim ifiiilQ t he g en er ality o f tih efo re go in g, th e Dev elo pe r ma k es torepresen ta l in n o r wa r ran ty wha t soever rega rd ing t he phys ica l condi ti on o ff the Lands , i nc l ud ing bo fi h the su r fa cea n d t he s u bs u rf ac e c on d it io n s. T il e Deve lo p er I.ln d er ta k .e st o c u re a il Y s u ch d e fe ct s i n t he c ond it io n o f t he la n ds1Gil e sa ti sfa ct ion o f KHB.

2.5 Tile Developer sha ll en ter in to an Agreem ent 1 0 Sell ( as s et o ut in A nn ex ur e B ) w ith e ac h la nd ow ne r to tr an sfe rt he l an d f ree f rom a ll e n cumb rs n ce s , c la ims , l it ig a ti on s , c h ar ge s , l ie n s, a n d a tt ac hmen ts in f av our o f KHB for t hep u rp o se o f t he jo in t v en tu r e p roje c t. Th e Devel op e r s .h a ll ila n d ove r a n o ta ri zed c op y o f t he o ri gin a l Ag reemen tto Se~1 or sa fe keep in g to KHB. Th e D evelop er s ha ll is su e a n a dv en is em en t in a loca l n ew sp ap er a nd anewsp a pe r h a vin g S ta tew id e c ir cu la fi on i il vi ti ng a n y ob je ct io n s f rom t hi rd p a rt ie s h a vi ng l a n y ob je ct io n s t o t het ra n sf er o f l an d s f rom li le Ven dor s.


3/10

2.6 The Developer sha ll p rocu re under th is ag reem ent in a sequence am i order of priority to be decided inc on su ta tio n w ith KHB .

2] The Developer sha l l then t rans fer the land to KHB by execut lnq a Sa le Deed (a s s et ou t in A nn ex ur e C)a nd th e D ev elo pe r sha l l pay the entire sale corrs ldera t lon and a l lother inc identa l costs to th e V e:n do lra nd s ha ll t rans fer vacan t phys ica l possession of th e la nd to IKHB.

2.8 The Developer u nd er ta ke s a nd covenants th ai th ey s ha lll h an do ve r to th e IKHB a ll th e o rig in al d oc um e nts a ndDeeds , ~n respec t of each parcel of land conveyed to the KHIB and th is sha ll inc lude a ll Encum branceCert if ic a tes , R IC , Conversinn Certificates, Ccnversion Fee p aid r ecei pt , Lend Record s, Fa mily Tree of ea ch ofth e v en do rs , O rig in al r ec or ds , o f ownership as w ell as t o h a nd ov er v ac an t p os se ss io n o f fih e l .and a t the tim e ofexe cUlfii n a nd reg istra tion of a Deed of Sa le in respect of ea ch in div id ua l p arc el of la nd ~n fa vou r of th e IKIH B.Thereafter the Dev elo pe r s ha ll a t its o wn c os t secure p os se ss io n IQ fth e la nd o n KHB's behalt and m ake sui tab les ec ur ity a rr an cemems to e ns ur e p ea ce fu l p os se ss io n o f th e la nd .

2.9 Where any portion of the trans ferred land in clu de s Kh ar ab la nd , IKIHBs ha ll a ss is t th e [)e ve lo pe ~ to s ec LIrepermission f rom f ihe governmen t t o tra ns fe r th es e p or tio ns a nd th e D ev elo pe r s ha ll d ep os it a ny a m ou nt p ay ab lep r ior ~o th e fra ns~er.

2.10 III the even t tha i the Developer requ ires parcels of land con tiguous to the procu red land to p rovide effectiveconnectiv ity and in trasnudure and the Developer is , unab le to p rocu re the sam e, he m ay request KHB toa cq urre th e s am e a t th e D ev e~ lo pe r's c os t. KHB u nd er ta ke s 1 0 in itia te p ro ce ed in gs fo r th e a cq uis itio n 'O f su chla nd s, o n th e re ce ip t o f t he c om p en sa tio n fr om th e [}e ve lo pe r. Th e [}e ve :lo pe r u nd erta ke s to b ea r a ll th e c os ts o fa cq ui,s itio n in clu din g a ny e nh an ce d c omp en sa tio n p ay ab le to la nd ow ne rs d ue to a c ou rt o rd er o r o th erwis e.

2.n On the trans fer of 10 acres off con tiguous project lan ds tog :ether w ith access to the m ain roads, KHB sha llin itia te th e p ro ce ss to c on ve rt a ny p or tio n o f th e p ro je ct la nd s a s m a y b e re qu ire d. T he D ev elo pe r u nd erta ke s totra ns fe r th e a ll a m ou nts p ay ab le fo r c on ve rs io n to KHB a t I~ ea st3 ~ d ay s p rim to th e d ue d ate

2.12 KHB sha ll appoin t au thoriz ed officers to be presen t for the purpose off Ireg istra tion off t ile Conveyance deedsc on ve yin g th e S ch ed ule P ro pe rty in fa vo ur o f KHB .

2.13 In the even t tha t th ere is a ny d isp ute tlla t a ris es ~eg ard in g a ny la nd a cq uired for th e p rojec t, th e Develop erundertakes to fu lly indem nity KHB aga ins l any liab i'lity or !!am age tha t m ay arise. Further, the Develope~u nd er ta ke s to p ro vid e in a ll c on tr ac ts e nte re d in to b y th em fih al it s ha ll ta ke b es t e ffo rts to r es olv e a lii d is pu te sam ic ab ly th ro ug h n eg otia tio n a nd in th e e ve nt th at n eg otia tio n fa ils th ro ug h a rb itr atio n.

3 . Developm ent Phase3 .1 On fihe c onvers ion of the project lands , KHB s lha ll g ran t the Developer the licence to en ter upon and develop fihe

lands, as per the approved p lans and des igns accord inq to the term s and cond itions of th is Agreem ent. TheDeveloper sha ll be solely responsib le for tihe developm ent and com pletion of the proiec t and to secure a lln ec ess ary sta tu tory a pp rov als a nd clea ra nc es h om a ll Au fh orilies a t th eir ow n c os t IKIHB sh all fa cilita te th egran t o t a ll s uc h e ppmv als3 .2 Th e Dev elop er sh all ~ncon su lta tion w ith KHB a pp oin t a t th eir ow n c ost, q ua lified Artc hitec fu ra l a nd En gin eerin gFirm s fo r th e p re pa ra fio n o f th e la yo ut p la n, in c om p lia nc e w ifih Ih e z on al r eg Ula lio ns o f th e M as te r P la n in to rc eu nd er th e Ka ma ta ka Tow n a nd Cou ntry Pla nn in g Act 19 6~ a nd a ny oth er a pp lic ab le la w or g uid elin es , a s w e:!!a s w or~ ~n g pla ns , e sfm a te s D eta ile d Pr oje ct R ep or ts a nd Bill 'O f Q ua ntitie s fo r th e p ro je ct IKHB s ha ll a pp oin t aP ro je ct M an ag eme nt C ors ufa nt a t th e c os t o ff th e D ev elo pe r fo r Ih e e xe cu tio n, s up er vlis io n a nd m a na gemen t o fU I 8 project

3 .3 The Developer undertakes tha t a ll developm ent w orks sha ll be ca rried ou t w itih in the tim e periods spec ified inth is Agr,eem ent and sha ll com ply w ith the standards 'norm s recom m ended by the KHB, Ihe Gov,ernm en t ofK ar na ta ka p re sc rib ed ffr om time to time .

4 Sharing of Property and Allotmen t Process4 .1 On the Dem arca tion a nd ton na lion of th e s ites or c on sn uc ton of h ou ses KH IB s ha ll c omm en ce it s market ingp ro gra m b y re le as in g a pp ro pr ia te a dv ertis em e nts a nd la un ch in g s aie s c am p eic rs a t its d sc re lio n. KHB s ha lll b een titled to a pp rop ria te ffrom th e es crow a cw un t a ny ex pen ses rela ted to a dvertis em en ts or sa les ca mp aig nsa nd a ny o th er ~ nc id en ta l ex pe ns es r ela te d to th e p ro je ct

4 .2 75% of the res iden tia l developab le a rea in any projecl sha ll be conveyed by KHB to any pm chaser d irec tly andKHB s ha ll sec ure a No O bjec tion letter frn rn th e Dev elop er b efore it c on vey s a ny p rop erty to a p urch as er. Th eD ev elo pe r s ha ll d ete rm in e th e p ric e a t w llic ha ll s uc h s ale s s ha ll ta ke p la ce

4 .2.1 At th e op tion of th e Dev elop er, KI-lIB m ay in vite a pp lic ation s for th is tres ,i,d en tia lld ev e:lo pa lb le me a a n!! a llu t th es .ite slh ou se s th ro ug h a lo rte ry c on du ct amon g tih e a pp lIc an ts a t a p ric e a gr ee d to b y b oth pm tlie s.

4 .3 25% of the res iden fia l developab le a rea in any projec t exc lud lng l corner s ites sha 'll be resew ed for a llotm en t toth e Low In com e Grou p [15 % of th e resld en tla l d evelc pa hle a rea ] a nd Ec on om ic alliy W ea ler sect ions [10%of the reslden tla l developab le a rea ]. These s ites /lhouses lapa rtm en tssha ll be iden tified l by KH B and the


4/10

Dev el op e r J oi nt li y. T h e s ite s fh o us e sfa p ,a nme rn ts in 10 % of th e re sld en sla l d ev elop ab le a re a re se rv ed fo ra l lc tment to t he EC1ono :m i :c a ll yW eaker Sec tion s a nd s ha ll b e s old on a ne-p rc flt-n c- loss b as is a t a p riceto b e d eterm in ed b y b oth p arties . ih es ites ilh ou ses la ip artm en ts iin 15 % o f th e re sid en tia l d ev elop ab lea rea reserved for a llo tm en t to the IL,ow Incom e Group and lsha ll be so ld a t a p rice determ ined by theD ev elo pe L T he a llo tm e nt o f th es e h ou s es /s ite s s h all b e in a c co rd a nc e w ith Ih e A llo tm e nt R ule s o f th e KHB Inth e even t th ai fih es e h ou ses /s ites a re n ot s old w ith in a p eriod of 1 y ea r th en KHB m ay tra ns fer a ny u ns oldh o use s/ sit es t o t he Dev el op e r o r h is n om in e es a t t ih e a l lo tm e n t p ric e .

4 4 KH IB sh all reta in th e op tio n to c on stru ct h ou se s in tih e s ite s d em a rc ated to r low Iin com eG ro up a nd E co no m ic allyWea ke r Sec tio n s. In Ih e ev en t th a i KHB e xe rc is e t hi;s r ig ilt , t ile s it es s h a n b e tra ns re rred to KHB at a p ric e to b ede te rm i n ed b y t ih emu t u a l c on s en t o f b o til p a rt ie s .

4 .5 Any com merc ia l s ite/bu ild ing in the p ro jec t sha ll be trans ferred fio the Developer or h is nom inee and theD ev elo pe r s h a ll h a ve th e rig h t to u s e o r s e ll th is p ro pe rty a t a p ric e lo b e d ete rm in ed b y th e D ev elo pe r

4 .6 A ll a va ila ble c iv ic a m en ity s ites in th e la you t a pp ro ved b ,yth e s ta tu tory a uth ority s ha ll b e s ha red b y IK HB a nd th eD ev elop er eq ua lly b y a re a. K HB s ha ll h av e p refe re nc e in s ,el:e din g t he ir s ha re o f C A s ites a fte r w h ic h th er em a in d er s h all b e a llo tte d to ih e D ev el:o pe r T h e IK IHBs h all re ta in its s h ar e o f Ih e CA s ite s h ee o f c os t B oth th ep artie s s ha ll h av e th e a bs olu te r iq ht to d is po se o ff t he i r s ha re o f C iv ic Am en ity s ite s th at a re a llo tted to th emp ro vid ed th a t s u ch s ite s s h all b e s old o r o fh erw is e d is p os ed o ff fo r tile o rig in a l p u rp os e fo r w h ic h it w a s in te nd eda nd c om p is nc e w ith lh e c on ditio ns a re la id d ow n fo r a llo tm en t a nd u tiliz atio n o f s uc h C iv ic Am en ity s ite s. T hep a rt ie s s h a ll r ec e iv e a ll c o ns id e ra tio n r ec e iv ed fr om fih e s a le o f th e se s it es d~w clly in th e ir r es p ec tiv e a c c ou n tsa n d th e e sc ro w a g re em e nt s h all n ot a p ply b o th es e s a le s.

4 .7 KHIB s ha ll execu te the necessary d ocum en t'S for tra ns fem nq Developer's sha re of C iv ic Am en ity s ites an dComme r ci a l S it es ~ nf a vou r o f t he Deve lope r o r Ihe ir nom inees ..IK IHBsha ll t ra n s fe r C i; vi cAmen it y s it es on ly a f te rh a n d in g o ve r o f t lh e e n t~ rela y ou t t o t he lo c al b o dy

5 Ma rk ,e tililg Fees { Roy alty51 The Developer sha ll p ay KHB a fee of 5% of ihe sa le cons idera tion in add ition to any adm iss ib le taxes, lev ies

in c urre d b y KHIB torthe fra ns ter off a ny s ite , a pa rtm en t o r h ou ses b y KHB to o r o n b eh alf o ff th e [le ve:lo;p erto w ard s m a rk etin g e xp en s es a n d a s c on s ic era n on fo r th e u s e tile b ra n d n am e c t K arn a ta ka H ou s in g B oa rd .

5 .2 W here the projec t conss ts of res iden tia l s ites , KHB sha lll Ire ta iin 5% of thed ev elop ed la rea in th e Develop er's s ha re 'of th e p ro jec t a rea or ,eg uiiva len tB an I< G u ar,a n te e a s a s ec ur ity d ep os it w h ic h s ha ll b e re le as ed 2 y ea rs a fte r th ec om p 'e no n o f tlh e p r oje ct o r o n fih e h s n d ov er o f th e p ro je ct to th e lo ca l a u ih orilyw hichever is la ter. W here the pm jec t cons is ts of cons lrw :ted houses ora p a rtm en ts , KHB sha ll r et ain 5% o f t lh e s a le p ro c ee d s in a d d it io n t o It 's m a r ke tin gfe e a s a s em rily d ep os it w h ic h s ha ll b e re le as ed 2 y ea rs a fte r th e c om p letio n ofth e p ro is ct or o n th e h an dov er o f th e p ro jec t to th e loc al a uth ority w hic he ve r isla te r. lin fih e ev en t th at K IH IBin cu rs a ny lia bility m is in g o ut of th e fa ilu re o f th eDev el op e r t o m a in te in th e p ro je c t a re a , d e fe c ts in c on s tr uc tio n o r d e ve lo pmen l o ra n y o th er Ilia b ility w h ic h is in a de qu a te ly in d em r ufte d Ib y th e D ev elo pe r, it m a yu tiliz e th e s ec urity d ep os it if a ny m a nn er to re me dy th es e d efe cts a nd a ny o th err ea s on a ble c os h in this regard.

53 In the even t tlha t KHB incu rs any expense on accoun t of the Developer, theDeveloper under takes to re im bu rs e KHB w ith in ~5 d ay s of KHB in tim atin g th eDeve lope r o f t he expense .

5 4 Th e Develop er a grees to re im bu rs e KHIBon th e la st 5 ,d ay s of every c alen da r m orn h th e s ala ry a nd a dm is sib lea l lowances o f t he IKHBper sonne l e xc lu s iv e ly depu ted f or t h is p r oje c t

6 Escrow Accoun t and Term s of Paym e:n t6 .1 Th e p arties here in a 'g ree to en ter in to a n Escw w Ag reem ent w hich s !ha ll g ovem th e op era tion of an esc row

a c c ou n t w he re a lii p a ymen ts fr om t he [ Je ve :lo p ert o IKHB fo r la n d a c q uis iti on a n d c o ns id e ra tio n r ec e iv ed b y K I- lIBfrom ih e s a le o f tih e s i te srh ou s es fle ts in Ih e p ro je cl s h all b e d ep os ite d fih e a c c ou n t s h all b e jo in tly o pe ra te d b yb Otil p arties a nd KHB sh all resp ond to a ny req ju es t of th e [)eve lop er for th e re lea se of fu nd s w ith iin ap eriod of15 c la ys from th e ela te o f th e re 1q ju es t.

62 a . On th e c om p le tion of 101%of th e a pp ro ve d m iles to ne s a s s et o ut iin th e D eta ile dl P roje ct R ep 10rt I< HBs ha ll in vite a pp lic atio ns fro m th e !p ub !lic w i ith th e p ,a ym e nt ,of 1 0 % , o f th e s a le c on s id 'e ~,a tio n a s a n in iit ia lld ep os it for th e a va ilab le s ites , Ihou ses or ap artm ,en ts in 25% of th e res iid elilt iiaI d eve lop ab le a reaexc lud ing com ers iites reservec l for a llo tm en t to the Low Incom e Group and Econom ica illy W eaker


5/10

Sec tions a nd from th e ap plica nts fo~ the ava ila lb l,e s iites . h ouses or ap artm em ts in 75 % of th e res iden tiia ld ev elop ab le a rea .b . At the lop t ion of the Deve loper, KHB m ay inv ite a pp !lica t ions from the pub llic w iith the pa ym en t ot1 0%,o f the sa .le cons id era tion as a n in itia l d ep os it fo r the a va ila ble s ites . houses or apa rtm en ts lin 7 S , % of th eres ide :n t iia l developa ble a rea ,. Th e Developersh alll o ffer th e a llo tm ,en t p r ice to the con side ra tibn of theBo,a rd a .t the tim e of co illec tin g in itia l depos it.. The in it ia l d epos it co llec ted sh a ll b e depos ited in theE sc r,o wA cc ou n t. K HIB s h,a ll re le as e 75% of th e In itia l Depos it am oun ts coillec ted on pa r w ith the num ber'of s ites , h ou ses or ap a rtm en ts be ing deve loped in the p ro jec t on the com plet ion of '10% of th e a pp wvedm iles tones a s set ou t in th e Deta iled Protec t Report. Ov ,er sub sc r ibed In itia l Depos it am oun ts sha ll bere fu nd ed to u nsu cces sfu l a pp lica nts a fte r a llo tm en t. IKHB s !h all re ta in 25 % of th e Iin it iia ll D ep os it a .m ou ntst i IIIth e c om p le tio n o f th e p roje ct.'c . Ih er,ea fter , KH B on s cru tin y o f th e a pp lica ti:on s s ha lll a ll!o t th e a va illa ble s ites , h ou ses 'or a pa rtm en ts in25 % of the res iid en tia l developa ble a rea ex c lud ing l co rn er s ites reserved for a llo tm en t to th e Low Inc lom eGroup and Eoonom lica lly W ,eak ,er Sec tion s and th e a llo tm en t o f th ese hous ,esJs ites sh a lll be in,a cc o.~ d.a nc e w ith th e A llotm en t R ules o f th e IK IH B.d . Sub jec t to c la use 4 .2 KHB sha ll a .ls o a llo t the ava ilab le s ites , hou ses o~ apa rtm en ts in 75 % of theres ide :n t iia l d eve lop ab le a rea to the app lican ts . If the app licaHon s a re inv ited by KHiB th roughno tifica ti:on , then KIHB sha ll a llo t th e 09Jva lil'a bles iites , houses or a pa rtm en ts in 75 % o f th e re sid en tia ld ev elop ab le a rea t!h rou glh a lottery c o:n dlu ct a m on g th e a pp lic an ts a pp lied l in r ,e sp om se to. th e n otific atio.nin viit in g a pp lica tion s b y KHB.,e. Ihe rem ain im g ba lan c,e pa ym en t of 90 % tow aJd s the va lue 'of the s ites , h ou ses or a pa rtm en ts sh ,a ll bed iv i:d ed ac cord in g to th ,e num ber of m iles tones to be oorm ple ted . KHB sha ll co ll!ec t fu rther p aym en tsfrom thesu :c cess fu ll a pp lica .n ts em ily w hen th ,e p rog ress is ahea tl o ,f one m iles tone. For exam pl!e o,n'co.mplet ion a t 5 t~ m iles tone th e pay rm en t for 4 10 m iles tone sha ll b e 'c 'oUec ted from the sUlcoess fu l1,ap p lica n ts . Ih e am oum t collec ted tow a rds the va lue of the s ites , h ou ses or ,a pa rtm en ts sha ll bedepos iited l iln the es c row aocoun t.. Th is am oun t fu rthe r sh a ll be ~eleased to the Deve loper as per them iles ton es a s set ou t in th e Deta illed Pr'o jec t Rep ort.

6 .3 Sa le d eeds w illi be Ireg is tered Ib y KHIB to the success fu l a :p pllica nts on ly a fter 80% o f th e d ev elop m en tm iles tones a re ach ieved as se t ou t in the Deta illed Projec t Report a :n d p lOw er, w a ter an d sew era .g ec o.n n ec tio ns a re se cU ir ed fo r ,e ,a ch s iite .

6 .4 Th e Develope :r un derta kes tha t it sh all b 'ea r a ll ex .penses re la ted to the p ro jec t a nti sh alll ,en su re th at no,a rr,a ngem em t m ,a d 'e lun der th is Ag reem en t im poses am y com merc ia l o r fin an c ia ll b u rden or liab ility ,onK H l B , .

6 _ 5 Th e p arties a gree to reconcile th e a cc ou nts every fo rtn ig ht An y d is crep an cy in a ccou nt w ill b e in tim ated to th eother pa r ty w i lh in 7 d ay s from th e d ate o t a n y e sc ro w tra n sfe r6_6 In a dd it ion to Ihe a bove KHB is en titled to ch arg e pu rc hasers a reg is tra t iion a nd epp lica t ion fee a nd reta in th es aid e ntre te e re ceiv ed a s S erv ic e C hm g es _

7 IP r ope rt y M .a in t en amce7_1 Th e D ev elop er s ha ll ensure a dm in is tra tion a nd m a in ten an ce to Iheemire p r oje c t d e v el opmen t to r a m in im u m

p erio d o f 2 yea rs or till it is h an ded over t o t he LGca11Body /mun i dpa l it y euthoreed t o a dm i n is te r th e a rea unde rth e deve lopment fa lls , w h ic he ve r is later.

7 _ 2 Th e D ev elop er s ha ll fu lfil requirements of th e loc al b od y/m u nic ip am y i n d u d i n q p aym en t o f d ep os its in h an din gover of th e layout.

7 _3 T h e [J ev elo p e~ s ila ~ 1 Ib e r es p on s ib le to r th e maintenance of unsold Houses /Apar tments constructed till th ep rop ert ies m e so ld fin d h an ded ove~ to th e p ros pec tive b uyers in g ood condit ion.

7A Even a ft,er2 yea rs due to u n flo reseen reaSlon s , if th e la you t cou ld not b e ham ded lOver to th e La ica lBod y/m um idp ality ,au tho riiz .ed to ,ad min is te r the a lrea un der th e dev ,e l,op men t fa lls , th e Developer m ay,coll!ec t th e m ailn te :n an ce c ha rg ,es from th e a llo tteesJib uyers of th e s ites fh ou ses fa pa rtm en ts a fte r th e 2ye,a rs of v ir tlu a l com pletion of the p ro jec t t ill th e layou t is han tied over to the La ica l b ody ,o r m ain ta in thela l/o ,u t ,c rea t iing a n a ssoc iaUon of th e a ilio ttees of the s iites /houses /a pa rtm en ts till th e layou t is ha nded, ov e~ tlO t h e L lo ca l b o dy .a IBoRROWINGS

8 _ 1 If req uired th e Develop er sh all b e en tit led to ob ta in loa ns from a ll sch ed uled , n stlon allzed b an ks or fln arre la lin s t itu tions a pp roved b y th e RBI nn tlh e gu ida nce va lu e o f Ihe schedu le p roperty tra ns ferred in th e nam e ofthe KIHB OR to th e ex ten t g ran ted b y fina nc ia l ln s tltu tlon s . A ll loan a .m oun ts san c tio:ned llb y fina n lC iia lin s t itu tions sha lll be re lea sed w ith th e consen t of K.IHB as per the m iles tones as set ou t in the Deta iledPrlo jec l R,ep ort a nd th is re lea se sh all n ot b e su bjec t to c la use 6 2_


6/10

8 .2 The ~igh tsand benefits un der th is ag reem en t sha ll not be ass igned by the Developer to any person , save andexcep t w ith the p rior consen t in w riting , of Ihe KHB, w hic il consen t the KI- lB sha ll not deny w ithou t ass ign inga n y r ea s on s .

8 .3 The Developer sha ll not c rea te nor perm it to subs is t, an y en cum brance or otherw ise ass ign , trans fer, sub let ord isp ose off a ll or a ny of th e Sch ed ule Pm perty or on th e r ig hts ti.ln der tlh is Ag mem en t, excep t w ith KHIB's p riorw ritten consen t, w hich consen t the KHB sha ll not deny w ithou t ass ign ing any rea son . The res tra in ts set for tha bo ve s ha ll n ot a pp ~lyto :(a ) Lie ns a ris in g b y o pe ra tio n o t la w (or b y a n a greem en t ev id en cin g tih e sa me)In th e o rd in a ry c ou rs e o ff b us in es s o f tih e P ro je ct;(b ) Lien s or en cu mb ra nces req uired b y a ny Ap plica ble la w;(c ) lH ou sin g loa ns a va iled b y p ros pec fiv e p urch ase rs of s ites or h ou ses.

8 .4 The Developer assu res an d covenan ts w ith the KHIB th at a lii s uch borrow ings an d liab i!iu ies c rea ted sha ll be thes oie res pon sib ility off th e D ev elo per a nd th ere s ila ~1 be n o ~ na nc ia lll'ia bi'lity on tih e K HB w ith reg ard to a ny s uc hdeb ts and in th e even t of defau lt in repaym en t by the Developer, recovery sha ll be en forced on ly aga ins t theDevelop er. Th e Develop er u nd erta kes to in clu de th is con dition in to a ny loa n a greem en t it m ay rea ch w itih th irdpart ies.

8 .5 KHB sha ll a ss is t tile Deve loper to secu re such financ ing by depos fm gthe orig ina l title deeds of tile Schedu leP ro pe rty it(a ) th e d ocu men ta tion cover in g every b orm w in g tra nsa ction is su bm itted to, a nd a pp roved b y , the KHB prior toth e g ra nt CDfh e loa n; a nd(b ) th e b orrow in g c om p lies w ith th e oth er ob lig ation s of u he D ev elop er u nd er th is Ag ree men t.

8 .6 The Developer underta ke tha t tihe loans to be ob ta ined for the p rojec t sha ll be u tilized for the pu rp ose off th isp rojec t on ly a nd loa ns ob ta in ed tor a ny oth er p rojec t off th e Develop er w illi n ot b e en cu mb ered or a tta ch ed to th ep rop os ed v en tu re w ith th e KH B

8 .7 Befo re the KHB conveys any developed p roperty to p rospec tive buyers , the Developer sh a ll c lea r anyborrow ings on the lands and ob ta in a no Ilien certin cete from the bank IOn uhe s ites or developed a rea to beconveyed . Th is sha ll, how ever, no! be requ ired in the case t!he developed p roperty is conveyed to theDeveloper.

8 .8 In the even t tha t any bank ,financ i211 ins titu tiiQ n or lender forec loses a loan to the Developer ~Isha 'll depos iu anya m ou nt ~ ea lize d th rou gil th e s ale of a sse ts ov er a nd a bov e tih ed ues lO wed to it w itih K IHB

9 TERM OF AGREEME1NTTh is a greem en t s ila ll b e va lid to r a p eriod l 3 yem s h om tile d ate of execu tion of th is Ag reem en t 11h ea greem en tm ay be ex tended l by the pa rties in w riting for a period o f 1 y ea r each up to 5 yea rs from the da te o f execu ton ofth is Ag reem en t depend ing upon the s tage a nd sta tus of the p roiec t. Any fu rthm ex tens ion sha ll be upon freshterm s a nd con dition s im posed b y tile KHB. Tim e is of tih e e ssen ce of th is Ag reem en t10 L I M I T A T I I O N OF U A 8 1 L 1 I T Y OF KHBIn the even t of any c la im by any Ih ird Pa rties or Ibyany person 's c la im ing title to the Schedu le pm periy Iby w ayof co-ow nersh ip , m ortgage or any oth er c lam or if th e w hole or any portion off t he schedu le p roperty is evertaken aw ay or g oes ou t from the possess ion of the Pu rchaser on accoun t of an y lega l defec t in th e ow nersh ipand fitle of tile form er ow ner, the Deve loper w HI be lia b le and respon sb ls to m ake good any financ ia l losssu tfered by the KIHB and hereby ag rees and undertakes to keep the KI-lB indem nified , saved a nd h arm lessa ga in st a ll su ch losses , cos ts , d am ag es a nd exp en ses a ccm in g th ereb y 1 0 th e KH B.

11 . B R E A C H :11.1 In tile even t tha t any of the Pa rties is found to Ibe in b reach of the rep resen ta tives and w arran ties , SUCll p arty

sh af in dem nify a nd h old th e oth er Pa rties h arm less in a ll resp ects a ga in st a ny loss , d !a ma ge, lia bility , CIOS! orexpense (in c lud ing lega l expense) tha t m ay be incu rred b y the non -b reach ing Pa rty as a resu lt of such un true,i nc o rr ec t o r m i ;s le a d in g r ep r es e nt ano n

11.2 If any off the pan ies fa ils to pertorm their ool'iga tions under th is Ag r,eem en t, SUCll pa rty sha ll be deem ed to h aveb rea ch ed th is Ag reem en t. Th e n on -b ma ch in g p arties sh all b e in dem nified b y th e b rea ch in g p arty lin resp ec t ofth e b rea ch . Th e Pa rty in b rea ch sh all com pen sa te tile n on -b rea ch in g party fo r any d irec t dam ages cau sed byth e b rea ch . Th e a bove m en tion ed l rem ec ies sh all b e w ith ou t p reju dice to th e rig ilt o f th e n on -b rea ch in g Pa rties .to ob ta in an in junc tion res tra in inq any b reach or app rehended b reach in accordance w ith the term s of th isAg ree men tw iih ou t th e n ec es sity of es ta blish in g a ny a du a'i d am a ge

11.3 The pa rfies ag ree tha i lin Ihe even t of the trans fer of ow nersh ip O f c om ro l b y t he [ Je v e~ lo pe: r, di re c tl y o r i nd ir ec tl y,w ithou t tih e perm iss ion of KHB, th is Ag reem en t sh a ll s tand term in a ted au tnm erice 'ly . Pw vided ,tha t theob liga tiions of such Developer under tih is Ag reem en t in c lud ing those rela ted to con fiden tia lity and d isp ute


7/10

resolu tion a nd su ch othe~ prov is ion s off th is Ag reem ent th at by th eir na tu re a re in tend ed to serv ive, sh all su rv ivea ny te nn in efion of th is . A gr ee men t.

n4 In the event of occu rrence of a materia l b reach of any off I he term s and cond fions of lh is Agreement or anycoven an t, rep resentation , w arra nty or ag reem ent sen orth herein f'Mate~ia l Brea ch ") on th e pa rt of a Pa rity (th e"DefaUilting Party"l, the other pa ruy {"INon-Defau lting Party") m ay g ive w ritten notice of tihe a lleged breach("Breach Notice") to th e [)efa ultin g Pa rty

~1_5 A term ina tion even t (Term inefion Event") sha ll be deem ed to have occu rred .1t5_1 If s uch M ate~ia l IBrea ch , if reasonably capable of being cu red, is not cu red by Ihe [)efaulting Party

w ith in th irty (30) days of receip t of the Breach Nofice ("Cure Period"), or if such lMa lerlia l Breach isn ot rea son ab ly ca pa ble of bein g cu red ,forth with u pon issue of the Breach Notice;

11_52 In the even t an inso'vency, w ,in d in g l u p or a b an kru ptc y p etition or oth er in solven cy a pp lication isp resen ted ag ains t th e Develop er, or a cou rt of com peten t jurisd ic tion m akes a n order, or a resolutionis passed , for the w inding up , dsso lu i ion or ju dic ia l m an agem en t or a dm in is tra tion of tha t Develop erofherwise than ~n t he course of a reorg 'an isa tion or restructu ring pm viously app roved lin w ~iting byKHB_ IKI-lIB un derta kes th at su ch a pp rova l n ot to b e u nrea son ab ly w ith held _

11.5_3 In tile event any a ttachmen t, scqucsfrstiorrd is lrcss , execu tion or other lega l process is lev ied ,en torced or ins titu ted aga ins t the assets of a Developer, or a liqu ida tor, jud ic ia l m anager, receiver,adm instrstor. trustee-in -bankruptcy, custod ian or other s im ilm officer has been appointed or apetition for the appoin tm ent of sud . oflioer has been presented in respec t or any assets of aDeveloper;

~ ' 1 _ 6 On the occurrence ora Term inanon Event on the part of tile Developer aris ing ou t of a m ateria l breach KIHBsha ll have th e r igh t, but not tile ob ligation , upon issu ing notice to the defau lting Developer, to spocfirperform ance of the aglreem en t and is entitled to recover a lii losses and expenses incurred b y tile a gg rie ved lp arty a s a con seq uence of su ch b reach , from th e p arty com l11itting b reach .

~ 1 _ 7 If tih e T er min ation e ven t occusbetorethe p roject com mences d ue to:117 ..1 Non Com plia nc e w itih s ta tu tory req uirem en ts , or11I2 in ab ility to ob ta in tlh e n eces sa ry s ta tu tory clea ra nc e, or117 ..3 for a ny oth er u nforeseen rea son s.Properties trans ferred Iby the Devel~oper to KHB shall be reconveyed in the orig ina l form that ex isted beforefransfer of land to the KHB, to the Developer, or the nom inees of the Developer prov ided Ihey are entitled asper Land Refmms Ad ' 1 9 6 1 and the l . a n d Revenue A r t to hold such lands at the cost of the Developer In the'even t that the Developer has paid KHB a convers ion fine then ih is sha ll be rm ifeited on the occurrence of ate rm in a tio n e ve nt

~ 1 _ 8 If tlh e term in ation even t oc cu rs a fter th e Develop er ob ta ~n s s ta tu tory a pp rov als b ut b e f o r e tile tra nsfer of lan ds tothe local au thority KHB sha ll have tlhe option bu t not the ob liqation to take up the schem e as its own Housingsch em e on lhe pa ym ent of th e gu id an ce va lu e of the projec t prop erties to th e Develop er.

U, U S E O F BRAND N A M E~ 2 _ 1 Developer undertakes and dec la res that il shall exercise due care and cau tion w hile u tiliz ing the nam e of KHB

in its rep resen ta tion s, to th e m em bers of th e g :en era l p ub lic~22 Developer fu rther undertakes tha t it w ill get the prior sand ion and written approval of any documen ts ,

b roch ures , declaration s, p ublic ity m ateria l, ad vertisem ents a nd s im ila r m atter conta in in g reference to the KHB,prior t o r s leas inq the sam e in the public dom ain

n3 In the event of Developer m is represen ts the KHIB brand name in a manner thai w ,ill be detrim en ta l to thein terest of KHB, KHB sh all beenti t led to term ina te th is ag reem ent in the manne r prov id ed h erein in ad dition toreserv in q th e rig ht to seek sub stan tia l da mag es an d in ju nctilve relief ag ains t Develop er for su ch w an ton violationa nd m is us e.

~2-4 Upon term ina tion in th is manner, Developer shall desist from m ak ing any reference of KHB's involvem ent in thedevelopm en t and w ill refra in from m ak ing use off K HB's nam e in a ll its litera ture and com munica tion Developersha ll a lso imm ediately pay KHB all tile ou ts tand ing dues in respec t of any fees or m onies payable by it to KHBan d sh all a lso return a ll p rop rieta ry m ateria ll b elon ging to KHB w hich m ay b e in its p ossession

13 . PRESS RELEASESDeveloper agmes not to issue press release or make pub lic announcements concerrinq the term s off t h isAgreement w ithoul Ihe prior w ritten appmvel of the KI-lB_ The ex is tence, and terms of th is Agreemenl a reconfiden tia l and shall not bedisdosed to a th ird pa rty by any Party other than under a due process of law orm utua l a greem ent b etw een tile p arties. How ever, th is sha lll n ot res tr ict an y s ta tu tory requ irem en t u nder th e La w,in clud in g disc losu re req urem en t of th e Karna ta ka Govem men t a nd Statutory a gen cies.


8/10

14 . NOiflCES' 1 4 . -I Any notice and other com mun ica tions pm vided lfor in th is AQ r6em ent sha ll be in w ritiinQ and sha ll be firs t

tra ns mitted b y fa cs im ile tIa nsm is sion , a nd th en con firm ed b y reg istered p os t or b y a n ation ally Ir'ecog niz edc om ie r s erv ic e, o n th e a dd re ss es a nd c on ta ct n um b ers m e nlio ne d b elo w

...... , " , ", " ".", ", " ".", " ".", " .

' 1 4 ..2 All n otic es s ha ll b e d eem ed to h av 'e b een va lid ly g iven on m tlh e b us in es s d ate imme dia te ly a fte r th e d ate o ftr an sm is sio n, if tr an sm itte d b y fa cs im i'le tr an sm i ss io n, o r (iii) th e b us in es s d ate of rec eip t. if tra ns mitted b yc om i er o r r eg ~ st er ed p ost .

'1 4 . .3 Th e Pa rties m ay , from tim e to t~m e, c ha ng e its a dd res s c u r r ep re se nta tiv e fo r r ec eip t o f n otic es p ro viid ed fo r inth is Ameemen t b y q iv in gb o Ih e o th e~ n o t le ss th an 1 [l days p r ii or w r it ten no ti ic e .

15 . LEGAL FEES ANID OTHER COS liS"1501 Developer shall p ay th e a pp lic ab le Sta mp D uty a nd reg istra tion fees a nd rela ted miscelleneous e xp en se s inc on ne cn on w ith tlh e t ra ns fe r o ff th e titlle o f th e L an d fr om th e Owne rs to th e KHIB ."15.2 Dev elo pe r s ha ll p ay a ll le ga l fe e a nd c on ne cte d e xp en se s iha t m ay be incurred on t ile transactions he re in u p to

th e s ale or c on ve ya nc e o f th e la nd s in fa vo ur 0'f th e IKH IBfo r t he Own er o f t he La nd s."15.3 Deve lop er s h al l p a y a ll p ro p er ty /a g rii cu l' tu ra lla n d t ax . la n d conversion f ee s, c o st o f o b ta in in g l r ec or d s, Leg a l t it le

report cos t off p rep ara tion of leg all d oc um en ts in clu din g b ut n ot lim ited to th e Ag reem en t of Sa le, Pow er ofA tt or ne ys , Aut ho riz a ti on s , Deed s o f Sal e, e tc .

16 . ApPLICABLE TAXES AND LEVIESNotw ith sta nd in g a ny o f th e p ro vis io ns o f Ih e A gre em e nt, th e D ev elo pe r s ha ll b e re sp on sib le fo r th e p av m et o fa ny a pp l'ica lb :leta x or lev y w hic h lis p ay ab le n ow or lin th e fu tu re, in resp ec t of th e p urc ha se a nd sele of th eLa nd s a nd tile Develop er a grees to in dem n~fy a nd h old h arm les s KHBw ith resp ec t to a ny lia b~lity for s am e,in clu din g a ny p en alties a nd in teres t th ereon w hich m ay a ris e a s a resu lltof th e Dev elop er fa il'in g to p ay su cht ax es a n d le v ie s.

17 . INDEMNIF ICAT ION OF KHBDev elo pe r w ill in demnify , d efe nd a nd h old tih e I KHB, ils o ffio er s,d ir ec to rs , emplo ye es a nd a ge nts h arm le ss fo rma nd a ga in st a ny a nd a ll lia bilitie s, d ama g es , lo ss es , s uits , c la im s , c os ts a nd e xp en se s ( in clu din g a tto rn ey s" fe es )a ri si ng ou t o f r es u lt in g f rom

" 1 7 . - I a n y m i sr ep re sent ati on o r b r e a c h o f w a rr an ty o r c ov en an t b y Dev elo pe r; o r" 1 7 . 2 nonpe rf ormance b y Deve lo p er o f a n y ob lig a ti on t o b e pe rf ormed on t ih e p a rt o f Deve :l op e~u n de r Un i, sAg reemen t;

or" 1 7 3 a ny c la im a ris in g G ut o f d efe ct to title o f th e s ch ed ule d p ro pe rtie s c on ve ye d to th e KHB ." 1 7 . 4 a ny c la im o r in ju nc tio n fr om th ir d p ar tie s r ela tin gb o th eir a gr eemen t w ith Dev elo pe r; o r" 1 7 5 a ny b re ac h o r n on c om p lia nc e w ith a ny s ta tu te s, O rd in an ce s, re gu la tio n a nd o th er g ov ern m en ta l r eq uir em e nts

o f ju dic ia l d eo re e b y th e Dev elo pe r; o r" 1 7 . 6 a ny a dio n, c la im s , litig atio ns . s uits , p rn ce ed in q, in qu ir es , in ve stig atio ns b ro ug ht b y a ny emplo ye e, c us tomer ,

oed itor, ~g overn men ta llor ju dic ia l a geilcy or a ny oth er tb ird p arty m is in g ou tof a ny a cts or om is sion of th eDeve lo p er i n r es p ec t o f t he t ra n sa c tio n s a n d Deve lo p er 's ob li ga tio n s h e re in c ont ai ned .Dev elop er s ha ll in dem nify th e KHB in c ase th ey a re m ad e to s uffer a ny fin an cia l los s, a ny s ort of d evia tion ,v io la tlio n o f a ny s ta tu to ry p ro vis io ns a pp lic ab le , d iv er sio n a nd n on c omp le tio n o f Ih e p ro je ct a nd v iiQ la tio n o f a nysta tu tory p rov is ion s ep plic ab le in clu din g a nd D evelop er sh ou ld a bid e b y a ~1 he term s a nd con dition s of th isMOA a nd o th er d oc uments iff an y e xe cu te d

18 FIURJHIER ASSURANCESDev elop er a nd th e KHB sh all ea ch ex ecu te a nd d eliv er a ll s uch fu rth er d oc um en ts a nd d o s uch fu rth er a ds a ndth ~n gs as m a y b e re as on ab ly re qu ir ed fro m fir ne to tim e to g iv e e ffe ct to th e te rm s h ere on .

1~9 . SURVIVALTh e rep res en ta tion , w arra nties, g ua ra ntees , p rom is es . a nd a qreem en ts c on ta in ed in th e Ag reem en t s ha lls m viv e th is a gr eemen t

20 COMMISSIONDev elop er a nd th e KHIB a gree I.h al n n c omm is sion s sh all b e p ay ab le b y th e KHB to a ny p ers on w itil res pect toth is MOA o r th e a ge nc ie s lO rin div id ua ls p ro cu rin g la nd o n b eh alf o f D ev elo pe r.


9/10

21 ASSIGNMENTEither p arty m ay not a ss ig n or trens ferlh e Ag reem ent or a ny in teres t or a ny in terest iQ f the other pa rty in theLa nd s h ereby c rested w ithou t the p rior w ritten con sen t of th e other Pa rty . w hich consent m ay n ot b e a rb itra rilyw ilh he ld Ib y i he c lh er P arty .

22 GOVERNING LAW22.1 In the even t o f an y d lispu te a ris in g l u nder th is Ag reem en t. the part ies sha ll re f,e r the sam e toa rib itra .tio n .. A rb itra tio n s lila H b e d o,n e by a m utua lly ap lPo iin ted s ing lle a rib itra tor and the venue of thea rib itra tio n p ro ce ed in gs s ha ilib e in B ,a ng ,a l,o re .22.2 It is h ereb y exp ress ly a greed th at th e Develop er a nd KHB s ha ll b e en titled to en torc e sp ecific p erform an ceo f th e c on tra ct u nd er th is a gre em en tTh is MOA and ihe Ag reem ent sha ll be governed by and construed in accordance w ith the law s of Ind ia and thep arties h ereto irrevoc ab ly s ub ject th em selves to th e iu risd cfion of th e Cou rts ot IBa ng al~ore, Ka rn ata ka a nd th eappel la te c ou r ts t he re of .

23 AMENDMENTAny p rov is ion of tlh e A~g reem en t m ay be a men ded or w aived on ly if such a men dm en t or w aiver is in w ritin g an dexec uted b y th e Develop er a nd th e IKH B.

2 ,4 [1iTIRE AGREEME:'I:TTh e a greem en t (in clu din g, w ith ou t lim ita tion , th e S ch ed ules atta ch ed h ereto w hich form p art of th e Ag reem en t)em bod ies th e en tire ag reem ent b etw een tile KI-lB a nd th e Develop er in resp ec t of th e p urch ase a nd sa le of th eLands and supersedes any p rior ag lreem ents and understand ing betw een such pa rties re l!a ting to the sa ids ub je ct m a tte r h er eo t

2 5 CO-OPERATION.Bolh pa rties w ,ill co-opera te w ith the otiher pa rty , a t the other pa rty 's request and expense, in fu rn ish ingin torrn afion , testim on y a nd olh er a ss is ta nce in con nec tion w ith a ny a ction s, p roceed in gs , arra nqern ents an dd is p ute s. w ith o th er p er so ns o r g ov e~ nme nta llin q uir ie s o r in ve stig a iio ns .2 6 CONFIDENT~ALlT1(Su bject to s ta tu tory requ irem ents ea ch pa rty a grees to keep con liden nel a ll in fm m ation a nd da ta p erta in in g toth e oth er pa rty tha t is d isc losed to it p ursu an t to or in conn ection w ith th is Agreem en t, in clu din g th e term s of th is .A~g reem en t a nd a grees n ot to, d isc los e or fu rn ish 10 , or use tor tlhe benefil of any person , firm , pa rtnersh ip orc orp ora tion s uc h in form ation w ith ou l th e p rior w ritten c on sen t of th e p arty w hic h su ch in torrn afion or c eta .

27 NONCIRICUMVENirBolh pa rties u nd ertake n ot to c ircum ven t from th e com m itm en ts. u nderta king in th is ag reem ent sub ject to th eo th er p a rty c om p ly in g w ith a ~1h eir u n de ,r ta 'k ~n g s a n d o blig a tio ns u n de r l.h is a g re eme nt.

28 SEVERABILITYIlf any p rov is ion of the Ag reem ent sha~1 to any extent to be inva lid or unenforceab le, the rem ainder ot theA~g reem en t or the app lica tion of such prov is ion to persons or c ircum stances other than as to w hich it is heldinva lid or u nen forceab le s lh a~1not b e effec ted th ereb y a nd ea ch p rovs ion of th e Agreem en t sh all b e va lid an de nfo rc ed to th e fu 'lle st e xte nt p erm itte d b y la w _

S nIED:ULE - A PROPERTY


10/10

In w itness the pa rties hereto have siigned fh is Memorandum of Aqreemen t on the. .. . . . da ,y of.......................... 201~ herein above men ti one d.

Signed w ith seal bySri , Housinq CommissionerFor and on behalf of Ihe Kamataka Housing Board (Signature)

In presence of1 )

(Signatmel2 )

(Signatmel

Signed and sealed byMr .ChairmanFor and on behalf ofMls Banga lore(Signalure)

In presence of1

(Signatmej2 .

(Signatme)A NiN EX UR E A

SI/No. Doc um en ts req uire for Leg all Sc ru tin y Period1 Registered Sale Deed in Favour of Vendor2 Previous Sale Deed3 Mot he r D ee dlP as s B oo kfP at ta B oo ~k /S agUiv alli c ih it4 Other title Documents like Partition Deed, Paalu Pa tti, Gift IDeed, Land Grant order,

les ta m enUW iHICo urt Ord er, Su cc es sion Certific ate5 NOCform Rev en l.le/Co l1llp ete nt Au th ority in c as e o ff Gra nt La nd req uin in g NOC.6 ENCUMBRANCECERTIFICATE li N FORM 15 3 U - 4 2 years7 KHATA IN VEINDORSNAME Latest8 KATHA CERTIFICATEIIEXTRACT Latest9 MUTATIONIREGISllER EXTRACT Vendor IName10 Record of Rig ht (RTC) Extra ct La test Ven dor INam e11 Pahani/lR.T.C Vendor IName12 Tppan i Copy13 Survey Sketch w ith bounda ries (Atlas copy)14 Villa ge M ap15 F am ily lre e ( Vs rn sh a v nik sh a ) Certificate16 Upto Date Tax Paid Rece:ip t Latest17 Betfiem1enl Fee Receipt Converted land18 lax Assessmen t Order BMP Lands19 Conversion Order and Conversion Fee paid R,eceip t Con verted La nd20 Exemption under Sec 79 A& B21 Endorsem ent under Sec 48(A) KRL Act 1 96~ Form No.722 Revenue Akarband23 If House - Copy of Sanctioned plan24 IL & RIR25 FilelJu dg em en t Cop yfCou rt ord er in a ny Leg alllProc ee din gs26 If m ortg ag ed /lea seo cop y of Morlg ag eflea se d eed27 Re:leaselNOC form Finent ie l lns t i fuf ion'Coop Bank28 An y oth er fador a ffe ctin g o wn er Tifle t o P roper tyKHB Hous in g Commi ss io ne r

Ka rn atska Hou sin g Boa rdBanga'iore

Hous in g Commi ss io ne r ~tJi . Q()~f';JJef :k:4);wD-3, a;:)~~ ~::""B~