This agreement (hereinafter referred as the Agreement) has been carried out by M.R.N Constructions LLP. at their site located “AT MOZA Masiari ADDRESS, Masiari Link Road, Murree” on {{date('d')}}th day of {{date('F , Y')}} between:
THE FIRST PARTY
( {{env('APP_NAME')}} )
THE Second PARTY
(heirs, successors and assignees)
a. The First Party and The Second Party shall collectively be referred to as “Parties “and individually as a “Party”.
b. The First Party is in the business of construction, managing and operating The Amaar Lodges Murree, a project consisting of apartments situated at Masiari Link Road (hereinafter referred to as The Amaar Lodges).
c. The Second Party wishes to purchase an apartment from The First Party at The Amaar Lodges.
Now, THEREFORE in consideration of the foregoing understanding and the mutual covenants set forth herein, the parties hereby agree as follows: 1 DEFINITIONS AND INTERPRETATIONS1.1 The recitals form an integral and operative part of this Agreement.
1.2 Unless the context otherwise requires, the following terms shall have the meanings ascribed to them as under:
“M.R.N Constructions LLP” shall bear the meaning ascribed thereto in the recitals.
“Applicable Laws” shall mean all the federal, provincial and local laws of Pakistan, and all orders, rules regulations, statutory regulatory orders, decrees, judicial decisions, notifications, or other similar directives issued by any public authority pursuant thereto.
“By Laws” shall mean the rules and regulations introduced and implemented by The First Party to regulate the operations and management of The Amaar Lodges, Murree and the relationship between The First Party and is allottees (including The Second Party), its staff tenants, visitors, occupants, management and maintenance staff.
“Common Area” shall mean those parts of The Amaar Lodges, Murree not physically forming part of the or any other apartment, and intended for the common use of the visitors/occupants of The Amaar Lodges.
“Down Payment” shall mean the percentage amount of the Total Consideration to be paid by The Second Party to The First Party in the acquisition of the shop.
“Force Majeure Event” shall bear the meaning ascribed thereto in Company Clause.
“Installments” shall mean the periodic payments forming part of the Total Consideration by The Second Party on The First Party as per the Payment Schedule.
“Total Consideration” shall mean the total consideration to be paid in Installments/partial payments or Full Payment by The Second Party to The First Party for the acquisition of the shop.
“Management Agreement” shall mean the management agreement to be entered into with regard to, inter alia, The Second Party’s contribution toward the costs of the management, administration and maintenance of The Amaar Lodges, Murree.
“Management Committee” shall mean the committee constituted by The First Party to manage The Amaar Lodges.
“Next of Kin” shall mean the legal successor of The Second Party.
“Notice of Possession” shall mean The First Party’s notice to take possession of the apartment.
“Payment Schedule” shall mean the schedule of Installments of the Total Consideration as set out in Company Clause.
“Permitted Use” means the use of the apartment as approved by the Management Committee, and in compliance with the By-Laws and the term of this Agreement.
“Property” shall mean a piece of area in The Amaar Lodges to be purchased by The Second Party on the terms and conditions of this Agreement, as further described in Clause Section 2.
“Apartment” shall mean a set of room(s) for living in for residential use only.
“Service Charge Agreement” shall mean the agreement to be executed between the Parties in relation to the services provided by The First Party.
“Untoward Incident” shall mean any event that results in death or incapacitation of The Second Party; In this Agreement, words denoting the singular include the plural and vice versa and words denoting gender includes both genders and references to person includes bodies corporate or unincorporated; the parties under that in case of any ambiguity, confusion or dispute regarding the interpretation of any clause of this agreement, the interpretation thereof under the By-Laws. The provisions of the By-Laws shall prevail. The Second Party agrees and understands that the Fist Party many amend the By-Laws from time to time in accordance to any change in Government policy/Laws, and which will be applicable to the both parties.
2 AGREEMENTS FOR TRANSFER OF RIGHTS2.1 The First Party hereby agrees to sell and The Second Party hereby agree to purchase the property having details:
| Address: | {{$statement->inventory->unit_number}} |
|---|---|
| Floor: | {{$statement->inventory->floor->name}} |
| Permitted Use: | Appartment |
| Approximate Size: | {{$statement->inventory->size->name}} sq. feet |
On the term and conditions of this Agreement and the By-laws.
2.2 The Second Party has agreed to pay the Total Unit Price:
as the purchase price of the property, in the Installments per the Payment Schedule set out in Company Clause.
2.3 For the avoidance of doubt, the Total Consideration shall not include any installation charges pertaining to electricity connection, generator back-up, fiber optics, and gas (subject to availability). Any other utilities request by The Second Party may be installed at the cost of The Second Party on mutually agreed terms.
2.4 The actual total area of the Property will be measured before final possession is handed over to The Second Party and any difference between the approximated area and the actual area may be adjusted. In case the actual area of the Property is more than the approximated size, The Second Party shall pay the applicable rate for the excess area. However, in case of actual area of the Property is less than the approximated size, The Second Party may be entitled to a refund based on the applicable rate.
3 DOWN PAYMENTThe Parties acknowledges that The Second Party has paid, and the First has received:
| Received Amount: | {{number_format($received)}} / - ( ) |
|---|---|
| Remaining Amount: | PKR : {{number_format($statement->net_pay - $received)}} / - ( ) |
4.1 The Second Party shall ensure timely payment of the Installments through cash, pay order, demand draft or electronic funds Transfer to the First Part/The Amaar Lodges’s in accordance with the following payment Schedule:
| Installment schedule | |||||
|---|---|---|---|---|---|
| Payment Head | Due Date | Amount | |||
| Down Payment | {{date('d-m-Y',strtotime($st->due_date))}} | {{number_format($st->due)}} | |||
| Installment - {{$st->inst_no}} | {{date('d-m-Y',strtotime($st->due_date))}} | {{number_format($st->due)}} | |||
| Possession | {{date('d-m-Y',strtotime($st->due_date))}} | {{number_format($st->due)}} | |||
4.2 Any and all payments made by The Second Party under this Agreement shall be without set-off or counterclaim from any third party and free and clear of any taxes, deductions and withholdings.
4.3 The Second Party agrees that The First Party may take legal action directly against The Second Party to enforce collection of unpaid amounts.
4.4 The Second Party will ensure timely payment of each Installment As per the Payment Schedule set out above to ensure uninterrupted construction and timely completion of The Amaar Lodges building.
4.5 If receipt of any Installment is delayed by more than ninety (90) days, The First Party will issue a final payment notice to The Second Party, demanding payment of the outstanding amount within (7) Seven days. If The First Party does not receive the relevant, Installment payment within the said Seven (7) days period, the allotment of the Property shall stand automatically canceled without issuance of any future notices.
4.6 Subject to the completion of the construction of The Amaar Lodges building, in case of any delay by The Second Party in taking possession of the Property, The First Party will be entitled to receipt of charges from The Second Party under the service charge Agreement. Further, if The Second Party delays taking possession of the Property beyond forty-five (45) days from issuance of notice of possession, The First Party shall be entitled to terminate this agreement and any allotment of the Property. In case The First Party exercises its right to termination pursuant to this clause, The First Party shall refund the amount received from The Second Party (after making the necessary adjustments) as per company clause.
5 COMPLETION PERIOD AND POSSESSION5.1 The First Party shall complete the construction of The Amaar Lodges building by June 2024 InShaAllah. 6 months grace period will be provided if needed. So including that grace period The First Party shall complete the construction of The Amaar Lodges building by December 2024 InShaAllah.
5.2 On or before the actual construction completion of The Amaar Lodges, The First Party shall issue the notice of possession, which shall, inter alia, require The Second Party to; I. Pay all outstanding charges, including any pending installments and amounts under the management Agreement or the service charge agreement, if any; II. Execute the Management Agreement and the service charge Agreement, each in a form approved by The First Party; III. Take possession of the Property on the date specified in the notice of possession.
5.3 In case The Second Party fails to comply with any provision of this Agreement, The First Party shall have the right to withhold the transfer of possession and title of the Property to The Second Party and terminate this Agreement in accordance with its terms.
5.4 The First Party is bound to complete the construction on/before said date mentioned in Clause 5.1.
5.5 In case of non-compliance regarding completion of construction of the The Amaar Lodges as mentioned in Clause 5.1, The First Party shall pay the monthly rental amount (0.5% for residential unit & 0.58% for commercial unit) in relation to the Property as penalty until completion of The Amaar Lodges.
6 PAYMENT OF TAXES & DUTIES6.1 The Second Party shall be responsible for payment of all federal or provincial taxes, rates, charges, imposition and duties (howsoever designated, including stamp duties) in respect of the Property.
6.2 The Second Party agrees to indemnity and hold harmless The First Party against any and all claims, impositions and penalties by any authority in relation to any tax regarding the Property.
7 TRANSFER AND ASSIGNMENT7.1 The Second Party may not transfer or assign any rights in relation to the Property without prior written consent of The First Party and in a form other than the form approved and provided for by The First Party. Further, The Second Party may only transfer or assign any right to a third-party after clearing all outstanding dues owed to The First Party.
7.2 In case of any Untoward Incident, the allotment will automatically stand transferred to the name of the next of kin as set out in the application form in accordance with the By-Laws.
7.3 The Second Party agrees not to claim any good-will/premium/pagri upon the Property being allotted, and in case any such payment is made by/to The Second Party being the transferee/transferor, The First Party will be under no liability to make good the loss of any such amount.
8 REFUND AND RESALE8.1 If Second Party wants refund of its amounts given to first party than First Party is liable to refund the amount deposited by the applicant shall be refunded within ninety-five (95) days after the submission of written refund application after the deduction of an amount equal to 15% of the paid amount. In this case, The Second Party is bound to handover the possession of the property (original contract, allotment letter & all original receipts) to The First Party and certify in writing that no claims or adverse proceedings (of whatsoever nature) are pending against the property or The Second Party rights therein.
8.2 The Second Party is allowed to resale of the subject (unit) to other prospective buyer(s) anytime of purchase date.
8.3 Transfer of ownership/allotment to Third Party will be charged an amount equal to 2% of Total Consideration as Transfer Charges.
9 FORCE MAJEURE9.1 Neither party shall be liable or responsible for delays or failures in performance under this agreement, if and to extent such delay or failure in performance is caused by any occurrence beyond the reasonable control of the affected party, including any such delay or failure resulting from: (a) Any acts of God such as lighting, fire, earthquake, tsunami, flood, storm, cyclone, typhoon or tornado, (b) Any act of war, invasion, armed conflict or act of foreign enemy, or a massive and sustained campaign of terrorism or political sabotage, (c) The requirements of any legislation, or judicial, quasi-Judicial, executive or regulatory order (any such event or occurrence, a “force majeure Event”). The party affected by a force majeure event shall as soon as practically possible notify the other party in writing of the existence of such force majeure event that makes it impossible for the affected party to carry out in whole or in part its obligations under this agreement. The party affected by a force majeure event shall take all responsible steps to mitigate the effect of such force majeure event.
9.2 Should a force majeure event occur, which might delay the completion, The First Party will notify The Second Party of such force majeure event and will give The Second Party a new completion date or an estimate of the duration of the delay caused by the force majeure event, followed by an amended completion date, as the case may be.
10 GOVERNING LAW AND DISPUTE RESOLUTION10.1 This agreement shall be governed by and constructed in accordance with the laws of Pakistan.
10.2 Any dispute, controversy or claim arising out or relating in any way to the agreement/the relationship, including without limitation, any dispute concerning the construction, validity interpretation, enforceability or breach of this agreement, shall be exclusively resolved by binding arbitration upon a party’s submission of the dispute to arbitration. In the event of a dispute, controversy or claim arising out of or relating in any way to the agreement, the complaining party shall first notify the other party in writing thereof. Within thirty (30) days of such notice, authorized representatives of both parties shall meet at an agreed location to attempt to resolve the dispute in good faith , should the dispute not be resolved within thirty (30) days after such notice, the complaining party shall be made within a reasonable time after the claim, dispute or other matter in question has arisen, and in no event shall it be made after two (2) years from when the aggrieved party knew or shall have known of the controversy, claim dispute or breach.
10.3 This agreement to arbitrate shall be specifically enforceable. A party may apply to any court with jurisdiction for interim or conservatory relief, including without limitation a proceeding to compel arbitration.
10.4 The arbitration shall be conducted by three (3) arbitrator(s). For three arbitrators, each party shall select an arbitrator within 10 (ten) days of commencement of the arbitration who shall serve as neutral arbitrator, and the two designated arbitrators shall select a third neutral arbitrator within 20 (twenty) days of their selection of the parties. If the parties are not able to agree upon the selection of an arbitrator within twenty (20) days of commencement of arbitration proceedings by service of a demand for arbitration, the arbitration shall select be selected by the court of competent jurisdiction in accordance with the terms of this agreement. If the two arbitrators cannot agree on selection of a third arbitrator within twenty (20) days of their appointment, the court of competent jurisdiction shall select such arbitrator in accordance with the terms of this agreement.
10.5 The arbitration shall be conducted in accordance with the arbitration with the arbitration act 1940.
10.6 The arbitration shall be conducted in Rawalpindi.
10.7 The laws of the Pakistan shall be applied in any arbitration proceedings, without regard to principles of conflicts of laws.
10.8 The arbitration shall be conducted in the English language.
10.9 It is the intent of the parties that, barring extraordinary circumstances, arbitration proceedings will be concluded within one hundred and twenty (120) days from the date the arbitrator(s) are appointed. The arbitrator(s) may extend this time limit in the interests of justice. Failure to adhere to this time limit shall not constitute a basis for challenging the award.
10.10 Except as may not be required by law, a party, nor its representatives may disclose the existence content, or results of any arbitration here under without the prior written consent of other party.
10.11 The decision of the arbitrators shall be final and binding on the parties.
11 USAGE OF THE PROPERTY11.1 The arbitration shall be conducted in Rawalpindi.
11.2 The Second Party shall not use or cause to be used the Property for any unlawful activity, or for any activity deemed to be disreputable, immortal, unethical or hazardous.
11.3 The Second Party fully understands that the Property or any portion thereof cannot be used for lodging/sleeping purposes.
11.4 No standees, flex banners, advertisement will be allowed to outside the Property, except for the space/place provided (if any) for the same by the management committee of The Amaar Lodges is accordance with the By-Laws.
11.5 The Second Party will not carry out any activities that may be considered dangerous or may create any hazard (including storage of paper that may create a fire hazard.
12 MARKETING & SELLING12.1 The First Party has nominated “Right Marketing Pvt Ltd.” for marketing and selling of The Amaar Lodges on exclusive basis.
12.2 All the information passed on to The Second Party by Right Marketing (Pvt) Ltd. to the best of their knowledge provided by The First Party.
12.3 Right Marketing (Pvt) Ltd. is an official representative on behalf of both Parties, providing consultancy services only.
13 LIMITATION OF LIABILITIESThe cumulative aggregate liability of The First Party, under this Agreement, shall be limited to the actual amount received from The Second Party in relation to the purchase of the PROPERTY.
14 ENTIRE AGREEMENT14.1 All terms and conditions set out herein are an essential part of the Agreement and the understanding on which The First Party has agreed to sell and allot the Property.
14.2 The terms and conditions, set in this Agreement (including the schedules attached hereto, if any), constitute the full, final, and entire terms and conditions of the Agreement between parties in connection with the subject matter here of, and anything not specifically incorporated in this Agreement (including the schedule attached hereto) shall not be implied or construed in any manner whatsoever as a part of or attributable to this Agreement.
IN WITNESS WHEREOF the parties have signed this Agreement in the Presence of Witnesses at the place and on the date first written above.
FIRST PARTYWITNESS:
NAME: Right Marketing (Pvt) Ltd
Umer Shahzad C.E.O
Authorized Signature & Stamp:
SECOND PARTYWITNESS:
NAME:
CNIC:
Authorized Signature:
NAME:
CNIC:
Authorized Signature:
Raja Nabeel
38101-9677461-7
(Chairman & CEO)
M.R.N Constructions LLP
THE SECOND PARTY (BUYER) SIGNATURES