Cancellation of Agreement of Sale Dated: 18-12-2011
This deed of cancellation of agreement is made and executed on this _____ day of _________, ________ at Hyderabad, By & Between.The Greater Banjara co-operative Housing Society Ltd.bearing registration no.
TAB-606 dated 7-7-2004 at Hyderabad, represented by the president of the society Mr. Santhosh Raja, S/o. Shri Bhupal goud and the secretary Mr. Subhash Reddy S/o. Late K. Srinivasa Reddy along with the society members (herein after called the “Vendors”) which terms shall mean and include their legal representatives, auditors managing committee members, General members of the society and their nominees etc. and assigns in Vendor. AND 4 GEMS RELATOR’S AND DEVELOPERS Office: C/o. Raj Bhavan Road plot no. 134, Suyog Nagar, Nagpur – 4400013, Represented by its partners, PARHEEZ. S. GIMI, Aged 41yrs, R/o. Behramhi Town Nagpur, BHARAT. S. MESHRAM, Aged 38yrs, R/o. Shivaji Complex, Mankapur, Nagpur, ASHFAQ. SAMNANI, Aged 40yrs, R/o. C. A. Road, Nagpur. JOINTLY AND SEVERALLY (Herein after called the “vendee”) which terms shall mean and include their heirs, legal representatives and assigns in Vendee.
Whereas the Greater Banjara co-operative Housing Society Ltd, the VENDOR of the first part is a society registered under the provisions of Andhra Pradesh co-operative societies at 1964 and has been issued certificate of registration under section 8 of APCS act-VII of 1964 on 07-07-2004. the object of the said society is to carry on the trade and business of building, buying and selling the land is accordance with co-operative principles and with prior permission and authorization by its members as per the terms of bye-laws.
Whereas the vendees of the second part are the residents of Nagpur city in the state of Maharashtra and are involved in the business including the business relating to sell purchase of agricultural and non agricultural lands and infrastructures and were in search of property for making investment and development as for its wish and whims. The vendees of the second part came in contact with vendor of the first part through concerned person and got knowledge about the intension of the vendors of the first part to sell and dispose of the said land.
The vendees of the second part hence has shown their willingness to purchase the aforesaid land to which the vendors of the first part has consented. The vendors of the first part after making enquiry about business, personals and statues of vendees of the second part has entered into due discussions and deliberation and agreed to sell the aforesaid land to vendees of the second part on the agreed terms and conditions narrated in the agreement of sale.
Where as both the Vendors and Vendees have entered into an agreement of sale dt. 18-12-2011, in respect of the property to an extent of Ac. 5. 36 guntas situated at road no. 12, Banjara Hills, Hyderabad. In this context the Vendee have issued three cheques vide nos. 078604, 078605 and 665088 dt. 19th, 20th and 23rd December 2011, respectively, for Rs. 5,00,000,00/- Cr. (Five Crore) of each, thus the total amount of Rs. 15, 00,000,00/- (Fifteen Crore) towards the advance part of sale consideration.
Where as the Vendor has presented the above mentioned three cheques to the bankers of the vendees of Nagpur, as per scheduled dates through the bankers of vendors (i. e. ,) Indian Bank, Narayanaguda Branch, Hyderabad for collection, but it is very unfortunate that the Vendee has not honoured the above cheques, hence all the cheques were bounced. Where as the Vendor along with their well-wishers, Arbitrators, and consultants, discussed the matter seriously and felt very bad, about the behaviour and attitude of the vendees and decided to cancel and terminate the agreement of sale dt: 18-12-2011.
Where as the Vendee expressed their inability to continue in the said contract and not in a position to fulfill the terms and conditions of their part, including to mobilize and arrangement of funds for purchase of the said scheduled property as per the agreement of sale dt:18-12-2011 and requested the vendors for cancellation of the above agreement of sale with due apologies to the vendors and their general members.
Where as the vendors, as per the request and decision of the vendees and as per the instructions of the Arbitrators & Consultants, both vendors and vendees unanimously agreed and with full will and consent, cancelled and terminated the agreement of sale dt. 18-12-2011, thus the said agreement of sale has no valid and null and void. IN WITNESS WHERE OFF BOTH THE VENDORS AND THE VENDEES HAVE SIGNED THIS CANCELLED AGREEMENT OF SALE ON THE DAY, MONTH AND YEAR ABOVE MENTIONED IN THE PRESENDE OF THE FOLLOWING WITNESSES: Consultants: 1. 2. 3. 4. 5. 6. Witnesses: 1. 2.