MEMORANDUM OF UNDERSTANDING and entered on this Sixth at BANGALORE: ‘This MEMORANDUM OF UNDERSTANDING is day of June Two Thousand and Sixteen BETWEEN: M/S_DREAMZ_INERA INDIA. A Company incorporated uni Having its office at: No.577/B, 2" Floor, Outer Ring which term shall mean and include its heirs, successdl tors, assignees and anybody claiming through or IRST PART: AND MR S/o. ‘Aged about R/at: # years Page 1 of 9 FIRST PARTY ‘SECOND PARTY/SHereinafter called to as “SECOND PARTY/S” which term shall mean and include his/her/their heirs, legal representatives, administrators, assignees, etc. of the OTHER PART: WHEREAS, this Joint Venture Memorandum of Understanding executed between the First Party and the Second Party is for the sole purpose of acquiring the proportionate undivided share of land in the schedule property and the Second party has agreed to invest funds in the project named as “DREAMZ SIDDHI VINAYAK” Survey No3/2, Guntas and POW extent 15 Guntas totally measuring to al F situated” at Chikkakannelli Village, Varthur Hob AND WH SRbinspected the location and approached the First Party i his/her/their intention to own a proposed proportionate ul fe of land and has selected the proposed project in the name and 3 DREAMZ SIDDHI VINAYAK” forming in the Schedule ‘NK’ Property. The proposed proportionate undivided share is more fully described in the Schedule and herein after referred to as the Schedule ‘B’ Property. AND WHEREAS, the First Party assures the Second Party that, at the time of registration, he/she/they shall have clear marketable Right, Title and Interest over the Schedule ‘B’ Property. Page 2 of 9 FIRST PARTY ‘SECOND PARTYIS‘AND WHEREAS, the parties herein further acknowledge that this Memorandum of Understanding does not intend to be legally binding and does not create any legal relationship, rights and obligations as a seller and purchaser, between the parties. Additionally, the parties will be treated as dormant co- partner/s or co-sharer/s in the legal sense of creating joint and several liabilities. ‘The parties will work together to: + Ensure that the construction activities in thy about long term positive change in the objective. ject are focused to bring for the below mentioned to pay rent @1% per month as benefit on the Second party after 30 days from the date of execution of WigyMemorandum of Understanding and the same shall be paid in terms of a credit note and the total rent amount accrued shall be adjusted in the final installment of total consideration of ‘Schedule ‘B’ Property. b. The benefit under Clause (a) will be applicable to the Second Party only if the Second Party sustains the booking till the handing over Page 3 of 9 FIRST PARTY ‘SECOND PARTYISthe possession of Schedule ‘8 Property within 24+6 months; no cancellation will be acknowledged till the completion of 24+6 months. cc. The First Party agrees that, on the failure to hand over the possession of Schedule ‘B’ Property within 24+6 months, the First Party shall refund the entire paid amount along with the total benefit of rent accumulated, within 30 days from the date of cancellation of booking. 2) CONSIDERATION: a. The Second Party has agrees to o amount of Rs.00,000/- (Rupees agrees to sell the Schedule ¢ lule ‘B’ Property for an and the First Party the terms and roperty, subje conditions hereinafter contained. il b. The Second Party has opted to pay _% of the total consideration to the First Party as book nce toWAl™is the proportionate undivided the remaining balance relevant taxes as applicable. amount shall be payable at the time of along with the relevant taxes as standing amount shall be payable after 20% of Plinth level along with the relevant taxes as applicable, (iv) 25% of the outstanding amount shall be payable on the completion of 20% of the further construction along with the relevant taxes as applicable. (v) 25% of the outstanding amount shall be payable on the completion of 20% of the further construction along with the relevant taxes as applicable. Page 4 of 9 FIRST PARTY ‘SECOND PARTY/S) wi 15% of the outstanding amount shall be payable on the completion of 90% of the construction along with the relevant taxes as applicable. Balance amount if any, shall be payable at the time of registration. ‘MODE OF PAYMENT WITH RESPECT TO THE SCHEDULE ‘8’ PROPERTY PAYMENT | DATE BANK AMOUNT — | SIGNED BY | AUTHORISED 7 A 7 Page 5 of 9 FIRST PARTY ‘SECOND PARTY/Sd. It is mutually agreed that, this Memorandum of Understanding will be in force/valid only when all the Cheque/s issued by the Second Party is realized and incase of any replacement of the same, will be entertained only by way of cash or Demand Draft/s within the period of time as stipulated by the First Party. . Further both the Parties have agreed that, the Second party shall submit all the originals documents, receipts vougi@® pertaining to the said booking, as and when asked by the Firstgfaty, for their reference. 3) OTHER EXPENSES: a. The Second Party agrees to p: (Rupees Thirty Thousand Only) towa the time of registratio towards BWSSB and 4) 3RY will not claim against the First Party in in the marketable Right, Title and Interest over b. The Second Party hereby indemnifies the First Party not to raise any differences, dispute or any claims, litigation in respect of the Schedule ‘B' Property. ©. The Second Party indemnifies & keeps indemnified the First Party, that the Second Party will not take any legal action against First Party under Current Indian Laws and any other Laws which may be enforceable in future. Page 6 of 9 FIRST PARTY SECOND PARTY/S5) 6 OBLIGATIONS OF THE SECOND PARTY: a Whereas, the Second Party/Parties hereby declare/s that this Memorandum of understanding is valid and subsisting and he/she/they has/have not assigned and he/she/they shall not transfer the benefit of this understanding to any other third person/s at any circumstances. a b. The Second Party/parties has/have__ satisfied _himself/herself/ themselves about the rights of the First Party, about the sale of the Undivided share of land and the building plans and he/she/they shall not be entitled to raise any objection about the rights of the First party or the building plans in future. a ayment/s towards the cond Party shall not claim agat over possession of the b for breach of any terms as econd Party, the Second Party shall ise 1(a) as mentioned above and the First days from theUg{GFoF compliance of cancellation by First Party. c. Hereby both the parties agree that, in case of any cancellation, 2% of the amount will be deducted, if the same is paid through card 4, This Memorandum of Understanding will become null and void after execution of Sale agreement and construction agreement and terms of sale & construction agreement will be prevailing. Page 7 of 9 FIRST PARTY ‘SECOND PARTY/S” DURATION / TIME SPECIFICATION: It is mutually agreed that, the MEMORANDUM OF UNDERSTANDING will be in force between the parties for a period of Twenty Four (24) months or the completion of the construction whichever is earlier. On the event of any delay, both the Parties have agreed to extend six (6) months as a grace period. 8) DISPUTE RESOLUTION: In case of any dispute that arise ties herein concerning this deal/transaction or matters, , the same shall be settle by way of arbitration, it il inducted by sole arbitrator appointed by the Firs sed by such Arbitrator will be acces arbitration e conducted in accordance On failure of Arbitration dian law applicable to All th a a Ultural immovable property bearing Survey “No3/2, New Sy. 3/6 & 3/7 measuring to an extent 13 Guntas yeasuring to an extent 15 Guntas totally measuring to Varthur Hobli, & 28 guntas, situated at Chikkakannelli Village, ast Taluk hereafter jointly called as Said Property ‘commonly bounds East By: Property of Ashok Kumar West By Road North By : Property of Krishna Reddy South By : Property of Ashok Kumar. Page 8 of 9, FIRST PARTY ‘SECOND PARTY/S‘SCHEDULE “B” PROPERTY ‘An undivided share of land measuring in proportion to the Sqft of constructed SBA in Schedule ‘A’ Property, in the name and style of “DREAMZ SIDDHI VINAYAK”, IN WITNESS WHEREOF, all the parties have affixed their signature on this MEMORANDUM OF UNDERSTANDING on the day, month and year first herein above. SS aa a Y SECOND PARTY/S Page 9 of 9 WITNESSES: FIRST PARTY ‘SECOND PARTY/S;