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Security Deposit Agreement ... drafted by Divya Kant Mehta
DEPOSIT AGREEMENT
THIS DEPOSIT AGREEMENT is made at Mumbai and executed on _____ day of
July, 2001
BETWEEN
Mr. _______________ & Mrs. _______________, both Indian Inhabitants, aged
about __ and __ years respectively, of Mumbai, residing at
_________________________________, hereinafter called “the OWNERS” (which
expression, unless it be repugnant to the context or meaning thereof,
shall mean and include their respective heirs, executors, administrators
and assigns) being the Party of the First Part
A N D
Mr.__________________ and Mrs. ______________, also Indian Inhabitants,
aged about __ and __ years, respectively of Mumbai, residing at
___________________, hereinafter referred to as “the TENANTS” (which
expression, unless it be repugnant to the context or meaning thereof,
shall be deemed to mean and include their heirs, executors and
administrators and assigns) being the party of the Second Part;
WHEREAS :-
(A) The Owners are the Owners and as such well and sufficiently entitled
to an immoveable property being a Building known as “________” consisting
of __________, Parking Space and ____ upper floors, each floor containing
one flat each, admeasuring about _______ sq.ft. situate on a plot of
leasehold land bearing No._________________ admeasuring about _________
sq.metres or thereabout.
(B) The Tenants are the tenants in respect of Flat No._____ on the
________ floor of the said building admeasuring about ________ sq.ft.
(hereinafter referred to as “the said flat”) with effect from ___________
at the monthly rent of Rs.___________/- (Rupees ____________ only) and
continue to be so on orally agreed terms and conditions.
(C) The Parties hereto decided to record the terms and conditions of the
said tenancy to avoid any misunderstanding and disputes in future and
accordingly they recorded the said terms and conditions vide a Written
Agreement of Tenancy dated _________.
(D) The Tenants had given to the Owners a sum of Rs.__________ (Rupees
________ only) towards Construction Loan and agreed with the Owners to
keep the same as Security Deposit till the time the Tenants decide to
vacate the said Flat No.______ and against the tenants handing over vacant
and peaceful possession of the said Flat No._______ to the Owners after
adjusting any dues from the Tenants as per the agreed terms and conditions
of Tenancy.
(E) The Parties hereto are desirous of recording the terms and conditions
of the payment of such Security Deposit paid by the Tenants to the Owners
in ___________
NOW THIS INDENTURE WITNESSETH AS UNDER:-
1. The Tenants have agreed to keep an interest-free Security Deposit of
Rs. ______ (Rupees _________ only) with the Owners for securing the due
observance and compliance of the terms of tenancy by the Tenants in
respect of Flat No.201 in the Building known as “Aashiya”.
2. The Owners have agreed to accept such interest-free Security Deposit of
Rs.______ (Rupees __________ only) from the Tenants as above.
3. The Tenants have paid on ___ ____________ a sum of Rs. ________ (Rupees
_______________ only) towards interest-free construction loan and the
Tenants agreed to keep the said sum as and by way of an interest free
security deposit with the Owners till the Tenants decide to surrender the
tenancy in respect of said Flat No.____ and vacate the said Flat and
against handing over vacant and peaceful possession of the said Flat to
the Owners.
4. The Owners confirm and admit and acknowledge of such payment of
Rs.______ (Rupees _________ only) from the Tenants on ___________, _____
and they agree to refund the said sum of Rs._____ (Rupees __________ only)
to the Tenants at the time of surrendering the said tenancy and against
handing over vacant and peaceful possession of the said Flat No.____ to
the Owners after adjusting any dues to the Owners in respect of the said
Flat No.____.
5. The Tenants agree to observe all the terms and conditions of the
tenancy, which have been recorded in the Agreement of Tenancy dated
_________.
6. The Owners also agree to adhere to all the terms and conditions and
covenants pertaining to them under the said Agreement of Tenancy dated
_________.
7. The Parties hereto agree that in case any difference of opinion among
them to the interpretation of the Tenancy Agreement or this Agreement or
any dispute arising in respect of this Tenancy, they will first resort to
Arbitration Proceedings.
8. Any tax liability on account of payment of above Security Deposit will
be dealt with by the respective parties.
IN WITNESS WHEREOF the Parties hereto have hereunto set and subscribed
their respective hands to this writing on the day and year withinmentioned.
SIGNED AND DELIVERED )
by the withinnamed Owners )
Mr. _________________ )
MRS. ________________ )
In the presence of )
SIGNED AND DELIVERED )
by the withinnamed Tenants )
Mr.___________________ )
MRS. ________________ )
In the presence of )
Our Brokerage: Rent: Equivalent to one month's rent : Sale: Equal to 2% of
the deal value. Service tax extra (10.2%) Short term let: 15% of the gross.
TDS on brokerage - 5.61% TDS on rent - 16.83%
Lease, sale, franchise, collaborations etc. Residential, Office, Industry,
Retail, School etc. Delhi, Gurgaon, Noida, Faridabad, Ghaziabad.
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