TRIPARTITE AGREEMENT

THIS AGREEMENT IS MADE on this……………………. day of …………………2023

between _____________________________________________ resident of
____________________________hereinafter referred to as the ‘Borrower’, which term
shall unless repugnant to the context shall mean and include his/her heirs, representatives,
successors, executors, attorneys, administrators and assigns), of the Party at the First Part:
AND
M/s. SECTOR 113 GATEVIDA DEVELOPERS PVT. LTD.a Company incorporated under the
provisions of the Companies Act, 1956, having its Registered Office at Plot no.5, J block,
Community Centre, Rajouri Garden New Delhi 110027 hereinafter referred to as the
‘Developer”, which term shall unless repugnant to the context shall mean and include its
successors, administrators and assigns), of the Party at the Second Part:
AND

Bank of India, a body corporate, constituted under the Bank Address of

HO____________________ having amongst other one of its Branches / Office known as
………. situated at________________________________________________(Name and
Address of Branch / Office of the Bank), hereinafter referred to as the ‘BOI’, which term
shall unless repugnant to the context shall mean and include its successors, administrators
and assigns) of the party at the Third Part.

Whereas, the ‘Developer’ is the promoter and in peaceful possession of the residential property
situated at Sector 112 and 113 of Village Bajghera, Tehsil and District Gurugram admeasuring
about 21.04375 acres or thereabouts. and whereas the Director, Town and Country Planning,
Chandigarh ("DTCP”) has sanctioned building plan vide Memo No: ZP-766/SD/(BS)/2016/11348
dated 03.06.2016 and which were revalidated vide Memo No: ZP-766/SD/(DK)/2022/21926 dated
26.07.2022 to construct a residential apartment on the said property.

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AND WHEREAS the Developer represents and assures that it has already received the
possession of the above plot of land. The Developer has obtained all the requisite
sanctions/clearances from the authorities concerned and has also got the building plans
sanctioned for the said Residential Project. The project is registered under RERA. The
construction of the units/flats is in progress.

AND WHEREAS the Borrower has satisfied himself with regard to the integrity,
capability for quality construction of the Developer and the Developer’s ability for timely
completion and on timely delivery of the said Residential Project.

AND WHEREAS the Borrower has entered into an Agreement dated …………….with the
Owner/Developer for purchase of a flat (TO BE CONSTRUCTED) bearing No. ________
in Tower No ______ on the ___ Floor with an area of ____sq. ft. in the multi storied
building situated in the said Residential Project La Vida Phase _____ on the said Plot with
an proportionate (undivided) interest over the land and common areas and facilities
comprising the said Residential Project. This flat has been allotted under certain terms and
conditions, inter-alia, covenanting the total amount of agreement and also the mode of
installments to be paid and the specified period within which the flat would be handed
over, failing which the second party would be liable to compensate the first party.

AND WHEREAS, the Borrower has approached the BOI for availing a loan of
Rs______________(Rupees___________________________________only) to finance the
purchase of the said flat. Besides other securities, the Party at the First Part (Borrower), has
agreed to secure with BOI the said residential flat as and by way of mortgage of all the
rights, title, benefits that would accrue from the said residential flat till the currency and
term of the said loan to be advanced/advanced alongwith the applicable interest and costs.
The Developer also agrees and confirms that they shall take note of the said mortgage
created/to be created by the Borrower and undertake not to create any third party rights or
security interest of any sort whatsoever on the said flat without the prior written consent of
BOI.

AND WHEREAS the Party at the First Part and Party at the Second Part have requested the
BOI to sanction and disburse the said loan to the Borrower, notwithstanding the fact that
the Conveyance Deed/Sale Deed is not executed in favour of the party at the first part at
this stage and in consideration of the BOI sanctioning the loan to the Borrower, the
Borrower and Owner/Developer have executed this Agreement on the following terms and
conditions.

NOW THEREFORE IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES

THAT :

1. That the BOI has and shall have the first and paramount lien over the monies
already paid by the Borrower to the Owner/Developer and or whatever amount
the Borrower shall pay to the Owner/Developer in future for the due repayment
of the loan which the BOI shall grant to the Borrower. The charge in favour of
BOI shall be first and paramount over the charge which the Developer may have
over the said flat.

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 2. The Borrower hereby authorize and give consent to the BOI to disburse the loan
amount sanctioned to him/her directly to the Owner/Developer and to draw the
disbursement cheque/Demand Draft in the name of the Developer for such
disbursement. BOI will make disbursement to the Developer only after the
Borrower-cum-purchaser has complied with all formalities as per the terms and
conditions of the loan.

3. The Borrower will also make the payment in consonance with the schedule of
payment to the Owner/Developer as per the Agreement for sale entered into
between the Owner/Developer and the Borrower.

4. The Owner/Developer agrees that it has no objection to Borrower mortgaging the

said flat to the BOI as security for the said loan advanced/agreed to be advanced
by the BOI for the purpose of purchase/construction of the said flat. In the event
of default in the repayment of loan and or the Borrower committing any other
default which makes the Borrower liable for the repayment of the entire amount
outstanding in the said loan as per the terms of the loan Agreement executed
between the Borrower and the BOI. The Developer, at the call of BOI, process
the cancellation of booking by giving written intimation to the Borrower and
upon cancellation the amount disbursed by the BOI to Developer shall be
refunded by the Developer to BOI and balance amount if any after forfeiture
will be refunded to the Borrower as per the terms of the flat buyers agreement
(Builder/ Buyer Agreement).

5. That if for any reason there is any increase/ escalation in the cost of the said flat, the
increase shall be paid and borne by the Borrower without any reference to the
BOI and until such payment is made, the BOI shall have the right to suspend
further disbursement of the said loan.

6. The Owner/Developer shall note in its records the charge and lien of BOI over the
said flat as security for the loan advanced by BOI to the Borrower. The
Owner/Developer will not allow or permit the Borrower to create any further
encumberance on the said flat / induct a co-owner without prior written consent
of the BOI.

7. The Owner/Developer will not allow any kind of transfer of the said flat by way of
gift, sale, mortgage, etc. during the pendency of the loan granted by BOI to the
Borrower. The Owner/Developer further agrees not to hand over the actual and
physical possession of the said flat/residential apartment to the Borrower or
anybody on his/her behalf without the written permission of the BOI.

8. On receipt of the entire consideration amount, the Owner/Developer shall execute

and register a proper Conveyance Deed/Sale Deed/Sub-Lease Deed in favour of
the Borrower. The Developer undertakes to deliver the same directly to the BOI
and not to the Borrower.

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9. The Borrower shall also keep informed the BOI about the developments in the
Residential Project and will notify BOI about the date of taking over the
possession of said flat. In case the Borrower comes into possession of Sub-
Lease Deed/Conveyance Deed/Sale Deed, he/she shall immediately deliver the
same to the BOI.

10. The Borrower hereby authorizes that agreement for sale entered into between
the Borrower and the Owner/Developer in respect of the said flat will be
deposited with BOI with intent to create an equitable mortgage in favour of BOI
till the execution of Conveyance Deed/Sale Deed/Sub-Lease Deed in respect of
the flat allotted/purchased under the said agreement.

11. The Borrower and the Owner/Developer shall forward all original documents
pertaining to the said flat/apartment to the BOI as soon as the Conveyance
Deed/Sale Deed/Sub-Lease Deed is duly executed and registered with the Sub-
Registrar.

12. The Borrower assures that he/she will not further mortgage/charge the said flat
allotted to him/her in any manner whatsoever during the pendency of the loan
granted to him/her by the BOI.

13. The Borrower shall pay all charges, fees, duties, taxes, etc. in respect of said flat
imposed or payable to the Developer and or the _________ Corporation or any
other Government Department/authority in respect of the said flat and BOI shall
not be liable or responsible in any manner whatsoever or howsoever for the
same.

14. The Borrower agrees and acknowledges to keep the BOI indemnified against
any loss or damage incurred by it in the event of failure of the Borrower to
honour or meet any of its obligations under this Agreement or otherwise in
connection with sanctioning of the loan in respect of the said flat.

15. During the currency of the loan, the Borrower shall not transfer the said flat to
any other person, without the prior consent of BOI. The Owner/Developer shall
not issue the duplicate allotment letter/possession letter to the Borrower without
the prior written consent of the BOI.

16. The Borrower undertakes to get the Conveyance Deed/Sale Deed/Sub-Lease

Deed executed in its favour, get it registered with the concerned Sub-Registrar
and to hand over the same to BOI with intent to create equitable mortgage. If the
Borrower fails to do this, the BOI can enforce its lien on the flat and recover its
dues out of the sale proceeds of the property. The Owner/Developer can deal
with the residual sale proceeds (if any) in accordance with their rights.

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 17. It is further made clear and understood by all the parties that the non-completion
of the Residential Project or the happening of any event, shall not affect the
obligations of the Borrower to repay the loan availed from the BOI.

18. It is hereby informed that the Owner/Developer has availed term loan facilities
for completion of the Residential Project to be constructed on plot no-_____
from …………………. The said Bank has agreed to issue NOC for the sale of
the individual flats. Subject to the aforesaid the said flat as well as the said
building and the land appurtenant thereto are not subject to any encumbrance,
charge or liability of any kind whatsoever and that the entire property is free and
marketable. They have a clear, legal and marketable title to the said property
and every part thereof.

19. There is no order of attachment by the Income Tax Authorities or any other
authority under any law for the time being in force nor any notice of acquisition
or requisition has been received in respect of the said property.

20. The Owner/Developer agrees and undertakes to give written intimation

forthwith to BOI upon the formation of the co-operative society or other
association of the sub-lessees/purchasers of the flats in the project.

21. The Developer hereby agrees and confirms that BOI shall have subject to prior
written consent of the Developer a right to visit and inspect in general the said
Residential Project and in particular the said flat to note the following, as and
when required by the BOI.
 Progress of development;
 Material changes in schedules/plans;
 Current stage of development;
 Balance month’s completion;
 Number of flats sold.

24. BOI reserves the right to recall the entire loan on any default made by the Borrower or
the developer being declared as insolvent or incapable of handling its affairs or for
delays in completion of the said project for unreasonable time, which in the opinion of
BOI would affect the repayment or the security for the loan or for any reason, which in
the sole discretion of BOI, may warrant recall of the entire loan amount and other dues.
In the event of said recall of loan or on account of death of the Borrower or on
cancellation of the agreement for sale by the Owner/Developer, the Owner/Developer
shall forthwith refund the consideration received from BOI.

25. In case of acquisition, forfeiture/resumption of the said property, the BOI shall
be entitled to get the compensation settled in respect of the said flat and to
appear and act before the Collector/Revenue Officer/ Estate Officer or any other
concerned authority, to sign any form, to give any statement, affidavit,
application on Borrower’s behalf, to receive the compensation in its own name
and on the Borrower’s behalf, to file appeal in any court for the enhancement of

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 the compensation amount, to get the compensation amount enhanced and to
receive the same.

IN WITNESS WHEREOF the parties hereto have set their respective hands at the
places and on the day, month and year mentioned under their respective signatures.

BORROWER OWNER/DEVELOPER BANK OF INDIA

WITNESSES:
1.
2.
Note: *Delete if inapplicable

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