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Cancellation Agreement of MoU

This Agreement of Cancellation, executed on October 7, 2023, terminates the Memorandum of Understanding dated August 18, 2022, between Mr. M. A. Nagendra Kumar and Mr. Umesh C regarding a residential layout project. The Second Party acknowledges receipt of his investment and profit share, releasing the First Party from any further obligations under the MoU. Both parties agree to have no further claims against each other concerning the MoU following this cancellation.

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Ramesh Marathe
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16 views3 pages

Cancellation Agreement of MoU

This Agreement of Cancellation, executed on October 7, 2023, terminates the Memorandum of Understanding dated August 18, 2022, between Mr. M. A. Nagendra Kumar and Mr. Umesh C regarding a residential layout project. The Second Party acknowledges receipt of his investment and profit share, releasing the First Party from any further obligations under the MoU. Both parties agree to have no further claims against each other concerning the MoU following this cancellation.

Uploaded by

Ramesh Marathe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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AGREEMENT OF CANCELLATION

THIS AGREEMENT OF CANCELLATION is made and executed on this the Seventh day of October,
Two Thousand Twenty Three (07-10-2023), in respect of Memorandum of Understanding dated
18-08-2022.

Page 1
BETWEEN:

Mr. M. A. NAGENDRA KUMAR, Aged about 36 Years, S/o. Sri. M. S. Amaranarayana


Gupta, R/at #677, Flat No. 202, 12th Cross, 7th Block, Jayanagar, Bangalore-560 070.
AADHAAR: 8608 8925 5810.

Hereinafter called as FIRST PARTY or the DEVELOPER of the ONE PART;

AND:

Mr. UMESH .C, Aged about 52 Years, S/o. Sri Cholurappa, R/at 53/1, Anu Chetana
Nilaya, KHB Main Road, Bidadi, Ramnagar – 562109. PAN: ADHPC2662E, AADHAR:
944132122820.

Hereinafter called as SECOND PARTY o the FACILITATOR of the OTHER PART;

(The expressions of the terms FIRST PARTY and SECOND PARTY shall wherever the context so
requires or permits mean and include his/her/its/their respective legal heirs, executors,
administrators, legal representatives, assigns etc.).

The First Party and the Second Party shall hereinafter collectively referred to as “Parties” and/ or
individually as “Party”.

WHEREAS, parties had entered into a Memorandum of Understanding on 18-08-2022


(hereinafter referred to as MoU for brevity), where under the First Party had authorized the
Second Party to contribute an investment in his residential layout project on a profit sharing
basis, and the said residential layout is more particularly described in the schedule hereunder
and hereinafter referred to as Schedule Property. Accordingly, the Second Party arranged
individual khatas and tax paid receipts for the residential sites formed in the Schedule Property
by contributed a sum of Rs.50,00,000/- (Rupees Fifty Lakhs Only) towards the khata and tax paid
expenses.

WHEREAS, the Second Party has also brought some purchasers to buy the residential sites in the
said residential layout project of the First Party, wherein with the authorization of the First Party
the Second Party collected sale consideration from the purchasers of sites and out of the said sale
considerations, the Second Party retained the money to the extent of his investment and profit
share (his entire dues) as agreed in the above said MoU. Thus, the Second Party hereby accepts
and acknowledges that he has received back his investment and his agreed profit share as per the
MoU from the First Party and acquits the First Party from making any further payments towards
the dues under the said MoU.

In view of the above, the parties have decided to cancel the said MoU by entering into this
Agreement of Cancellation.

Page 2
NOW THIS DEED OF CANCELLATION WITNESSETH AS FOLLOWS:

1. That in pursuance of the foregoing, the parties hereby cancel/rescind the Memorandum of
Understanding dated 18-08-2022, in respect of the Schedule Property.

2. The Second Party has handed over the original copy of the said MoU to the First Party, who
hereby acknowledges as having received the same.

3. Upon execution hereof the parties shall have no further claim and/or demand from each
other in respect of the said MoU.

4. In view of the cancellation/rescission of the said MoU, each of the parties hereby releases
the other from performing the obligations arising under the said MoU.

SCHEDULE PROPERTY

All that piece and parcel of Eastern portion of converted land bearing Sy Nos.51/1 measuring 3
acres(1,30,680 sq. ft.), comprising residential layout with about 78 (Seventy Eight) numbers of
sites having different dimensions, out of 3 acres 13.08 guntas, (converted from agricultural use to
non-agricultural residential use, vide Official Memorandum bearing No.RaJiKa/ALN(Ra)
CR/188/2010-11 dated 15.06.2011, issued by the Deputy Commissioner, Ramanagara District,
Ramanagara), excluding B kharab land, situated at BIDADI VILLAGE, Bidadi Hobli, Ramanagara
Taluk & District and bounded on the:

East by : Land bearing Sy No.52,


West by : Road and remaining portion of Sy No.51/1,
North by : Kethiganahalli Border and
South by : Land bearing Sy No.51/3.

IN WITNESS WHEREOF, the parties have signed /executed and delivered this Agreement of
Cancellation on the day, month and year first herein above written in the presence of the
following witnesses.
WITNESSES: FIRST PARTY:

1.
____________________________
(Mr. M. A. NAGENDRA KUMAR)

SECOND PARTY:

2
_____________________________
(Mr. UMESH .C)

Page 3

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