AGREEMENT

THIS AGREEMENT is made at Lahore on this ____ day of ______________

BY AND BETWEEN
Izhar-Monnoo Developers, (AOP) having its registered office at 1.50 km Defence Road, Off Raiwind Road opposite COMSATS Institute Lahore-54666, Pakistan. Hereinafter referred as Seller (which expression where the context so admits or requires shall mean and deemed to include its successors-in-interest and assigns) of the First Part.

AND
Mr._________________________________________S/o_______________________ ________________________________ CNIC/Passport No. ________________________Nationality ____________________ Presently residing at____________________________________________________ _____________________________________________________________________ Permanent resident of _____________________________________________________________________ (hereinafter referred to as the Buyer, which term shall include his/her heirs, legal representatives, successors, administrators and assigns) of the Second Part. (Seller and Buyer, where the context so admits, hereinafter be collectively referred to as the Parties and individually as the Party). WHEREAS the Lahore Development Authority (LDA) approved Monnoo Estate vide its letter no. DMP/LDA533 Dated 26-02-2008 & Izhar-Monnoo Developers initiating Phase 1 of the housing Scheme in the name of Dream Gardens on that. AND WHEREAS Seller is undertaking a Housing scheme named and styled as Dream Gardens. having carpet roads, independent water supply system, sewerage system, green belts, underground electricity and sui gas network (subject to approvals and when made available by the concerned department). street lights, parks etc, as per approved standards, in the area situated at Mauza Fateh Singhwala, Defence Road, Off Raiwind Road, Tehsil City & District Lahore (hereinafter referred to as the Project) AND WHEREAS the Buyer has formally applied for a booking of a residential House in the Project on the prescribed application form of Seller bearing No.____ dated _________, and paid the requisite booking price, as per the conditions specified therein and the Seller has agreed to execute, design, construct, carry out and supervise the construction works of the residential House (hereinafter referred to as House), as per plan/design, drawings and layout of House attached as Annexure C (House Plan/drawing of the House/villa) on Plot No.______, Block _______ measuring _________ Marla approximately, with covered area __________sft, in the Dream Gardens Phase 1, which has also been exhibited in Annexure D (Scheme Layout/location of House as per demarcation/site plan of the housing scheme), subject to and upon all of the terms and conditions of this Agreement and the attached exhibits. AND WHEREAS, the Parties hereto are desirous of setting forth their respective rights and obligations with respect to the responsibilities and transactions contemplated by this Agreement and the Buyer has agreed to pay an amount of Rs. _________ (Rupees________________________________________________________ Only), as a total consideration of The House on the terms and conditions mutually agreed herein with Seller.
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NOW THEREFORE, in consideration of the foregoing recitals, which are incorporated into the operative provisions of this Agreement by this reference, the mutual covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby conclusively acknowledged by both Parties in the presence of witnesses, it is agreed as follows: 1. That the Buyer shall pay to Seller a total sum amounting to Rs. ____________ (Rupees ______________________________ only) (hereinafter referred to as the Cost as determined by the Seller) for the purchase and raising construction of The House, and other services of The Project thereof. The Total Price of the House shall be subject to the final adjustment of price in case of any increase or decrease in the plot Area & covered Area, after site demarcation and also subject to any extra services rendered by the Seller at the request of the Buyer and shall be referred as The Actual Price. 2. That the Buyer on the signing of this Agreement shall pay Cost as determined by the Seller Price which shall henceforth be treated as the first (1st) Payment for the booking of The House (hereinafter referred to as the Booking Price), as also scheduled in the Annexure A hereto (hereinafter referred to as the Installment Schedule). 3. That after the payment of the Booking Price and the acceptance and transfer of Booking Price into the Seller designated account; the amount shall be treated as a condition for the coming into existence of this Agreement. Seller reserves the right to cancel the booking application, if the Seller account is not credited with the Booking Price, as provided herein, wherefrom the Buyer shall have no claim of whatsoever nature and form against The House/Property/Project and also against the Seller. 4. That the Buyer shall pay the balance amount of the Cost determined by the Seller after the deduction of the Booking Price from the installments in the manner and on the stages as given in Annexure-A hereto and it has been made clear to the Buyer that Seller has agreed not to charge extra (except under circumstance beyond Seller control), if the installments are paid in full and in time and that Seller in its discretion to make the payments for the purchase of material and make advances towards supplies. The Buyer hereby acknowledges and agrees that:a. The Buyer shall make all payments of the Installments on due dates as per the Installment Schedule, regardless of various stages of the construction, which shall always be treated as an essence and continuance of this Agreement. b. The Buyer shall make payment of each installment on or before the due date, as mentioned in Installment Schedule and other charges (if any). If the Buyer fails to make payment within the stipulated time of Installment Schedule, this Agreement shall be cancelled without notice. Seller at its own discretion may extend the date of payment of Installment for maximum of 90 (Ninety) days, if the Buyer fail to pay any Installment when due as agreed to herein, or fail to pay for any change as provided herein, subject to its prior approval if there is genuine reason for the delayed Installment and the Buyer agrees to pay late charge calculated at the rate of 4% percent per month, until paid on the outstanding amount, as per the Installment Schedule. c. The Installment Schedule and obligations with respect to the responsibilities and transactions contemplated herein is the essence of this Agreement. Consequently, in the event of failure of the Buyer to perform his/her part of the obligation as per the Installment Schedule or any extension in the payment of Installment as given in the paragraph hereinabove, Seller may in its discretion treat the entire Agreement as rescinded and subject to deduction of 10 (Ten) % (percent) of the total cost of The House and The Property and deduction of the late charges given in the above section and other dues/payments as given in
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section 2, out of the total payments/installments paid by the Buyer, and in that event the Buyer shall only claim or entitled to refund of the money (minus 10% of the total cost) already paid and nothing more. This refund though will be paid to the Buyer by Seller after the completion of the Project or after a period of six (6) months from the date of re-booking of the House by another Buyer in Installments. 5. That pursuant to the terms of this Agreement, Seller shall provide and shall pay for design services, construction services, installation, labor, materials, equipment, tools, construction equipment and machinery, sanitary and drainage fixtures, transportation and other facilities and services necessary for proper execution and completion of the House. The Seller shall be responsible for all construction means, methods, techniques, sequences and procedures, and for coordinating all portions of the work on The House. 6. That the Buyer has reviewed and fully satisfied with the plan, specifications, architectural designs, structural aspects, construction quality and use of materials in regard to the Project and The House to be constructed on The Property as specified/ illustrated in Annexure B and Annexure C hereto. The Seller, however reserves the rights, in the better interest of the project and client, to make structural changes, alterations and modifications in architectural features, facade, design, choice of construction materials and finishing / fittings etc., according to the prevailing market standard, circumstances and availability of construction materials and the proportionate increase, if any, in the Total Cost for construction of House shall be charged from the Buyer as Increased Price. 7. That the Buyer has already reviewed, acknowledged and agreed to the various aspects of construction and finishing in accordance with the accepted plan and specification therefore, under no circumstances, the Buyer shall ask the Seller for deletion of any item relating to construction / finishing as specified in Annexure B and Annexure C; so as to claim reduction in the cost of construction of The House. However in Case any improvement or extra work is desired by the Buyer, provided the same agreed to the Seller, the former shall pay in advance the total additional cost of such improvement or extra work to the later at the time of signing of the Variation Order(s) unless otherwise provided in writing in the said Variation Order(s).The Buyer clearly understands and agrees that the Variation Order(s) may result in additional completion time. The additional time so required shall be mentioned in the Variation Order(s) by the Seller. 8. That in no case the Buyer has a right to ask Seller to revise or modify the design concept and such external architectural features as window elements, parapets, terrace/balcony railings, boundary wall, main gate and exterior finishes etc. or for that matter to raise any objection to Seller for the change of specifications, architectural designs, structural aspects and use of alternate materials in case of non-availability of any material(s), in The House to be constructed on The Property. 9. That Seller shall be solely responsible and its decision shall be final for all aspects of Seller business and conduct in connection with The Property and the Development of The House, including, but not limited to, the suitability of the Plans and Specifications and the equipment used in the construction, the supervision of the work of construction, the qualifications, financial condition and performance of all architects, engineers, contractors and subcontractors, material suppliers, consultants and property managers. 10. The Buyer agrees that the direction and supervision of the working force including subcontractor, rests exclusively with Seller, or his duly designated agent, and the Buyer agrees not to issue any instructions to, or otherwise interfere with the same. 11. That the Buyer or his/her authorized representative upon reasonable demand in writing may after approval of Seller, during the construction work, visit The House to see the construction work in progress and will point out within reasonable time
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period in writing to Seller for rectification of discrepancies/deviations, if any, from the approved design and/or specifications herein stipulated, which shall be rectified by Seller at its own discretion and/or as per agreed approved design and/or specifications. Otherwise, in case of no request, it is presumed that the Buyer has satisfied himself/herself, as to the correctness of design and specifications and quality of works. The Buyer or his/her representative however has no right to interfere in the construction work in any manner whatsoever. That the escalations in the prices will not be claimed by Seller provided the Buyer adheres to the agreed Installment Schedule. Subject to applicable clauses and force majeure e.g. war, riots and economic instability of the country, devaluation of Pakistani Rupee resulting in more than 10% inflation per annum, in such case Seller shall charge the cost of escalation proportional to degree of inflation. Seller agrees where construction cost originally contemplated is so changed that the agreed Total Price to the quality and quantity of work performed or to be performed is shown to create a hardship to Seller, there shall be an equitable adjustment of the Total Price. That if Seller experiences any hurdles in acquiring any additional legal approval, it will notify Buyer and at all times keep Buyer appraised of any potential challenge or obstacle to full and complete legal approval and compliance, including obtaining all applicable above mentioned permissions/NOC.

12. That Seller shall coordinate with the utility companies to install water mains, sewer mains, gas mains, power poles, lines transformers, or to connect utilities to the Project. The Buyer shall however be liable to pay for applicable charges/expenses which may be incurred by Seller facilitating and for obtaining connections of sui gas, electricity, water supply and sewerage from the relevant departments on behalf of the Buyer to The House, including amount of securities, cost of meters and other relevant expenses etc. Wherefrom the Buyer shall be responsible for the payment of all utility bills. Such expenses shall also include all charges demanded by WAPDA for renovation/upgrading of feeder and proportionate cost of grid station, charges to be deposited with the gas department regarding supply and laying network of gas pipe lines up to The project. The Buyer shall pay such charges as and when demanded by Seller as per his/her requisite share in the expenses/charges, among other owners/Buyers of other houses in The Project. 13. That Seller shall apply for the gas network for the Project, to be executed by the Sui Northern Gas Pipelines limited, and shall assist the Buyer for obtaining the gas connection subject to the policy and priorities of the Sui Northern Gas Pipelines Limited. 14. That The House shall be completed within a period of 48 months from the date of receipt of Booking Price paid in full or from the date of signing of this Agreement whichever is later, provided the Buyer adheres to the Installment Schedule as per Annexure A and other payments/dues given in section 2, and subject to any reason beyond the control of Seller viz. force majeure, e.g. war, natural calamity, civil commotion, strikes, lockouts, go-slow by labor, change in the fiscal policy of federal, provincial or local government / semi-government agency, unusual delay in transportation, unavoidable casualties, governmental delays, or other typical force majeure events etc. If at any time during the progress of the work for any reason whatsoever, the construction of The House in The Project is delayed or due to any cause or reason beyond Seller control, or by any cause which justify the delay, then the time of completion and delivery/transfer of The House shall be extended for such reasonable time as the Seller decides.
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15. That the construction period shall also be automatically extended by such time that the Buyer shall delay his/her installment(s) or part thereof or any other dues/ charges/expenses, without prejudice to provisions of clause 4(a) and 4(b) hereinabove. 16. That The House shall be considered completed when all construction work is finished within the four walls of The Property, even if some of the utility connections are incomplete. 17. That after the completion of The House, Seller shall give a final notice to the Buyer for the payment of all outstanding Installments/dues and further expenses (if any) that may have been incurred by Seller. 18. That upon payment of all dues/Installment(s) demanded in the above notice by Seller or the Buyer make all such payments/ dues/Installment(s)/expenses/ charges on his own, steps may be taken for the execution of the Sale Deed of The House/Property in favour of the Buyer at the expense of the Buyer, and after payment of registration fee, corporation tax, CVT and all other applicable taxes/expenses/charges/costs etc, if required. Process for execution of Sale Deed in favour of the Buyer shall be done in the office of Seller. Final payment constitutes acceptance of The House as being satisfactorily completed in all respects. 19. That this Agreement will create no legal right, title or ownership of House/Property in favor of the Buyer until all dues/Installment(s) and charges/expenses are fully paid by the Buyer. The Buyer cannot assign nor transfer any of the rights herein contemplated without the prior written consent of Seller. The assigning or transfer of The House is legal only when a transaction is formalized in the presence of an authorized officer and at the designated office of Seller. Seller does not recognize any document, instrument concluded outside its office premises and does not support any claims based on such a document and/or instrument. 20. That The House/Property shall be free from all encumbrances and in case any encumbrance has been created by Seller, it shall be Seller obligation to have the same removed / vacated. The Buyer after payment of full and final considerations and possession of House shall peacefully and quietly enjoy the ownership of The House without any claim from the Seller or anybody claiming for/under them. 21. That the Buyer shall take over the possession of the completed House/Property within 15 days after the payment of all out standings/dues/charges/expenses by the Buyer and clearance thereafter on the part of Seller, in lieu of the notice of final payment/outstanding/dues issued/sent by the Seller to the Buyer, but if the Buyer fails to take possession within the stipulated period, the Buyer shall be liable to pay to Seller supervision and maintenance charges at the rate of Rs. 250/- (Rupees Two hundred fifty only) per Marla per month with an annual increase of 25 %, till possession is taken, in accordance with this Agreement. 22. That the Buyer hereby agrees to abide by all the terms and conditions pertaining to transfer of The House by Seller and will not be competent to alienate/transfer The House/Property which has been allocated to him/her after payment of all outstanding/charges/ expenses, unless and until he/she obtains a prior written permission/consent in form of NOC from the Seller, paying the requisite transfer fee and other expenses/charges, and carrying out the requisite transfer process of the transfer of House/Property in the office/record of Seller. 23. That if any dispute or difference shall arise between Buyer and Seller, with respect to any matter or thing arising out of, or in any way relating to, this Agreement, such
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difference or dispute shall, immediately after it has arisen, shall be carried out in a following dispute resolution mode:i. If any dispute, controversy, or claim arising under or relating to this Agreement, arises between the parties, each party will, at the request of either party, communicate and meet in a good faith effort to resolve the same. ii. If the dispute, controversy, or claim arising under or relating to this Agreement is not resolved in result of communications or negotiations at that meeting or if no such meeting takes place within 14 days of it being requested, either party may propose that the dispute is referred to mediation and the other party will consider this proposal in good faith. The mediator will be nominated by mutual consent of both parties. The rules of procedure for the mediation shall be determined by the mediator in consultation with the parties. iii. If no mediation occurs or if the dispute is not resolved within 30 days of the conclusion of the mediation, unless it is to be to an independent expert for a final decision, any/all disputes, differences or questions between the Parties with respect to any matter arising out of or relating to this Agreement shall be finally settled in Lahore in accordance with the Arbitration Act 1940. (If you have already chosen an Arbitrator then specify the name and address). iv. Any arbitration award shall be final and binding on the parties. 24. That in case of any flaw in construction of the said House resulting in major or minor defects, Seller shall repair and put in order the defective portion at its own expenses. This clause will remain operative for a period of six months from the date when Seller would send final notice to the Buyer for the payment of all outstanding Installments/dues. 25. That Seller has endeavored to develop design of The House with a view to achieve optimum level of comfort and accommodation for the Buyer. Any penalty imposed by the Lahore development authority on account of violation of building regulations and by-laws at the instructions of the Buyer, or as direct consequences of the design of The House, shall be borne by the Buyer. 26. That the Buyer will also be liable to pay any taxes e.g. wealth tax, excise duty and House tax etc. levied by government or building authorities on The House /property, after the transfer of The House in favour of the Buyer, as given in this Agreement. 27. That the Buyer hereby nominates Mr. / Miss / Mrs. ____________________son of/daughter of/wife of ___________________, CNIC no. /Passport no. _____________________, Nationality _____________ (also specify the nationality of the country in case of entry of passport number), presently residing at ________________________, permanent resident of ____________________________as his / her sole successor-in-interest for all rights and liabilities accruing here from in total exclusion of all others heirs etc. and Seller shall only deal with the person named hereinabove. 28. That the address given by the Buyer in this agreement shall be deemed to be correct residential/ permanent address for any correspondence, and any correspondence/letter/notice sent by registration post and/or courier by Seller at the said address shall be deemed to be a proper and valid notice for the purpose of these terms and conditions. 29. Seller may further extend the Project and utilize all the amenities wholly or partially for further extension. 30. That the Buyer shall become member of the Dream Gardens Management Society (the Management Society) and shall abide by all the rules, regulations

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and bye-laws (including building bye-laws) as framed by the Seller for the Project and The Houses built thereupon. 31. That the Buyer shall regularly pay his/her share of the operational/ maintenance cost, as determined by the Residents Society from time to time on a monthly basis to the Residents Society office or any other organization managing the Project and operating the above the common amenities, regardless of whether or not he/she has actually taken possession of his/her completed House. 32. That Seller shall operate, run and maintain common amenities / services in The Project on no-profit-no-loss basis for a period of _____ year after completion of amenities herein referred. After the period of ____ year, Seller may continue to extend these services subject to the consent of Dream Gardens Management Society, who shall become responsible to operate, run, maintain and manage all common amenities/services etc. 33. That if any one or more provisions set forth in this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect, any such invalidity, illegality, or unenforceability shall not effect any other provision of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been incorporated therein. 34. That this Agreement shall be governed by, and construed in accordance with, the laws of Pakistan. 35. The following Exhibits, all attached hereto, are hereby incorporated into and made a part of this Agreement:Annexure A: Installment Schedule Annexure B: Scheme Layout Plan Annexure C: Specifications Annexure D: House Plan 36. That the Buyer has carefully read, understood and bound by the terms and conditions herein stipulated and agree that the same are necessary, reasonable and proper with respect to its scope, terms, conditions and other limitations. IN WITNESS WHEREOF the Parties above named have signed these present and IZHAR-MONNOO DEVELOPERS has affixed its stamp.

_________________________

_______________________

THE SELLER

THE

BUYER

Witness 1:

Witness 2:

Signatures____________________

Signatures____________________

Name: ________________________

Name: ________________________

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