THIS AGREEMENT FOR FAMILY SETTLEMENT is made and entered into at Mumbai this _____ day of ___________, 20_
BETWEEN
________ , aged _____ years, residing at __________________________ __________________________________, hereinafter referred to as the PARTY OF THE FIRSTPART
AND
________ , aged _____ years, residing at _____________________________ ________________________________, hereinafter referred to as the PARTY OF THE SECOND PART
WHEREAS :
i) Late ________ (hereinafter referred to as the “said ________ ”) was seized and possessed of and/or otherwise well and sufficiently entitled to Flat bearing No. ________ (hereinafter referred to as the “said Flat”) of the _______ Co-op. Hsg. Soc. Ltd., situated at _______ (hereinafter referred to as the “said Society”);
ii) The said ________ , a Hindu by religion expired at Mumbai on _______ ,(the Deceased) leaving behind her surviving four daughters and two sons, being the parties hereto of the First & Second;
iii) Prior to her death, the said ________ had executed a Will dated _______ (said Will). As per the said Will, the Deceased bequeathed the said Flat in favour of all her aforesaid _______ children in equal shares absolutely forever;
iv) According to the said Will, the said Deceased had deposited the sum of Rs_______ /- (Rupees _______ only) (hereinafter referred to as the “said sum”) with her elder son, _______ and she bequeathed the said sum of Rs_______ /- (Rupees _______ only) in favour of all her aforesaid _______ children in equal shares absolutely forever;
v) The said Deceased owned jewellery lying in the Locker of _______ Bank, _______ Branch, which the said Deceased has bequeathed in favour of all her four daughters in equal shares;
vi) The Parties hereto are desirous of recording a Family Settlement in respect of said Flat, the said sum and jewellery, in the manner hereinafter appearing.
NOW THEREFORE THIS AGREEMENT WITNESSETH the said terms and conditions as hereunder :
1. The Parties of the First & Second shall be jointly entitled to the said Flat, being Flat bearing No. ________ of the _______ Co-op. Hsg. Soc. Ltd., situated at _______ , such that each of the Party of the First to _______ th Parts shall be entitled to undivided 1/6th (one-_______ th) share, right, title and interest in the said Flat and all of them shall be entitled to apply for membership of the said Society and get the Share Certificate pertaining to the said Flat transferred in their respective names.
2. The Parties of the First & Second are each entitled to Rs._______ /- (Rupees _______ ), out of the total sum of Rs_______ /- (Rupees _______ only) lying with the Party of the _______ Part.
3. All the parties hereto agree that the jewellery lying in the Locker of _______ Bank, _______ Branch shall be equally divided between the Parties of the First, Second, Third and Fourth Parts.
4. Thus the undivided share of the Parties of the First & Second in the said Flat, said sum and the jewellery shall, therefore, be as under :
Sr.
No.
| Party
| Share in the said Flat
| Share in the said sum
| Share in the Jewellery lying in the Locker of _______ Bank, _______ Branch
|
1.
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2.
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3.
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4.
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5.
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6.
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5. The parties hereto expressly agree and declare that they have arrived at this Family Arrangement in order to put an end to possible dispute between the parties and with a view to bring about amity and goodwill amongst them and with a view to maintaining peace and harmony amongst them.
6. The parties hereto shall sign and execute or cause to be signed and executed all such documents, deeds, writings and/or instruction as may be necessary to give effect to the Family Arrangement amongst the parties hereto.
IN WITNESS WHEREOF the parties have set and subscribed their respective hands on the day and year first hereinabove written.
SIGNED AND DELIVERED )
)
by the withinnamed )
)
“THE PARTY OF THE FIRST PART” )
)
__________________________________ ) __________________
)
in the presence of ........................................... )
SIGNED AND DELIVERED )
)
by the withinnamed )
)
“THE PARTY OF THE SECOND PART” )
)
__________________________________ ) __________________
)
in the presence of ........................................... )