Home Contact

ALLOCATION LETTER AND AGREEMENT FOR PURCHASE OF____KANAL/MARLA VILLA DESIGNED BY _______________________________

THIS AGREEMENT is made on ___________________ 2007

BETWEEN

THE LAKE CITY HOLDINGS (PRIVATE) LIMITED, a company incorporated under the Companies Ordinance, 1984, and having its office at The Mall, City Towers, Main Boulevard, Gulberg-II, Lahore (hereinafter referred to as "Lake City", which term shall include its successors, assigns, executors, agents and authorized representatives);

AND

Mr. ______________ S/o Mr. _____________ resident of House # (hereinafter referred to as the "Purchaser", which term shall include his/her legal heirs, successors, assigns, executors, agents and authorized representatives),

WHEREAS Lake City is presently engaged in the development of a housing scheme under the name and style of "Bella Vista" (hereinafter referred to as the "Scheme"), which has been sanctioned by the Lahore Development Authority (hereinafter referred to as "LDA") vide approval No. CMP/LDA/DMP/476-S/444 dated July 07, 2005 and is situated at 13 K.M. Raiwind Road, District Lahore,

AND WHEREAS the Purchaser is desirous of purchasing a Villa measuring [   -Kanal/Marla] situated in the Scheme, and Lake City is desirous of selling such a Villa to the Purchaser, on the terms and subject to the conditions set out in this Agreement,

AND WHEREAS for this purpose Villa built on Plot No.BVS-M1-            situated in the Scheme has been allocated to the Purchaser (hereinafter "the Allocated Villa") (the precise location of the allocated plot may change subject to design modification but will continue in similar location) through mutual agreement. The purchaser understands and agrees as follows:

IT IS AGREED as follows:
  1. Upon completion of the Scheme and upon receipt of payments hereinafter detailed, Lake City shall transfer to the Purchaser the Allocated Villa measuring [   -Kanal/Marla] covered area sqr ft of                        Finishing in fully developed and complete condition in the Scheme on the terms and subject to the conditions set out herein below.

  2. Lake City shall sell and the Purchaser shall purchase the Villa designed by (                                        ) Type '                     ' for an aggregate consideration of Rs.                  /- (Rupees___________ only) (hereinafter referred to as the "Villa Price"). The total consideration for the purchase of the Villa shall consist of the Plot Price and the Development Charges and the price of construction their on. You have been allotted a top premium plot. It is understood that the aggregate consideration payable by the purchaser at the time of the handing over the balance consideration on the account of the plot size (access area) from ___ Kanal/Marla shall be recovered as a lum sum in addition to the amount specified in Clause 3 of this agreement. If the plot size is less than ___Kanal/Marla a proportionate amount shall be refunded to the purchaser. Specifications of Villa are attached as Annex 'A'.

  3. Villa built on plot number BVS-M1-            has been allocated to the Purchaser subject to the payment of all amounts detailed in this agreement and in the manner specified herein. The Down Payment of Villa Price Rs. /- (Rupees only) has been received from the Purchaser prior to the Agreement and Receipt No dated _________ 2007, issued. The Remaining Charges are payable in four quarterly equal installments of Rs______________________/- (Rupees only). The detailed schedule is given below:


    No of Installments
    Date
    Amount of Installment in Rs.
    01
    Booking Price and Signing Of Agreement
    15 % of Total Price
    02
    After Every Quarter
    10 % of Total Price
    03
    After Every Quarter
    10 % of Total Price
    04
    After Every Quarter
    10 % of Total Price
    05
    After Every Quarter
    10 % of Total Price
    06
    After Every Quarter
    10 % of Total Price
    07
    After Every Quarter
    10 % of Total Price
    08
    After Every Quarter
    10 % of Total Price
    09
    After Twenty Five Months From Booking or At The Time of Possession
    15 % of Total Price


  4. It is understood that the aggregate consideration payable by the purchaser at the time of the handing over the Villa, the balance consideration on account of the plot size (access area) from ___ Kanal/Marla shall be recovered as lum sum in addition to the amount on the basis of cost of plot as Rs 3,600,000/- per kanal. Moreover, it is further clarified that the agreed prices will remain fixed and finalized. No extra charges will be charged from the client in case of inflation in the cost of any construction material. If the plot size is less than ___ Kanal/Marla, a proportionate amount shall be refunded to the purchaser.

  5. The Allocated Villa shall be transferred by Lake City to the Purchaser only after the Completion Date and upon payment of both the Plot Price as well as the Development Charges in their entirety and Villa Price.

  6. For the purposes of clause 4 above, Completion of the Scheme shall mean the complete development of all plots forming part of the Scheme, including the provision of electricity, gas, sewerage and metalled roads, and the issuance by LDA of a completion certificate in this regard. Accordingly, the date of issuance of such completion certificate by LDA shall constitute the Completion Date. Further that completion date also include completion of the constructed villa with all general provision to make it inhabitable and ready for occupancy.

  7. 7. All delayed payments shall carry mark-up at the rate of 1.25% per month. However in the event of default on the part of the Purchaser in making payment of any two consecutive installments on the due dates, Lake City shall give 30 days' notice to the Purchaser to rectify such default, failing which the Lake City shall have the right to terminate this Agreement. In the event of any such termination, the Lake City shall have the right to retain 25% of the Villa price of Rs.                 /- (Rupees                 only). In case the purchaser wants to cancel the agreement similar terms as mentioned shall apply. Any reason beyond the control of Lake City, the handing over of the villa to the client who has paid all his dues in full is delayed, Lake City shall be liable to pay Rs. 25,000/- (Rupees Twenty Five Thousand only) per month computed on 1 kanal basis as delayed/rental charges. However this condition does not apply in conditions "force majeure".

  8. The Purchaser undertakes to enter into agreement with such utility service providers as may be nominated by Lake City for availing utilities such as electricity, water and sewerage along with other amenities, including but not limited to the maintenance of roads, parks and all common areas of the scheme.

  9. The Purchaser agrees to faithfully abide by all bye-laws/regulations that may be framed by Lake City with respect to the Scheme, including bye-laws regarding the thematic style and design of the construction to be made on the Plot. It is understood and agreed that the desirability and uniqueness of the Scheme will be irreparably harmed and the value of all Plots in the Scheme will be very significantly affected by failure to conform to an overall prescribed thematic design and style. That all construction plans for construction on the Allocated Plot will be submitted by the Purchaser or any subsequent transferee to Lake City for approval as regards the thematic design and style of the plan so as to ensure that the design and style conform to the over all Mediterranean (Spanish, Italian and French) construction design and style of the Scheme. Lake City shall be entitled to disapprove and inject any construction considered incongruous in terms of thematic style and design.

  10. Lake City shall pursue the completion of the Scheme with all diligence and shall endeavour in all good faith to achieve such completion on time. However, Lake City shall not be liable in any manner for any delay on account of any cause beyond the control of Lake City including, but not limited to, regulatory delays as well as acts of the State and events beyond the control of Lake City.

  11. The Purchaser may transfer to any person ("the Transferee") its rights and obligations under this Agreement without, in any manner, altering the rights and obligations of Lake City hereunder. Provided that a valid transfer may only be made on payment of Rs. 10,000/- per kanal by Pay Order in the name of Lake City and deposition of his/her next installment due in advance and execution of a Termination Letter by the Purchaser in person, or in the case of companies by an authorized attorney, at the Registered Office of Lake City and execution of a fresh agreement (hereinafter referred to as The Subsequent Agreement for Purchase) by the Transferee in person at the aforesaid Registered Office with Lake City in terms that are identical to the terms of the present agreement. No transfer will be registered or recognized by Lake City unless the finger prints and scanned pictures of the Purchaser has been matched with such data of the Purchaser already stored in the electronic database of Lake City. Unless such data was stored prior to the date of this Agreement, it is the obligation of the Purchaser to cause his/her finger print and scanned pictures to be stored in the electronic data base of Lake City at the earliest after the execution of this agreement. The finger print and scanned pictures of the Transferee will be recorded as a condition precedent to the execution by Lake City of The Subsequent Agreement for Purchase with the Transferee and the registration of the transfer.

  12. This Agreement shall be governed by and construed in accordance with the laws of Pakistan.

  13. No court other than the civil courts at Lahore shall have jurisdiction with respect to any dispute or matter arising out of or in connection with this Agreement. However, all disputes arising out of this agreement shall be referred to the President - Lahore Chamber of Commerce and Industries as the sole arbitrator in terms of the law of arbitration applicable to arbitrations in Pakistan.

  14. This Allocation Letter and Agreement for Purchase consisting of three typed pages has been executed in duplicate, each page having been signed by both the parties, and each instrument shall be an original for all purposes.

IN WITNESS WHEREOF the parties hereto have signed this Agreement on the day and year first hereinabove written.
On Behalf Of

PURCHASER





_______________________________________
Name: 		LAKE CITY HOLDINGS (PRIVATE) LIMITED





_______________________________________
Name:

WITNESSES:


          1. _______________________________                   2. _______________________________


Lake City Holdings (Pvt) Ltd.