Address:- Khasra Number or Survey Number at the place….. The Site Plan also may be attached if necessary.
In witness whereof the parties herein have executed these presents on the day, month and year first above-written.
Signed, sealed and delivered by
Signed, sealed and delivered by
Vvv son of Sh. Mmm
the MORTGAGOR in the presence of:
Signed, sealed and delivered by
Rrr son of sh. Bbb
the MORTGAGEE in the presence of:
Witneses:
(Note: the Relatives of the parties also can stand as Witnesses, however if Neighbours, who are not Employees or Relatives are witnesses, they will be called Independent Witnesses and in case of litigation, their evidence will be relied by the Court).
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FAMILY SETTLEMENT
(Transfer of Business interests within Family)
FAMILY SETTLEMENT made on the . . . . . . . . . . . . . day of the month of January of the year two thousand eight between Shri Mmm son of late Sh. Bbb, Resident of … Delhi of the one part, and Mrs. Sss widow of Late Shri Nnn, (Deceased brother of Mmm) R/o ….; of the other part; and
WHEREAS the said Shri Nnn died on . . . . . . . . . . . . . , leaving the said Mrs. Sss as his widow and two married daughters and share in the Partnership firm M/s qqq, New Delhi;
WHEREAS on and after the death of the said Shri Nnn, his share in the firm has been taken over or purchased by Shri Mmm in terms of partnership deed and has agreed to settle the account of Late Shri Nnn in lieu of said share in partnership firm.
WHEREAS the said Shri Mmm and his widowed sister-in-law Mrs. Sss have, with a view to ensure family peace, desired to settle and compose their disputes and differences on the terms and conditions hereinafter/ here-in-below mentioned:
(Note: Family settlement can be made, and Deed of Family Settlement can be prepared, even when there is no quarrel, and especially in this case, the Purchase of share in the Partnership Firm was an automatic, pre-planned decision; thus above para is not compulsory in all deeds – Author).
NOW this instrument witnesses that for the purpose of effectuating the said desire and in consideration of the premises the said Shri Mmm and Mrs. Sss do hereby covenant and declare as follows:
1. That Shri Mmm who has taken share of late Shri Nnn i.e. husband of Second part in the firm M/s qqq in terms of partnership deed and with consent of existing partners upon death of Shri Nnn will pay to Mrs. Sss all outstanding capital accrued profit of deceased partner till the date of death of his death.
2. That both the parties have agreed that Shri Mmm will pay Rs. ……………………………… (Rupees in words:-….) in lieu of all existing and subsisting claim of deceased partner Shri Nnn to Mrs. Sss in …… numbers (in words….) of instalment.
3. That both the parties have agreed that maximum period within which the said payment will be made is … months (in words), however, this period is extendable due to circumstances beyond control of the first party. In case this Limitation is not maintained and no reasons are explained through Regd Post, the Second party will be having options for Legal Action, without further Pre-Suit Notices.
4. That till final payment is made by First party to second party, second party namely Mrs. Sss will be entitled for Rs. ………………… (Rupees in words:-….) as ex-gratia payment for her day to day expenses. Once, full and final payment is made by Shri Mmm, there will be no legal liability to pay any further ex-gratia payment.
IN WITNESS whereof the parties hereto have hereunto set their hands the day and year first above-written.
Mmm
In the presence/ witness of . . . . . . . . ., son of . . . . . . . . .of . . . . . .
Mrs. Sss
In the presence/ witness of . . . . . . . . ., son of . . . . . . . . .of . . .
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