Agreement
kunhi marakkar
(Querist) 26 September 2026
This query is : Open
Pls let me know is this agreement valid?if first party didn't act by this agreement,what are consequences will come
SETTLEMENT AGREEMENT
This Settlement Agreement is executed on this 24th day of February, 2020 by and between:
First Party:
(Name)
AND
Second Party:
Name,(sister of the First Party).
WHEREAS, the First Party and the Second Party are brother and sister. The properties belonging to the Second Party as per Document No. 000/1986 and having rights in Re-Survey No. 00/11 were sold by the First Party in 1995 using a Power of Attorney executed from abroad, and the consideration was received by him.
WHEREAS, after receiving the consideration for the said sale, as per an agreement dated 22nd April 2002, the First Party agreed to purchase and convey 5 Cents of land from the property adjacent to the road in Re-Survey No. 00/11 sold to (name) within 3 months. However, the First Party could not fulfill the agreement till date, leading to differences of opinion between the First and Second Parties.
WHEREAS, although discussions were held mutually thereafter, the matter was delayed, leading to a suit registered as O.S. No. 000/2014 before the Hon's Munsiff Court, Manjeri, filed by Melath Maimoonath and others, which was litigated by both parties. In the said suit, the First Party was Defendant No. 2 and the Second Party was Defendant No. 3, and an order was passed for the partition of the properties.
WHEREAS, both parties mutually agreed and decided to settle all disputes and controversies by creating a charge on the properties allotted/belonging to the First Party (Defendant No. 2) in the partition deed, and accordingly, this agreement has been executed.
TERMS AND CONDITIONS
The disputes regarding the sale of properties belonging to the Second Party under Document No. 000/86 are hereby settled by fixing a compensation amount of ₹15,00,000/- (Rupees Fifteen Lakhs only), which the Second Party has accepted and agreed to.
The First Party hereby agrees and undertakes to pay the sum of ₹15,00,000/- mentioned in Clause 1 to the Second Party. As security for the same, out of the properties reserved for the First Party as per the orders of the Hon'ble Munsiff Court, Manjeri in O.S. No. 00/14, 40% shall be registered as a Release Deed (Ozhimuri) by the First Party in favor of the Second Party. It is hereby agreed that such registration is strictly for security purposes, and upon full payment of the aforesaid amount by the First Party to the Second Party, the said properties shall be reconveyed to the First Party by way of sale deed or release deed.
The First Party shall pay the aforementioned amount to the Second Party in installments convenient to him. However, it is mutually agreed that the monthly installment shall in no case be less than ₹6,000/- (Rupees Six Thousand only).
Both parties affirm that these matters were discussed and personally decided in their capacity as brother and sister. This agreement is executed based on mutually agreed terms without any coercion, compulsion, threat, or undue influence from anyone.
Regarding the properties ordered to be partitioned and allotted to the First Party in O.S. No. 000/2014 before the Munsiff Court, , the First Party strictly agrees and undertakes to register a Power of Attorney in favor of the Second Party’s son (name) within 7 days from today to facilitate the execution of the Release Deed.
It is strictly agreed that the Second Party shall not initiate any legal proceedings immediately, and shall grant time to the First Party to make the payment. Until then, the Second Party shall hold and enjoy possession of the security properties.
All disputes regarding the above matter are hereby compromised and settled. Both parties hereby agree that no further disputes shall arise between the brother and sister, and they shall lead a harmonious family life in a friendly manner.
IN WITNESS WHEREOF, both parties have accepted, agreed, and executed this agreement in the presence of the witnesses subscribing below.
Dated this 24th day of February, 2020.
