Mou and promisory note
Anita Singh
(Querist) 21 October 2011
This query is : Resolved
dear sir i am an advocate my client is giving one lakh rupees loan to one of his friend for six month and told me that if his friend (the person who is taking loan) if for any reason not repay the loan amount given by him then his one property ( one room ) he will registered on my client name and my client will have legal right to take the possession of the said property and my client give 10 lakh rupees to his friend (the person who is taking loan) means after taking the said property my client will give 10 lakh rupes to his friend and all this thing my client want in written
so i have draft a M .O .U and promissory note pls cheque it guide me whether it is right or not where i am wrong pls bold that
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding (MOU) is made and enter into at Mumbai, this 21st day of October 2011
BETWEEN
MRS. MANJU YASHWANT SHERKAR, Adult, Residing at Punjabi Chawl No. 1, Room No. 7, Nityanand Nagar, Ghatkopar (West), Mumbai – 400 086, hereinafter referred called the “PARTY OF THE FIRST PART” (which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include his heirs, executor, administrators, successors and assigns) of the FIRST PART.
AND
MRS. SNEHAL PRAKASH WASKE, Aged 43 Years, Residing at Desarana Chawl, Room No. 5, Ganesh Maidan, Nityanand Nagar, Ghatkopar (West), Mumbai – 400 086, hereinafter referred called the “PARTY OF THE SECOND PART” (which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include his heirs, executor, administrators, successors and assigns) of the SECOND PART.
WHEREAS, the Party of the Second Part was in need of some Friendly Loan of Rs. 1,00,000 (Rupees One Lakh Only) for her personal need and purpose for that she approach to the Party of the First Part.
AND WHEREAS, at the approached of the second part the first part has agreed to give a sum of Rs. 1,00,000 (Rupees One Lakh Only) to the second part and upon the terms and condition mutually agreed by and between them and reduce the same into writing in the following manners..
NOW THIS INDENTURE WITNESSETH :-
1. That the Party of the First Part giving a Friendly Loan of Rs. 1,60,000 (Rupees One Lakh sixty thousand Only) to the Party of the Second Part for the period of six month.
2. That the Party of the Second Part will repay above said loan amount of Rs. 1,60,000 (Rupees One Lakh Sixty Thousand Only) after the expiry of six month from the receipt of loan amount or from the date of this MOU.
3. That the Party of the Second Part if for any reason failure to repay the above said loan amount of Rs. 1,00,000 (Rupees One Lakh Only) after the expiry of six month to the Party of the First Part then she will have to sale her property situated at, Desarana Chawl, Room No. 5, Ganesh Maidan, Nityanand Nagar, Ghatkopar (West), Mumbai – 400 086, in which she is presently residing, to the Party of the First Part for the sum of Rs. 11,60,000 and also registered the same property in the name of Party of the First Part.
4. That the Party of the Second Part will also allow to the Party of the First Part to make agreement for sale of the above said property .
5. That after signing the Agreement for Sale of the above said property by both the party and after the completion of the all legal formalities for the sale of the above said properly of the party of the second part to the party of the first part ,AND AFTER TAKING THE POSSESSION OF THE same by the party of the first part, party of the first part will take her above said loan amount of Rs 160 000 from the sale amount of the above said property and after taking her loan amount balance amount of sale Rs 10,00,000 she will pay to the party of the Second part.
6. That the party of the second part will also issue the post dated cheque of rs 1,60,000 bearing no ______duly signed by her against the above said loan amount .
7. That the party of the first part will have right to file a case under section 138 of negotiable instrument if the above said cheque get bounced and the second part will liable to bear the cost of the litigations for the same.
IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands the day and year first hereinabove written.
SIGNED AND DELIVERD BY
By the within named the party of “ FIRST PART
In the presence of witness
1 )
2 )
SIGNED AND DELIVERED BY
By the with in named
In the presence of witness:
1 )
2 )
Promissory Notes
DEMAND PROMISSORY NOTE
WHEREAS I have borrowed a loan of Rs. 1,60,000 ( rupees
_____________) from Mrs. _______Age _ years, resident of __________for her personal use and purpose________ on _________
I do here by promise to pay the aforesaid loan amount Rs. 1,60,000 (rupees
_____________) to the said Mrs. ____________on ________ after six month from the date of this promissory note.
Mumbai,
Signed
Dated:__ ( _______________ )
Nadeem Qureshi
(Expert) 21 October 2011
Dear anita You are rightly draft
prabhakar singh
(Expert) 21 October 2011
Please recheck your draft even before any suggestions to be received there are mistakes in showing amount Rs.1,00,000/= &1,60,000/=???
Ravikant Soni
(Expert) 21 October 2011
I am afraid if this MOU does not amount to a mortgage deed!!!
If it does so than need to be registered....
I refer this question to my senior experts...
prabhakar singh
(Expert) 21 October 2011
Mr.Ravikant soni !
in a question posed by her earlier i suggested her to go for a debt cum agreement to sale deed.
Shailesh Kr. Shah
(Expert) 21 October 2011
Can you answer of this question:
mou would registered or not?
Shonee Kapoor
(Expert) 21 October 2011
Repeated query albeit with a draft now.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Raj Kumar Makkad
(Expert) 21 October 2011
MOU is required to be registered especially in the given facts.
M V Gupta
(Expert) 23 October 2011
I have serious doubts about the soundness of the transaction. The MOU can be challenged on ground of undue influence. It is unnatural for a person to take a loan of Rs. 1 lakh and agree to sell her property to the creditor if she fails to pay the loan amount. Apart from this the MOU needs further vetting and the DP note is not properly drafted.
AA RAMAKRISHNAN
(Expert) 27 October 2011
Since it is an agreement, the draft is okay. In considering, this agreement is an agreement for making an agreement no registration is required because in the absence of the failure of repayment only the second agreement will take place.
