Agreement to Sell Land Contract

					           (To be affixed with Pakistan adhesive stamp of applicable value)

                           AGREEMENT TO SELL LAND

THIS AGREEMENT TO SELL (this “Agreement”) is made and entered into
at ______________________ on this ________ day of ___________ 2007 by and between:

(1)    Defence Housing Authority Islamabad, a body corporate established under the
       laws of Pakistan with its head office at Defence Mall, Jinnah Avenue, Islamabad,
       Pakistan (the “Seller” which expression shall, where the context so permits, mean
       and include its successors-in-interest and assigns); and

(2)    _______________________________________________________________________

       Father’s/Husband’s Name: _______________________________________________

       Residential Address: _____________________________________________________

       ________________________________________________________________________

       [Pakistan National Identity Card Number]; [National Identity Card for Overseas
       Pakistanis    Number];       or    [Pakistan    Origin      Card     Number]:
       ________________________________________________________________________

       (the “Buyer” which expression shall, where the context so permits, mean and
       include his legal heirs, successors-in-interest and permitted assigns).

The Seller and the Buyer are also hereinafter referred to individually as a “Party” and
collectively as the “Parties”.

WHEREAS:

(A)    The Seller is the legal and beneficial owner of land located in the Islamabad
       Capital Territory and wishes to develop therein a housing scheme called the
       Defence Housing Authority Islamabad Phase II Extension Overseas Sector
       (the “Overseas Sector”); and

(B)    The Seller wishes to sell the Land (as more fully described in Schedule 1) located
       in the Overseas Sector to the Buyer and the Buyer wishes to purchase the Land
       from the Seller, upon the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual benefits to be derived and the
representations and warranties, conditions and promises set forth in this Agreement,
and other valuable consideration (the receipt and sufficiency of which is acknowledged
by the Parties), and intending to be legally bound, the Parties agree as follows:

1.     DEFINITIONS AND INTERPRETATION

1.1    In this Agreement, unless the context requires otherwise, the following terms
       have the following meanings:

       (a)    “Completion Date” has the meaning ascribed to such term in Clause 5;

       (b)    “Deposit” means thirty percent (30%) of the Sale Price;

       (c)    “DHA Building Control Regulations” means the DHA Building Control
              Regulations, 2000 as the same may be amended, supplemented or
              superseded, from time to time;

       (d)    “Effective Date” means the date on which this Agreement is signed by the
              Parties;

       (e)    “Final Demand Notice” has the meaning ascribed to such term in Section
              8;

       (f)    “Land” has the meaning ascribed to such term in Schedule 1;

       (g)    “Master Plan” means the master plan of the Overseas Sector prepared by
              the Seller and attached hereto as Schedule 3;

       (h)    “Registration Fee” has the meaning ascribed to such term in Schedule 2;
              and

       (i)    “Sale Price” has the meaning ascribed to such term in Schedule 2.

1.2    In this Agreement, unless a contrary intention appears:

       (a)     the singular includes the plural and vice versa;

       (b)     the headings are for convenience only and shall be ignored in construing
               this Agreement;

       (c)     the masculine gender includes the feminine gender and vice versa;




                                       Page 2 of 13
      (d)     reference to any laws, rules and regulations means such laws, rules and
              regulations as amended, modified, codified, superseded or re-enacted, in
              whole or in part, and in force and effect, from time to time;

      (e)     references to Clauses, Sections, Recitals and Schedules are references to
              Clauses, Sections, Recitals and Schedules of this Agreement;

      (f)     all Schedules referenced herein form an integral part of this Agreement.

2.    SALE OF LAND

2.1   The Seller hereby agrees to sell and the Buyer hereby agrees to purchase the
      Land for the Sale Price.

2.2   The Buyer shall pay the Deposit to the Seller on the Effective Date.

2.3   The Buyer shall pay the balance of the Sale Price, on the dates and in the manner
      specified in Schedule 2. If the Buyer fails to pay any instalment within ten (10)
      days of its due date, the Seller shall, notwithstanding any other rights and
      remedies that it may have under this Agreement or under law, levy a late
      payment charge at the rate of twenty percent (20%) per annum calculated on the
      number of days payment of the instalment remains outstanding.

3.    LAND DESCRIPTION AND MASTER PLAN

3.1   Whilst the Seller believes that the demarcation and location of the Land as shown
      edged red in the Master Plan is accurate, such Master Plan is for identification
      purposes only and no warranty, express or implied, is given by the Seller as to
      the accuracy of the Master Plan.

3.2   The Seller shall not be bound by the Master Plan or any other plans as may, from
      time to time, be prepared by the Seller with regards to the Overseas Sector and
      the Seller may alter the Master Plan or any other plans as it may, in its sole
      discretion, deem fit and may extend the Overseas Sector to include any adjoining
      or non-adjoining land.

3.3   The Seller reserves the right to make modifications or variations to the
      boundaries of the Land, as identified in the Master Plan or any other plans.

3.4   The Parties agree that the Land identification number specified in Schedule 1, the
      Master Plan or any other plans is temporary and the Seller reserves the right to
      change the same.




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3.5   The Seller shall, on the Completion Date, in the presence of the Buyer or his duly
      authorized representative, carry out measurements of the Property. If, after such
      measurements, the Seller establishes that the total area of the Land exceeds or is
      less than the size specified in Schedule 1, the Seller shall adjust the price for the
      variation in the area in accordance with the formula below and the seller shall
      notify Buyer in writing of such variation. Within ninety (90) days of written
      notice from the Seller, if the total area of land is greater than the size specified in
      Schedule 1, the buyer will pay to the Seller the Adjustment Amount, or if, after
      such measurements, the Seller establishes that the total area of the Land is less
      than the size specified in Schedule 1, the Seller shall refund to the Buyer the
      Adjustment Amount.

      Adjustment Amount = (Sale Price  Area) x Measured Area – Sale Price

4.    REPRESENTATIONS AND WARRANTIES

4.1   The Seller hereby represents and warrants to the Buyer that:

      (a)    the Seller has good, valid and marketable title to the Land, free of any
             encumbrances, and has the power and authority to sell the same to the
             Buyer upon the terms and conditions set forth in this Agreement;

      (b)    the Seller has full power and authority to enter into and perform this
             Agreement;

      (c)    this Agreement has been duly and validly executed and delivered by the
             Seller and constitutes valid and binding obligations of the Seller,
             enforceable against the Seller in accordance with its terms; and

      (d)    the Seller is not aware of any proceedings pending before a court of law
             that may restrain the Seller from selling the Land upon the terms and
             conditions set forth in this Agreement.

4.2   The Buyer hereby represents and warrants to the Seller that:

      (a)    the Buyer has full power and authority to enter into and perform this
             Agreement;

      (b)    this Agreement has been duly and validly executed and delivered by the
             Buyer and constitutes valid and binding obligations of the Buyer,
             enforceable against the Buyer in accordance with its terms;




                                        Page 4 of 13
       (c)    no bankruptcy proceedings have been initiated or are pending against the
              Buyer;

       (d)    the Buyer has not entered into any composition or arrangement with his
              creditors; and

       (e)    the Buyer is not aware of any proceedings pending before a court of law
              that may restrain the Buyer from purchasing the Land upon the terms
              and conditions set forth in this Agreement.

5.     COMPLETION

Within thirty (30) days of the payment of the Sale Price and any fees, charges and
expenses due and payable to the Seller under or pursuant to this Agreement, the Seller
shall deliver a notice of completion and the completion of the sale and purchase of the
Land shall take place on the fourteenth (14th) day following the issuance of such notice
by the Seller (the “Completion Date”). The Seller shall issue an Allotment Letter for the
Land in the name of the Buyer on the Completion Date.

6.     CONSTRUCTION OF RESIDENTIAL DWELLING

The Buyer shall construct a residential dwelling on the Land:

       (a)    in a proper and workmanlike manner; and

       (b)    in accordance with the DHA Building Control Regulations (copies of
              which the Buyer has had the opportunity of inspecting and of which
              (whether he has inspected the same or not), the Buyer shall be deemed to
              have full knowledge) and any other rules, regulations, byelaws etc
              framed by the Seller and any relevant authority.

7.     FORCE MAJEURE

7.1    The expression “Force Majeure Event” as employed in this Agreement shall mean
       any acts of God, strikes, lock-out or other industrial disturbances, acts of public
       enemy, acts of terrorism, wars, blockades, insurrection, riots, epidemics,
       landslides, earthquakes, storms, lightning, floods, washouts, civil disturbances,
       explosions, changes in the laws of Pakistan which adversely affect the Seller’s
       ability to perform its obligations under this Agreement and any other similar
       events, not within the control of the Seller, and which, by the exercise of due
       diligence, the Seller is unable to overcome.
7.2    If the Seller is unable by reason of any Force Majeure Event to meet any of its
       obligations under this Agreement, and provides to the Buyer written notice of


                                       Page 5 of 13
       such Force Majeure Event within thirty (30) days of its occurrence, any
       obligations of the Seller which it is unable to perform by reason of the Force
       Majeure Event shall be suspended for as long as the inability continues. The
       Seller shall not be liable to the Buyer for loss or damage sustained by him arising
       from any Force Majeure Event or any delays arising therefrom.

8.     TERMINATION

       If the Buyer fails to pay two (2) consecutive instalments on their due dates, the
       Seller shall issue a notice (the “Final Demand Notice”) demanding payment of all
       outstanding amounts due from the Buyer to the Seller under or pursuant to this
       Agreement. If all outstanding amounts are not paid to the Seller within three (3)
       months of the date of the Final Demand Notice, this Agreement shall stand
       terminated and the Seller shall, in addition to any late payment charges payable
       under Clause 2.3, deduct and retain five percent (5%) from the payments made
       by the Buyer to the Seller up to the date specified in the Final Demand Notice.
       The Buyer hereby agrees that this constitutes fair compensation for the Sellers’
       losses arising from the failure of the Buyer to make payments on their due dates.

9.     NOTICES

       Any notice, request, waiver, consent or approval shall be in writing in the
       English language and shall be sent by prepaid registered post or courier service
       to the Party to which it is required or permitted to be given and made at such
       Party’s address set forth at the head of this Agreement, or to such other address
       as a Party may communicate to the other in writing. Notices sent as above shall
       be deemed to have been received:

       (a)    ten (10) working days from the date of posting, if sent by prepaid
              registered post; and/or

       (b)    three (3) working days from the date of courier, if sent by courier service.

10.    MISCELLANOEUS

10.1   The Buyer hereby agrees that no oral representation has been made to the Buyer
       by or on behalf of the Seller which has induced the Buyer to enter into this
       Agreement.

10.2   This Agreement constitutes the entire agreement between the Parties with
       respect to the subject hereof and hereby cancels and supersedes any and all prior
       oral or written agreements, correspondence, arrangements or understandings
       between the Parties. Any statement whether made verbally or contained in any



                                       Page 6 of 13
        printed advertising materials issued by the Seller or its authorized
        representatives shall not be deemed to be a part of this Agreement.

10.3    The Land is to the best of the Seller’s knowledge and belief correctly described in
        every respect and any error, mis-statement, omission or mis-description which
        may be discovered shall not annul the sale or entitle the Buyer to be discharged
        from its purchase nor shall any claim for compensation be made in respect
        thereof.

10.4    The Buyer shall, from the Completion Date, be liable to pay all taxes, rates,
        assessments, duties, charges (including development services and maintenance
        charges) and impositions which may now or hereinafter be charged or imposed
        upon or be payable in respect of the Land or anything relating thereto by the
        Seller and any relevant authority under any laws, rules, regulations and/or bye-
        laws, as may from time to time, be in force.

10.5    The Buyer shall comply with and abide by all the laws regulating the Defence
        Housing Authority Islamabad and the rules, regulations and/or bye-laws that
        may be made thereunder by the Seller, from time to time.

10.6    The Buyer shall not disturb/interfere with the layout of the Overseas Sector, in
        any manner whatsoever, and shall not encroach upon, usurp or put into his use,
        the pavements, pathways, roads, beams, green belt or any of the area/piece of
        land in the ownership of the Seller. In case of any such violation, the Seller may,
        without any notice and at the Buyers risk and cost, take appropriate action(s) to
        restore such pavements, pathways, roads, beams, green belt or any of the
        area/piece of land in the ownership of the Seller and the Buyer shall immediately
        pay to the Seller the costs incurred by the Seller in connection therewith.

10.7   The Seller shall be responsible for the payment of applicable stamp duty for this
        Agreement.

10.8    The failure of a Party to insist upon the performance of any of the provisions of
        this Agreement shall not be considered a waiver or relinquishment of future
        compliance therewith; nor shall a wavier by a Party of a breach at one time of
        any provision operate as a waiver of any other provision or as a continuing
        waiver of such provision.

10.9    Except as otherwise provided in this Agreement, this Agreement may only be
        amended, modified or supplemented by a written agreement signed by the
        Parties.




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10.10   If any provision (or part thereof) of this Agreement is held to be illegal or invalid
        under the laws of Pakistan, such provision (or part thereof) shall be fully
        severable and this Agreement shall be construed as if such illegal or invalid
        provision (or part thereof) had never comprised a part of this Agreement and the
        remaining provisions (or parts thereof) of this Agreement shall remain in full
        force and effect and shall not be affected by the illegal or invalid provision (or
        part thereof) or by its severance from this Agreement.

10.11   This Agreement shall be governed by and construed in accordance with the laws
        of Pakistan and the Parties hereby submit to the exclusive jurisdiction of the
        courts of Pakistan.

10.11 If there is any discrepancy in the terms contained in this Contact of Sale and the
    Terms and Conditions, then the terms contained in this Contract of Sale shall prevail.




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IN WITNESS WHEREOF the Seller (acting through its duly authorised representative)
and the Buyer have signed this Agreement on the date first above written:

DEFENCE HOUSING AUTHORITY ISLAMABAD

___________________________________
Name: _____________________________

BUYER

___________________________________
Name: _____________________________

Witnessed By:

Name:           ______________________
NIC No:         ______________________



Name:           ____________________
NIC No:         ____________________




                                       Page 9 of 13
                     SCHEDULE 1
                   Description of Land



Land:   Plot Number: _________________, located in the Defence Housing
        Authority Islamabad Phase II-Extension Overseas Sector,
        measuring approximately one (1) Kanal (4,500 square feet).




                       Page 10 of 13
                                 SCHEDULE 2
                                 PAYMENTS

1.   REGISTRATION FEE

     United States Dollars Five Thousand (USD 5,000) paid by the Buyer on
     _________, receipt of which the Seller hereby acknowledges.

2.   SALE PRICE

     United States Dollars Eighty Thousand (USD 85,000).

3.   PAYMENT SCHEDULE

     The Buyer shall pay the Sale Price to the Seller in the manner and on the dates
     specified below:

     (a) Deposit: United States ___________________________________           (USD
         _________) payable on the Effective Date;

     (b) First Instalment: United States Dollars ____________________________ (USD
         _________)payable on ______________________;

     (c) Second Instalment: United States Dollars ____________________________
         (USD _________)payable on ______________________;

     (d) Third Instalment: United States Dollars ____________________________
         (USD _________)payable on ______________________; and

     (e) Fourth Instalment: United States Dollars ____________________________
         (USD _________) payable on ______________________.




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Schedule 3
Master Plan




Page 12 of 13
         Schedule 4
House Plan and Specifications




         Page 13 of 13

				
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