If you`re looking for a comprehensive tripartite agreement format for HDFC, you`ve come to the right place. A tripartite agreement is a legal document that establishes the obligations and responsibilities of three parties involved in a transaction. In the context of HDFC, a tripartite agreement is typically needed when an individual is applying for a loan to purchase a property that is still under construction. HDFC, the borrower, and the builder or developer are the three parties involved in this agreement.
The tripartite agreement outlines the terms and conditions of the loan agreement between the borrower and HDFC. It also stipulates the responsibilities of the builder or developer in the construction of the property. By signing this agreement, all parties involved are legally bound to fulfill their obligations as outlined in the document.
Here`s a format for a tripartite agreement for HDFC:
Date: ______________
Parties Involved:
1. HDFC Bank Limited (hereinafter referred to as “Bank”) having its registered office at _____________, represented by its authorized signatory, Mr./Ms. _____________, (Designation) hereinafter called “the Bank”, which expression shall, unless repugnant to the context or meaning thereof, be deemed to include its successors and assigns.
2. Mr./Ms. _____________, residing at _____________(hereinafter referred to as “Borrower”), which expression shall, unless repugnant to the context or meaning thereof, be deemed to include his/her heirs, legal representatives, successors-in-interest, and assigns.
3. _____________ (hereinafter referred to as “Builder/Developer”), a company registered under the provisions of the Companies Act, 1956 having its registered office at _____________, represented by its authorized signatory, Mr./Ms. _____________, (designation) hereinafter called “the Builder/Developer,” which expression shall, unless repugnant to the context or meaning thereof, be deemed to include its successors-in-interest and assigns.
Whereas the Borrower has approached the Bank for a loan of _____________ (Rupees _____________ only) for the purpose of purchasing a Flat/Apartment/Plot/Villa/House and the Builder/Developer has agreed to the said purchase and has given its consent and undertaken to complete the construction on or before the date agreed upon and has also given possession of the said premises to the Borrower on the said date.
Now, therefore, in consideration of the mutual covenants and agreements contained herein, the parties hereby agree as follows:
1. The Borrower hereby agrees to repay the loan amount, together with the interest, as may be applicable, to the Bank in the manner and within the time stipulated in the loan agreement with the Bank.
2. The Builder/Developer agrees to complete the construction of the premises, including all legal clearances, and to hand over possession of the same to the Borrower on or before the date agreed upon.
3. The Builder/Developer shall provide all the necessary documents and information required by the Bank to enable the Bank to disburse the loan amount in accordance with the loan agreement.
4. The Bank shall disburse the loan amount to the Builder/Developer as per the agreed-upon disbursement schedule, subject to the Builder/Developer fulfilling the necessary conditions stipulated in the loan agreement.
5. The Borrower hereby undertakes to comply with all the terms and conditions of the loan agreement with the Bank and to cooperate with the Bank in all respects.
6. In the event of a breach of any of the terms and conditions of this agreement, the parties shall be entitled to enforce their rights in accordance with the provisions of the agreement.
7. This agreement shall be binding on the parties hereto and their respective heirs, legal representatives, successors-in-interest, and assigns.
In witness whereof, the parties hereto have executed this agreement on the day and year first above written.
For HDFC Bank Limited
_____________________
Authorized Signatory
For the Borrower
_____________________
Signature
_____________________
Name
For the Builder/Developer
_____________________
Authorized Signatory
_____________________
Name
In conclusion, a tripartite agreement is an essential legal document when purchasing a property that is still under construction. This format for a tripartite agreement for HDFC can be customized to meet individual requirements. It`s important to remember that all parties involved should read and understand the terms and conditions of the agreement before signing it. An experienced legal professional should also be consulted to ensure that the agreement complies with all applicable laws and regulations.