Memorandum of Understanding
This Memorandum of Understanding is made on
.. day of
.l, 2007 by
And between:
1. Al Attar Properties, A company duly incorporated and validity existing under the laws of the U.A.E with its registered address in Dubai,
, Dubai, U.A.E and whose fax number is
.., as well as its nominees, successors-in title or assigns (First Party)
2.
.. (Second Party)
WHEREAS the parties have executed a Unit Purchase & Sale Agreement dated
.....
. based on the Reservation Agreement dated
.. to sell by the seller (Al Attar Properties)
(property code)
. located in Dubai to be constructed thereon.
Now the parties to the Agreement realise that certain provision of the Reservation Agreement and the Unit Purchase and Sale Agreement relating to the completion date shall not be fulfilled because of unavoidable and unexpected delay happened in handing over the project land by the Master Developer to the First party.
Therefore the First Party and the Second party hereby mutually and voluntarily agreed as follows:
This Agreement summarizes the terms agreed between both parties and shall be applicable as a basic Agreement.
The second party hereby irrevocably and finally accepts to consider the completion date mentioned in the Agreement and the Reservation Agreement as deleted in its entirety and to accept new completion date which shall be confirmed by the first party as and when the civil construction works of the proposed project will be started.
The First party shall postpone, to a future date, the collection of the instalment amount to be paid by the Second party from the 4th instalment onwards, till the commencement of the civil construction work starting and shall reschedule such payments so as to enable the Second party to pay 4th instalment only after the completion of the Basement of the Proposed Building.
The second party hereby undertakes that the balance payment from the 4th instalment shall be paid as per the proposed reschedule confirmed and notified by the first party, without any objection and or extra claims.
The Second party hereby declare and confirm that he has already paid all the due payments to the First Party, up to 3rd instalment.
This Agreement shall be terminated only by written consent of the parties here to.
If any dispute or difference arise between the parties here to or their representatives, either on the construction or application of this Agreement or other wise on any maters in relation there to which can not be amicably solved, then every such dispute or difference shall be referred to two arbitrators to reach agreement, an umpire to be appointed by the two arbitrators whose decision shall be final and binding on the parties.
Not with standing any provision to the contrary in this Agreement, this clause shall survive the termination for any reason of this Agreement or any other provisions there of and upon termination this Agreement shall take effect as an independent arbitration Agreement.
This Agreement shall be binding upon and inure to the benefit of the parties here to and their respective legal heirs, successors and assigns.
IN WITNESS WHEREOF the parties here to intending to be legally bound have duly signed this Agreement on the day and year first above written.
Al Attar Properties (First Party)
. (Second Party) _____________________
Clients handwritten name & Signature
Witnessed by: