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Form No. 10
Particulars and Conditions of sale by Auction of Immovable Property The Particulars and conditions of Sale relating to an immoveable property to be put up for sale by Public Auction on the ... day of ... at the ... hour of ... in the noon by M/s... the Auctioneers, at their office at ... in pursuance of the instructions of M/s ... in exercise of their powers under the Deed of Mortgage dated ... executed by Mr Mr....the ....the owner of the property in favour of the said M/s.... to secure a loan with interest as hereinafter stated. DESCRIPTION OF THE PROPERTY (description of premises) CONDITIONS OF SALE of the property described as above and in the advertisement in newspapers for sale thereof 1. The property shall be put up for sale at a sum to be fixed by the Auctioneers at the time of sale ; the highest bidder shall be the Purchaser and if any dispute arises as to the last or highest bid, the same shall be put again for sale at the last undisputed bid and re-sold. 2. No person shall at any bidding offer a less sum than what shall be fixed by the Auctioneers or retract a bidding. 3. The sale is subject to a reserved bid which has been fixed by the Auctioneers. 4. The Purchaser shall at the time of sale subscribe his name and address in the bidding paper attached hereto and all written notices and communications shall be deemed duly delivered to and served upon the Purchaser by being left for him at such address, unless or until he is represented by an Advocate entitled to act in the matter. 5. The Purchaser shall at the time of sale pay a deposit of twenty five percent on the amount of his purchase money to the Auctioneers, otherwise the property shall forthwith be re-sold. Any deficiency of price which may arise on re-sale by reason of the Purchaser’s default and all costs and expenses occasioned by such re-sale shall be recoverable from the defaulting purchaser with interest thereon from the date of default till payment or realisation at the rate of Rs.... per cent per annum. 6. The party at whose instance the property is being sold namely the said M/s... the Mortgagees, shall within 7 days after the sale deliver to the Purchaser or his Advocate on record, if required by him, an abstract of title to the property purchased by him, subject to the stipulations contained in these conditions; and the purchaser shall, within 7 days after the actual delivery of the abstract, deliver at the office of the Advocate on record for the said Mortgagees a statement in writing of the objections and requisitions (if any) to or on the title as deduced by such abstract and upon the expiration of such last mentioned time (and in this respect time is to be deemed of the essence of the contract), the title shall be considered as approved of, and accepted by the Purchaser, subject only to such objections and requisitions, if any.
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PARTICULARS AND CONDITIONS OF SALE BY AUCTION OF IMMOVABLE PROPERTY
7. The Purchaser shall pay to the Auctioneers the balance of the purchase money together with the amount of stamp duty and registration charges payable on the deed of conveyance to be executed, within 30 days from the date of sale and if the said amount be not so paid, the deposit may after defraying the expenses of the sale, be forfeited to the Mortgagees and the property shall be re-sold and the defaulti ng Purchaser shall forfeit all claims to the property or to any part of the sum for which it may subsequently be sold. Any deficiency of price which may arise on a resale by reason of the Purchaser’s default and all costs and expenses occasioned by such resale shall be recoverable from the defaulting purchaser with interest at the rate aforesaid. 8. Upon payment of the purchase money and the amount of stamp duty and Registration fees in the manner aforesaid, the Purchaser shall be entitled to take possession of the property. The Purchaser shall at his own expense take such steps as may be necessary for the purpose of obtaining possession. 9. In the event of the deed of conveyance to the Purchaser not being executed within thirty days from the date of the sale, it shall not be lawful for the purchaser at the expiration of such thirty days, to object, on the ground of his not having received his conveyance or otherwise, to such distribution or payment of the purchase money to the mortgagees, but the purchaser without any written acknowledgement or consent shall be taken to have consented to such distribution or payment. 10. The Purchaser shall be liable to pay the outgoings of the property subsequent to the day of payment of the Purchase money and not before and the rents and outgoings shall be apportioned if necessary as on such date. 11. The production and inspection of all deeds, evidence and muniments of title which are not in possession or power of the Mortgagees and the procuring and making of all certified, attested or other copies or extracts of or from registers, deeds, wills or other documents, and of all declarations or other evidences as to identity, whether required for the verification of the abst ract or for any other purpose shall be at the exp ense of the purchaser requiring the same. 12. If any error or mis-statement shall appear to have been made in the particulars or description of the property, such error or mis-statement (if capable of compensation) shall not annul the sale nor entitle the Purchaser to be discharged from his purchase, but a compensation shall be made to or by the Purchaser, as the case may be and the amount of such compensation shall be settled by the Mortgagees. 13. The said property was purchased by the said Mortgagor by a Deed of Conveyance dated .... The said document shal l be the root of title of the said Mortgagor and the intending P urchaser will not be entitled to ask f or production of any previous tit le deeds or to make any requisitions on title prior to that deed. 14. The said property is being sold on as is where is basis and the intending Purchaser will not be entitled to require the said Mortgagees to carry out any repairs or to compl y with any notice issued by t he Municipal Corporation or Govt. for repairs or otherwise. The property is also being sold subject to easements if any. The property is also being sold subject
PARTICULARS AND CONDITIONS OF SALE BY AUCTION OF IMMOVABLE PROPERTY
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to the tenancies in the said prop erty and the mortgagee will no t be bound to give vacant possession thereof or any portion thereof. 15. By a Deed of English Mortgage dated ... executed by the said Mortgagor ... the present owner of the said property in favour of the said Mortgagees M/s .. . . . . the said Mortgagor granted the said property to the Mortgagees to secure a loan of Rs.... advanced by the Mortgag ees with interest thereon at the rate Rs.... per cent per annum and costs, charges and expenses therein mentioned subject to the covenant for redemption on repayment of the mortgage debt as on the due date. The said Deed of Mortgage provided, inter-alia, that if the Mortgagor failed to pay the said principal amount on the due date or made default in payment of any instalment of interest or committed breach of any other term or condition of the said Deed, the Mortgagees will be entitled to sell the said property by public auction, without the intervention of the Court, and to appropriate the net sale proceeds towards the amount due and payable to the Mortgagees. There is now due and owing by the said Mortgagor a sum of Rs.... for principal and interest as on the ... day of ... The Mortgagor has committed default in payment of the said amount though the due date for repayment has long back expired and hence the Mortgagees have become entitled to have the said property sold by auction. 16. The Deed of Conveyance of the said property will be executed by the said Mortgagees or any partner of the Mortgagees firm as per the provisions of the joint a ccount clause contained in the said Deed of Mort gage and in terms of the draft to be prepared by the Advocate of the Purchaser and approved by the Advocate of the Mortgagees. The Purchaser will not insist on the Mortgagor or any other person being joined as a party to the Deed of Conveyance. AGREEMENT OF SALE I, whose signature is hereunder subscribed, bid the amount hereunder mentioned in column two at the sale held on the ... day of ... of the property hereunder mentioned in column one and was declared the Purchaser of the said property, subject t o the conditions of sale which were read out at the said sale.
Short particulars of the property
Amount of highest bid
Amount of deposit receipt
Amount remaining due.
Full name of the Purchaser
Address and Occupation of the Purchaser
Signature of the Purchaser. Signature of the Auctioneers. Date . . . . . . __________
Note : This Agreement is also required to be Stamped as an Agreement.
