FAMILY SETTLEMENT DEED
THIS DEED OF FAMILY SETTLEMENT IS MADE AND EXECUTED
ON THIS _ DAY OF JANUARY 2021 ( -1-2021) AT
BANGALORE BY AND BETWEEN
1. Mr.Subramanya N.
Aged about 35 years
S/O V.L.Narasimha Murthy,
Residing at No.41, T D Lane,Cottopet
Bangalore South , Chickpet ,
Bangalore- 560053
(Hereinafter referred to as the Party of the First Part)
2. Mrs. Jayalakshmi.
Aged about 69years
W/O V.L.Narasimha Murthy,
Residing at No.41, T D Lane,Cottopet
Bangalore South , Chickpet ,
Bangalore-560053.
(Hereinafter referred to as the Party of the Second Part)
3. Mrs.Shamala N.
Aged about 45 years
Indian inhabitant residing at
W/O Sridhar A V.No. 4/1,2nd Main,
Mallige Thota, Cholurpalya,
Bangalore North, Bangaluru,
Karnataka 560023
(Hereinafter referred to as the Party of the Third Part)
4. Mrs. Vasundhara N.
Aged about 37 years
Indian inhabitant
residing at W/o Thyagaraja S
No 02, Halehalli,
Behind Samuel Public School,
Bangalore North,
Krishnarajapuram,
Bangalore - 560036
(Hereinafter referred to as the Party of the Fourth Part )
(which term shall mean and include their legal heirs, executors,
administrators, attorneys, legal representatives and assigns of all
the PART’s)
WHEREAS originally the immovable property bearing no. No.41, TD
Lane Cottonpet Bangalore South, Chickpet, Bangalore Karnataka-
560053 with structures thereon, presently coming under the BBMP
jurisdiction of Ward No.29, with PID No.29-25-41, measuring East
to West 30ft and North to South 60 ft, totally measuring 1800 sq ft
was acquired by late late V.L Munivenkatappa,by virtue of a
partition deed executed by his below mentioned family members .
1. The Late Munivenkatappahas two sons, namely late
Ramaiah and Late Narasimhaiah.
2. The Late Narasimhaiahhad one son namely late
N.Venkatappa.
3. Late N Venkatappa had two sons namely
lateV.Sampangirammia, late V.L Narashima Murthy and one
daughter Jayalakshmi.
4. Through partition among late V.Sampangirnamaiah, late V.L
NarashimaMurthy and Jayalakshmi, the schedule property
was acquired by V.L NarashimaMurthy.
5. The said V.L Narashima Murthy got married to Jayalakshmi
and out of said wedlock two daughters and one son was
born namely Shamala N, N. Vasundhara N and Subramanya
N.
Whereas the said V.L Munivenkatappa deceased intestate leaving
behind the above 1,2,3 and 4 th parties ie his wife smt.
Jayalaskshmi and his children’s herein as their only legal heirs
and survivors to succeed and inherit the schedule property
described in the schedule and hereinafter referred to as the
schedule property .
Wheras after the death of late V.L Narashima Murthy Father of
the Party of the First Part, the family consisting of the parties
hereto, the First party continued to be in possession of the
properties received by V.L Narashima Murthyon partition above
referred to, However, at the same time it was realised by all the
members of the family that to keep family bond strong and avoid
any misunderstanding and conflicts in future between parties.
Whereas the parties hereto they have arrived at the following
arrangement by Mutual Discussion whereby they have amicably
settled all the doubts and confusions between them and decided
to divide the several immoveable properties, mentioned in the
schedules here - under written in full and final settlement of the
respective shares, right, titles and interest, claim or demands
both at law and in equity whether held by them individually or
jointly in the name or names of one or more members of the
family, in the manner here below recorded.
Whereas It is agreed and declared that the property described in
the schedule hereunder are the only property belonging to and
constituting the family property of the parties hereto and there
are no other properties of any kind whatsoever and if any
property is hereafter found to be standing in the name or names
of any one or more of the parties hereto in the Government or
any other official record the same shall be deemed to belong to
him or her or them alone and absolutely and the others will not
make any claim thereto.
Now this Memorandum of family settlement witnesseth
And it is hereby declared, confirmed, agreed and recorded by
each of the part that at the time of disposal of the schedule
property the consideration will be divided as mentioned below:
Subramanya.N -75% of the sale consideration
Shamala.N - 12.5 % of the sale consideration
Vasundhara .N - 12.5 % of the sale consideration
SMT. Jayalakshmi W/o LATE Munivenkatappa out of
love and affection towards children waives all her
rights, title interest in and over the schedule property
entirely.
The Lease /Advance amount of the said Scheduled
property will be adjusted from the sale consideration
and remaining shall be shared between the parties
mentioned above as per the percentage agreed upon
by the parties.
1. Now this deed witnesses that in pursuant to the agreement for
family settlement and in consideration of the settlement arrived
at between the parties is hereunder, the parties hereby agree
with each other that they will observe, perform and convene the
terms and conditions stated herein above.
2. That it is hereby declared and agreed between the parties that
this agreement for family settlement ends all disputes between
the parties relating to the respective rights and claims of the
parties to the family properties and the parties admit and
acknowledge the claims of each other towards their respective
properties as per this agreement for family settlement.
3. All the conditions of the proposed agreement for family
settlement have been fully explained to all the parties, who are
the signatories to this agreement for family settlement and the
said signatories have in consultation fully examined and
considered the said terms and conditions and have given their
free consent at their will without any force, coercion and / or
inducement.
4. That the present agreement for family settlement shall be
considered as final and conclusive and shall not be altered or
changed at any subsequent stage of the settlement. All the
parties of the present agreement for family settlement shall be
bound with the terms of the present Settlement agreement and
shall adhere to the respective shares as demarcated and stated
under the present agreement for family settlement.
5. That pursuant to the present agreement for family settlement,
this Settlement agreement shall be registered and all the parties
to the present Settlement undertake to present themselves for
registration of the present Settlement agreement before the
authorities concerned.
6. That the present Settlement Deed will have a legal force and
shall be presented, forwarded before the Authorities concerned
for the transfer of the respective shares of properties between
the parties. Should any party or parties require at any stage, the
parties to the present Settlement agreement shall be bound to
issue NOC and execute other documents that may be required
with regard to the mutation of the properties.
7. That the parties to the present settlement shall voluntarily at
their will, consent and execute the NOC with regard to the
transfer of the property from their name to the beneficiary
parties in terms of the agreement for family settlement. They
shall further be bound to present themselves, execute, sign any
other document required at any other stage for the transfer of
these properties.
8. That the transfer of the properties pursuant to this agreement for
family settlement shall be along with the entire charge on the
said property and the beneficiaries of the said property shall be
liable and responsible for the payment of any dues against the
properties, whether past or arising in future at any stage. The
previous owner(s) of the properties under this Settlement
agreement shall not be liable/responsible in future with regard to
any claim or dues with regard to the said property at any stage.
The entire dues whether notified or not shall be the sole liability
and responsibility of the beneficiary/transferee, henceforth
pursuant to the execution of this present Settlement agreement
and they shall not raise any claim in this regard in any manner
whatsoever.
9. The aforesaid deed has been read out to all the parties in
detail and after understanding all the contents and averments of
this deed, the Parties herein have affixed their signature to
this deed voluntarily on their own free will and wish and without
any force and coercion from any person whomsoever and
whatsoever.
SCHEDULE PROEPRTY
All that piece and parcel of the residential property bearing No.41,
TD Lane Cottonpet Bangalore South, Chickpet, Bangalore -560053
with structures thereon, presently coming under the BBMP
jurisdiction of Ward No.29, with PID No.29-25-41, measuring East
to West 30ft and North to South 60 ft, totally measuring 1800 sq
ft and bounded on
East by : Road
West by : private property
North by : private property
South by : private property
IN WITNESS WHEREOF THE PARTIES HEREUNTO HAVE PUT AND
SUBSCRIBED THEIR RESPECTIVE HANDS THE DAY AND YEAR FIRST
HEREINABOVE WRITTEN.
1.
2.
3.
4.
EXECUTANT
WITNESS :
1.
2.
