45
HBA/ARGIF/17
(ON –NON JUDICIAL STAMP PAPER OF APPROPRIATE VALUE)
FORM OF TRIPARTITE AGREEMENT TO BE EXECUTED AT THE TIME OF DRAWING THE
LONA BY THE BORROWER FROM ARGIF FOR PURCHASE OF HOUSE UNDER THE „SELF-
FINANCING SCHEME OF THE ARMY WELFATRE HOUSING ORGANISATION/NDA/…..
THIS AGREEMENT made this …………day of ………..Two thousand………….between
……………….(name of applicant) S/O ……………………………………. Resident
of………………………………………………………….at present serving as
………………………
hereinafter called the „Borrower‟ (which expression shall unless excluded by or repugnant to the
context be deemed to include his/her heirs, executors, administers and legal representatives) of the
first part AND AWHO/DDA/a society/body corporate constituted under
section……………………….
Hereinafter called the Board (which expression shall unless excluded by or repugnant to the context
be deemed to included his/her heirs, executors administrators and legal representatives) of the
second part AND the Assam Rifles Group Insurance Fund hereinafter called the ARGIF (which
expression unless repugnant to context shall include its successors and assignees) of the third part.
WHEREAS the borrower decides to purchase a ready built flat/house at
………………………………………………..(Name/place of dwelling unit) from the Board under
Self Financing Scheme (hereinafter referred to as the scheme) which envisages allotment of ready
built house/falt after a period of …………..years and payment of the cost of construction in
instalments as mentioned in the brochure of the scheme.
And WHEREAS the borrower has under the provisions of the rules framed by ARGIF to
regulate the grant of loan to the members of the ARGIF for building house etc, (hereinafter referred
as the said rules including any modification thereof) applied to the ARGIF for a loan of
Rs…………….to purchase a house/flat under the above mentioned scheme and the ARGIF has
sanctioned a loan of Rs. ………………. To the borrower vide ARGIF letter
No……………………………………dated …………….a copy of which is annexed to these
presents for the purpose of aforesaid on the terms and conditions set forth therein.
In consideration of the sum of Rs. ……………..(Rupees………………………….) only
already deposited by the borrower as initial amount of registeration deposit with the board under the
scheme for the purchase of ready built house/flat and the sum of Rs................... (insert the amount
of the loan sanctioned) to be paid by the ARGIF directly to the board on behalf of the borrower, it is
hereby agreed to by and between the parties hereto follows:-
1. On the receipt of an assurance from the board that the house will be allotted to the applicant,
the amount of house building loan permissible will be sanctioned to the borrower but the actual
payment will be made to the board as and when demanded by them as per demand letter. The
amount in excess of the amount of the housing loan permissible and sanctioned to the borrower will
be paid by the borrower to the board directly in the manner as mentioned hereinafter. In case there
is in any delay in the payment of the instalment by ARGIF to the borrower or any other default, in
either case it will be treated a default on the part of the borrower and consequence of such a default
will be borne by the borrower whose responsibility it shall be to make at the payments.
2. The Board will maintain a separate account for the Borrower and adjust the payment of advance
received by it from ARGIF against the cost of construction of a particular category of house/flat
applied for by him.