AGREEMENT TO GRANT ANNUITY OUT OF LIFE INTEREST  

 

Date:

(Grantor of address) and (Annuitant of address)

Now hear it is agreed as follows:-            

1. The vendor shall sell and the purchaser shall purchase at a price of Rs. ______ an annuity of Rs. _____ to commence on (date) next and payable during the life of the next quarter days free from all deductions amount from (date) of the next such annuity to be paid on the (date) next such annuity to be first charged on the said life interest of the vendor.
2. Completion shall take and purchase may shall be paid on (date) at the office M/s. _______ the solicitors of the vendor at _______. If completion shall be delayed from any cause whatever (other than the willful default of the vendor) the purchase shall as from the date aforesaid pay to the vendor interest on the purchase money at the rate of Rs. _______ per cent per annum but shall be entitled to set off any instalments of the said annuity that may have become payable against the purchase money and interest.
3. The title of the vendor to the said life interest shall commence with the said settlement.
4. The vendor will provide statutory declaration made by the competent decadents verifying the identity and age of the vendor, the identity of the present trustees of the settlement, the death of [previous trustees] and [any other matter of pedigree affecting the title or the trusteeship], and such statutory declaration will exhibit certificates in the long form of the vendor birth and of all other material births marriages or deaths. The vendor will make the said statutory declaration in support of his own expense will himself make a statutory declaration in support of his title to the said life interest in such form as the purchaser shall reasonably require. The Purchaser shall accept such statutory declaration as aforesaid as sufficient evidence of the matters therein stated.
5. The vendor hereby authorizes the purchaser to make such inquiries as the purchaser thinks the fit of the trustees of the said settlement regarding the constitution of the trust fund, any dealings there with the answer of one only of the trustees to any such inquiries.
6. The vendor will deliver an abstract of the title within ______ days thereof.
7. Any requisitions on the title shall be the abstract and subject solicitors within _____ days after the delivery of the abstract and subject thereto the title shall be deemed to be accepted.
8. If the purchaser shall take any objection or make any requisition which the vendor shall be unable or on reasonable grounds unwilling to remove or comply with and the purchaser shall not withdraw such objection or requisition within ten days after being required or his solicitors (notwithstanding any intermediate negotiation or litigation) rescind this agreement and the purchaser shall thereupon return all abstract and papers in his possession belonging to the vendor and make no claim for the costs or otherwise.
9. Upon payment of the purchase money at the time and place aforesaid the vendor shall by a proper instrument grant the said annuity to the purchaser out of them and by way of a first charge on the said life interest of the vendor.
10. The said instrument shall contain provision to the effects set forth in the second schedule hereto and such other power and provision to the effect set forth in the second schedule hereto and such powers and provision as are usual in grants and such other powers and provision as are usual in grants of the like nature.
11. All expenses of and incidental to the preparation and execution by both parties and completion of the said instrument and the cost the trustees of answering any inquiries shall be paid by the purchaser.

 

Witness

 

Particulars of investment

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Signature of both parties