Deed of cancellation of exchange and reconveyance

This deed of Exchange is executed at ________ on this the ________ day of _____________

BETWEEN

Mr. _____________ S/O _____________ R/O _____________ (hereinafter called the first party) of One Part

AND

Mr. _____________ S/O _____________ R/O _____________ (hereinafter called the Second party) of Other Part

 

WHEREAS by a deed of exchange dated ________ day of ________ executed between the parties the second party had conveyed and transferred unto the first party a house more particularly described in the Second Schedule to the said deed of exchange;

 

AND WHEREAS a third party Mr. _______ has claimed a half share in the said house and have served upon the first party a notice dated ___________ to that effect through their Advocate.

 

AND WHEREAS on a reference by the said first party to the said second party, the latter has in all propriety admitted his inadvertence and has agreed to have the said deed of exchange cancelled and to restore and recovery the properties mutually exchanged by the said deed of exchange. 

NOW THEREFORE THIS DEED WITNESSES as follows:

1. In pursuance of the said agreement the deed of exchange dated the ___________ day of ___________ executed between the parties hereto is hereby cancelled.
2. In consideration of the agreement for restoration of the properties exchanged by the said deed of exchange dated the day of ___________ each party hereto restores and reconveys to the other the property conveyed by the other by the said deed TO HOLD the same unto the other in the same way as it was held immediately before the date of the said exchange.
3. Each party hereto covenants with the other that the property so reconveyed has not been encumbered or otherwise burdened in any manner whatsoever on or before the date hereof.
4. The said second party shall exclusively bear all the costs of and incidental to the execution of this deed and shall reimburse the said first party of all the costs incurred by him of and incidental to the said deed of exchange.

 

 

IN WITNESS WHEREOF, the parties hereto have hereunto set and subscribed their respective hand and seal the day and year first hereinabove written.

 

 

WITNESSES:

 

1. FIRST PARTY
2. SECOND PARTY