Deed of Release between Lessor and Lessee regarding refund of the Security Money
THIS RELEASE made on ______ day of _____
_______________ represented by its Managing Trustee SWAMI ________ of ________ hereinafter referred to as “the RELEASOR” (which term or expression shall unless excluded by or repugnant to the context be deemed to include their respective heirs, executors, administrators, representatives, nominee or nominees and/or assigns) of the ONE PART
the Estate of SRI _______________________ represented by its Managing Shebait ________________ hereinafter referred to as “the RELEASEE” (which term or expression shall unless excluded by or repugnant to the context be deemed to include their respective heirs, executors, administrators, representatives and assigns of the OTHER PART:
- By an Indenture of Lease dated _______ executed by and between the Releasee and the Releasor herein, therein referred to as “the Lessor” and “the Lessee”, the Releasor advanced to the Releasee an amount of Rs. _________ (Rupees_________) only to be held in deposit by the Releasee as security for the due performance of all the covenants, obligations, conditions and stipulations on the part of the Releasor herein, therein referred to as the Lessee.
- By an Indenture of Conveyance dated _______ subsequently executed by the Releasee herein, therein referred to as the Vendor, the Releasee has granted, sold and transferred the remainder of its/his interest in the said premises as the beneficial owner of the reversion expectant on the determination of the term of the said lease into and in favour of the ____________________, a Society registered under the Societies Registration Act, 1961, therein referred to as the Purchaser.
- As per covenants and condition of the recited Indenture of Coveyance dated _______ the Purchaser therein agreed to observe and perform the covenants on the part of the Releasee herein, therein referred to as the Vendor, as Purchaser of the Lessor’s interest in terms of the Deed of Lease dated _______ executed between the Releasor and Releasee herein and pursuant to the said covenant and condition of sale and/or assignment the Purchaser as the Lessor’s transferee within the meaning of section 109 of the Transfer of Property Act, 1882 has accepted the liability of the Releasee herein, referred to as the ‘Lessor’ and ‘Vendor’ in the recited Lease dated ______ and there cited Conveyance dated _______ respectively, in respect of refund of the said security money of Rs. _________ (Rupees________) only to the Releasor herein, referred to as the ‘Lessee’ in the said Lease dated __________ upon expiry or determination of the said lease.
- Upon consideration of the foregoing premises and in view of cessation of relationship as ‘Lessor’ and ‘Lessee’ between the parties hereto in terms of the said Lease and the said Conveyance as recited hereinbefore the Releasee has approached the Releasor to relieve it/him of the said obligation in respect of the refund of the security deposit, which in fact and effect, is now refundable by the said ______________ as the Lessor’s transferee.
NOW THIS INDENTURE WITNESSETH that in the circumstances aforesaid the Releasor does hereby release and discharge the Releasee from the liability for refund of the security money deposited by the Releasor as the ‘Lessee’ in terms of the said Lease dated ________, PROVIDED, HOWEVER, AND, IT IS HEREBY AGREED THAT notwithstanding anything hereinbefore stated, this release shall be without prejudice to the right of the Releasor to set up his claim for refund of the said security money against the said ______________________ as the transferee of the Lessor, the Releasee herein.
IN WITNESS WHEREOF the parties hereto have set and subscribed their respective hands and seals on the day month and year first above written.
SIGNED SEALED AND DELIVERED by the RELEASOR acting through SWAMI _______________ one of the Trustees duly authorised and empowered by all the other Trustees to execute these presents as per Resolution unanimously adopted in the meeting held on ________ in the presence of:
SIGNED SEALED AND DELIVERED by the RELEASEE acting through SHRI _______________ its Managing Shebait who has executed these presents in terms of the Resolution of the Board of Managing Shebaits’ meeting held on _________ in the presence of: