Settlement Agreement

MEMORANDUM OF UNDERSTANDING

            This DEED of memorandum of understanding entered on   day of July, 2008 at Visakhapatnam., between

            ABCD., herein after referred as 1^st Party

And

            XYZ., herein after referred as 2^nd Party.

            That the 1^st Party is doing business in the name and style of ******and to conduct his business he approached the 2^nd
Party who is the absolute owner of the premises and took the premises
on lease about 40 years ago. That at the beginning of the lease the
monthly rent is Rs. 20/- and from time to time it has been enhanced and
at present the rent per month is Rs 950/-. That due to some
misunderstandings the 2^nd Party stopped receiving rents as such having no other option the 1^st
Party filed R.C.C. No,   of 2008 on the file of
Honourable  Additional Junior Civil Judge at Visakhapatnam and
has been depositing the monthly rents into the court vide the orders of
the court in I.A. No.  /2008. That as the matter stood thus due
to the intervention of well-wishers and friends both the parties
amicably settled and resolved the dispute among them subject to the
following mutually agreed terms and conditions

TERMS AND CONDITIONS

1)                 
That the 2^nd party agreed to pay a sum of Rs. 1,20,000/- (Rupees One Lakh Twenty Thousand only) to the 1^st Party as compensation towards loss of goodwill and the 1^st Party agreed to receive the same.

2)                 
That the 1^st Party agreed to vacate the premises and deliver the vacant possession of the premises to the 2^nd Party within three months from the date on which this memorandum of understanding.

3)                 
That the 2^nd Party agreed that he has no claims towards arrears of rents or any such kind of monetary claims against the 1^st Party.

4)                 
Both parties agreed that they would not initiate any proceedings either civil or criminal in nature against each other.

5)                 
The 1^st Party agreed to withdraw the RCC filed by him against the 2^nd Party.

6)                 
The 2^nd
Party agreed that upon receiving the possession of the premises, he
would not raise any claim or question about the tenability/condition of
the premises. The 2^nd Party is satisfied about the condition
in which the premises is going to be handed over to him and as he is
also going to demolish the present structure, he agreed that he will
not make any claims in that aspect.

Now
in acceptance of the above-mentioned terms and conditions and in mutual
agreement to not to initiate any further legal proceedings against each
other, both the parties has subscribed their signatures upon this deed
of understanding in the presence of below mentioned witnesses.

1^st Party               
                       
                       
            2^nd Party

Witnesses:

1)

2)

If you want a more specific format provide me more information so
that i can draft a complete agreement. Regards. Srinivas B.S.S.T.,
Advocate, Visakhapatnam. You can even contact me on my mobile
94401-20259