development agreement 13.08.2006

8/7/2019 Development Agreement 13.08.2006

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DEED OF AGREEMENT FOR DEVELOPMENT OF THE PROPERTY

This DEED OF AGREEMENT is made on this the _______ day of ______________, Two

Thousand Six of the Christian era.

AMONGST

S. S. Builders And Developers Ltd., a private company limited by shares incorporated

under the Companies Act,1994 having its office at National Scout Bhaban (5th floor), 70/1,

Inner Circular Road, Kakrail, Dhaka-1000, represented by its Managing Director Ms.

Sultana Shaheda Islam, hereinafter referred to as the ‘BUILDER ’ (which expression shall

unless excluded by or repugnant to the context be deemed to mean and include their

representatives, executors, administrators, successors-in-interest and assignees) of the

FIRST PART.

AND

EXPORT IMPORT BANK OF BANGLADESH LIMITED, a scheduled bank

incorporated in Bangladesh under the Companies Act, 1994 and governed by the Bank

Companies Act,1991, carrying out its banking business having Head Office at Printers

Building, 5, Rajuk Avenue, Dhaka-1000, represented by its Managing Director Mr.Mohammed Lakiotullah, hereinafter referred to as “OWNER ” (which expression shall,

unless excluded by or repugnant to or inconsistent with, mean and include its heirs,

successors, administrators, executors, legal representative and assigns) of the SECOND

PART.

WHEREAS:

A. The erstwhile residential plot being no. SE(F) 9 Road # 142, Gulshan Avenue, Dhaka-

1212 was originally belonged to Rajdhani Unnayan Kartripakkha (Rajuk), thereafter

the said Rajuk has leased out the said plot to Mr. Farid Ahmed of 27, Abhoy Das Lane,

Dhaka, by virtue of a Lease Deed no. 5329 dated 13.06.1969 registered with the Sadar

Sub-Registry Office, Dhaka; and

B. Later on the aforesaid Farid Ahmed being the leasehold owner and in possession of the

said Plot died on 23.12.1971 leaving behind his wife Mrs. Rizia Begum, four sons

namely Md. Harunuzzaman, Md. Khalequzzaman, Md. Qamaruzzaman & Md.

Shahiduzzaman and only daughter Ms. Zakia Begum. Thereafter, said Md.

Khalequzzaman one of the possessors of the said Plot died on 28.09.2001 leaving

behind his wife Mrs. Marufa Zaman and 2 sons Ahmed Tansir Zaman and Ahmed

Tahrir Zaman (subsequently Mrs. Marufa Zaman had been appointed as legal guardian

of her minor by the competent Court) as his successors. Thus the said (1) Mrs. Rizia

Begum wife of Late Farid Ahmed, (2) Md. Harunuzzaman (3) Md. Qamaruzzaman (4)

Md. Shahiduzzaman (5) Ms. Zakia Begum all sons and daughter of Late Farid Ahmed

(6) Mrs. Marufa Zaman wife of Late Md. Khalequzzaman (7) Ahmed Tansir Zaman



(8) Ahmed Tahrir Zaman both sons of Late Md. Khalequzzaman have become the

present leasehold owners of the said Plot and got mutated the same in the Rajuk record

vide memo No. Rajuk/Estate/1600 stha dated 13.05.2003 and also in Govt. revenue

record vide Mutation case no. 11388/2004 dated. 09.09.2004; and

C. WHEREAS subsequently the said present lessees empowered the BUILDER to do

inter alia, to sell, develop, construct, maintain, supervise, control, mortgage etc. in

respect of the said Plot in their names and on their behalf by executing registered

Power of Attorney dated 14.06.2003, 28.02.2003 and 23.06.2003 in favour of the

BUILDER and accordingly the original lessor RAJUK acknowledged and accepted

the S. S. Builders And Developers Ltd. as the constituted lawful attorney for the

aforesaid lessees in respect of the said Plot vide memo no. Rajuk/Estate/511 stha dated

15.09.2003; and

D. WHEREAS upon an earlier application of the BUILDER, the RAJUK approved the

commercial use of the said Plot instead of residential use and thereafter the BUILDER

has undertaken a project for construction of an 8-storied commercial building namely

‘Symphony’ on the said Plot as per RAJUK approved Plan No. Rajuk/NAA/R3C-

1271/05/1535 Stha, dated 04.12.2005 and meantime the BUILDER has undertaken to

construct the project building; and for such construction purpose the S. S. Builders

And Developers Ltd. has been availing loan facilities from Gulshan Branch of the

OWNER bank against legal mortgage on the said Plot and structures thereon to the

said bank on conditions inter alia, the loan shall be repaid from the sale proceeds of the floors/office spaces of the building to be constructed on the mortgaged property

i.e. said Plot; and

E. WHEREAS the BUILDER on behalf of (1) Mrs. Rizia Begum wife of Late Farid

Ahmed, (2) Md. Harunuzzaman (3) Md. Qamaruzzaman (4) Md. Shahiduzzaman (5)

Ms. Zakia Begum all sons and daughter of Late Farid Ahmed (6) Mrs. Marufa Zaman

wife of Late Md. Khalequzzaman (7) Ahmed Tansir Zaman (8) Ahmed Tahrir Zaman

both sons of Late Md. Khalequzzaman has on this day entered into an Agreement for

Sale for selling out the proportionate, undivided and undemarcated 8.165 katha of land

out of the said Plot alongwith under construction Ground floor, 1 st floor and 2nd floor

and 21 car parking space in Lower and Upper Basements of Symphony (hereinafter

referred to as the ‘DEMISED PREMISES’) to the 2nd Party of this Agreement and thusthe 2nd Party is entitled to be the owner of the DEMISED PREMISES.

F. As the BUILDER is duly recognised to construct the project ‘Symphony’, hence the

OWNER is also interested to develop the DEMISED PREMISES through the

BUILDER for which purpose the total interior and development cost has been settled

at Tk. 32,06,87,000.00 (Taka thirty two crore six lac eighty seven thousand) only in

between the OWNER and BUILDER which will be payable by the OWNER to the

DEVELOPER in different phases on terms and conditions hereinafter appeared. The

Board of Directors of the OWNER bank approved the said interior and development

cost in its 21st emergent meeting held on 1st April,2006.



In consideration of the premises above the parties hereto have decided and wish to record

in writing the terms and conditions agreed upon between them in the matter of entire

design, interior decoration and development solution of the DEMISED PREMISES to

avoid any future complexity and/or disputes may arise with regard to their respective

rights and obligations thereto in the form of an Agreement being these presents.

NOW IT IS HEREBY AGREED BY THE PARTIES AS FOLLOWS:

1) That it is agreed by both parties that the OWNER shall pay a consolidated

amount of Tk. 32,06,87,000.00 (Taka thirty two crore six lac eighty seven

thousand) only as total development cost for Ground Floor, 1 st Floor and 2nd

Floor including 21 car parks at the project ‘Symphony’ to the BUILDER indifferent phases subject to terms and conditions hereinafter contained.

2) That the OWNER has on this day paid an amount of Tk. 8,00,00,000.00 (Taka

Eight Crore) only to the BUILDER as initial development cost out of the

aforementioned total development cost for effective starting of design, interior

decoration and development solution for onward completion and delivery of

Ground Floor, 1st Floor and 2nd Floor including 21 car parks at the project

‘Symphony’ to the OWNER.

The Balance of the total development cost amounting to Tk. 24,06,87,000.00 (Taka

twenty four crore six lac and eighty seven thousand only) will be paid in subsequent

10 (ten) instalments as per following schedule (hereinafter referred to as ‘PaymentSchedule’):

Nos. of

Instalment

Maturity date of Instalment (each) Amount of Instalment

1st 15th October, 2006 Tk. 2,40,68,700.00

2nd 15th January, 2007 Tk. 2,40,68,700.00

3rd 15th April, 2007 Tk. 2,40,68,700.00

4th 15th July, 2007 Tk. 2,40,68,700.00

5th 15th October, 2007 Tk. 2,40,68,700.00

6th 15th January, 2008 Tk. 2,40,68,700.00

7

th

15

th

April, 2008 Tk. 2,40,68,700.008th 15th July, 2008 Tk. 2,40,68,700.00

9th 15th October, 2008 Tk. 2,40,68,700.00

10th &

final

Simultaneously at the time of

handing over the Ground Floor, 1st

Floor and 2nd Floor including 21 car

parks in full furnished and well

decorated condition with all utility

connections/facilities.

Tk. 2,42,48,000.00

The BUILDER shall acknowledge payment of every instalment by delivering money

receipt(s) to the OWNER. Provided that, every payment of instalment in accordance

with Payment Schedule shall nevertheless be subject to satisfactory progress report



upon development works of the Ground Floor, 1st Floor and 2nd Floor including 21 car

parks at ‘Symphony’ duly verified/reported by the Manager of Gulshan Branch

accompanied by an Engineer of the OWNER bank. It is further agreed by the parties

that at the time of making payment of each instalment to the BUILDER the OWNER

bank shall first adjust the due quarterly instalment at rate as payable/due on the day by

the said Builder/borrower to the OWNER bank on account of Bai-Muajjal (Term)

Investment A/C no. ____________ of S. S. Builders And Developers Ltd. lying with

Gulshan Branch of the OWNER bank. Notwithstanding the 10 th & final instalment

will be due and paid as final balance amount of the total development cost to the

BUILDER simultaneously at the time of handing over the Ground Floor, 1 st Floor and

2nd Floor including 21 car parks in full furnished and well decorated condition with all

utility connections/facilities to the OWNER, and upon full and final

repayment/adjustment of Outstanding Liability of the BUILDER with the OWNER

bank against Bai-Muajjal (Term) Investment.

3) That in case of any price escalation of building materials or on the plea of

increasement of development cost for any reason whatsoever for completing

Ground Floor to 2nd Floor including 21 car parks in manner stated herein, the

BUILDER shall not be entitled to demand any additional payment other than

the total development cost as agreed herein.

4) That the BUILDER shall provide and ensure the following Utility Connections

for exclusive use of the OWNER at Ground Floor to 2nd Floor of the building‘Symphony’ located at Plot no. SE(F)9, Road # 142, Gulshan Avenue, Dhaka-

1212 from concerned authorities in name of the OWNER before handing over

the DEMISED PREMISES to the OWNER. All connection fees will be borne

by the OWNER subject to producing the relevant Vouchers/ authority receipts

to the OWNER:

i. Main electricity connection with activation having capacity of 440

Volt & 300KW from DESCO with X-Former Protective Devices,

separate main cable and L. P Panel/Distribution Board, exclusive

electric Meter of DESCO in name of the OWNER.

ii. Water and Sewerage line with activation from concerned DhakaWASA Zonal office with exclusive WASA Meter in name of the

OWNER.

iii. Gas connection with activation from concerned Zonal office of

TITAS Gas Transmission & Distribution Co. with exclusive Gas

Meter in name of the OWNER

Provided, the above mentioned Utility connection fees/costs shall be in addition to the

total development cost as mentioned in clause 1 of the above.

5) That the BUILDER hereby covenants that it has the authority to construct the

entire project building namely ‘Symphony’ including development of the



DEMISED PREMISES i.e. Ground Floor to 2nd Floor, 21 car Parks exclusively

for the OWNER. Any dispute arises in between the leasehold owner of the said

Plot and BUILDER shall be resolved by them whereof the OWNER shall be

fully indemnified from suffering any pecuniary loss or sharing the Ground

Floor to 2nd Floor, 21 car Parks i.e. DEMISED PREMISES.

6) The BUILDER hereby warrants and covenants that the structural design of the

building and the construction of the same is/shall be according to A.C.I code

and the building materials are assured to be of 1 st class quality. Nevertheless

the BUILDER shall not deviate from the provisions of B.N.B.C (Bangladesh

National Building Code) in construction of the building ‘Symphony’.

7) The BUILDER shall use 1st class qualitative Brick (preferably automatic Gas-

Burnt), Cement (preferably of Cemex/Holcim brand), Deformed Bar

(preferably brand-BSRM), Reinforcement, Stone Chips(A-Grade), Sand (2.5

FM and 1.5 FM) etc. in construction of the building “Symphony” and consider

Wind-load up to 200KMPH and Earthquake up to 8.5 at Richter Scale.

8) That the BUILDER shall complete and hand over the Ground to 2nd Floor to

the OWNER providing and ensuring with the facility, equipment, quality and

others exclusively for the OWNER as given below:

♦ Standby Generator of 200KW(Brand: Energy-pack) and Transformer for emergency

power supply♦ guardroom

♦ location & specification of the internal stair shall be with Granite.

♦ All the windows are Sliding with Grill, standard Glass, Aluminium with Mohair

Lining, and Rainwater Barrier in Aluminium sections and Fire Fighting System in

each floor.

♦ An exclusive Electrical Main Distribution Board, Control Switch and Circuit Breaker

(LG standard) with requisite main line having capacity of 440 Volt & 300KW

from DESA with X-Former Protective Devices, separate main cable and L. P

Panel/Distribution Board, separate electric Meter of DESA.

♦ All electrical wiring with BRB cable, plumbing and sanitary piping will be concealed

and tested leak proof.♦ One high quality, high speed brand new Lift (LG standard) having capacity of at least

8 person from Ground Floor upto 2nd floor)

♦ Grill.

♦ Termite Protection of the Building

♦ Washrooms and toilets as per requirement of the OWNER

♦ Non-load bearing (partition walls) walls with 1st class gas burnt bricks, outside Walls

10 inch and inside walls 5 inch

♦ Height of the Ground floor will be 12 ft. and 1 st & 2nd Floor will be minimum 9’-

6’’(nine feet and six inches) except toilet false ceiling (7 ft.) and Zypsum board

false ceiling.



♦ Providing Damp Proof Courses (when necessary) and termite treatment for the

building.

9) That the BUILDER further agree to furnish all washrooms, toilets & floors of

the OWNER with foreign preferably of American/European tiles, fittings &

fixtures. However, the OWNER will have the option to change the floor tiles

and put items of its own choice for which the net Consideration Price will not

differ.

10) That the interior walls shall have Burger luxury silk emulsion paints and the

toilets will be furnished with decorous fitting in all respect to the satisfactionof the OWNER.

11) In addition to the facilities marked in this agreement, the BUILDER is hereby

also agreed to provide other facilities as stipulated in its Brochure.

12) That any vertical extension of the building “Symphony” by the BUILDER in

addition to existing RAJUK approved 8-storied construction plan must be

subject to written consent of the OWNER and in such case the OWNER shall

get proportionate additional floor space in the building whereof the OWNER

will bear the proportionate development/construction cost.

13) That the OWNER shall be at liberty to install split type Air-conditionerssystems for the Demised Premises in addition to the central air-conditioning

system provided by the BUILDER. However, the lobby in the ground floor, the

other common space shall be air-conditioned by the BUILDER.

14) That the BUILDER shall arrange sufficient water facilities.

15) That the building will be provided with the modern fire fighting facilities by

the BUILDER. Each floor of the building will have fire hydrants and hose

reels in addition to portable fire extinguishers.

16) The OWNER shall be entitled to use signboard which to be installed in

suitable place in between Ground floor to 2nd floor.

17) To facilitate electronic banking system and for the exclusive use of OWNER

V-SAT, Radio and Reuter Antenna with maximum height of 15 feet on the roof

may be installed by the OWNER without any rental charge and on consultation

with the BUILDER.

18) That the BUILDER shall settle all current dues of ground rents, tax, levy,

municipal rents etc. in respect of the said Plot till the date of handing over the

Ground floor to 2nd floor to the OWNER.



19) That the OWNER shall be at liberty to deploy private security in the Demised

Premises with intimation to the BUILDER. Any request by the OWNER to

strengthen general security system of the building will effectively be

considered by the BUILDER considering the prevailing circumstances.

20) It is agreed by the parties that the entire Front Side of the building on the Roof

Top shall be reserved for the OWNER and hence the BUILDER hereby also

agree to hand over the possession of the demarcated proportionate terrace area

of Roof Top of the Building soon after completion according to the lawful

share of OWNER on the Schedule Plot and the OWNER shall be at liberty to

use the said terrace area of the Roof Top as garden and for installation of a

Billboard of the OWNER bank in consultation with the Chief Architect of

building ‘Symphony’.

21) That the BUILDER shall be liable for demolition of any part of the Building

by RAJUK in case of deviation from RAJUK approved construction layout &

specifications.

22) That the BUILDER shall provide Overhead & underground water reservoir

with 02 water lifting pump.

23) That all electric Wiring, Phone lines, TV Antenna Line, Gas and Water Lines

etc. will be concealed.

24) That the BUILDER shall provide intercom system to connect each office floor

to the Concierges Desk, CCTV facility for monitoring all common space of the

building.

25) It is further agreed by the parties hereto that the OWNER or its authorized

person or nominee shall always have the right throughout development period

to inspect the construction progress and to know about building materials,

quality and or any other things relating to construction of the building

“Symphony”.

26) The BUILDER hereby indemnifies the OWNER from any loss or injury tohuman lives and causing by negligence of the BUILDER or its worker or its

representative during construction period.

27) The BUILDER shall be held liable for defective constructions works of the

building or DEMISED PREMISES and accordingly compensate the OWNER

as per claim lodged by the OWNER.

28) The BUILDER shall complete and hand over the Ground Floor, 1 st Floor

and 2nd Floor including 21 Car Parks in Lower and Upper Basements of the

building in full-furnished, well-decorated condition ensuring the utility

connection/services like Water, Electricity, Gas etc. within 30 (thirty) months

including a gestation period of 6 (six) month from the date hereof. If the



BUILDER fails or neglect to do the same within the said period for any reason

whatsoever, shall compensate the OWNER @ Tk. 2,50,000.00 (Taka Two Lac

and Fifty Thousand Only) per day from the 1st day after expiry of said period

of 30 (thirty) months as per English Calendar year till to date of completion

and handing over the Ground Floor, 1st Floor and 2nd Floor including 21 Car

Parks in Lower and Upper Basements of the building in full-furnished, well-

decorated condition ensuring the utility connection/services like Water,

Electricity, Gas etc. but not exceeding more than a period of 6 (six) months and

such compensation money shall be adjusted with the 10 th & final instalment.

Provided that, even then the BUILDER fails to hand over the Ground Floor, 1 st

Floor and 2nd Floor including 21 Car Parks in Lower and Upper Basements of

the building in full-furnished, well-decorated condition ensuring the utility

connection/services like Water, Electricity, Gas etc. within the said

penalty/compensation period of 6 months then the OWNER shall be entitled to

claim the entire money paid as development costs and otherwise (if any)

alongwith profit @Tk. 16% per annum plus compensation at the rate specified

above or as the OWNER think fit and proper for realisation of said money.

Provided that, any reasonable delay for acts of God, natural calamities, civil

commotion, war or due to any force majeure which beyond control of human being,

the SELLER will be indemnified from paying compensation for such delay.

29) The parties shall make their best effort to settle any dispute amicablythrough consultation, which is not found in this Agreement. Notwithstanding

anything to the contrary contained in this agreement, if any dispute cannot be

settled through such consultation within 7 (seven) days after the dispute arises,

the matter shall be referred to an Arbitration as per the Arbitration Act,2001

and arbitral award shall be binding upon the parties.

30) This Agreement shall be governed and construed in accordance with the

prevailing laws of the country.

31) There shall be two original sets of this Agreement, one for each party but both

shall constitute one Agreement.

DESCRIPTION OF THE PLOT REFRRED TO ABOVE WHERE UPON THE 8- STORIED BUILDING “SYMPHONY” TO BE CONSTRUCTED

All that piece & parcel of land measuring 1(one) Bigha 3 (three) Katha 2 (two)

Chattak situated within District-Dhaka, Police Station & Sub-Registry Office

Gulshan, Mouza Bhola Shamair, being Plot no. SE(F)9, Road # 142, Gulshan

Avenue, Dhaka-1212 as per Layout plan of Gulshan Model Town prepared by the

erstwhile Dhaka Improvement Trust (DIT) now known as Rajdhani Unnayan

Kartripakkha (Rajuk).

‘DEMISED PREMISES’ TO BE DEVELOPED BY THE BUILDER FOR THE OWNER



Ground Floor, 1st Floor, 2nd Floor and 21 (twenty one) car parking space in Lower

& Upper Basement of the building ‘Symphony’ measuring 38,940 sft. more or less

shall be completed in full-furnished, well-decorated condition including interior

decoration in the manner stated in this agreement ensuring the utility

connection/services like Water, Electricity, Gas etc. and be handed over to the

OWNER within stipulated time.

IN WITNESS WHEREOF the BUILDER and the OWNER hereto put their respective seal

and signature on this Agreement for Sale out of their free will and consent on the ______

day of ___________,2006 of the Christian era.

Seal & signature of the OWNER Seal & signature of the BUILDER

________________________________ _____________________________

Export Import Bank of Bangladesh Limited S. S. Builders And Developers Ltd.

represented by it’s Managing Director represented by Managing Director

Mr. Mohammed Lakiotullah Mrs. Sultana Shaheda Islam,

Witnessed by:

1.

2. Drafted by:

(M. Ziaul Hasan)

Barrister-at Law

For: Hasan & AssociatesDCCI Building (6th floor)65-66, Motijheel C/A Dhaka-1000.

development agreement 13.08.2006

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