International City - Phase III

[mu@]

Hello bigbio,

That is what I thought, that the MOU will favour the Al-Attar, what MOU says, I have not received it.

This is a good idea to get togather and make Al-Attar to compensate for the losses. When Al-Attar called about the MOU I asked them will they compensate the delay and I did not get an appropriate answer.

Is there a way we can get in contact with the people who invested in Al-Attar properties, once we are in numbers then we can have plan.

[shishi]

i m looking to buy another flat in vancouver tower

anybody is selling??

contact me on shahryarg@yahoo.com

mail me or live a message on yahoomessenger


cheers

shahryar

[myh]

Hi mu

It is a very good idea. First it's better to have costumers' agreements on this thread and then edit an alternative MOU for Alattar including the following subjects:

1- Specifying starting and completion date for IC P3 by Alattar
2 – Paying compensation by Alattar

Meanwhile according to the existing Sales Agreements, Alattar must hand over the apartments in Oct 2007 and receive the rest of properties total price, so most of costumers should not pay any installments till the new completion date.

[letchkof]

Does anyone have any luck with contacting Al Attar. My apt on Global Point i have paid 30% but have yet to see any new payment structure or development schedule to find out what's going on. I also havn't received any MOU.

[sanjayalpana]

Any one has a flat in Toronto Tower and heard when is the project kicking off and when is it completing, already paid 3 instalments and was ready to pay the 4th when sense prevailed is the investment safe, what action are you all taking
Has anybody recieved a new MOU and signed it
sanjay

[sanjayalpana]

I have had contact with their sales/admin personnel to enquire about toronto tower and they haven't come out with resonable answers will email to them again

[sanjayalpana]

hi mu
i totally agree

[laguna33p]

I have a studio in Aljawzaa (IC3), completion date was dec 2007 but Tameer are now saying july 2008 at the earliest

[mu@]

Hello myh,

Yes these are good action items, we need to be proactive.

Does any one has a soft copy of the MOU, if so please copy it on the fourm.
We will then review and modify accordingly.

[sht]

Memorandum of Understanding

This Memorandum of Understanding is made on ….. day of ….l, 2007 by
And between:

1. Al Attar Properties, A company duly incorporated and validity existing under the laws of the U.A.E with its registered address in Dubai, …………, Dubai, U.A.E and whose fax number is ………….., as well as its nominees, successors-in title or assigns (First Party)

2. ……………….. (Second Party)


WHEREAS the parties have executed a Unit Purchase & Sale Agreement dated ….....……. based on the Reservation Agreement dated ……….. to sell by the seller (Al Attar Properties) …(property code)…. located in Dubai to be constructed thereon.

Now the parties to the Agreement realise that certain provision of the Reservation Agreement and the Unit Purchase and Sale Agreement relating to the completion date shall not be fulfilled because of unavoidable and unexpected delay happened in handing over the project land by the Master Developer to the First party.

Therefore the First Party and the Second party hereby mutually and voluntarily agreed as follows:

This Agreement summarizes the terms agreed between both parties and shall be applicable as a basic Agreement.

The second party hereby irrevocably and finally accepts to consider the completion date mentioned in the Agreement and the Reservation Agreement as deleted in its entirety and to accept new completion date which shall be confirmed by the first party as and when the civil construction works of the proposed project will be started.

The First party shall postpone, to a future date, the collection of the instalment amount to be paid by the Second party from the 4th instalment onwards, till the commencement of the civil construction work starting and shall reschedule such payments so as to enable the Second party to pay 4th instalment only after the completion of the Basement of the Proposed Building.

The second party hereby undertakes that the balance payment from the 4th instalment shall be paid as per the proposed reschedule confirmed and notified by the first party, without any objection and or extra claims.

The Second party hereby declare and confirm that he has already paid all the due payments to the First Party, up to 3rd instalment.

This Agreement shall be terminated only by written consent of the parties here to.

If any dispute or difference arise between the parties here to or their representatives, either on the construction or application of this Agreement or other wise on any maters in relation there to which can not be amicably solved, then every such dispute or difference shall be referred to two arbitrators to reach agreement, an umpire to be appointed by the two arbitrators whose decision shall be final and binding on the parties.

Not with standing any provision to the contrary in this Agreement, this clause shall survive the termination for any reason of this Agreement or any other provisions there of and upon termination this Agreement shall take effect as an independent arbitration Agreement.

This Agreement shall be binding upon and inure to the benefit of the parties here to and their respective legal heirs, successors and assigns.

IN WITNESS WHEREOF the parties here to intending to be legally bound have duly signed this Agreement on the day and year first above written.



Al Attar Properties (First Party)


…………………………………. (Second Party) _____________________
Client’s handwritten name & Signature


Witnessed by: