CO-OWNERSHIP AGREEMENT
FOR A PRE-LEASED PROPERTY
This Co-ownership Agreement (this "Agreement") is made at Chandigarh on 1 April 2026.
BETWEEN
Harpreet Singh Gill, of House 14, Sector 8, Chandigarh, PAN ABCPG1234D;
Manpreet Kaur Gill, of House 21, Sector 15, Chandigarh, PAN BCDPK5678E;
Gurdeep Singh Sandhu, of House 5, Phase 3B1, Mohali, PAN CDEPS9012F
(each a "Co-owner" and together the "Co-owners").
RECITALS
A. The Co-owners together own Ground and first floor of a corner SCO at SCO 42, Sector 34-A, Chandigarh 160022 (the "Property") under a registered sale deed dated 12 October 2026 executed by the previous owner in favour of the Co-owners together.
B. The Property is let to Northline Retail Private Limited (the "Tenant") under Lease Deed dated 4 April 2022 (the "Lease"), at a present rent of ₹1,85,000 (Rupees One Lakh Eighty Five Thousand only) a month, and the Tenant has given a security deposit of ₹11,10,000 (Rupees Eleven Lakh Ten Thousand only) (the "Deposit").
C. The Property stands on a site allotted by a development authority of the State of Punjab and remains subject to the conditions of that allotment. The Co-owners shall comply with those conditions and shall obtain any permission the authority requires before any transfer of a share.
D. The Co-owners wish to record how they hold the Property, how the rent and costs are shared, how it is managed, and what happens if one of them wishes to leave or dies.
THE CO-OWNERS AGREE AS FOLLOWS.
- 1. THE PROPERTY AND THE LEASE
1.1 The Co-owners hold the Property, the Lease and the Deposit together and in the shares set out in clause 2. This Agreement governs only the relations between the Co-owners. It does not change the Lease or any right of the Tenant under it.
1.2 The Co-owners shall comply with the Lease as lessors and shall not do anything that would put the Lease or the Tenant's rent at risk.
- 2. SHARES
2.1 The Co-owners own the Property, and are entitled to the rent and every other receipt from it, in the following shares:
(a) Harpreet Singh Gill: 50%;
(b) Manpreet Kaur Gill: 30%;
(c) Gurdeep Singh Sandhu: 20%.
2.2 The Co-owners hold as tenants in common, each in their own share, and not as joint tenants. A Co-owner's share does not pass to the other Co-owners on death; it passes to that Co-owner's heirs or legatees, who are bound by this Agreement as clause 12 provides.
2.3 The shares add up to the whole of the Property. Each Co-owner bears the costs, and receives the income, of the Property in the proportion of their share, and no Co-owner may claim a different proportion unless all agree in writing.
- 3. RENT
3.1 The Tenant shall pay the rent to the joint bank account of the Co-owners described in clause 3.3, and the Managing Co-owner shall pay each Co-owner their share from it.