(1) Where a Municipality has decided to transfer a municipal property, it shall execute a registered agreement or a deed, clearly giving the terms and conditions of the transfer.
(2) Every agreement executed by a Municipality for transfer of property under this Act shall have appropriate penal clauses as specified 1n the agreement and in keeping with the provisions of this Act.
(3) The Municipality shall have the right to get the municipal property vacated in case the agreement executed by it, is violated in any manner by the person in whose favour the municipal property has been transferred.
11. In case a Municipality has decided to transfer its property to a tenant on rent, such a tenant shall be liable to pay the agreed rent as per terms and conditions of the agreement:
Provided that where the tenant fails to pay the agreed rent for three months in a row, he shall be liable to vacate the municipal property forthwith without any notice and possession of such municipal property shall be deemed to have reverted to the Municipality.