Common use of Breach Default Termination Clause in Contracts

Breach Default Termination. 5.1. If the Purchaser fails to pay any part or portion of the Purchase Consideration or MACD within the due date then the Purchaser shall be deemed to be in default / breach from the due date of such payment. In such event the Purchaser shall be liable and obliged to pay to the Developer interest at the rate of 2% per month from the due date upto the date of payment. 5.2. If such default continues for a period of three months then the Developer without prejudice to its rights to claim interest shall be at liberty to serve a notice upon the Purchaser calling upon the Purchaser to remedy such breach or default within a period of 15 days from the date of receipt or deemed receipt of such notice. 5.3. If inspite of such notice, the Purchaser fails to remedy such breach / default then notwithstanding anything contained in this Agreement, the Developer at its sole discretion shall be at liberty to terminate this Agreement. 5.4. Upon such termination [a] all claims of the Purchaser over the said Unit shall stand extinguished and the Vendors shall be at liberty to deal with the said Unit and sell and transfer the same to any other person ; [b] The vendors shall forfeit a sum of Rs 1,00,000/- (One Lac) only towards reimbursement of the administrative and other costs and expenses and the Vendors shall be obliged to refund only the balance amount, if any to the Purchaser; and [c] the Vendors shall be obliged to refund such amount to the Purchaser upon the Purchaser returning or surrendering the original of this Agreement to the Developer. If the original Agreement is lost then the Purchaser shall be entitled to such refund upon the Purchaser affirming an affidavit explaining non availability of the original Agreement and furnishing an indemnity to the satisfaction of the Developer. 5.5. The Purchaser shall also be at liberty to cancel or terminate this Agreement at any time without assigning any reason but prior to issuance of the notice for possession by the Developer as stated in Article 4.2 above subject to the condition that upon such termination the Vendors shall forfeit a sum of Rs 1,00,000/- (One Lac) only against the Purchase consideration received by them and the Vendors shall refund the balance purchase consideration paid by the Purchaser upon the Purchaser surrendering or returning the original of this Agreement to the Developer. The procedure prescribed in the Article 5.4(c) shall apply if the original of this Agreement is lost. 5.6. Upon termination of this Agreement, under any circumstances whatsoever, the Purchaser shall not be entitled to refund of any amount paid by him towards Legal Charges.

Breach Default Termination. 5.1. If the Purchaser fails to pay any part or portion of the Purchase Consideration or MACD within the due date then the Purchaser shall be deemed to be in default / breach from the due date of such payment. In such event the Purchaser shall be liable and obliged to pay to the Developer Lead Vendor interest at the rate of 2% per month from the due date upto the date of payment. 5.2. If such default continues for a period of three months then the Developer Lead Vendor without prejudice to its rights to claim interest shall be at liberty to serve a notice upon the Purchaser calling upon the Purchaser to remedy such breach or default within a period of 15 days from the date of receipt or deemed receipt of such notice. 5.3. If inspite of such notice, the Purchaser fails to remedy such breach / default then notwithstanding anything contained in this Agreement, the Developer Lead Vendor at its sole discretion shall be at liberty to terminate this Agreement. 5.4. Upon such termination [a] all claims of the Purchaser over the said Unit shall stand extinguished and the Vendors / Lead Vendor shall be at liberty to deal with the said Unit and sell and transfer the same to any other person ; [b] The vendors Vendors shall forfeit a sum of Rs 1,00,000/- (One LacLac only) only towards reimbursement of the administrative and other costs and expenses and the Vendors shall be obliged to refund only the balance amount, if any to the Purchaser; and [c] the The Vendors / Lead Vendor shall be obliged to refund such amount to the Purchaser upon the Purchaser returning or surrendering the original of this Agreement to the DeveloperLead Vendor. If the original Agreement is lost then the Purchaser shall be entitled to such refund upon the Purchaser affirming an affidavit explaining non availability of the original Agreement and furnishing an indemnity to the satisfaction of the DeveloperLead Vendor. 5.5. The Purchaser shall also be at liberty to cancel or terminate this Agreement at any time without assigning any reason but prior to issuance of the notice for possession by the Developer as stated in Article 4.2 above subject to the condition that upon such termination the Vendors shall forfeit a sum of Rs 1,00,000/- (One LacLac only) only against the Purchase consideration received by them and the Vendors shall refund the balance purchase consideration paid by the Purchaser upon the Purchaser surrendering or returning the original of this Agreement to the Developer. The procedure prescribed in the Article 5.4(c) shall apply if the original of this Agreement is lost. 5.6. Upon termination of this Agreement, under any circumstances whatsoever, the Purchaser shall not be entitled to refund of any amount paid by him towards Legal Charges.