Common use of Breach of Owners' And Developer's Covenants Clause in Contracts

Breach of Owners' And Developer's Covenants. Without prejudice to the provisions of Clause 9.5 above, in the event the Owners and/or the Developer fail and/or neglect to perform any of the Owners' And Developer's Covenants, this Agreement shall, at the option of the Buyer, stand cancelled and/or rescinded, upon which the Developer shall refund to the Buyer all payments received till that date. In the event the Developer delays in handing over possession of the Said Flat to the Buyer beyond the Completion Date and the Extended Period or the period required beyond the Extended Period due to circumstances mentioned in Clause 9.5 above, the Developer shall pay to the Buyer interest at the then prevailing savings bank rate of interest of State Bank of India.

Breach of Owners' And Developer's Covenants. Without prejudice to the provisions of Clause 9.5 above, in the event the Owners and/or the Developer fail and/or neglect to perform any of the Owners' And Developer's Covenants, this Agreement shall, at the option of the Buyer, stand cancelled and/or rescinded, upon which the Developer shall refund to the Buyer all payments received till that date. In the event the Developer delays in handing over possession of the Said Flat to the Buyer beyond the Completion Date and the Extended Period or the period required beyond the Extended Period due to circumstances mentioned in Clause 9.5 above, the Developer shall pay to the Buyer interest at the then prevailing savings bank rate of interest of State Bank of India@ 12% (twelve percent) per annum.