Common use of Covenants of Developer Clause in Contracts

Covenants of Developer. 21.1 DEVELOPER shall provide Purchaser with a copy of a corporate resolution approving entering into this Agreement; 21.2 At the time DEVELOPER transfers the ownership and title to each Segment of the Purchaser's System to the Purchaser, such Segment of the Purchaser System shall be free and clear of all liens, mortgages, security interests and encumbrances, as more fully set forth in the ▇▇▇▇ of sale attached hereto as Exhibit I; 21.3 To the best of DEVELOPER's knowledge, there are no existing claims or facts which give rise to any claims, which could interfere with the construction or operation of the Project in any way; 21.4 DEVELOPER has complied in all material respects with laws, regulations and orders; and NOTE: CERTAIN MATERIAL HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE SEC. NOTATIONS OF [ * * * ] HAVE BEEN USED TO INDICATE SUCH AN OMISSION. 21.5 Within seven (7) days of the time Purchaser makes any payment hereunder, DEVELOPER shall have paid to its contractors and suppliers all amounts owing to them in connection with the work for which Purchaser's payment is made (provided that DEVELOPER may use Purchaser's payment for such purpose). Subject to the foregoing, in the event a lien is filed against the title to the Project by any of DEVELOPER's contractors, material suppliers or any other person providing services to the Project, DEVELOPER shall within thirty (30) days obtain a bond as security to remove such lien from the title to the Project. If DEVELOPER fails to release and discharge any such claim of lien against the title to the Project, Purchaser may, at its option, discharge or release the claim of lien or otherwise deal with the lien claimant, and DEVELOPER shall pay Purchaser any and all costs and expenses of Purchaser in so doing, including reasonable attorney's fees incurred by Purchaser. 21.6 DEVELOPER shall give Purchaser copies of any written notices it receives concerning the Project that allege failure to make any payment due or allege facts which, if true, would materially and adversely delay completion of any portion of the Project, or result in any material increase in cost to Purchaser.

Covenants of Developer. 21.1 DEVELOPER The Developer hereby represents and warrants to the Buyer as follows : (i) The Owners have absolute, clear and marketable title with respect to the Said Property; the Developer has requisite rights to carry out development upon the Said Property and absolute, actual, physical and legal possession of the Said Property for the Project; (ii) The Developer has lawful rights and requisite approvals from the competent authorities to carry out development of the Project; (iii) There are no encumbrances upon the Said Property or the Project; However, for obtaining financial assistance and/or loans from Banks, Financial Institutions, NBFCs and other lenders, the Developer /Owners may already have created mortgage and/or charge on the Said Property and shall provide Purchaser be at liberty to create further mortgages and/or charges in respect of the Said Property or any part thereof, and the Buyer hereby consents to the same Provided However that at the time of execution of the deed of conveyance / transfer in terms hereof, the Developer assures to have the Said Flat released from any such mortgage and/or charge, if any, with a copy intent that the Buyer, subject to his making payment of a corporate resolution approving entering all the amounts payable hereunder or otherwise and complying with his other obligations herein, will be acquiring title to the said Unit free of all such mortgages and charges created by the Developer. (iv) There are no litigations pending before any Court of law or authority with respect to the Said Property, Project or the Said Flat; (v) All approvals, licenses and permits issued by the competent authorities with respect to the project, Said Property and Flat are valid and subsisting and have been obtained by following due process of law. Further, the Developer has been and shall, at all times, remain to be in compliance with all applicable laws in relation to the Project, Said Property, Building and flats and Common Areas; (vi) The Developer has the right to enter into this Agreement and has not committed or omitted to perform any act or thing, whereby the right, title and interest of the Buyer intended to be created herein, may prejudicially be affected; (vii) The Developer has not entered into any agreement for sale and/or development agreement or any other agreement/arrangement with any person or party with respect to the Said Property, including the Project and the said Apartment which will, in any manner, affect the rights of Buyer under this Agreement; 21.2 (viii) The Developer confirms that the Developer is not restricted in any manner whatsoever from selling the said Apartment to the Buyer in the manner contemplated in this Agreement; (ix) At the time DEVELOPER transfers the ownership and title to each Segment of execution of the Purchaser's System conveyance deed the Developer shall handover lawful, vacant, peaceful, physical possession of the Apartment to the Purchaser, such Segment Buyer and the common areas to the Association of the Purchaser System shall be free and clear of all liens, mortgages, security interests and encumbrancesBuyers or the competent authority, as more fully set forth in the ▇▇▇▇ of sale attached hereto as Exhibit Icase may be; 21.3 To (x) The Said Property is not the best subject matter of DEVELOPER's knowledgeany HUF and that no part thereof is owned by any minor and/or no minor has any right, there are no existing claims or facts which give rise to any claims, which could interfere with title and claim over the construction or operation of the Project in any waySaid Property; 21.4 DEVELOPER has complied in (xi) The Developer / Land Owners have duly paid and shall continue to pay and discharge all material respects governmental dues, rates, charges and taxes and other monies, levies, impositions, premiums, damages and/or penalties and other outgoings, whatsoever, payable with laws, regulations and orders; and NOTE: CERTAIN MATERIAL HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE SEC. NOTATIONS OF [ * * * ] HAVE BEEN USED TO INDICATE SUCH AN OMISSION. 21.5 Within seven (7) days of the time Purchaser makes any payment hereunder, DEVELOPER shall have paid to its contractors and suppliers all amounts owing to them in connection with the work for which Purchaser's payment is made (provided that DEVELOPER may use Purchaser's payment for such purpose). Subject respect to the foregoing, in the event a lien is filed against the title said project to the Project by any competent authorities till the occupancy / completion certificate has been issued and possession of DEVELOPER's contractorsApartment or Project, material suppliers as the case may be, along with, common areas (equipped with all the specification, amenities and facilities) has been handed over to the Buyer and the association of Buyers or the competent authority, as the case may be; (xii) No notice from the Government or any other person providing services to local body or authority or any legislative enactment, government ordinance, order, notification (including any notice for acquisition or requisition of the said property) has been received by or served upon the Developer in respect of the Said Property and/or the Project, DEVELOPER shall within thirty (30) days obtain a bond as security to remove such lien from the title to the Project. If DEVELOPER fails to release and discharge any such claim of lien against the title to the Project, Purchaser may, at its option, discharge or release the claim of lien or otherwise deal with the lien claimant, and DEVELOPER shall pay Purchaser any and all costs and expenses of Purchaser in so doing, including reasonable attorney's fees incurred by Purchaser. 21.6 DEVELOPER shall give Purchaser copies of any written notices it receives concerning the Project that allege failure to make any payment due or allege facts which, if true, would materially and adversely delay completion of any portion of the Project, or result in any material increase in cost to Purchaser.