Common use of DEFAULT BY EITHER PARTY Clause in Contracts

DEFAULT BY EITHER PARTY. 8.1 If the Promoter fails to abide by the time schedule for completing the said Project and handing over the said Apartment to the Allottee/s, the Promoter agrees, subject to what has been stated in Clause 9 hereunder, to pay to the Allottee/s, who does not intend to withdraw from the Project, interest as specified in the Rule, on all the amounts paid by the Allottee/s, for every month of delay, till the handing over of the possession. The Allottee/s agrees to pay to the Promoter, interest as specified in the Rule, on all the amounts delayed payment which become due and payable by the Allottee/s to the Promoter under the terms of this Agreement from the date the said amount is payable by the Allottee/s(s) to the Promoter. 8.2 Without prejudice to right of Promoter to charge the interest in terms of Clause 6 hereinabove on the Allottee/s committing default in payment on due date of any amount due and payable by the Allottee/s to the Promoter under this Agreement (including his/her proportionate share of taxes levied by concerned local authority and other outgoings) and on the Allottee/s committing defaults of payment of instalments, the Promoter shall at its own option, be entitled to terminate this Agreement; Provided that, Promoter shall give notice of fifteen days in writing to the Allottee/s, by Registered Post AD at the last address provided by the Allottee/s and mail at the email address provided by the Allottee/s, of its intention to terminate this Agreement and of the specific breach or breaches of terms and conditions in respect of which it is intended to terminate the Agreement. If the Allottee/s fails to rectify the breach or breaches mentioned by the Promoter within the period of notice then at the end of such notice period, Promoter shall be entitled to terminate this Agreement and in such event the Allottee/s shall be liable to pay 10% of the total consideration for purchase of the said Apartment to the Promoter as liquidated damages. Inter alia, the Promoter shall be entitled to forfeit the entire Booking Amount, i.e. 10% of the Total Consideration out of the total amounts paid by the Allottee/s till the date of such termination and refund the balance amounts to the Allottee/s within 30 days of such termination as per Applicable Law. Provided further that upon termination of this Agreement as aforesaid, the Promoter shall refund to the Allottee/s (subject to adjustment and recovery of liquidated damages or any other amount which may be payable to Promoter) within a period of thirty days of the termination, the instalments of Sale Consideration of the said Apartment which may till then have been paid by the Allottee/s to the Promoter. The Allottee/s agree/s and acknowledge/s that the Promoter shall be liable to handover the refund cheque/DD only upon the Allottee/s executing and registering all necessary documents including registered Cancellation Deed for the said Apartment as may be required by the Promoter under Applicable Laws. 8.3 The Promoter shall in respect of any amount remaining unpaid by the Allottee/s under the terms and conditions of this Agreement shall have a first lien and charge on the said Apartment agreed to be purchased by the Allottee/s. 8.4 However, it is agreed between the Parties hereto that, in the event if Allottee/s requests to the Promoter to cancel this Agreement for any reason whatsoever then the Promoter may at its sole discretion accept the request of the Allottee/s for cancellation of this Agreement and the Allottee/s shall be liable to pay 10% of the total consideration for purchase of the said Apartment to the Promoter as liquidated damages. Inter alia, the Promoter shall be entitled to forfeit the entire Booking Amount, i.e. 10% of the Total Consideration out of the total amounts paid by the Allottee/s till the date of such termination and refund the balance amounts to the Allottee/s within 30 days of such termination as per Applicable Law. It is further agreed and confirmed by the Allottee/s that, the Allottee/s shall execute and register all necessary documents including registered Cancellation Deed for the said Apartment as may be required by the Promoter under Applicable Laws.

DEFAULT BY EITHER PARTY. 8.1 If the Promoter Confirming Party fails to abide by the time schedule for completing the said Project and handing over the said Apartment to the AllotteePurchaser/s, the Promoter Confirming Party agrees, subject to what has been stated in Clause 9 hereunder, to pay to the AllotteePurchaser/s, who does not intend to withdraw from the Project, interest as specified in the Rule, only on all the amounts paid by that the Allottee/sconfirming party has received as their share under this Agreement, for every month of delay, till the handing over of the possession. The AllotteePurchaser/s agrees to pay to the Promoter, interest as specified in the Rule, on all the amounts delayed payment which become due and payable by the AllotteePurchaser/s to the Promoter under the terms of this Agreement from the date the said amount is payable by the AllotteePurchaser/s(s) to the Promoter). 8.2 Without prejudice to right of Promoter Confirming Party to charge the interest in terms of Clause 6 hereinabove on the AllotteePurchaser/s committing default in payment on due date of any amount due and payable by the AllotteePurchaser/s to the Promoter under this Agreement (including his/her proportionate share of taxes levied by concerned local authority and other outgoings) and on the AllotteePurchaser/s committing defaults of payment of instalments, the Promoter Transferor and/or the Confirming Party shall at its own option, be entitled to terminate this Agreement; Provided that, Promoter the party terminating this Agreement shall give notice of fifteen days in writing to the AllotteePurchaser/s, by Registered Post AD at the last address provided by the AllotteePurchaser/s and mail at the email address provided by the AllotteePurchaser/s, of its intention to terminate this Agreement and of the specific breach or breaches of terms and conditions in respect of which it is intended to terminate the Agreement. If the AllotteePurchaser/s fails to rectify the breach or breaches mentioned by the Promoter terminating party within the period of notice then at the end of such notice period, Promoter terminating party shall be entitled to terminate this Agreement and in such event the AllotteePurchaser/s shall be liable to pay 10% of the total consideration for purchase of the said Apartment to the Promoter terminating party as liquidated damages. Inter alia, the Promoter terminating party shall be entitled to forfeit the entire Booking Amount, i.e. 10% of the Total Consideration out of the total amounts paid by the AllotteePurchaser/s till the date of such termination and refund the balance amounts to the AllotteePurchaser/s within 30 days of such termination as per Applicable Law. Law Provided further that upon termination of this Agreement as aforesaid, the Promoter Confirming Party and Transferor shall refund to the AllotteePurchaser/s (subject to adjustment and recovery of liquidated damages or any other amount which may be payable to PromoterConfirming Party) within a period of thirty days of the termination, the instalments of Sale Consideration of the said Apartment which may till then have been paid by the AllotteePurchaser/s to the Promoter. s.. The AllotteePurchaser/s agree/s and acknowledge/s that the Promoter shall be liable to handover the refund cheque/DD shall be paid to the Purchasers only upon the AllotteePurchaser/s executing and registering all necessary documents including registered Cancellation Deed for the said Apartment as may be required by the Promoter Confirming Party under Applicable Laws. It is clarified that the liability of refund under this clause of the Confirming Party shall be restricted only to the extent of their share of entitlement under this Agreement and the amount till then received by them towards their share. 8.3 The Promoter Confirming Party and Transferor shall in respect of any amount remaining respective amounts payable to them and which have remained unpaid by the AllotteePurchaser/s under the terms and conditions of this Agreement shall have a first lien and charge on the said Apartment agreed to be purchased by the AllotteePurchaser/s. 8.4 However, it is agreed between the Parties hereto that, in the event if Allottee/s requests to the Promoter to cancel this Agreement for any reason whatsoever then the Promoter may at its sole discretion accept the request of the Allottee/s for cancellation of this Agreement and the Allottee/s shall be liable to pay 10% of the total consideration for purchase of the said Apartment to the Promoter as liquidated damages. Inter alia, the Promoter shall be entitled to forfeit the entire Booking Amount, i.e. 10% of the Total Consideration out of the total amounts paid by the Allottee/s till the date of such termination and refund the balance amounts to the Allottee/s within 30 days of such termination as per Applicable Law. It is further agreed and confirmed by the AllotteePurchaser/s that, the AllotteePurchaser/s shall execute and register all necessary documents including registered Cancellation Deed for the said Apartment as may be required by the Promoter Transferor and the Confirming Party under Applicable Laws. 8.5 The termination of this Agreement for non payment by the Purchaser/s shall not amount to termination of the said Agreement between the Confirming Party and the Transferors, and in case of termination of this Agreement, the Transferors shall be free to sell and/or transfer the said Apartment and assign the benefits of the said Agreement dated 8th December, 2021 to any third party of their choice and the Confirming Party shall join to such document as confirming party.

DEFAULT BY EITHER PARTY. 8.1 If (a) In the Promoter event that Purchaser defaults in any of Purchaser's obligations under this Agreement, or fails to abide by perform its obligations in the time schedule period set forth in this Agreement, or in the event that Purchaser fails to make full Settlement hereunder as hereby required and at the time set forth in the Settlement Notice, the ▇▇▇▇▇▇▇ Money Deposit and all interest accrued thereon, if any, shall be forfeited as liquidated damages (in which event Purchaser shall be relieved from further liability hereunder), unless Seller notifies Purchaser and Agent in writing within thirty (30) days after the date provided for completing Settlement herein of its election to avail itself of any legal or equitable rights, other than the said Project liquidated damages, which Seller may have under this Agreement. It is acknowledged and handing over agreed by ▇▇▇▇▇▇ and Purchaser that the said Apartment aforesaid liquidated damages are not a penalty, but represent the best and most reasonable estimate of the parties hereto of the actual damages which Seller shall sustain upon any default by Purchaser, which damages are not capable of precise determination. In the event that Seller permits Purchaser to defer Settlement to a date subsequent to the Allottee/sdate set forth in the Settlement Notice, the Promoter agrees, subject to what has been stated in Clause 9 hereunder, to then Purchaser shall pay to Seller at Settlement a late charge in an amount equal to Two Hundred Dollars ($200) per day for each day following the Allottee/s, who date set forth in the Settlement Notice that Settlement does not intend occur, until the actual day of Settlement. (b) In the event that this Agreement is breached by Seller, Purchaser shall have as its sole and exclusive remedy the right to withdraw from the Projectterminate this Agreement by giving prompt written notice thereof to Seller, interest as specified in the Ruleand Seller, on upon receipt of such notice, shall forthwith return to Purchaser all the amounts sums theretofore paid by the Allottee/s, for every month of delay, till the handing over of the possession. The Allottee/s agrees Purchaser to pay to the Promoter, interest Seller as specified in the Rule, Purchaser's sole and complete remedy on all the amounts delayed payment which become due and payable by the Allottee/s to the Promoter under the terms of this Agreement from the date the said amount is payable by the Allottee/s(s) to the Promoter. 8.2 Without prejudice to right of Promoter to charge the interest in terms of Clause 6 hereinabove on the Allottee/s committing default in payment on due date account of any amount due and payable by the Allottee/s to the Promoter under this Agreement all such defaults. No other damages, rights or remedies (including his/her proportionate share of taxes levied by concerned local authority and other outgoings) and on the Allottee/s committing defaults of payment of instalments, the Promoter whether or not Purchaser shall at its own option, be entitled elect to terminate this Agreement; Provided that) shall in any case be collectible, Promoter shall give notice enforceable or available to Purchaser, and Purchaser agrees to accept and take the liquidated damages as Purchaser's sole damages and relief hereunder in such event. In consideration of fifteen days in writing the liquidated damages paid to Purchaser by Seller under this Agreement, the Allottee/ssufficiency of which is hereby acknowledged, by Registered Post AD at the last address provided by the Allottee/s Purchaser hereby expressly waives any and mail at the email address provided by the Allottee/s, of its intention all rights Purchaser may have to terminate enforce this Agreement by specific performance or to obtain any other equitable relief against Seller and of the specific breach or breaches of terms and conditions in respect of which it is intended to terminate the Agreement. If the Allottee/s fails to rectify the breach or breaches mentioned by the Promoter within the period of notice then at the end of such notice period, Promoter shall be entitled to terminate this Agreement and in such event the Allottee/s shall be liable to pay 10% of the total consideration for purchase of the said Apartment to the Promoter as liquidated damages. Inter alia, the Promoter shall be entitled to forfeit the entire Booking Amount, i.e. 10% of the Total Consideration out of the total amounts paid by the Allottee/s till the date of such termination and refund the balance amounts to the Allottee/s within 30 days of such termination as per Applicable Law. Provided any further that upon termination of this Agreement as aforesaid, the Promoter shall refund to the Allottee/s (subject to adjustment and recovery of liquidated damages or any other amount which may be payable to Promoter) within a period of thirty days of the termination, the instalments of Sale Consideration of the said Apartment which may till then have been paid by the Allottee/s to the Promoter. The Allottee/s agree/s and acknowledge/s that the Promoter shall be liable to handover the refund cheque/DD only upon the Allottee/s executing and registering all necessary documents including registered Cancellation Deed for the said Apartment as may be required by the Promoter under Applicable Lawsrelief. 8.3 The Promoter shall in respect of any amount remaining unpaid by the Allottee/s under the terms and conditions of this Agreement shall have a first lien and charge on the said Apartment agreed to be purchased by the Allottee/s. 8.4 However, it is agreed between the Parties hereto that, in the event if Allottee/s requests to the Promoter to cancel this Agreement for any reason whatsoever then the Promoter may at its sole discretion accept the request of the Allottee/s for cancellation of this Agreement and the Allottee/s shall be liable to pay 10% of the total consideration for purchase of the said Apartment to the Promoter as liquidated damages. Inter alia, the Promoter shall be entitled to forfeit the entire Booking Amount, i.e. 10% of the Total Consideration out of the total amounts paid by the Allottee/s till the date of such termination and refund the balance amounts to the Allottee/s within 30 days of such termination as per Applicable Law. It is further agreed and confirmed by the Allottee/s that, the Allottee/s shall execute and register all necessary documents including registered Cancellation Deed for the said Apartment as may be required by the Promoter under Applicable Laws.