Common use of Default-Cancellation Clause in Contracts

Default-Cancellation. 7.1 The Purchaser may obtain finance from any financial institution/bank or any other source but the Purchaser’s obligation to make payment of the said Consideration Amount within the time as mentioned in the Fifth Schedule hereunder written shall not stand severed and the Purchaser shall be bound by the terms of payment under this agreement and under no circumstances whatsoever and/or howsoever the time for payment shall be contingent on the ability of the Purchaser to obtain finance of the purchase of the said Flat. 7.2 In case of any delay on the part of the Purchaser in making payment of the consideration amount within the time mentioned in the Fifth Schedule hereunder written the Purchaser shall be liable to pay interest @ 1% per month or any part thereof for such delay. 7.3 In the event of the Purchaser failing to make payment of any two installments in the manner as mentioned in the Fifth Schedule hereunder written then in that event the Developer may at its absolute discretion rescind and/ or cancel this agreement and forfeit a minimum sum of Rs.50,000/= as and by way of pre-determined liquidated damages and administrative charges and refund the balance amount if any.