Delay in Completion of Development Milestones Clause Samples

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the Chief Executive Officer, subject to payment of surcharge by the lessee as per the provision of the ''Chhattisgarh ▇▇▇▇▇▇▇ Kshetra (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows: — Block of time Extension Period of Extension Amount of surcharge as Percent of the Land premium First Twelve months or part thereof Five Second Twelve months or part thereof after the First extension of time Seven Third Twelve months or part thereof after the Second extension of time Ten i. Provided that the extension for any Phase in time shall be granted maximum for 12 months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this clause shall lead to termination of Lease Agreement. ii. The Lessee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the Chief Executive Officer, subject to payment of surcharge by the lessee as per the provision of the ''Chhattisgarh ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows: —: First Twenty-four months or part thereof Five Second Twenty-four months or part thereof after the First extension of time. Fifteen Third For such period as decided by the Authority after the Second extension of time Thirty

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the development milestones in stipulated time as per Schedule 7 for any reason other than Force Majeure/NRDA Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the chief executive officer on payment of following prorated surcharge by the Lessee: Penalties for not achieving Development Milestones: Timeline Phase Project Milestone Extension (6 months each) Amount of surcharge as percent of the land premium Extension 1 2.50 1.Constructed 9 hole golf course along with allied Infrastructure as 3 Years from per Schedule 7 and; 2.Constructed minimum 15,000 Extension 2 3.50 Signing of Lease Sq. ft. built-up area for the cum Phase 1 development of Club House Cum Development Sports Complex and with allied Agreement Infrastructure as per Schedule 7 and; 3.Constucted Driving Range up to Extension 3 5.00 100% of the Capacity 1.Constructed 18 hole golf course Extension 1 2.50 along with allied Infrastructure as per Schedule 7 and; 5 Years from Signing of Lease cum Development Agreement Phase 2 2.Constructed minimum 30,000 Sq. ft. built-up area for the development of Club House Cum Sports Complex and with allied Infrastructure as per Schedule 7 and; Extension 2 3.50 3.Complete the project as per Schedule 7 and obtain completion Extension 3 5.00 certificate from the Authority a) Provided that the extension for any Phase in time shall be granted maximum for 18 months b) The developer shall be allowed to extend the timeline for any Phase on the payment of above mentioned surcharges c) The surcharges applicable for extension of timeline for commencement of the project, for achieving the Development Milestones and delay in payment of Land Premium/ Annual Lease Rental shall be paid by the lessee in the form of Demand Draft in favour of Chief Executive Officer, Naya Raipur Development Authority, payable at Raipur/Naya Raipur.

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the development milestones in stipulated time as per Schedule 4 for any reason other than Force Majeure/NRDA Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the chief executive officer on payment of following prorated surcharge by the Lessee: Penalties for not achieving Development Milestones: Timeline Phase Project Milestone Extension (6 months each) Amount of surcharge as percent of the accepted land premium (INR10,270 per Sq.m) 2 Years from Signing of Lease cum Development Agreement I Complete minimum 50% of the construction work of approved built-up area in all respects Extension 1 2.50 3 Years from Signing of Lease cum Development Agreement II Complete minimum 100% of the construction work of approved built- up area in all respects Extension 1 2.50

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule 4 for any reason other than Force Majeure/NRDA Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the chief executive officer on payment of following prorated surcharge by the Lessee: Penalties for not achieving Development Milestones: Timeline Phase Project Milestone Duration of each Extension (2.4 months) Amount of surcharge as Percent of the Land Premium for the Project 3 Years from Signing of Lease cum Development Agreement Phase 1 Complete construction and commence operation of 100 Bed Hospital Extension 1 1 % Extension 2 1.4 % Extension 3 2 % 5 Years from Signing of Lease cum Development Agreement Phase 2 Complete construction and commence operation of 250 Bed Hospital Extension 1 1% Extension 2 1.4% Extension 3 2 % 6 Years from Signing of Lease cum Development Agreement Phase 3 Commence construction of Medical college as per the standards of MCI at least for 50 admissions Extension 1 1% Extension 2 1.4% Extension 3 2 % 7 Years from Signing of Lease cum Development Agreement Phase 4 Complete construction, obtain completion certificate from NRDA and commence operation of 500 Bed Hospital Extension 1 1% Extension 2 1.4% Extension 3 2 % 9 Years from Signing of Lease cum Development Agreement Phase 5 Complete construction of Medical college as per the standards of MCI at least for 50 admissions and obtain completion certificate from NRDA Extension 1 1% Extension 2 1.4% Extension 3 2 %

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Licensee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, extension may be granted by the Chief Executive Officer, subject to payment of surcharge by the licensee as per the provision of the ''Chhattisgarh ▇▇▇▇▇▇▇ Kshetra (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows:: Block of time Period of Extension Amount of surcharge as Percent of the Land premium First Twelve months or part thereof Five Second Twelve months or part thereof after the First extension of time Seven Third Twelve months or part thereof after the Second extension of time Ten i. Provided that the extension for any Phase in time shall be granted maximum for twelve months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this Article shall lead to termination of License Agreement. ii. The Licensee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for three years i. Provided that the extension for any Phase in time shall be granted maximum for 12 months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this article shall lead to termination of Lease Agreement. ii. The Lessee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges

Delay in Completion of Development Milestones. Where the development and/or construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve any of the development milestones in stipulated time as per Schedule 6, the extension in time shall be provided manner for the completion of the work and extension may be granted by the chief executive officer, NRANVP on payment of following surcharge by the Lessee. Penalties for not achieving Development Milestones: First Twelve months or part thereof Five Second Twelve months or part thereof after the First extension of time Seven Third Twelve months or part thereof after the Second extension of time Ten Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for Three years from the Scheduled Completion Date. The surcharges applicable for extension of timeline for commencement of the project, for achieving the Development Milestones and delay in payment of Land Premium/ Annual Lease Rental shall be paid by the lessee in the form of Demand Draft in favour of Chief Executive Officer, ▇▇▇▇ Raipur ▇▇▇▇ Nagar Vikas Pradhikaran, payable at Raipur/▇▇▇▇ Raipur ▇▇▇▇ Nagar.

Delay in Completion of Development Milestones. Where the lessee has commenced development and/or construction, as the case may be, after obtaining development and /or building construction permission but fails to complete the work due to unavoidable circumstances, the extension in time for the completion work may be granted by the Chief Executive Officer on payment of surcharge by the lessee, as the case may be, specified in the table below – First Twenty-four months or part thereof Five Second Twenty-four months or part thereof after the First extension of time. Fifteen Third For such period as decided by the Authority after the Second extension of time Thirty