Common use of Delay in Completion of Development Milestones Clause in Contracts

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: —: 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 Article shall lead to termination of License 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 Lessee has commenced development and and/or construction, as the case may be is commenced by the Lessee as per terms of the Agreement be, after obtaining development and/or and /or building construction permission but fails to achieve complete the Development Milestones work due to unavoidable circumstances, within time specified by the authority in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authoritythe tender documents, 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 Officer on payment of surcharge by the lessee Lessee, as the case may be, specified in the table below: Timeline Project Milestone Extension Period of time Amount of surcharge as percent of the land premium (%) 5 Years from the date of issuance of NoA The Lessee shall construct and complete 100% of permissible Built- up area as per minimum FAR in all respect on Project Site and fully operationalize the provision Project within 5 (five) years from date of the ''Chhattisgarh ▇▇▇▇▇▇▇ Kshetra (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to timeissue of Notice of Allotment. The present provision is as follows: —: First Twelve Twenty-four months or part thereof Five Second Twelve Twenty-four months or part thereof after the First extension of time Seven time. Fifteen Third Twelve months or part thereof For such period as decided by the Authority after the Second extension of time TenThirty 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 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 Lease Agreement. ii. The Lessee shall be allowed to extend the timeline for any Phase on the payment of above- above-mentioned surcharges

Delay in Completion of Development Milestones. Where the Licensee has commenced development and and/or construction, as the case may be is commenced by the Lessee as per terms of the Agreement be, after obtaining development and/or and /or building construction permission but fails to achieve complete the Development Milestones work due to unavoidable circumstances, within time specified by the authority in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authoritythe tender documents, 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 Officer on payment of surcharge by the lessee Licensee, as the case may be, specified in the table below: Timeline Project Milestone Extension Period of time Amount of surcharge as percent of the land premium (%) 5 Years from the date of issuance of NoA The Lessee/ Licensee shall construct and complete 100% of permissible Built- up area as per minimum FAR in all respect on Project Site and fully operationalize the provision Project within 5 (five) years from date of the ''Chhattisgarh ▇▇▇▇▇▇▇ Kshetra (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to timeissue of Notice of Allotment. The present provision is as follows: —: First Twelve Twenty-four months or part thereof Five Second Twelve Twenty-four months or part thereof after the First extension of time Seven time. Fifteen Third Twelve months or part thereof For such period as decided by the Authority after the Second extension of time TenThirty 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 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 Lessee Licensee shall be allowed to extend the timeline for any Phase on the payment of above- above-mentioned surcharges