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 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 7 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 (INR per Sq.m) The Developer/Lessee shall construct 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-cum Development Agreement Phase 1 minimum 30% of the minimum Built- up area for available within three years from the date of Lease 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 Agreement. Extension 3 5.00 100% of the Capacity 1.Constructed 18 hole golf course The Developer/lessee shall 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. builtconstruction 100% of the maximum Built-up area available for the development Dwelling Units within Five Years from the date 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 Lease cum Development Extension 3 5.00 certificate from the AuthorityAgreement. 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.