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 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 ANVP 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 INR per Sq.m) 2 Years from Signing of Lease cum Development Agreement I Complete construction work of minimum 50% of the construction work of approved built-up area in all respects of Mandatory Project facility Extension 1 2.50 Extension 2 3.50 Extension 3 5.00 3 Years from Signing of Lease cum Development Agreement II Complete construction work of minimum 100% of the construction work of approved built- built-up area in all respects and commence operations of Mandatory Extension 1 2.502.50 Extension 2 3.50 Extension 3 5.00 Project facility