Common use of Delay in completion of the Project Clause in Contracts

Delay in completion of the Project. The lessee shall commence and complete the development and or construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time specified in the conditions of transfer. In case of delay in achieving the completion of the construction of the Project as per the Development Period as specified in clause 1.2 and subject to satisfaction of NRDA for the reasons of such delay, the Lessee may be allowed extension of time to complete the development of the Project on payment of surcharge to NRDA in the following manner: The lessee shall commence and complete the development and or construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time specified in the Agreement or any extension provided by NRDA under this clause. a) Where the lessee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the extension in time to commence and complete the development and/or construction may be granted by the Chief Executive Officer, on payment of following surcharge by the lessee Block of time Extension Period of Extension Amount of surcharge as Percentage of the Land rate prevailing under PSP land use category at that time Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for five years. b) Where the development and/or construction, as the case may be is commenced by the lessee as per terms of agreement 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 of work may be granted by the Chief Executive Officer on payment of the following surcharge by the lessee – Block of time Period of time Amount of surcharge as Percentage of the Land rate extension prevailing under PSP land use category at that time First Twelve months or part thereof 5% (Five) Second Twelve months or part thereof after the First extension of time 7% (Seven) Third Twelve months or part thereof after the Second extension of time 10% (Ten) Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for three years. Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for three years. If development of the Project is not completed within such extended period that is after the expiry of Third Block of extension of Time as described above, then it shall be treated as Lessee's Event of Default

Delay in completion of the Project. The lessee Lessee shall commence and complete the development and or construction works for which the land Project Land has been granted, by obtaining development and/ or building permission or other Approvals, as may be required under the Applicable Laws as the case may be, within the time specified in the conditions of transfertransfer under this Agreement. In case of delay in achieving the completion of the construction of the Project as per the Development Period as specified in clause 1.2 2.2 and subject to satisfaction of NRDA for the reasons of such delay, the Lessee may be allowed extension of time time, at the sole discretion of the NRDA, to complete the development and/or construction of the Project on payment of surcharge to NRDA in the following manner: The lessee shall commence and complete the development and or construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time specified in the Agreement or any extension provided by NRDA under this clause.: a) Where the lessee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the The extension in time to commence and complete the development and/or construction may be granted by the Chief Executive Officer, on payment of following surcharge by the lessee Block of time Extension Period of Extension Amount of surcharge as Percentage of the Land rate prevailing under PSP land use category at that Premium First Twelve months or part thereof 20% (Twenty) Second Twelve months or part thereof after the First extension of time 25% (Twenty five) Third Twelve months or part thereof after the Second extension of time 30% (Thirty) Fourth Twelve months or part thereof after the Third extension of time 35% (Thirty Five) Fifth Twelve months or part thereof after the 40% (Forty) Block of time Extension Period of Extension Amount of surcharge as Percentage of the Premium Fourth extension of time Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for five years. b) Where the development and/or construction, as the case may be is commenced by the lessee as per terms of agreement Agreement after obtaining development and/or building construction permission but fails to complete the work due to unavoidable circumstancesconstruction/development, the extension in time for the completion of work construction/development may be granted by the Chief Executive Officer on payment of the following surcharge by the lessee – Block of time Period of time Timeline Project Milestone Extension (1 year each) Amount of surcharge as Percentage percent of the Land rate extension prevailing under PSP land use category at that time First Twelve months or part thereof 5premium The Selected Bidder shall complete Extension 1 5 the Project (Construction of minimum 80% of the permissible built up area as Extension 2 7 3 Years from Signing of Lease cum Development Agreement per Schedule F Part C of RFP) in all respect and as permitted by competent Authorities, shall obtain the completion certificate from NRDA and start operation of the Lodge/Budget Hotel Extension 3 10 Project within 3 (Fivethree) Second Twelve months or part thereof after years from the First extension signing of time 7% (Seven) Third Twelve months or part thereof after the Second extension of time 10% (Ten) Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for three years. Lease cum Development Agreement Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for three years. If development of the Project is not completed within such extended period that is after the expiry of Third Block of extension of Time as described in tables (a) and (b) above, then it shall be treated as Lessee's Event of Default.

Delay in completion of the Project. The lessee Lessee shall commence and complete the development and or construction works for which the land Project Land has been granted, by obtaining development and/ or building permission or other Approvals, as may be required under the Applicable Laws as the case may be, within the time specified in the conditions of transferunder this Agreement. In case of delay in achieving the commence and completion of the construction of the Project as per the Development Period as specified in clause 1.2 2.2 and subject to satisfaction of NRDA for the reasons of such delay, the Lessee may be allowed extension of time time, at the sole discretion of the NRDA, to commence and complete the development and/or construction of the Project on payment of surcharge to NRDA in the following manner: The lessee shall commence and complete the development and or construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time specified in the Agreement or any extension provided by NRDA under this clause.: a) Where the lessee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the The extension in time to commence and complete the development and/or construction may be granted by the Chief Executive Officer, on payment of following surcharge by the lessee Block of time Extension Period of Extension Amount of surcharge as Percentage of the Land rate prevailing under PSP land use category at that Premium First Twelve months or part thereof 20% (Twenty) Second Twelve months or part thereof after the First extension of time 25% (Twenty five) Third Twelve months or part thereof after the Second extension of time 30% (Thirty) Fourth Twelve months or part thereof after the Third extension of time 35% (Thirty Five) Fifth Twelve months or part thereof after the Fourth extension of time 40% (Forty) Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for five years. b) Where the development and/or construction, as the case may be is commenced by the lessee as per terms of agreement Agreement after obtaining development and/or building construction permission but fails to complete the work due to unavoidable circumstancesconstruction/development, the extension in time for the completion of work construction/development may be granted by the Chief Executive Officer on payment of the following surcharge by the lessee – Block of time Period of time Timeline Project Milestone Extension (1 year each) Amount of surcharge as Percentage percent of the Land rate extension prevailing under PSP land use category at that time First Twelve months or part thereof 5% premium The Selected Bidder shall complete Extension 1 5 the Project (Five50 Rooms, Fine Dine facilities including Extension 2 7 Restaurants/Confectionery/Lounge 3 Years from Signing of Lease cum Development Agreement etc.) Second Twelve months or part thereof after in all respect, start operation of the First extension Star Hotel Project and obtain classification for Star Category from Ministry of time 7% Tourism, GoI and shall Extension 3 10 obtain the completion certificate from NRDA within 3 (Seventhree) Third Twelve months or part thereof after years from the Second extension signing of time 10% (Ten) Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for three yearsLease cum Development Agreement. Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for three years. If development of the Project is not completed within such extended period that is after the expiry of Third Block of extension of Time as described in tables (a) and (b) above, then it shall be treated as Lessee's Event of Default.