EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO shall be considered under a condition of Default, in the following events: (i) CGEWHO fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority. (ii) Discontinuance of the CGEWHO’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by CGEWHO under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to CGEWHO as demanded by the CGEWHO. If the Allottee stops making payments, the CGEWHO shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unit, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO as per the payment plan annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest to the CGEWHO on the unpaid amount at the rate specified in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO in this regard, the CGEWHOshall cancel the allotment of the Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 6 contracts
Sources: Agreement for Sale, Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of the Allottee complies with his obligations under this Agreement and there is Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Designated Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand two demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. Provide The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 6 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] to Apartment/ Plot]to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating termination the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: notice ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO promoter to the allottee within Fortyforty-five days of it becoming become due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made demands may by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 3 (twoThree) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide ; Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 6 contracts
Sources: Agreement for Sale, Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO : i Promoter fails to provide ready to move in possession of the [Apartmentthe[Apartment/Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this paraclause, ‘'ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation occupancy certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) ; ii Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 9.2. In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) : i Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unit, along with simple interest @10% p.a9.3. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) : i In case the Allottee fails to make payments for consecutive demand of instalment within 15 days of demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) ; ii In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months 60 days after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the [Apartment/Plot Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 5 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Developer shall be considered under a condition of Default, in the following events:;
(i) CGEWHO If the Developer fails to provide ready to move in possession of the [Apartment/Plot] unit to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respect;
(ii) Discontinuance of the CGEWHODeveloper’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default by CGEWHO Developer under the conditions listed above, Allottee allottee is entitled to the following:;
(i) Stop making further payments to CGEWHO Developer as demanded by the CGEWHODeveloper. If the Allottee stops making payments, the CGEWHO Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Developer shall be liable to refund the entire money paid by the Allottee after deducting the tax which was already paid to the government under any head whatsoever towards the purchase of the dwelling unit, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 apartment within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHODeveloper, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unitApartment. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, the regard the allottee shall be liable to pay interest to the CGEWHO Developer on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Developer in this regard, the CGEWHOshall Developer shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and tax which was already paid to the government and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 5 contracts
Sources: Sale Agreement, Sale Agreement, Agreement to Sell
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 11.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHOpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 11.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Promoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 8.8 of this Agreement.;
11.3 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five 45 days of it its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.
9.3 11.4 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. Further the Allottee shall be considered under a condition of Default, on the occurrence of the following events:: -
(i) In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed heretoas per Schedule -C, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;herein.
(ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond 2 (two) consecutive months after the notice from the CGEWHO promoter in this regard, the CGEWHOshall promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such termination . in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the current Sale Price is less than the Purchase Price. The ultimate balance amount of money refundable shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated. Provide : Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the CGEWHO appropriate authorities concerned shall intimate not be returned by the allottee about such termination at least thirty days prior to such termination. However, if Promoter and the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter Allottee shall be liable free to pay approach the authorities concerned for refund of such penal interest or penalty on the defaulting amount as is prescribed under its local lawstaxes, charges, levies, cess, assessments and impositions.
Appears in 5 contracts
Sources: Agreement for Sale, Buyers Agreement, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following Following events:
(i) CGEWHO i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean men that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate Occupation Certificate and completion certificateCompletion Certificate, as the case may be, be has been issued by the competent authorityCompetent Authority.
(ii) . Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) i. Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) . The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 3 (twothree) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking Booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 5 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of the Allottee complies with his obligations under this Agreement and there is Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming dueDesignated Apartment.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand two demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified in the Rules;
(ii) In case of Default by Allottee to register the Conveyance Deed or in complying with any other condition mentioned in this Agreement despite receiving a prior 30 days written notice from the Promoter in respect thereof or any Default under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by Allottee after deducting the booking amount (which shall be a minimum of 10% of the Total Price) paid for the allotment and the interest interest, taxes, stamp duty, registration fees (if any),charges and other liabilities of the Allottee with an option to pay the same directly to the bank account of the Allottee given at the time of application form and this Agreement shall thereupon stand terminatedterminated :
9.4 Notwithstanding any contrary provisions, it is expressly agreed that no refund to the Allottee shall, under any circumstances whatsoever, be made of any amount paid by the Allottee on account of Legal Fees/Charges, Taxes and/or stamp duty and registration charges incurred by the Allottee. Provide that The Allottee shall, at his own costs and expenses, execute all necessary documents required by the CGEWHO Promoter in this regard.
9.5 Nothing contained in this Agreement shall intimate affect or prejudice the allottee about such termination at least thirty days prior right of either party to such termination. However, if sue the plot/apartment has been allotted by any Statutory Development Authority or Public Body other for specific performance of the State Government, then contract and/or damages for any default of the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsother party.
Appears in 4 contracts
Sources: Agreement for Sale, Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseClause, the CGEWHO Promoters shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO fails The Promoters fail to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified mentioned in para 7.1 Recital F above or fails to complete the project Said Phase within the stipulated time disclosed at the time of registration of the project registering it with the Authority. For the purpose of this para, ‘para 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation occupancy certificate, the completion certificate, the partial occupancy certificate and or the partial completion certificate, as the case may be, has been issued by the competent authority.Competent Authority;
(ii) Discontinuance of the CGEWHO’s Promoters' business as a developer developers on account of suspension or revocation of his their registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 In case of Default by CGEWHO the Promoters under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO the Developer as demanded by the CGEWHOit. If the Allottee stops making payments, the CGEWHO Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee shall be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the this Agreement in which case the CGEWHO Promoters shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.;
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive demand demands made by CGEWHO the Developer as per the payment plan annexed hereto, Payment Plan mentioned in Schedule-U despite having been issued notice in that regard, the allottee Allottee shall be liable to pay interest to the CGEWHO Developer on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by the Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after 90 days from the date of the notice from the CGEWHO Developer in this regard, the CGEWHOshall Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him it by the allottee Allottee by deducting the booking amount and Booking Amount, less the interest liabilities interests for delayed payments, taxes paid on the amounts paid to the Developer and/or taxes payable on the Booking Amount, if any, and this Agreement shall thereupon stand terminated. Provide terminated provided that the CGEWHO Developer shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. HoweverFor the refunf of taxes, if any, the plot/apartment has been allotted by any Statutory Development Authority or Public Body of Allottee shall have to apply directly to the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsconcerned authorities.
Appears in 4 contracts
Sources: Agreement for Sale, Sale Agreement, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 11.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO In spite of due observance of the terms and obligations of the Allottee under this agreement, the Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 Completion Date or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties as certified by the Architect and for which occupation certificate and completion certificate, as the case may be, full or partial Completion / Occupancy Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHO’s promoters’ business as a developer developers on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 11.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Promoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in Clause 8 of this Agreement; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming duedue or adjusted from future installments payable by the Allottee. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.
9.3 11.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: -
(i) In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;herein.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO promoter in this regard, the CGEWHOshall promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such termination. However, The remaining balance amount of money refundable (if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter any) shall be liable returned by the Promoter to pay the Allottee within 45 (forty-five) days of such penal interest or penalty on the defaulting amount as is prescribed under its local lawscancellation and this Agreement shall thereupon stand terminated.
Appears in 4 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of the Allottee complies with his obligations under this Agreement and there is Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Designated Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand two demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the RulesRules ;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. Provide The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 4 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure force majeure clause, the CGEWHO promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to the move in possession of the [Apartment/Plot] apartment to the Allottee allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityauthority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationsspecification, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions provision of the Act act or the rules or regulations made thereunderthere under.
9.2 In case of Default default by CGEWHO promoter under the conditions listed above, Allottee allottee is entitled to the following:
(i) Stop making further payments payment to CGEWHO promoter as demanded by the CGEWHOpromoter. If the Allottee stops allottee stop making payments, payment the CGEWHO promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee allottee be required to make the next payment without any penal interest; or
(ii) The Allottee allottee shall have the option of terminating the Agreement agreement in which case the CGEWHO promoter shall be liable to refund the entire money paid by the Allottee allottee under any head whatsoever towards the purchase of the dwelling unitagreement, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the rules within forty-forty – five days of receiving the termination notice: notice subject to the allottee shall prior to receipt of refund on the above account from the promoter, at his own costs and expenses, execute all necessary cancellation related document required by the promoter; Provided that where an Allottee allottee does not intend intended to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the rules, for every month of delay till the handing over of the possession of the dwelling unit. Which apartment, which shall be paid by the CGEWHO promoter to the allottee within Forty-forty – five days of it becoming due.
9.3 The Allottee allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee allottee fails to make payments payment for consecutive demand made by CGEWHO the promoter as per the payment plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rulesrules;
(ii) In in case of Default by Allottee allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO promoter in this regard, the CGEWHOshall promoter upon 30 days written notice may cancel the allotment of the Apartment/Plot apartment in favour favor of the Allottee allottee and the refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 4 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Pent Houses[Apartment/ROW-HOUSE]; to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, . and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitApartment/Pent Houses, apartment,along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment/Pent Houses; [Apartment/ROW-HOUSE], which shall be paid by the CGEWHO promoter to the allottee within Forty-forty- five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in based on the RulesState Bank of India highest marginal cost of lending rate plus two percent from their respective due dates;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) 02 consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Pent Houses [Apartment/ROW-HOUSE] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount or 10% of the total price of the Apartment/Pent Houses , whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 4 contracts
Sources: Agreement for Sale, Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the CGEWHO Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events:
(i) CGEWHO : Vendor/ Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘clause 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority.
(ii) ; Discontinuance of the CGEWHOVendor's/ Developer’s business as a developer Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 . In case of Default by CGEWHO Vendor/ Developer under the conditions listed above, Allottee is entitled to the following:
(i) : Stop making further payments to CGEWHO Vendor/ Developer as demanded by the CGEWHOVendor/ Developer. If the Allottee stops making payments, the CGEWHO Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) or The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Vendor/ Developer shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an the Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOVendor/ Developer, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Vendor/ Developer to the allottee Allottee within Forty45 (forty-five five) days of it becoming due.
9.3 . Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) : In case the Allottee fails to make any of the payments for consecutive demand made by CGEWHO within the due dates as per the payment plan annexed heretoPayment Plan, mentioned hereunder, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Vendor/ Developer on the unpaid amount at the rate specified prescribed in the Rules;
(ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of Default default by Allottee under the condition listed above continues for a period beyond 2 1 (twoone) consecutive months month after notice from the CGEWHO Vendor/ Developer in this regard, the CGEWHOshall Vendor/ Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. Provide : Provided that the CGEWHO Vendor/ Developer shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by ▇▇▇▇▇▇▇▇, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, if may it be clarified that the plot/apartment balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been allotted by any Statutory Development Authority or Public Body stopped for a period of more than 12 (Twelve) months due to Applicable Law, the State GovernmentVendor/ Developer shall have the option to terminate this Agreement. In such an event, then the allottee of said Promoter Vendor/ Developer shall be liable to pay such penal interest or penalty on refund, subject to the defaulting amount as is prescribed proviso below, the entire money paid by the Allottee under its local lawsany head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.
Appears in 4 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following Following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate Occupation Certificate and completion certificateCompletion Certificate, as the case may be, be has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHO‘Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid deducting the govt. Tax which was already been paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: . Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, paid by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 3 (twothree) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and GST / other government taxes and this Agreement shall thereupon stand terminated. Provide : Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 4 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the “Force Majeure clauseMajeure”, the CGEWHO shall be considered under a condition of DefaultCourt orders, in the following events:Government policy / guidelines, decisions, the
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Said Independent Floor for residential usage along with parking to the Allottee within the time period specified in para Para
7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment Said Independent Floor for residential usage shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, or part thereof has been issued by the competent authority.
(ii) Discontinuance of the CGEWHO’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction / development milestones and only thereafter thereafter, the Allottee be required to make the next payment payment, without any penal interest, for the period of such delay; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitSaid Independent Floor , along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five ninety (90) days of receiving the termination notice: Provided that where an Allottee Allottee(s) does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter , simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Said Independent Floor for residential usage along with parking, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five ninety (90) days of it becoming due.
9.3 The Allottee Allottee(s) shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO payment of any instalment due as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regardhereto as Schedule C, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount from the due date of such instalment at the rate specified prescribed in the Rules;
(ii) In case of Default the default by Allottee under the condition listed above continues for a period beyond 2 ninety (two90) consecutive months days after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Said Independent Floor for residential usage along with parking in favour of the Allottee and refund the amount money paid to him by the allottee Allottee, by deducting forfeiting the booking Booking Amount paid for the allotment and interest component on delayed payment (paid / payable by the Allottee for breach of Agreement and non-payment of any due payable to the Promoter ). The rate of interest payable by the Allottee to the Promoter shall be the State Bank of India's highest marginal cost of lending rate plus two percent (2%). The balance amount of money paid by the Allottee(s) shall be returned by the Promoter to the Allottee within ninety (90) days of such cancellation. On such default, the Agreement and any liability of the interest liabilities and this Agreement Promoter arising out of the same shall thereupon thereupon, stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However[In case the obligations as above are not complied with either by the Allottee or the Promoter, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsauthority may issue suitable directions.]
Appears in 3 contracts
Sources: Agreement for Sale, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following eventsevents :
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] to Apartment/ Plot]to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.authority ;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the followingfollowing :
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating termination the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: notice ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO promoter to the allottee within Fortyforty-five days of it becoming become due.
9.3 The Allottee TheAllottee shall be considered under a condition of Default, on the occurrence of the following eventsevents :
(i) In case the Allottee fails to make payments for consecutive demand made demands may by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 6 (twoSix) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide terminated ; Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 3 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this para, ‘clause,' ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHO’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions provision of the Act or Actor the rules or regulations made thereunder.
9.2 the re under. In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments payment to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter there after the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing Handing over of the possession of the dwelling unitApartment. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 3 contracts
Sources: Sale Agreement, Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 10.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ possession‟ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHO’s promoter‟s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 10.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Promoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five days of receiving the termination notice: ;
10.3 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five 45 days of it its becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.
9.3 10.4 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO as per the Promoter according to the payment plan annexed heretoas provided in Schedule „K‟, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO promoter in this regard, the CGEWHOshall promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by after deducting the booking amount or 10% of total consideration whichever is higher and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such termination. However, In case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the plot/apartment has been allotted by any Statutory Development Authority or Public Body current Sale Price is less than the Purchase Price. The ultimate balance amount of the State Government, then the allottee of said Promoter money refundable shall be liable returned by the Promoter to pay the Allottee within 45 (forty-five) days of such penal interest or penalty on cancellation and this Agreement shall thereupon stand terminated:
(iii) Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the defaulting amount as is prescribed under its local lawsappropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.
Appears in 3 contracts
Sources: Agreement for Sale, Sale Agreement, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (A) Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHOpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 (B) In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Promoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.;
11.1 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five 45 days of it its becoming due.... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions..
9.3 11.2 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: -
(i) In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed heretoas per Schedule -C, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;herein.
(ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond 2 (two) consecutive months after the notice from the CGEWHO promoter in this regard, the CGEWHOshall promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such termination . in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the current Sale Price is less than the Purchase Price. The ultimate balance amount of money refundable shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated. Provide : Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the CGEWHO appropriate authorities concerned shall intimate not be returned by the allottee about such termination at least thirty days prior to such termination. However, if Promoter and the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter Allottee shall be liable free to pay approach the authorities concerned for refund of such penal interest or penalty on the defaulting amount as is prescribed under its local lawstaxes, charges, levies, cess, assessments and impositions.
Appears in 3 contracts
Sources: Agreement for Sale, Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project said Phase within the stipulated time disclosed at the time of registration of the project said Phase with the Authority. For the purpose of this para, ‘ready to move in possession’ shall mean that the apartment Apartment shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, be has been issued by the competent authority.:
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default default by CGEWHO Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO the Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; : or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee to the Promoter under any head whatsoever towards the purchase of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components rate equivalent to the prevailing Prime Lending Rate of Total Price excluding GST as defined in Clause1.2 the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice: . Provided that That where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, paid by the CGEWHOPromoter, simple interest @10% p.a.at the rate equivalent to the prevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty45 (forty-five five) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) In case the Allottee fails to make payments payment for two consecutive demand demands made by CGEWHO the Promoter as per the payment plan annexed heretoPayment Plan, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard. It is further clarified that, reminders and or notices for payment of instalments or notice for rectification of default as per the allottee Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay interest to the CGEWHO on the unpaid amount Promoter, interest at the rate specified of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the Rules;Rules on all unpaid amounts from the date the amount is payable by the Allottee.
(ii) In Without prejudice to the right of the Promoter to charge interest in terms of Clause 9.3 (i) above, in case of Default default by the Allottee under the condition listed Clause 9.3 (i) above continues for a period beyond 2 (two) two consecutive months after notice for rectification of default from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter, at its own option, may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and terminate this Agreement and refund the amount money paid to him the Promoter by the allottee by Allottee after deducting the booking amount Booking Amount and the interest liabilities and after deduction of such other tax/levy as may be applicable at the time of such termination by the Promoter, and this Agreement and any liability of the Promoter shall thereupon stand terminated. Provide PROVIDED HOWEVER that the CGEWHO shall intimate the allottee about such termination Promoter at least thirty 30 days prior to such termination. However, if cancellation shall issue a Notice for Cancellation (Cancellation Notice) intimating the plot/apartment has been allotted by any Statutory Development Authority or Public Body Allottee about its decision to cancel the allotment.
(iii) On and from the date of refund of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.mentioned in Clauses 9.2 and
Appears in 3 contracts
Sources: Sale Agreement, Agreement for Sale, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Developer fails to provide ready to move in possession of the [Apartment/Plot] Flat to the Allottee Purchasers within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHO’s Developer's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default by CGEWHO Developer under the conditions listed above, Allottee Purchasers is entitled to the following:
(i) Stop making further payments to CGEWHO Developer as demanded by the CGEWHODeveloper. If the Allottee Purchasers stops making payments, the CGEWHO Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchasers be required to make the next payment without any penal interest; or
(ii) The Allottee Purchasers shall have the option of terminating the Agreement in which case the CGEWHO Developer shall be liable to refund the entire money paid by the Allottee Purchasers under any head whatsoever towards the purchase of the dwelling unitFlat, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Purchasers does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHODeveloper, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unitFlat. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee Purchasers shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee Purchasers fails to make payments for two consecutive demand demands made by CGEWHO the Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Purchasers shall be liable to pay interest to the CGEWHO Developer on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee Purchasers under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Developer in this regard, the CGEWHOshall Developer shall cancel the allotment of the Apartment/Plot Flat in favour of the Allottee Purchasers and refund the amount money paid to him by the allottee Purchasers by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 3 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Apartment/ Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating termination the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: notice ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO promoter to the allottee within Fortyforty-five days of it becoming become due.
9.3 The Allottee TheAllottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made demands may by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 6 (twoSix) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide ; Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 3 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:;
(i) CGEWHO If the Promoter fails to provide ready to move in possession of the [Apartment/Plot] unit to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respect;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default by CGEWHO Promoter under the conditions listed above, Allottee allottee is entitled to the following:;
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee after deducting the tax which was already paid to the government under any head whatsoever towards the purchase of the dwelling unit, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 apartment within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, Agreement he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unitcan do so. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, the regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months month after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and tax which was already paid to the government and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment / Unit to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityauthority or as extended by the authority. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.other provisions hereof;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of the Allottee complies with his obligations under this agreement and there is Default by CGEWHO promoter under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones, if any, to the Promoter as demanded by the CGEWHOpromoter. If the Allottee stops making paymentspayment, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitApartment / Unit, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: period mentioned in the Rules; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming dueApartment / Unit.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by the Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months 15 days after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter shall cancel the allotment of the Apartment/Plot Apartment / Unit in favour of the Allottee and refund the amount money paid to him the Promoter by the allottee by after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that Such refund shall not include any amount paid by the CGEWHO Allottee on account of Legal Charges, Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall intimate be subject to sale of Apartment / Unit by the allottee about such termination Promoter and the amount have been received by the Promoter from the new Transferee thereof. The Allottee shall, at least thirty days prior his own costs and expenses, execute all necessary documents required by the Promoter in this regard.
(iii) In case the Allottee fails to such termination. Howeverexecute and register the Deed of Cancellation, if as aforesaid, the plot/apartment has Sale Agreement shall be deemed to have been allotted cancelled and the payment due, to the Allottee shall be held by any Statutory Development Authority or Public Body the Promoter and upon the Allottee executing and registering the Deed of Cancellation, the payment shall be released in favour of the State Government, then Allottee and such payment when withheld by the allottee of said Promoter shall be liable to pay such penal not carry any interest or penalty on the defaulting amount as is prescribed under its local lawsthereof.
Appears in 2 contracts
Sources: Agreement for Sale, Deed of Conveyance
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Plot to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:: That the Promoter has not based the payment plan upon any construction milestones and to benefit the allottes provided EMI facility
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have It is understood that the option of terminating Promoter has not based the Agreement in which case payment plan upon any construction milestones and to benefit the CGEWHO shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unit, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: allottes provided EMI facility Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Plot, which shall be paid by the CGEWHO promoter to the allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking 50% of the amount paid till then and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO : i Promoter fails to provide ready to move in possession of the [Apartmentthe[Apartment/Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this paraclause, ‘'ready to move in possession’ possession‟ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation occupancy certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) ; ii Discontinuance of the CGEWHO’s Promoter‟s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 9.2. In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) : i Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unit, along with simple interest @10% p.a9.3. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) : i In case the Allottee fails to make payments for consecutive demand of instalment within 15 days of demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) ; ii In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months 60 days after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the [Apartment/Plot Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 11.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHOpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 11.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Promoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 8 of this Agreement.; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unitApartment. Which which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming duedue Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions..
11.3 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated.
9.3 11.4 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -
(i) In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;herein.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO promoter in this regard, the CGEWHOshall promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and this Agreement shall thereupon stand terminatedterminated . Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such terminationtermination . However, in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the plot/apartment has been allotted by any Statutory Development Authority or Public Body current Sale Price is less than the Purchase Price. The ultimate balance amount of the State Government, then the allottee of said Promoter money refundable shall be liable returned by the Promoter to pay the Allottee within 45 (forty- five) days of such penal interest or penalty on the defaulting amount as is prescribed under its local laws.cancellation and this Agreement shall thereupon stand terminated
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the CGEWHO Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events:
(i) CGEWHO : Vendor/ Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘clause 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority.
(ii) ; Discontinuance of the CGEWHOVendor's/ Developer’s business as a developer Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 . In case of Default by CGEWHO Vendor/ Developer under the conditions listed above, Allottee is entitled to the following:
(i) : Stop making further payments to CGEWHO Vendor/ Developer as demanded by the CGEWHOVendor/ Developer. If the Allottee stops making payments, the CGEWHO Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) or The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Vendor/ Developer shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an the Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOVendor/ Developer, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Vendor/ Developer to the allottee Allottee within Forty45 (forty-five five) days of it becoming due.
9.3 . Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) : In case the Allottee fails to make any of the payments for consecutive demand made by CGEWHO within the due dates as per the payment plan annexed heretoPayment Plan, mentioned hereunder, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Vendor/ Developer on the unpaid amount at the rate specified prescribed in the Rules;
(ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of Default default by Allottee under the condition listed above continues for a period beyond 2 1 (twoone) consecutive months month after notice from the CGEWHO Vendor/ Developer in this regard, the CGEWHOshall Vendor/ Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. Provide : Provided that the CGEWHO Vendor/ Developer shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Allottee, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, if may it be clarified that the plot/apartment balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been allotted by any Statutory Development Authority or Public Body stopped for a period of more than 12 (Twelve) months due to Applicable Law, the State GovernmentVendor/ Developer shall have the option to terminate this Agreement. In such an event, then the allottee of said Promoter Vendor/ Developer shall be liable to pay such penal interest or penalty on refund, subject to the defaulting amount as is prescribed proviso below, the entire money paid by the Allottee under its local lawsany head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Owner/Promoter fails to provide ready to move in fitout possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 7.2.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in fit out possession’ shall mean that temporary permission given by the Owner/Promoter in respect of the said apartment to complete the internal finishing/fitouts and shall be in a habitable condition which is complete in all respects including not give the provision of all specifications, amenities and facilities, as agreed right to between the parties, and for which occupation Allottee to use,occupy or enjoy the Apartment till completion certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOOwner/Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Owner/Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Owner/Promoter as demanded by the CGEWHOOwner/Promoter. If the Allottee stops making payments, the CGEWHO Owner/Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Owner?Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unit, apartment along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-forty five days of receiving the termination notice: notice and upon executing all necessary documents relating to cancellation; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOOwner/promoter, simple interest @10% p.a.at the rate prescribed in the Rules, for For every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Owner/promoter to the allottee within Forty-forty five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Owner/Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO Owner/promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Owner/Promoter in this regard, the CGEWHOshall Owner/Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO Ownerpromoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Owner / Promoter shall be considered under a condition of Default, in Default if the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit / Apartment to the Allottee / Purchaser within the time period specified in para 7.1 or clause 6.1, the Allottee / Purchaser is either entitled to stop making further payments to Owner / Promoter as demanded by the Owner / Promoter. If the Allottee / Purchaser stops making payments the Allottee / Purchaser, shall correct the situation by completing the construction milestones and only thereafter the Allottee / Purchaser be required to make the next payment without any interest. Be it mentioned apart from Force Majeure if the Owner / Promoter fails to complete construct the project Designated Unit / Apartment within the stipulated time disclosed period specified in clause 6.1, then the Owner / Promoter shall be liable to pay to the Allottee / Purchaser interest at the time of registration rate specified in the Act on the part payment of the project consideration until then paid by the Allottee / Purchaser to the Owner / Promoter for the period of delay PROVIDED THAT if the delay continues for a period of more than 06 (six) months the Allottee / Purchaser shall be entitled at any time thereafter to cancel the contract placed hereunder by a notice in writing. In the event of such cancellation, the Owner / Promoter shall refund the entire ▇▇▇▇▇▇▇ money until then paid by the Allottee / Purchaser to the Allottee / Purchaser with interest at the Authorityrate specified in the Act within 45 days of such cancellation. For the purpose of this para, ‘para 'ready to move in possession’ ' shall mean that the apartment Unit / Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) Discontinuance of the CGEWHO’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO as demanded by the CGEWHO. If the Allottee stops making payments, the CGEWHO shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unit, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee / Purchaser shall be considered under a condition of Default, on in case the occurrence Allottee / Purchaser fails to make payments as per the Payment Plan (Schedule B) annexed hereto, or commits any breach of the following terms or conditions herein contained, then or in any of such events:
(i) , the Owner/ Promoter shall give 60 days notice to the Allottee / Purchaser to pay the amounts under default or to rectify the breach. In case the Allottee / Purchaser fails or neglects to make the payments for consecutive demand made by CGEWHO as per of the payment plan annexed hereto, despite having been issued notice in that regardsaid amounts under default with applicable interest or to rectify the breach complained of within the said period of 60 days, the allottee Owner / Promoter may at its sole option and without prejudice to its rights sue the Allottee / Purchaser as provided for hereinafter, or any other right or remedy, provided to the Owner / Promoter herein, terminate and rescind this agreement. In the event of such termination and recession, the rights and claims, if any, of the Allottee / Purchaser against the Owner / Promoter, the Designated Unit / Apartment, shall stand extinguished without the right of the Allottee / Purchaser over and in respect of the same and the Owner / Promoter shall be liable entitled to forfeit a sum equivalent to 10% of the total consideration amount and the interest accrued till the date of recession and termination of this agreement on the delayed payments, if any and as and by way of pre – determined compensation and liquidated damages. The balance amount, if any, remaining with the Owner / Promoter out of the ▇▇▇▇▇▇▇ monies until then received, by the Owner / Promoter from the Allottee / Purchaser without any interest within 45 days from the date of such termination or recession of this Agreement. It is agreed by the parties that the pre – determined compensation and liquidated damages mentioned above has been mutually assessed by the parties to be genuine and reasonable estimate of the damage expected to be suffered by the Owner / Promoter in the event mentioned hereinabove. Consequently, it will not be open to the Allottee / Purchaser, at any time, to contend to the contrary. However in case the Owner / Promoter condones the default of the Allottee / Purchaser then and in such event the Allottee / Purchaser shall, along with such dues, and / or arrears, pay interest to the CGEWHO on the unpaid amount at the rate specified in the Rules;
(ii) In case of Default by Allottee under Act on all amounts remaining unpaid to the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO in this regard, the CGEWHOshall cancel the allotment of the Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsOwner / Promoter.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] to Apartmentto the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the AuthorityAuthority or extended by the authority. For the purpose of this para, ‘para 'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; Provided however that till that date allottee has made all payments on time and there is no delay.
(ii) Discontinuance of the CGEWHO’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthereunder and the promoter has not challenged or has taken any action against such revocation before the appellate authority or any Court of Law.
9.2 9.2. In case of the Allottee complies with all his obligations including and especially making all payments on time under this Agreement and there is Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: .Subject to the allottee executes at his/her own costs and expenses all necessary cancellation related documents, required by the Promoter, prior to receipt of refund on the above account from the Promoter;
(iii) The Promoter will not be considered in default till such time, he lose its appeal against suspension or revocation before appellate authority or Court of Law.
(iv) Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO promoter to the allottee within Fortyforty-five days of it becoming due.
9.3 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand two demands made by CGEWHO the Promoter as per the payment plan thePayment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. Provide The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard.
(iii) Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Developer shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO The Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project said Project within the stipulated time disclosed at the time of registration of the project said Project with the Authority. For the purpose of this para, ‘ready to move in possession’ shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including as required by the provision of all specifications, amenities and facilities, as agreed to between the parties, authorities and for which occupation certificate and completion certificate, as the case may be, be has been issued by the competent authority.:
(ii) Discontinuance of the CGEWHODeveloper’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default default by CGEWHO Developer under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO the Developer as demanded by the CGEWHODeveloper. If the Allottee stops making payments, the CGEWHO Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; : or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Developer shall be liable to refund the entire money paid by the Allottee to the Developer under any head whatsoever towards the purchase of the dwelling unitApartment, along with simple interest @10% p.aas prescribed in the Rules. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that That where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, paid by the CGEWHODeveloper, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming dueApartment.
9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) In case the Allottee fails to make payments payment for consecutive demand demands made by CGEWHO the Developer as per the payment plan annexed heretoPayment Plan, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard. It is further clarified that, reminders and or notices for payment of instalments or notice for rectification of default as per the allottee Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay interest to the CGEWHO on the unpaid amount Developer, interest at the rate specified prescribed in the Rules;Rules on all unpaid amounts from the date the amount is payable by the Allottee.
(ii) In Without prejudice to the right of the Developer to charge interest in terms of Clause
9.3 (i) above, in case of Default default by the Allottee under the condition listed Clause 9.3 (i) above continues for a period beyond 2 (two) two consecutive months after notice for rectification of default from the CGEWHO Developer in this regard, the CGEWHOshall Developer, at its own option, may cancel the allotment of the Apartment/Plot said Apartment in favour of the Allottee and terminate this Agreement and refund the amount money paid to him the Developer by the allottee by Allottee after deducting the booking amount Booking Amount and the interest liabilities and after deduction of such other tax/levy as may be applicable at the time of such termination by the Developer, and this Agreement and any liability of the Developer shall thereupon stand terminated. Provide that PROVIDED THAT the CGEWHO Developer shall intimate the allottee Allottee about such termination the Developer’s intention to terminate this Agreement by a written notice (Cancellation Notice) at least thirty 30 (thirty) days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of the Allottee complies with his obligations under this Agreement and there is Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Designated Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand two demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. Provide The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in Default if the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit / Apartment to the Allottee / Purchaser within the time period specified in para 7.1 or clause 7.1, the Allottee / Purchaser is either entitled to stop making further payments to Promoter as demanded by the Promoter. If the Allottee / Purchaser stops making payments the Allottee / Purchaser, shall correct the situation by completing the construction milestones and only thereafter the Allottee / Purchaser be required to make the next payment without any interest. Be it mentioned apart from Force Majeure if the Promoter fails to complete construct the project Designated Unit / Apartment within the stipulated time disclosed period specified in clause 7.1, then the Promoter shall be liable to pay to the Allottee / Purchaser interest at the time of registration rate specified in the Act on the part payment of the project consideration until then paid by the Allottee / Purchaser to the Promoter for the period of delay PROVIDED THAT if the delay continues for a period of more than 06 (six) months the Allottee / Purchaser shall be entitled at any time thereafter to cancel the contract placed hereunder by a notice in writing. In the event of such cancellation, the Promoter shall refund the entire ▇▇▇▇▇▇▇ money until then paid by the Allottee / Purchaser to the Allottee / Purchaser with interest at the Authorityrate specified in the Act within 45 days of such cancellation. For the purpose of this para, ‘para 'ready to move in possession’ ' shall mean that the apartment Unit / Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) Discontinuance of the CGEWHO’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO as demanded by the CGEWHO. If the Allottee stops making payments, the CGEWHO shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unit, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee / Purchaser shall be considered under a condition of Default, on in case the occurrence Allottee / Purchaser fails to make payments as per the Payment Plan (Schedule B) annexed hereto, or commits any breach of the following terms or conditions herein contained, then or in any of such events:
(i) , the Promoter shall give 60 days notice to the Allottee / Purchaser to pay the amounts under default or to rectify the breach. In case the Allottee / Purchaser fails or neglects to make the payments for consecutive demand made by CGEWHO as per of the payment plan annexed hereto, despite having been issued notice in that regardsaid amounts under default with applicable interest or to rectify the breach complained of within the said period of 60 days, the allottee Promoter may at its sole option and without prejudice to its rights sue the Allottee / Purchaser as provided for hereinafter, or any other right or remedy, provided to the Promoter herein, terminate and rescind this agreement. In the event of such termination and recession, the rights and claims, if any, of the Allottee / Purchaser against the Promoter, the Designated Unit / Apartment, shall stand extinguished without the right of the Allottee / Purchaser over and in respect of the same and the Promoter shall be liable entitled to forfeit a sum equivalent to 10% of the total consideration amount and the interest accrued till the date of recession and termination of this agreement on the delayed payments, if any and as and by way of pre – determined compensation and liquidated damages. The balance amount, if any, remaining with the Promoter out of the ▇▇▇▇▇▇▇ monies until then received, by the Promoter from the Allottee / Purchaser without any interest within 45 days from the date of such termination or recession of this Agreement. It is agreed by the parties that the pre – determined compensation and liquidated damages mentioned above has been mutually assessed by the parties to be genuine and reasonable estimate of the damage expected to be suffered by the Promoter in the event mentioned hereinabove. Consequently, it will not be open to the Allottee / Purchaser, at any time, to contend to the contrary. However in case the Promoter condones the default of the Allottee / Purchaser then and in such event the Allottee / Purchaser shall, along with such dues, and / or arrears, pay interest to the CGEWHO on the unpaid amount at the rate specified in the Rules;
(ii) In case of Default by Allottee under Act on all amounts remaining unpaid to the condition listed above continues for a period beyond 2 (two) consecutive months after notice from Promoter. For better understanding total consideration shall mean the CGEWHO in this regard, the CGEWHOshall cancel the allotment of the Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount full sale price as is prescribed under its local laws.mentioned herein Schedule B.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottee’s within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee Allottee’s is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee Allottee’s stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee’s be required to make the next payment without any penal interest; or
(ii) The Allottee Allottee’s shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee Allottee’s under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Allottee’s does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO promoter to the allottee allottee’s within Fortyforty-five days of it becoming due.
9.3 The Allottee Allottee’s shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee Allottee’s fails to make payments for 02 consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee allottee’s shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified based on the State Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; prescribed in the Rules;
(ii) ; In case of Default by Allottee Allottee’s under the condition listed above continues for a period beyond 2 (two) 02 consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee Allottee’s and refund the amount money paid to him by the allottee allottee’s by deducting the booking amount or 10% of the total price of the LIG/ EWS flat, whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee allottee’s about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Para
7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this paraPara, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) . Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 9.2. In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:,
(i) i. Stop making further further-payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee(s)is not construction linked; or
(ii) . The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: . Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the agreed rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) i. In case the Allottee fails to make payments payment for 2 (two) consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard. It is further clarified that, reminders and or notices for payment of installments or notice for rectification of default as per the allottee Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay interest to the CGEWHO on the unpaid amount Promoter, interest at the rate specified of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the RulesRules on all unpaid amounts from the date the amount is payable by the Allottee;
(ii) In . Without prejudice to the right of the Promoter to charge interest in terms of Clause 9.3.i above, in case of Default default by the Allottee under the condition listed Clause 9.3.i above continues for a period beyond 2 (two) two consecutive months after notice for rectification of default from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter, at its own option, may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and terminate this Agreement and refund the amount money paid to him the Promoter by the allottee by Allottee after deducting the booking amount Booking Amount and the interest liabilities and after deduction of such other tax/levy as may be applicable at the time of such termination by the Promoter, and this Agreement and any liability of the Promoter shall thereupon stand terminated. Provide PROVIDED HOWEVER that the CGEWHO shall intimate the allottee about such termination Promoter at least thirty 30 days prior to such terminationcancellation shall issue a Notice for Cancellation (Cancellation Notice) intimating the Allottee about its decision to cancel the allotment.
iii. However, if On and from the plot/apartment has been allotted by any Statutory Development Authority or Public Body date of refund of the State Governmentamount as mentioned in Clauses 9.2 and 9.3.ii above, then as the allottee case may be, this Agreement shall stand cancelled automatically without any further act from the Allottee and the Allottee shall have no right, title and/or interest on the said Apartment, the Project and/or the Said Land or any part or portion thereof, and the Allottee shall further not be entitled to claim any charge on the said Apartment and/or any part or portion thereof, in any manner whatsoever. The effect of said such termination shall be binding and conclusive on the parties.
iv. For the avoidance of doubt, it is hereby clarified that the Promoter shall not be liable held liable, in any manner whatsoever, for any delay in receipt/non -receipt of any refund by the Allottee in accordance with the terms of this Agreement, for any reason, including but not limited to, any delay by postal authorities or due to pay such penal interest a change in address of the Allottee (save as provided in this Agreement) or penalty on the defaulting amount as is prescribed under its local lawsloss in transit.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter/Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘ready para'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHO’s Promoter/Developer's business as a developer on account of accountof suspension or revocation of his registration under the provisions permissions of the Act or the rules or regulations made thereunderthe under.
9.2 9.2. In case of Default by CGEWHO Promoter/Developer under the conditions listed above, Allottee is entitled to the followingfollowing :
(i) Stop making further payments to CGEWHO Promoter/Developer as demanded by the CGEWHOPromoter/Developer. If the Allottee stops making payments, payments the CGEWHO Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter/Developer, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter/Developer to the allottee within Fortyallotteewithin forty-five days of it becoming due.
9.3 9.3. The Allottee Allotee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made demands mude by CGEWHO the Promoter/Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO Promoter/Developer on the unpaid amount at the rate specified prescribe in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) …………….. consecutive months after notice from the CGEWHO Promoter/Developer in this regard, the CGEWHOshall Promoter/Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide ; Provided that the CGEWHO Promoter/Developer shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHO’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 Apartment The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter shall cancel the allotment of the Apartment/Plot [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 11.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHOpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 11.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Promoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 8.10.2 of this Agreement.;
11.3 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five 45 days of it its becoming due.... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions..
9.3 11.4 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: -
(i) In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest to the CGEWHO on the unpaid amount at the rate specified in the Rules;as per Schedule
(ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond 2 (two) consecutive months after the notice from the CGEWHO promoter in this regard, the CGEWHOshall promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such termination . in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the current Sale Price is less than the Purchase Price. The ultimate balance amount of money refundable shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated. Provide : Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the CGEWHO appropriate authorities concerned shall intimate not be returned by the allottee about such termination at least thirty days prior to such termination. However, if Promoter and the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter Allottee shall be liable free to pay approach the authorities concerned for refund of such penal interest or penalty on the defaulting amount as is prescribed under its local lawstaxes, charges, levies, cess, assessments and impositions.
Appears in 2 contracts
Sources: Buyers Agreement, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following Following events:
(i) CGEWHO i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 para7.1 or fails to complete the project within 0within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘para ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete completed in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificateOccupancy Certificate (partially in respect of few blocks and/or complete in respect of all blocks) , as the case may be, be has been issued by the competent authorityCompetent Authority.
(ii) . Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) i. Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) . The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 3 (twothree) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking Booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) . Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO the Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) i. Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) . The Allottee shall have the option of terminating the this Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Total Price of the dwelling unit, Apartment along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: notice and further subject to the Allottee prior to receipt of refund on the above account from the Promoter, at his own costs and expenses, execute all necessary cancellation related documents required by the Promoter; It is clarified that all amounts collected as GST deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such GST. Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming dueApartment.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) i. In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at as the rate specified prescribed in the Rules;
(ii) . In case of Default by Allottee Allottee, condition mentioned in this Agreement despite receiving a prior 30 days written notice from the Promoter in respect thereof or any Default under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by Allottee after deducting the booking amount paid at or before the execution of this agreement and the interest liabilities of the Allottee with an option to pay the same directly to the bank account of the Allottee given at the time of application form and this Agreement shall thereupon stand terminated. Provide that : Such refund to the CGEWHO shall intimate Allottee by the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable made out of the amounts received by the Promoter against sale of the said Apartment to pay such penal interest any other interested person.
9.4 Notwithstanding any contrary provisions, it is expressly agreed that no refund to the Allottee shall, under any circumstances whatsoever, be made of any amount paid by the Allottee on account of Taxes and/or stamp duty and registration charges incurred by the Allottee. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard.
9.5 Nothing contained in this Agreement shall affect or penalty on prejudice the defaulting amount as is prescribed under its local lawsright of either party to sue the other for specific performance of the contract and/or damages for any default of the other party.
Appears in 2 contracts
Sources: Agreement for Sale, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO : Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authoritytime. For the purpose of this para, ‘Para 'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to by and between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) Discontinuance of the CGEWHO’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) i. Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have . In case of delay being beyond the option of terminating stipulated time as mentioned in Para 7.1 above, the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unit, along with simple pay interest @10@ SBI Prime Lending Rate + 2% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming dueAllottee on the total amount paid for the delayed period.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) i. In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest @SBI Prime Lending Rate + 2% per annum to the CGEWHO Promoter on the unpaid amount at for the rate specified in the Rules;delayed period.
(ii) . In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter upon 30 days written notice may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and thereafter this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Agreement for Sale, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of the Allottee complies with his obligations under this Agreement and there is Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Designated Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand two demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the RulesRules ;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. Provide The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Vendors/Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO 9.1 Vendors/Developer fails to provide ready to move in possession of the [Apartment/Plot] Flat & Parking to the Allottee Allottee(s) within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment Flat & Parking shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) 9.2 Discontinuance of the CGEWHO’s Vendors/Developer's business as a developer on account of suspension or revocation of his their registration under the provisions of the Act or Actor the rules or regulations made thereunderthere under.
9.2 9.3 In case of Default by CGEWHO Vendors/Developer under the conditions listed above, Allottee Allottee(s) is entitled to the following:
(i) Stop making further payments to CGEWHO Vendors/Developer as demanded by the CGEWHOVendors/Developer. If the Allottee Allottee(s) stops making payments, the CGEWHO Vendors/Developer shall correct the situation by completing the construction milestones and only thereafter there after the Allottee Allottee(s) be required to make the then next payment without any penal interest; or
(ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the CGEWHO Vendors/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever Allottee(s) towards the purchase of the dwelling unit, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming dueFlat & Parking.
9.3 9.4 The Allottee Allottee(s) shall be considered under a condition of Default, on the occurrence of the following events:
(i) : In case the Allottee Allottee(s) fails to make payments for consecutive demand 30 Consecutive days after the demands have been made by CGEWHO the Vendors/Developer as per the payment plan Payment Plan annexed heretohere to, despite having been issued notice in that regard, regard the allottee Allottee(s) shall be liable to pay interest to the CGEWHO Vendors/Developer on the unpaid amount at the rate specified in the Rules;
(ii) . In case of Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 2 (two) consecutive two months after notice from the CGEWHO Vendors/Developer in this regard, the CGEWHOshall Vendors/Developer shall cancel the allotment of the Apartment/Plot Flat & Parking in favour of the Allottee Allottee(s) and refund the amount money paid to him by the allottee Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon there upon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the “Force Majeure clauseMajeure”, the CGEWHO shall be considered under a condition of DefaultCourt orders, in the following events:Government policy / guidelines, decisions, the
(i) CGEWHO Promoter fails to provide offer ready to move in possession of the [Apartment/Plot] Said Independent Floor for residential usage along with parking to the Allottee within the time period specified in para Para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project Project with the Authorityauthority. For the purpose of this para, ‘ready to move in possession’ shall mean that the apartment Said Independent Floor for residential usage shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, or part thereof has been issued by the competent authority.
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction / development milestones and only thereafter thereafter, the Allottee be required to make the next payment payment, without any penal interest, for the period of such delay; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitSaid Independent Floor, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five ninety (90) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the offer of handing over of the possession of the dwelling unit. Which Said Independent Floor for residential usage along with parking, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five ninety (90) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO payment of any instalment due as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regardhereto as Schedule C, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount from the due date of such instalment at the rate specified prescribed in the Rules;
(ii) In case of Default the default by Allottee under the condition listed above continues for a period beyond 2 ninety (two90) consecutive months days after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Said Independent Floor for residential usage along with parking in favour of the Allottee and refund the amount money paid to him by the allottee Allottee, by deducting forfeiting the booking Booking Amount paid for the allotment and interest component on delayed payment (paid / payable by the Allottee for breach of Agreement and non-payment of any due payable to the Promoter). The rate of interest payable by the Allottee to the Promoter shall be the State Bank of India’s highest marginal cost of lending rate plus two percent (2%). The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee within ninety (90) days of such cancellation. On such default, the Agreement and any liability of the interest liabilities and this Agreement Promoter arising out of the same shall thereupon thereupon, stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. HoweverIn case the obligations as above are not complied with either by the Allottee or the Promoter, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsauthority may issue suitable directions.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following eventsevents :
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/PlotApartment ] to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter ’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter . If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by buy the CGEWHOPromoter , simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession poseession of the dwelling unit. Which [Apartment ], which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following eventsevents :
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO in this regard, the CGEWHOshall cancel the allotment of the Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide terminated : Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Residential / Non Residential / Building / Apartment / Plot to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; as per revised payment schedule or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, Residential / Non Residential / Building / Apartment / Plot along with interest at the rate prescribed in the Rules @ ……………% per annum simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which [Apartment/Plot] Residential / Non Residential / Building / Apartment / Plot, which shall be paid by the CGEWHO promoter to the allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for Two consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified @ % per annum simple interest prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) Two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the [Apartment/Plot] Residential / Non Residential / Building / Apartment / Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and prescribed under this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of the Allottee complies with his obligations under this agreement and there is Default by CGEWHO promoter under the conditions listed above, the Allottee is entitled to the followingfollowing :
(i) Stop making further payments linked to CGEWHO construction milestones, if any, to the Promoter as demanded by the CGEWHOpromoter. If the Allottee stops making paymentspayment, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase acquiring of the dwelling unitapartment, along with simple interest @10at the rate specified in the Rules and mutually agreed at 9% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 per annum (compounded every six months) within forty-forty five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10at the rate specified in the Rules and mutually agreed at 9% p.a., per annum (compounded every six months) for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO promoter to the allottee Allottee within Forty-forty five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by the Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him the Promoter by the allottee by after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO terminated and such refund shall intimate the allottee about such termination at least thirty days prior be subject to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body transfer of the State Government, then Apartment by the allottee of said Promoter shall be liable to pay such penal interest or penalty on and the defaulting amount as is prescribed under its local lawsamounts have been received by the Promoter from the new transferee thereof.
Appears in 2 contracts
Sources: Development Agreement, Development Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Developer fails to provide ready to move in possession of the [Apartment/Plot] Flat to the Allottee Purchasers within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHO’s Developer's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default by CGEWHO Developer under the conditions listed above, Allottee Purchasers is entitled to the following:
(i) Stop making further payments to CGEWHO Developer as demanded by the CGEWHODeveloper. If the Allottee Purchasers stops making payments, the CGEWHO Developer shall correct the situation by completing the construction milestones and only thereafter there after the Allottee Purchaser/s be required to make the next payment without any penal interest; or
(ii) The Allottee Purchasers shall have the option of terminating the Agreement in which case the CGEWHO Developer shall be liable to refund the entire money paid by the Allottee Purchasers under any head whatsoever towards the purchase of the dwelling unitFlat, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Purchasers does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHODeveloper, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unitFlat. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee Purchasers shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee Purchasers fails to make payments for two consecutive demand demands made by CGEWHO the Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Purchasers shall be liable to pay interest to the CGEWHO Developer on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee Purchasers under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Developer in this regard, the CGEWHOshall Developer shall cancel the allotment of the Apartment/Plot Flat in favour of the Allottee Purchasers and refund the amount money paid to him by the allottee Purchasers by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO shall be considered under a condition of Default, in the following events:
(i) CGEWHO fails to provide ready to move in possession of the [ApartmentFlat/Plot] Apartment to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project said Residential Complex within the stipulated time disclosed at the time of registration of the project Residential Project with the Authority. For the purpose of this para, ‘clause 'ready to move in possession’ ' shall mean that the apartment said Flat/Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between specified in Part-II of the partiesFourth Schedule of this Agreement, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHO’s 's business as a developer CGEWHO on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 9.2. In case of Default by CGEWHO under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO as demanded by the CGEWHO. If the Allottee stops making payments, payments the CGEWHO shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestInterest; or
(ii) The Allottee shall have has the option of terminating the Agreement in which case the CGEWHO shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitflat/apartment, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as Interest(as defined in Clause1.2 hereinafter) within forty-five days of receiving the termination notice: notice subject to Allottee registering the deed of cancellation in respect of the said Flat; Provided that where an Allottee does not intend to withdraw from the project Residential Project or terminate the Agreement, he he/she/they/it shall be paid, by the CGEWHO, simple interest @10% p.a., Interest for every month of delay till the handing over of the possession of the dwelling unit. Which said Flat/Apartment, which shall be paid by the CGEWHO to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The . Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be considered under a condition free to approach the authorities concerned for refund of Defaultsuch taxes, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO as per the payment plan annexed heretocharges, despite having been issued notice in that regardlevies, the allottee shall be liable to pay interest to the CGEWHO on the unpaid amount at the rate specified in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO in this regardcess, the CGEWHOshall cancel the allotment of the Apartment/Plot in favour of the Allottee assessments and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsimpositions.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 11.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO In spite of due observance of the terms and obligations of the Allottee under this agreement, the Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 Completion Date or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties as certified by the Architect and for which occupation certificate and completion certificate, as the case may be, full or partial Completion / Occupancy Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHO’s promoters’ business as a developer developers on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 11.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Promoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in Clause 8 of this Agreement; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming duedue or adjusted from future installments payable by the Allottee. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.
9.3 11.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: -
(i) In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO in this regard, the CGEWHOshall cancel the allotment of the Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsherein.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority or extended by the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of the Allottee complies with his obligations under this Agreement and there is Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterestprovided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Designated Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand two demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the Allottee on account of Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. Provide The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession (obtain completion certificate/Partial Completion certificate ) of the [Apartment/Plot] , to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment Apartment, shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, final Completion /Partial Completion Certificate has been issued by the competent authorityCompetent Authority based on completion of the building with specification in all respect in which the Unit is situated . Construction defects will be rectified by the Promoter during the next 5 years from the date of Partial Completion (Deemed Possession date) and actual physical possession and deemed possession is the same for this purpose.
(ii) Discontinuance of the CGEWHOpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In the above context, the term “Complete in all respects” shall mean that the Unit will be deemed to be complete upon grant of CC/Partial CC and/or Architect’s certificate notwithstanding the fact there may be minor deficiencies resulting from structural defect or workmanship since construction is manmade and not machine made and there may be minor defects which will keep coming and the same will remain the responsibility of the Promoter to rectify upto 5 Years without further charge as provided in Clause 12 hereunder.
9.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Promoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitApartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 7 of this Agreement.; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five 45 days of it its becoming due.. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions..
9.3 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment, is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: -
(i) In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed heretoas per Schedule -C, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;herein.
(ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period more than 30 days from the due date on more than one occasion, the promoter shall give the allottee a written notice stating therein the defaults and calling upon the allottee to rectify/cure the defaults within a period of 15 days from the date of receipt of such notice of the promoter (cure period). If the allottee fails to make the payment (with applicable interest) within the cure period which continues beyond 2 (two) two consecutive months after the notice from the CGEWHO promoter in this regardregard and/or refusal or failure to register the Agreement, the CGEWHOshall promoter shall cancel the allotment of the Apartment/Plot , in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminatedterminated . Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body .
(iii) Failure of the State Government, then Allottee to abide by the allottee of said Promoter Development Control Regulations/Sanction plan applicable to the area shall also be construed as a default for which the Allottee will be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseClause, the CGEWHO Promoters shall be considered to be under a condition of Defaultdefault, in the following events:
(i) CGEWHO fails If the Promoters fail to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified mentioned in para 7.1 Recital F above, or fails to complete the project Said Phase within the stipulated time disclosed at the time of registration of the project registering it with the Authority. For the purpose of this para, ‘para 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation occupancy certificate, the completion certificate, the partial occupancy certificate and or the partial completion certificate, as the case may be, has been issued by the competent authority.Competent Authority;
(ii) Discontinuance of the CGEWHO’s Promoters' business as a developer Promoter on account of suspension or revocation of his their registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 In case of Default by CGEWHO the Promoters under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO the Promoter as demanded by the CGEWHOit. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee shall be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the this Agreement in which case the CGEWHO Promoters shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitApartment, along with simple interest @10% p.a. and also all which will be the components State Bank of Total Price excluding GST as defined India Prime Lending Rate plus 2 (two) percent at the rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.;
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments payment for two consecutive demand demands made by CGEWHO the Promoter as per the payment plan annexed hereto, despite having been issued notice Payment Plan mentioned in that regardSchedule-U, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified mentioned in the Rulesproviso to Clause 1.12;
(ii) In case of Default by the Allottee under the condition listed above despite receiving a prior 30 days written notice from the Promoter in respect thereof or any Default under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him it by the allottee Allottee by deducting the booking amount Booking Amount and the interest interests liabilities of the Allottee with an option to pay the same directly to the bank account of the Allottee given at the time of application and this Agreement shall thereupon stand terminated. Provide The Allottee expressly acknowledges understands and agrees that in the CGEWHO shall intimate the allottee about such event of cancellation or termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Governmentallotment of the Apartment in terms of this Agreement by the Promoter or the Allottee, then as the allottee of said case may be, the Promoter shall be liable at liberty to pay such penal act as the constituted attorney of the Allottee and execute, present for registration and register unilaterally a deed of cancellation in the event Allottee fails to do so in spite of several reminders and the Allottee shall cease to have any right title interest whatsoever in the Apartment or penalty Project Land or Project on and from the defaulting amount date of expiry of the period mentioned in the notice of cancellation or termination issued by the Promoter or the Allottee, as is prescribed under its local lawsthe case may be.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the CGEWHO Seller shall be considered under a condition of default (“Default”), in the following events:
(i) CGEWHO : Seller fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottees within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘clause 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) ; Discontinuance of the CGEWHO’s Seller's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 . In case of Default by CGEWHO Seller under the conditions listed above, Allottee Allottees is entitled to the following:
(i) : Stop making further payments to CGEWHO Seller as demanded by the CGEWHOSeller. If the Allottee Allottees stops making payments, the CGEWHO Seller shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any penal interest; or
(ii) or The Allottee Allottees shall have the option of terminating the Agreement in which case the CGEWHO Seller shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee Allottees under any head whatsoever towards the purchase sale of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an Allottee the Allottees does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOSeller, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Seller to the allottee Allottees within Forty-five 45 (forty- five) days of it becoming due.
9.3 . Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Seller and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee Allottees shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) : In case the Allottee Allottees fails to make any of the payments for consecutive demand made by CGEWHO within the due dates as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottees shall be liable to pay interest to the CGEWHO Seller on the unpaid amount at the rate specified prescribed in the Rules;
(ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottees in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of Default default by Allottee Allottees under the condition listed above continues for a period beyond 2 1 (twoone) consecutive months month after notice from the CGEWHO Seller in this regard, the CGEWHOshall Seller may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee Allottees and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottees shall, subject to second proviso below, be returned by deducting the booking Seller to the Allottees within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. Provide : Provided that the CGEWHO Seller shall intimate the allottee Allottees about such termination at least thirty 30 (thirty) days prior to such termination. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Seller and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Seller or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Seller shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by ▇▇▇▇▇▇▇▇▇, after notice from the Seller in this regard, the Seller may cancel the allotment of the Apartment in favour of the Allottees and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottees shall be, subject to proviso below, be returned by the Seller to the Allottees within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Seller and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions In the event construction of the wing or floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Seller shall have the option to terminate this Agreement. In such an event the Seller shall be liable to refund, subject to the proviso below, the entire money paid by the Allottees under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Seller and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions The Seller, on receipt of Total Consideration of Apartment, Total Tax and The Total Extras and Deposits as mentioned hereinabove under the Agreement from the Allottees, shall execute a deed of conveyance and convey the ownership rights of the Apartment together with the right to use the proportionate indivisible undivided share in the Common Areas within the time period as stated in local laws, to the Allottees. Provided that, in the absence of local law, the deed of conveyance in favour of the Allottees shall be carried out by the Seller within 3 (three) months from the date of issue of completion/occupancy certificate. However, if in case the plotAllottees fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottees authorizes the Seller to withhold registration of the deed of conveyance in his/apartment her favour till payment of stamp duty and registration charges to the Seller is made by the Allottees. The deed of conveyance shall be drafted by the Solicitors/Advocates of the Seller and shall be in such form and contain such particulars as may be approved by the Seller. No request for any changes whatsoever in the deed of conveyance will be entertained by the Seller unless such changes are required to cure any gross mistake or typographical or arithmetical error. The Seller shall be responsible to provide and maintain essential services in the Project till the taking over of the maintenance of the project by the Association upon the issuance of the completion certificate of the Project. The cost of such maintenance has been allotted by any Statutory Development Authority or Public Body included in the Total Extras and Deposits as mentioned hereinabove for the Apartment. In case the formation of the State Government, then Association is delayed due no fault of the allottee of Seller; the Seller shall provide and maintain the essential services in the said Promoter Project till the Association is formed and the said Project is handed over to the Association and the Allottees shall be liable to pay to the Seller or facility management company, the charges for such penal interest or penalty on maintenance as fixed by the defaulting amount as is prescribed under its local lawsSeller at actual.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter/Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHO’s Promoter/Developer's business as a developer on account of suspension or revocation of his registration under the provisions permissions of the Act or the rules or regulations made thereunderthe under.
9.2 9.2. In case of Default by CGEWHO Promoter/Developer under the conditions listed above, Allottee is entitled to the followingfollowing :
(i) Stop making further payments to CGEWHO Promoter/Developer as demanded by the CGEWHOPromoter/Developer. If the Allottee stops making payments, payments the CGEWHO Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter/Developer, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter/Developer to the allottee within Fortyforty-five days of it becoming due.
9.3 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter/Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO Promoter/Developer on the unpaid amount at the rate specified prescribe in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) …………….. consecutive months after notice from the CGEWHO Promoter/Developer in this regard, the CGEWHOshall Promoter/Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide ; Provided that the CGEWHO Promoter/Developer shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to All defaults, breaches and/ or non-compliance of any of the Force Majeure clause, terms and conditions of this Agreement by the CGEWHO Allottee shall be considered under a condition deemed to be events of Default, defaults liable for consequences stipulated herein. Some of the indicative/ illustrative events of defaults are mentioned below:
i) Failure to make payments within the time as stipulated in the following events:
Schedule of Payments as given in Annexure-III and failure to pay the stamp duly, legal, registration any incidental charges, any increases in EDC/IDC or any statutory dues or in security deposits including but not limited to Interest Free Maintenance Security Deposit (iIFMSD) CGEWHO fails to provide ready to move in possession as demanded by the Developer, any other charges, deposits for bulk supply of electrical energy, taxes etc. as may be notified by the [Apartment/Plot] Developer to the Allottee under the terms of this Agreement and all other defaults of similar nature.
ii) Failure to perform and observe any or all of the Allottee’s obligations as set forth in this Agreement or if the Allottee fails to execute any other deed/ document/ undertakings/ indemnities etc. or to perform any other obligation, if any set forth in any other Agreement with the Developer in relation to the said Apartment.
iii) Failure to take over the said Apartment for occupation and use within the time period specified stipulated by the Developer in para 7.1 or fails its notice.
iv) Failure to complete execute the project conveyance deed within the time stipulated time disclosed by the Developer in its notice.
v) Failure to execute Maintenance Agreement and/or to pay on or before its due date the maintenance charges, maintenance security deposits, deposits/charges for bulk supply of electrical energy or any increases in respect thereof, as demanded by the Developer, its nominee other Body or Association of Apartment Owners.
vi) Failure, pursuant to a request by the Developer, to become a member of the Association of Apartment Owners at the time of registration of the project with the Authority. For the purpose of this para, ‘ready said Building/ said Group Housing Colony or to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilitiespay subscription charges etc, as agreed to between may be required by the parties, and for which occupation certificate and completion certificateDeveloper or Association of Apartment Owners, as the case may be, has been issued by the competent authority.
(iivii) Discontinuance Assignment of this Agreement or any part of this Agreement without prior written consent of the CGEWHO’s business as a developer on account Developer.
viii) Dishonor of suspension or revocation of his registration under any cheque(s), given by Allottee for any reason whatsoever.
ix) Sale/ transfer/ disposal of/dealing with, in any manner, the provisions reserved parking space, if allotted, independent of the Act or the rules or regulations made thereunderApartment.
9.2 In case x) Any other acts, deeds or things which the Allottee may commit, omit or fail to perform in terms of Default by CGEWHO under the conditions listed abovethis Agreement, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO any other undertaking, affidavit / agreement / indemnity etc. or as demanded by the CGEWHODeveloper which in the opinion of the Developer amounts to an event of default and the Allottee agrees and confirms that the decision of the Developer in this regard shall be final and binding on the Allottee. Upon the occurrence of any one or more of event(s) of default under this Agreement including but not limited to those specified above, the Developer may, at its sole discretion decide, by notice to the Allottee, to cancel this Agreement. If the Allottee stops making paymentsDeveloper elects to cancel this Agreement, the CGEWHO shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have fifteen (15) days from the option date of terminating issue of notice of cancellation by the Developer to rectify the default as specified in that notice. The Allottee agrees that if the default is not rectified within such 15 (15) days, this Agreement in which case the CGEWHO shall be liable automatically cancelled without any further notice and the Developer shall have the right to refund retain, as and for liquidated damages, the entire ▇▇▇▇▇▇▇ money as specified in this Agreement along with other Non-Refundable amounts e.g. the interest on delayed payments, any brokerage paid/ due to payable, service tax, any other tax/ cess paid to statutory authorities etc. The Allottee agrees that upon such cancellation of this Agreement, the Developer will be released and discharged of all liabilities and obligations under this Agreement and the Allottee hereby authorizes the Developer that the said Apartment and the car parking space, if allotted, may be sold to any other party by the Developer or dealt in any other manner as the Developer may in its sole discretion deem fit as if this Agreement had never been executed and without accounting to the Allottee under for any head whatsoever towards the purchase of the dwelling unitproceeds of such sale. In the event of the Developer electing to cancel this Agreement any amount which shall prove to be refundable to the Allottee over and above the amounts retained as liquidated damages such as the ▇▇▇▇▇▇▇ money, along with simple interest @10% p.a. and also all the components on delayed payments, any brokerage paid, due or payable, any other amount of Total Price excluding GST as defined in Clause1.2 within fortynon-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreementrefundable nature, he shall be paid, refunded by the CGEWHO, simple Developer without any interest @10% p.a., for every month or compensation of delay till the handing over of the possession of the dwelling unit. Which shall be paid whatsoever nature and upon such cancellation and refund by the CGEWHO to Developer by registered post, the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition left with no right, title, interest or lien over the said Apartment and the car parking space in any manner whatsoever and he shall have to return his/her copy of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO as per the payment plan annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest this Agreement back to the CGEWHO on the unpaid amount at the rate specified in the Rules;
(ii) In case Developer within 15 days of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO in this regard, the CGEWHOshall cancel the allotment of the Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawscancellation.
Appears in 2 contracts
Sources: Builder Buyers Agreement, Apartment Buyers Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Duplex / Row House to the Allottee Allottee’s within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment Duplex / Row House shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee Allottee’s is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee Allottee’s stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee’s be required to make the next payment without any penal interest; or
(ii) The Allottee Allottee’s shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee Allottee’s under any head whatsoever towards the purchase of the dwelling unitDuplex / Row House, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-forty- five days of receiving the termination notice: Provided that where an Allottee Allottee’s does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Duplex / Row House, which shall be paid by the CGEWHO promoter to the allottee allottee’s within Fortyforty-five days of it becoming due.
9.3 The Allottee Allottee’s shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee Allottee’s fails to make payments for 02 consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee allottee’s shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified based on the State Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; prescribed in the Rules;
(ii) ; In case of Default by Allottee Allottee’s under the condition listed above continues for a period beyond 2 (two) 02 consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Duplex / Row House in favour of the Allottee Allottee’s and refund the amount money paid to him by the allottee allottee’s by deducting the booking amount or 10% of the total price of the Duplex/Row House, whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee allottee’s about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 2 contracts
Sources: Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the Residential Cum Commercial Plot [Apartment/Residential Cum Commercial Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, . and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHO’s Promoter‟s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitResidential Cum Commercial Plot apartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Residential Cum Commercial Plot [Apartment/Residential Cum Commercial Plot], which shall be paid by the CGEWHO promoter to the allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO in this regard, the CGEWHOshall cancel the allotment of the Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of based on the State Government, then the allottee Bank of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.India highest marginal cost of lending rate plus two percent from their respective due dates;
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter/Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHO’s Promoter/Developer's business as a developer on account of accountof suspension or revocation of his registration under the provisions permissions of the Act or the rules or regulations made thereunderthe under.
9.2 9.2. In case of Default by CGEWHO Promoter/Developer under the conditions listed above, Allottee ▇▇▇▇▇▇▇▇ is entitled to the followingfollowing :
(i) Stop making further payments to CGEWHO Promoter/Developer as demanded by the CGEWHOPromoter/Developer. If the Allottee stops making payments, payments the CGEWHO Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter/Developer, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter/Developer to the allottee within Fortyforty-five days of it becoming due.
9.3 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter/Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO Promoter/Developer on the unpaid amount at the rate specified prescribe in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) …………….. consecutive months after notice from the CGEWHO Promoter/Developer in this regard, the CGEWHOshall Promoter/Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide ; Provided that the CGEWHO Promoter/Developer shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 8.1. Subject to the Force Majeure clause, the CGEWHO Promoter/Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottee/s within the time period specified in para 7.1 6.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHO’s Promoter/Developer's business as a developer on account of accountof suspension or revocation of his registration under the provisions permissions of the Act or the rules or regulations made thereunderthere under.
9.2 8.2. In case of Default by CGEWHO Promoter/Developer under the conditions listed above, Allottee is Allottee/s is/are entitled to the following:
(i) Stop making further payments to CGEWHO Promoter/Developer as demanded by the CGEWHOPromoter/Developer. If the Allottee stops Allottee/sstop making payments, payments the CGEWHO Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee/s be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter/Developer, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter/Developer to the allottee within Fortyallotteewithin forty-five days of it becoming due.
9.3 8.3. The Allottee Allottee/s shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter/Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO Promoter/Developer on the unpaid amount at the rate specified prescribe in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months times according to the Payment Plan mention in part-II of Schedule ‘C’ after notice from the CGEWHO Promoter/Developer in this regard, the CGEWHOshall Promoter/Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and Allotteeand refund the amount money paid to him by the allottee by deducting the booking amount Booking Amount amounting to Rs /- (Rupees …………………………………….) only and GST (as applicable) accrued thereupon and the interest liabilities and this Agreement shall thereupon stand terminated. Provide ; Provaided that the CGEWHO Promoter/Devloper shall intimate the allottee Allottees about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of the Allottee complies with his obligations under this Agreement and there is Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming dueDesignated Apartment.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand two demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified in the Rules;
(ii) In case of Default by Allottee to register the Conveyance Deed or in complying with any other condition mentioned in this Agreement despite receiving a prior 30 days written notice from the Promoter in respect thereof or any Default under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by Allottee after deducting the booking amount (which shall be a minimum of 10% of the Total Price) paid for the allotment and the interest interest, taxes, stamp duty, registration fees (if any),charges and other liabilities of the Allottee with an option to pay the same directly to the bank account of the Allottee given at the time of application form and this Agreement shall thereupon stand terminated. Provide that terminated : Such refund to the CGEWHO shall intimate Allottee by the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable made out of the amounts received by the Promoter against sale of the Designated Apartment to pay such penal interest any other interested person.
9.4 Notwithstanding any contrary provisions, it is expressly agreed that no refund to the Allottee shall, under any circumstances whatsoever, be made of any amount paid by the Allottee on account of Legal Fees/Charges, Taxes and/or stamp duty and registration charges incurred by the Allottee. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard.
9.5 Nothing contained in this Agreement shall affect or penalty on prejudice the defaulting amount as is prescribed under its local lawsright of either party to sue the other for specific performance of the contract and/or damages for any default of the other party.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseclauses and reasons beyond control, the CGEWHO Vendors shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) CGEWHO fails Vendors fail to offer to provide ready to move in possession of the [Apartment/Plot] said Bungalow Unit to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the AuthoritySchedule ‘A’. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment said Bungalow Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authoritycondition.
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO the Vendors under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) Stop making further payments to CGEWHO Vendors as demanded by the CGEWHOVendors. If the Allottee stops making payments, the CGEWHO Vendors shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Vendors shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Total Price/Agreed Consideration for transfer of the dwelling unitsaid Bungalow Unit, along with simple interest @10% p.a. and also all at the components rate specified in Rule 17 of Total Price excluding GST as defined in Clause1.2 the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within forty-five days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOVendors, simple interest @10% p.a.at the rate specified in Rule 17 of the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming duesaid Bungalow Unit.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events:
(i) In case the Allottee fails to make payments for consecutive demand of the demands made by CGEWHO the Vendors as per the Payment Plan under Schedule C hereto and/or timely payment plan annexed of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard, the allottee Allottee shall be liable to pay interest to the CGEWHO Vendors on the unpaid amount at the rate specified in Rule 17 of the RulesRules for the period of delay;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two2(two) consecutive months after notice from the CGEWHO Vendors in this regard, the CGEWHOshall Vendors may cancel the allotment allotment/Agreement of the Apartment/Plot said Bungalow Unit in favour of the Allottee and refund the amount money paid to him the Vendors by the allottee Allottee towards the Total Price/Agreed Consideration by deducting the booking amount Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that terminated and the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter Vendors shall be liable free to pay such penal interest or penalty on deal with, dispose of and/or transfer the defaulting amount as is prescribed under its local lawssaid Bungalow Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination and the Allottee hereby consents to the same. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage, etc. shall not be refundable.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseMajeure, court orders, Government Policy / guidelines, policy / guidelines of competent authorities, decisions the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO : the Promoter fails to provide offer ready to move in possession of the [Apartment/Plot] developed Apartment for residential usage along with Parking (if applicable) to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, or part thereof has been issued by the competent authority.
(ii) . Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default default by CGEWHO the Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) : Stop making further payments to CGEWHO the Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction / development milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest for the period of such delay; or
(ii) or The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five 90 (ninety) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment for residential usage along with Parking (if applicable), which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five 90 (ninety) days of it becoming due.
9.3 . The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) : In case the Allottee fails to make payments for two consecutive demand demands made by CGEWHO Promoter as per the payment plan annexed hereto, despite having been issued notice in that regard., the allottee Allotee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) Rules ; In case of Default the default by Allottee under the condition listed in clause 9.3(i) above continues for a period beyond 2 90 (twoninety) consecutive months days after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment for residential usage along with Parking (if applicable) in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting forfeiting the booking Booking Amount paid for the allotment and interest component on delayed payment (paid/payable by the Allottee for breach of Agreement and non-payment of any due payable by the Allottee). The rate of interest payable by the Allottee to the Promoter shall be the State Bank of India highest marginal cost of lending rate plus two percent. The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee within ninety days of such cancellation. On such default, the Agreement and any liability of the interest liabilities and this Agreement Promoter arising out of the same shall thereupon thereupon, stand terminated. Provide that Provided that, the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. HoweverIn case the obligations as above are not complied with either by the Allottee or the Promoter, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body may issue suitable directions. Further, additionally the Allottee shall be considered under a condition of default, in case the Allottee fails to comply with the conditions under the notice for offer of possession, including taking over of possession of the State GovernmentApartment, providing necessary indemnities, undertakings, maintenance agreement and other documentation; and such failure continues for a period of more than 90 (ninety) days after receipt of a notice from the Promoter in this regard then the allottee Promoter may cancel the allotment of said the Apartment along with the Parking (if applicable) if any, and refund the money paid by the Allottee by forfeiting the Booking Amount and interest component on delayed payment (paid/payable by the Allottee for breach of Agreement and non-payment of any due payable by the Allottee). The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee, within 90 (ninety) days of such cancellation. On such default, the Agreement and any liability of the Promoter arising out of the same shall thereupon, stand terminated. Provided that, the Promoter shall be liable intimate the Allottee about such termination at least 30 (thirty) days prior to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawstermination.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause“force majeure”, Court orders, Government policy/ guidelines, decisions, etc. the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] alongwith right to use of general common areas and limited common areas within the said plot to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, or part thereof has been issued by the competent authority.
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction development milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest for the period of such delay; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitPlot, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five ninety days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Plot, which shall be paid by the CGEWHO promoter to the allottee within Forty-five ninety days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO of any installment within the due date as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months ninety days after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may at its sole discretion cancel the allotment of the Apartment/Plot in favour of the Allottee anytime thereafter and refund the amount money paid to him by the allottee by deducting forfeiting the booking ▇▇▇▇▇▇▇ money for the allotment, bank charges and interest component on delayed payment (payable by the customer for breach of agreement and non payment of any due payable to the promoter). The rate of interest payable by the allottee to the promoter shall be the State Bank of India highest marginal cost of lending rate plus two percent. The balance amount of money paid by the allottee shall be returned by the promoter to the allottee within ninety days of such cancellation. On such default, the Agreement and any liability of the interest liabilities and this Agreement promoter arising out of the same shall thereupon thereupon, stand terminated. Provide that Provided that, the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 10.1 Subject to the Force Majeure clause, the CGEWHO Owner/Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Owner/Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in the para 7.1 8.1 or fails fail to complete the project within the stipulated time disclosed disclose at the time of registration of the project with the Authorityauthority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationsspecification, amenities and facilities, as agreed agrees to between the parties, and for which occupation occupancy/completion certificate and completion certificate, as from the case may be, has been competent authority or such other certificate by whatever name called issued by the competent authorityauthority or from the Project Architect/ Engineer.
(ii) Discontinuance of the CGEWHOOwner’s/Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 10.2 In case of Default by CGEWHO Owner/Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Owner/ Promoter as demanded by the CGEWHOOwner/Promoter. If the Allottee stops making payments, the CGEWHO Owner/Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Owner/Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment which shall be paid by the CGEWHO Owner/promoter to the allottee Allottee within Forty-five 45 days of it becoming due.
9.3 10.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Owner/Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;
(ii) . In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) three consecutive months after notice from the CGEWHO Owner/Promoter in this regard, the CGEWHOshall Promoter make cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount Booking Amount and the interest liabilities and after deduction of such other tax/levy as may be applicable at the time of such termination by the Owner/promoter and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO Owner/promoter shall intimate the allottee and Allottee about such termination at least thirty 30 days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified specific in para 7.1 or 7.1or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.Real Estate
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration regulation under the provisions of the Act or the rules or regulations made thereunder.
9.2 9.2. In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further future payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit:
9.3. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive demand demands made by CGEWHO the Promoter as per the payment plan annexed heretoPayment Plan, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard. It is further clarified that, reminders and or notices for payment of installments or notice for rectification of default as per the allottee Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay interest to the CGEWHO on the unpaid amount Promoter, interest at the rate specified of State Bank of India Prime Lending Rate plus 2% per annum as prescribed in the RulesRules on all unpaid amounts from the date the amounts from the date the amount is payable by the Allottee;
(ii) In case of Default by Allottee under Without prejudice to the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO in this regard, the CGEWHOshall cancel the allotment right of the Apartment/Plot Promoter to charge interest in favour terms of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.Clause
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Owner/Developer shall be considered under a condition of Default, in the following eventsfollowingevents:
(i) CGEWHO i. Owner/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) . Discontinuance of the CGEWHOOwner/Developer’s business as a developer Owner/Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereundermadethereunder.
9.2 In case of Default by CGEWHO byOwner/Developer under the conditions listed above, Allottee is entitled to the followingthefollowing:
(i) i. Stop making further payments to CGEWHO Owner/Developer as demanded by the CGEWHOOwner/Developer. If the Allottee stops making payments, payments the CGEWHO Owner/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; orinterest;or
(ii) . The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Owner/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by buy the CGEWHOOwner/Developer, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Owner/Developer to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the onthe occurrence of the following eventsfollowingevents:
(i) In ▇. ▇▇ case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Owner/Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Owner/Developer on the unpaid amount at the rate specified prescribed in the RulestheRules;
(ii) In ▇▇. ▇▇ case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Owner/Developer in this regard, the CGEWHOshall Owner/Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount amount(i.e. 10% of the Agreement Value) and the interest liabilities and this Agreement shall thereupon stand terminated. Provide : Provided that the CGEWHO Owner/Developer shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawssuchtermination.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHO’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-forty- five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unitApartment. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoters/Owners shall be considered under a condition of Default, in the following events:
(i) CGEWHO fails Promoters/Owners fail to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘para 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHO’s Promoters’/Owners’ business as a developer on account of suspension or revocation of his the Developer’s registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 9.2. In case ease of Default default made by CGEWHO Promoters/Owners under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoters/Owners as demanded by the CGEWHOPromoters/Owners. If the Allottee stops making payments, payments the CGEWHO Promoters/Owners shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which this case the CGEWHO Promoters/Owners shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: , subject to the fact, that the Allottee shall before receiving the refund of all amounts paid along with prescribed rate of interest, as mentioned above from the Promoters/Owners, at the Allottee’s own costs and expenses, execute all necessary cancellation related documents required by the Promoters/Owners; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he the Allottee shall be paid, by the CGEWHOPromoters/Owners, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoters/Owners to the allottee Allottee within Forty45 (forty-five five) days of it becoming due.
9.3 9.3. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoters/Owners as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoters/Owners on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after receiving notice from the CGEWHO Promoters/Owners in this regard, the CGEWHOshall Promoters/Owners upon giving 30 (thirty) days written notice may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO : Promoter fails to provide ready to move in possession of the [Apartment/Apartment / Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationsspecification, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) . Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) : Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) or The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire tntire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five sixty days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which [Apartment / Plot] which shall be paid by the CGEWHO promoter to the allottee within Forty-five sixty days of it becoming due.
9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) : In case the Allottee fails to make payments for ____ consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) ; In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) _______ consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter ▇▇▇ cancel the allotment of the Apartment/Plot [Apartment / Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the “Force Majeure clauseMajeure”, the CGEWHO shall be considered under a condition of DefaultCourt orders, in the following events:Government policy / guidelines, decisions, the
(i) CGEWHO Promoter fails to provide offer ready to move in possession of the [Apartment/Plot] Said Independent Floor for residential usage along with parking to the Allottee within the time period specified in para Para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment Said Independent Floor for residential usage shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, or part thereof has been issued by the competent authority.
(ii) Discontinuance of the CGEWHO’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction / development milestones and only thereafter thereafter, the Allottee be required to make the next payment payment, without any penal interest, for the period of such delay; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitSaid Independent Floor, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five ninety (90) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the offer of handing over of the possession of the dwelling unit. Which Said Independent Floor for residential usage along with parking, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five ninety (90) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO payment of any instalment due as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regardhereto as Schedule C, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount from the due date of such instalment at the rate specified prescribed in the Rules;
(ii) In case of Default the default by Allottee under the condition listed above continues for a period beyond 2 ninety (two90) consecutive months days after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Said Independent Floor for residential usage along with parking in favour of the Allottee and refund the amount money paid to him by the allottee Allottee, by deducting forfeiting the booking Booking Amount paid for the allotment and interest component on delayed payment (paid / payable by the Allottee for breach of Agreement and non-payment of any due payable to the Promoter ). The rate of interest payable by the Allottee to the Promoter shall be the State Bank of India's highest marginal cost of lending rate plus two percent (2%). The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee within ninety (90) days of such cancellation. On such default, the Agreement and any liability of the interest liabilities and this Agreement Promoter arising out of the same shall thereupon thereupon, stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. HoweverIn case the obligations as above are not complied with either by the Allottee or the Promoter, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsmay issue suitable directions.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following Following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or 7.1or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean men that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate Occupation Certificate and completion certificateCompletion Certificate, as the case may be, be has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 9.2. In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: . Provided that where an the Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty45 (forty-five five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.
9.3 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand the demands made by CGEWHO the Promoter as per the payment plan in Schedule ‘C’ annexed hereto, despite having been issued notice notice, in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest and liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the CGEWHO Vendor/ Developer shall be considered under a condition of default (“Default"), in the following events:
(i) CGEWHO : Vendor / Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allotee within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘clause 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority.
(ii) : Discontinuance of the CGEWHO’s Vendors / Developer's business as a developer Vendor / Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 thereunder In case of Default by CGEWHO Vendor/Developer under the conditions listed above, Allottee Allotee is entitled to the following:
(i) following : Stop making further payments to CGEWHO Vendor Developer as demanded by the CGEWHOVendor / Developer. If the Allottee stops making payments, the CGEWHO Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) or The Allottee Allotee shall have the option of terminating the Agreement in which case the CGEWHO Vendor/ Developer shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an the Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOVendor/ Developer., simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Vendor/ Developer to the allottee Allottee within Forty-five 45 (forty- five) days of it becoming due.
9.3 . Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) : In case the Allottee fails to make any of the payments for consecutive demand made by CGEWHO within the due dates as per the payment plan annexed heretoPayment Plan, mentioned hereunder, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Vendor / Developer on the unpaid amount at the rate specified prescribed in the Rules;
(ii) . The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allotee in all fairness shall be responsible for such delayed payments., all costs associated with the administrative actions related to follow-up and recovery of such delayed payments. In case of Default default by Allottee under the condition listed above continues for a period beyond 2 1 (twoone) consecutive months month after notice from the CGEWHO Vendor / Developer in this his regard, the CGEWHOshall Vendor/ Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee Allotee and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Decd of Cancellation and this Agreement shall thereupon stand terminated. Provide terminated Provided that the CGEWHO Vendor Developer shall intimate the allottee Allotee about such termination at least thirty 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project Vendor / Developer or its representatives In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement In case of such a default by Allottee, after notice from the Vendor Developer in this regard, the Vendor Developer may cancel the allotment of the Apartment in favour of the Allotee and forfeit an amnount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor Developer to the Allottee within 45 (Forty Five) days of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier, However, if may it be clarified that the plot/apartment balance amount shall be payable subject to the execution of the Deed of Cancellation'. In the event construction of the floor or the Building or the Project in which the Apartment is located has been allotted by any Statutory Development Authority or Public Body stopped for a period of more than 12 (Twelve) months due to Applicable Law. the State GovernmentVendor Developer shall have the option to terminate this Agreement. In such an event, then the allottee of said Promoter Vendor/ Developer shall be liable to pay such penal interest or penalty on refund subject to the defaulting amount as is prescribed proviso below, the entire money paid by the Allottee under its local lawsany head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the CGEWHO Developer/Promoter shall be considered under a condition of default (“Default”), in the following events:
(i) CGEWHO Developer/Promoter fails to provide ready to move in possession of the [Apartment/Plot] Allotted Apartment to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time hereunder or to be disclosed at the time of registration of the project Project with the AuthorityAuthority when the same becomes functional, whichever be earlier. For the purpose of this para, ‘clause 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate/completion certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHO’s Developer/Promoter business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 In case of Default default by CGEWHO Developer/Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Developer/Promoter as demanded by the CGEWHODevelopers/Promoters. If the Allottee stops making payments, the CGEWHO Developer /Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Developer/Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five days five)days of receiving the termination notice: Provided that where an the Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, paid by the CGEWHO, simple Developers/ Promoters interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Developer/Promoter to the allottee Allottee within Forty45 (forty-five five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Developer/Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.
9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) In case the Allottee fails to make any of the payments for consecutive demand made by CGEWHO within the due dates as per the Payment Plan mentioned in the Eighth Schedule hereto or fails to make payment plan annexed hereto, of the Extras & Deposits in terms hereof despite having been issued notice in that regard, the allottee Allottee shall be liable to pay interest to the CGEWHO Developer/Promoter on the unpaid amount at the rate specified Applicable Interest Rates prescribed in the Rules;.
(ii) In case of Default default by the Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Developer/Promoter in this regard, the CGEWHOshall Developer/Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund in the event of the cancellation, this agreement shall stand cancelled and the Developer/ Promoter shall become entitled to and shall forfeit the Booking amount equal to 10% (ten percent) of the consideration for the Allotted Apartment and deduct from the balance consideration all interest liabilities of the Allottee accrued till the date of cancellation and brokerage paid to the real estate agent/broker, if any, legal charges paid to the Developer/Promoter and the amount of stamp duty,registration fee and allied expenses and incidentals and legal charges payable on deed of cancellation of this agreement and the applicable GST payable on such amounts. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking amount Developer/Promoter to the Allottee without interest within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to a new Apartment Acquirer, whichever is earlier. However, may it be clarified that upon the Developer/Promoter cancelling this agreement,the Developer/ Promoter shall become free to enter into agreement for transfer of the same Allotted Apartment to a new prospective Apartment Acquirer and the interest liabilities and this Agreement shall thereupon stand terminated. Provide to that the CGEWHO Allottee shall not be entitled to raise any objection or dispute and that the balance amount shall be payable subject to the execution and registration of the Deed of Cancellation. Provided that the Developer/Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. HoweverProvided further that all amounts collected as taxes, if charges, levies, cess, assessments and impositions and deposited with the plotappropriate authorities concerned shall not be returned by the Developer/apartment has been allotted by any Statutory Development Authority or Public Body of Promoter and the State Government, then the allottee of said Promoter Allottee shall be liable free to pay approach the authorities concerned for refund of such penal interest or penalty on the defaulting amount as is prescribed under its local lawstaxes, charges, levies, cess, assessments and impositions.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 11.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHOpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 11.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Promoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five days of receiving the termination notice: ;
11.3 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five 45 days of it its becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions..
11.4 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: -
(i) In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO promoter in this regard, the CGEWHOshall promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and this Agreement shall thereupon stand terminatedterminated . Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such terminationtermination . However, in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the plot/apartment has been allotted by any Statutory Development Authority or Public Body current Sale Price is less than the Purchase Price. The ultimate balance amount of the State Government, then the allottee of said Promoter money refundable shall be liable returned by the Promoter to pay the Allottee within 45 (forty-five) days of such penal interest or penalty on cancellation and this Agreement shall thereupon stand terminated: Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the defaulting amount as is prescribed under its local lawsappropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
: (i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] to Apartmentto the Allottee within the time period specified in para Clause 7.1 or fails to complete the project Real Estate Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘Clause 'ready to move in possession’ ' shall mean that the apartment Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the partiesspecified in Schedule D of this Agreement, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
; (ii) Discontinuance of the CGEWHO’s Promoter's business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
: (i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
or (ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Said Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
: (i) In case the Allottee theAllottee fails to make payments for consecutive demand made by CGEWHO paymenttothe Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the Rules;
; (ii) In ii)In case of Default by Allottee under the condition listed above continues for a period beyond 2 beyond3 (two) consecutive three)consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund forfeit the amount money paid to him by the allottee by deducting entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable entitled to pay such penal interest or penalty on deal with and/or dispose off the defaulting amount as is prescribed under its local lawsSaid Apartment and Appurtenances in the manner it deems fit and proper.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 In case of the Allottee complies with his/ her/ their obligations under this Agreement and there is Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments linked to CGEWHO construction milestones to Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he he/she / they shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Designated Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand two demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. Provide The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Office unit to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment Office unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHOpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones milestones, if violated/delayed and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under in the manner aforesaid but without deducting/forfeiting any head whatsoever towards amountalongwith interest at the purchase of rate specified in the dwelling unit, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 rules within forty-five days of receiving the termination notice: Provided notice;Provided further that where an all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paidfree to approach the authorities concerned for refund of such taxes, by the CGEWHOcharges, simple interest @10% p.a.levies, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming duecess, assessments and impositions.
9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of any of the following events:event;-
(i) i. The Allotteefails to pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other services connection to the Block/Phase in which the Office unit is situated.
ii. In case the Allottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in the Rules;.
(ii) iii. In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive two months after notice from the CGEWHO promoter in this regard, the CGEWHOshall promoter may at its sole option may cancel the allotment of the Apartment/Plot in favour Office unit of the Allottee and refund the claim of the Allottee shall confined to the amount of money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminatedof 10% of total consideration. Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such termination. However, termination .in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh transfer of the Office unit to another buyer and the Purchase Price of the Allottee if the plot/apartment has been allotted by any Statutory Development Authority or Public Body current Transfer Price is less than the Purchase Price. The ultimate balance amount of the State Government, then the allottee of said Promoter money refundable shall be liable returned by the Promoter to pay the Allottee within 45 (forty-five) days of such penal interest or penalty on the defaulting amount as is prescribed under its local lawscancellation.
Appears in 1 contract
Sources: Sub Lease Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the “Force Majeure clauseMajeure”, the CGEWHO shall be considered under a condition of DefaultCourt orders, in the following events:Government policy / guidelines, decisions, the
(i) CGEWHO Promoter fails to provide offer ready to move in possession of the [Apartment/Plot] Said Independent Floor for residential usage along with parking to the Allottee within the time period specified in para Para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project Project with the Authorityauthority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment Said Independent Floor for residential usage shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, or part thereof has been issued by the competent authority.
(ii) Discontinuance of the CGEWHO’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction / development milestones and only thereafter thereafter, the Allottee be required to make the next payment payment, without any penal interest, for the period of such delay; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitSaid Independent Floor, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five ninety (90) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the offer of handing over of the possession of the dwelling unit. Which Said Independent Floor for residential usage along with parking, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five ninety (90) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO payment of any instalment due as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regardhereto as Schedule C, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount from the due date of such instalment at the rate specified prescribed in the Rules;
(ii) In case of Default the default by Allottee under the condition listed above continues for a period beyond 2 ninety (two90) consecutive months days after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Said Independent Floor for residential usage along with parking in favour of the Allottee and refund the amount money paid to him by the allottee Allottee, by deducting forfeiting the booking Booking Amount paid for the allotment and interest component on delayed payment (paid / payable by the Allottee for breach of Agreement and non-payment of any due payable to the Promoter). The rate of interest payable by the Allottee to the Promoter shall be the State Bank of India's highest marginal cost of lending rate plus two percent (2%). The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee within ninety (90) days of such cancellation. On such default, the Agreement and any liability of the interest liabilities and this Agreement Promoter arising out of the same shall thereupon thereupon, stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. HoweverIn case the obligations as above are not complied with either by the Allottee or the Promoter, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsauthority may issue suitable directions.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseclauses and reasons beyond control, the CGEWHO Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) CGEWHO Promoter fails to offer to provide ready to move in possession of the [Apartment/Plot] said Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. Schedule A. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authoritycondition.
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO the Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Total Price/Agreed Premium for obtaining sub-lease of the dwelling unitsaid Apartment, along with simple interest @10% p.a. and also all at the components rate specified in Rule 17 of Total Price excluding GST as defined in Clause1.2 the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties, which at present is the prime lending rate of the State Bank of India plus two per cent per annum. The liability of the Promoter to refund any amount to the Allottee in such event shall arise only upon execution and registration of a Cancellation Agreement at the costs of the Allottee. If the Promoter accepts such termination then the Promoter shall from the date of termination be free to sub- lease the said Apartment Unit to anyone else without waiting for formal execution of the Cancellation Agreement and without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within forty-five days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate specified in Rule 17 of the Rules, which at present is the prime lending rate of the State Bank of India plus two per cent per annum, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO said Apartment and subject to the allottee within Forty-five days of it becoming dueAllottee complying with all his obligations under this Agreement and/or otherwise under the law and subject to the Allottee not committing any breach, default or violation.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events:
(i) In case the Allottee fails to make payments for consecutive demand of the demands made by CGEWHO the Promoter as per the Payment Plan under Schedule C hereto and/or timely payment plan annexed of the Additional Liabilities and Deposits under Part-II,Schedule G hereto, despite having been issued notice in that regard, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified in Rule 17 of the Rules, which at present is the prime lending rate of the State Bank of India plus two per cent per annum for the period of delay;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment allotment/Agreement of the Apartment/Plot said Apartment in favour of the Allottee and refund the amount money paid to him the Promoter by the allottee Allottee towards the Total Price/Agreed Premium by deducting the booking amount Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that terminated and the CGEWHO Promoter shall intimate be free to sub-lease the allottee about such said Apartment Unit to anyone else without waiting for formal execution of the Cancellation Agreement and without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination at least thirty days prior and the Allottee hereby consents to such terminationthe same. However, the liability of the Promoter to refund any amount to the Allottee shall arise only upon execution and registration of a Cancellation Agreement at the costs of the Allottee. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage, etc. shall not be refundable.
9.4 The Promoter shall have the right to cancel this Agreement if the plot/apartment has been allotted by Allottee creates any Statutory Development Authority or Public Body nuisance, obstructs the development of the State Government, then Project or in any manner prohibits the allottee Promoter from carrying out development of the said Land in any manner whatsoever. The Promoter may exercise this right of cancellation at its sole discretion and without any liability or obligation towards the Allottee. The Promoter’s decision to cancel this Agreement shall be liable final and binding upon the Allottee and the Allottee shall have no right to pay challenge or dispute such penal interest or penalty on cancellation. In case of such cancellation by the defaulting amount as is prescribed under its local lawsPromoter the provision of Clause 7.5 including regarding termination, forfeiture and refund shall be applicable.
Appears in 1 contract
Sources: Promoter Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following eventsFollowingevents:
(i) CGEWHO i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate Occupation Certificate and completion certificateCompletion Certificate, as the case may be, be has been issued by the competent authorityCompetentAuthority.
(ii) . Discontinuance of the CGEWHOOwner/Developer’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Owner/Developer under the conditions listed above, Allottee is entitled to the following:
(i) i. Stop making further payments to CGEWHO Owner/Developer as demanded by the CGEWHOOwner/Developer. If the Allottee stops making payments, payments the CGEWHO Owner/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) . The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Owner/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming dueterminationnotice.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Owner/Developer as per the payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest to the CGEWHO Owner/Developer on the unpaid amount at the rate specified prescribed in the Rules;theRules.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 3 (twothree) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking Booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the CGEWHO Developer shall be considered under a condition of default (“Default”), in the following events:
(i) CGEWHO : Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘clause 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation completion certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) ; Discontinuance of the CGEWHO’s Developer's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 . In case of Default by CGEWHO Developer under the conditions listed above, Allottee is entitled to the following:
(i) : Stop making further payments to CGEWHO Developer as demanded by the CGEWHODeveloper. If the Allottee stops making payments, the CGEWHO Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) or The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Developer shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an the Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHODeveloper, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Developer to the allottee Allottee within Forty45 (forty-five five) days of it becoming due.
9.3 . Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) : In case the Allottee fails to make any of the payments for consecutive demand made by CGEWHO within the due dates as per the payment plan annexed heretoPayment Plan, mentioned hereunder, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Developer on the unpaid amount at the rate specified prescribed in the Rules;
(ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of Default default by Allottee under the condition listed above continues for a period beyond 2 1 (twoone) consecutive months month after notice from the CGEWHO Developer in this regard, the CGEWHOshall Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. Provide : Provided that the CGEWHO Developer shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by ▇▇▇▇▇▇▇▇, after notice from the Developer in this regard, the Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, if may it be clarified that the plot/apartment balance amount shall be payable subject to the execution of the Deed of Cancellation. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions In the event construction of the floor or the Building or the Project in which the Apartment is located has been allotted by any Statutory Development Authority or Public Body stopped for a period of more than 12 (Twelve) months due to Applicable Law, the State Government, then Developer shall have the allottee of said Promoter option to terminate this Agreement. In such an event the Developer shall be liable to pay refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Developer and the Allottee shall be free to approach the authorities concerned for refund of such penal interest or penalty on the defaulting amount as is prescribed under its local laws.taxes, charges, levies, cess, assessments and impositions
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseclauses and reasons beyond control, the CGEWHO Transferors shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) CGEWHO fails Transferors fail to offer to provide ready to move in possession of the [Apartment/Plot] said Office to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the AuthoritySchedule ‘A’. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment said Office shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authoritycondition.
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO the Transferors under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) Stop making further payments to CGEWHO Transferors as demanded by the CGEWHOTransferors. If the Allottee stops making payments, payments the CGEWHO Transferors shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Transferors shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Total Price/Agreed Premium for transfer of the dwelling unitsaid Office, along with simple interest @10% p.a. and also all at the components rate specified in Rule 17 of Total Price excluding GST as defined in Clause1.2 the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within forty-five days of the date specified in Schedule A, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOTransferors, simple interest @10% p.a.at the rate specified in Rule 17 of the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming duesaid Office.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events:
(i) In case the Allottee fails to make payments for consecutive demand of the demands made by CGEWHO the Transferors as per the Payment Plan under Schedule C hereto and/or timely payment plan annexed of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard, the allottee Allottee shall be liable to pay interest to the CGEWHO Transferors on the unpaid amount at the rate specified in Rule 17 of the RulesRules for the period of delay;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Transferors in this regard, the CGEWHOshall Transferors may cancel the allotment allotment/Agreement of the Apartment/Plot said Office in favour of the Allottee and refund the amount money paid to him the Transferors by the allottee Allottee towards the Total Price/Agreed Premium by deducting the booking amount Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that terminated and the CGEWHO Transferors shall intimate be free to deal with, dispose of and/or transfer the allottee about such termination at least thirty days prior said Office Unit to such anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. HoweverThe fees and expenses relating to this Agreement including stamp duty, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Governmentregistration fees, then the allottee of said Promoter GST, Advocate fees, incidental and other expenses for registration, brokerage, etc. shall not be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsrefundable.
Appears in 1 contract
Sources: Transfer Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the Apartment/Pent Houses [Apartment/Plot] ROW-HOUSE]; to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, . and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitApartment/Pent Houses, apartment,along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment/Pent Houses; [Apartment/ROW-HOUSE], which shall be paid by the CGEWHO promoter to the allottee within Forty-forty- five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified in based on the RulesState Bank of India highest marginal cost of lending rate plus two percent from their respective due dates;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) 02 consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Pent Houses [Apartment/ROW-HOUSE] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount or 10% of the total price of the Apartment/Pent Houses , whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration ▇▇▇▇ ▇▇▇▇▇▇▇▇ of the project Project with the AuthorityAuthorities . For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed ▇▇ ▇▇▇▇ to between the parties, parties and for which occupation certificate and Completion / Partial completion certificate, as the case may be, Certificate has been issued by the competent authorityCompetent Authority.
(ii) Discontinuance of the CGEWHOpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO promoter as demanded by the CGEWHOPromoter by the Prom oter. If the Allottee stops making payments, the CGEWHO Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option opt ion of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple alongwith interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the rules within forty-five forty -five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/ clause 7 of this Agreement. ; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty-five 45 days of it becoming its becomin g due.... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions..
9.3 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local author ity or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: -
(i) In case the Allottee All ottee fails to make payments for consecutive demand more than 15 days from scheduled date and demands made by CGEWHO the Promoter as per the payment plan annexed heretoas per Schedule - C, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO promot er on the unpaid amount at the rate specified in the Rules;herein.
(ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond 2 (two) two consecutive months after the notice from the CGEWHO th e promoter in this regard, the CGEWHOshall promoter shall cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminatedterminated . Provide Provided that the CGEWHO Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter/Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘ready para'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHO’s Promoter/Developer's business as a developer on account of accountof suspension or revocation of his registration under the provisions permissions of the Act or the rules or regulations made thereunderthe under.
9.2 9.2. In case of Default by CGEWHO Promoter/Developer under the conditions listed above, Allottee is entitled to the followingfollowing :
(i) Stop making further payments to CGEWHO Promoter/Developer as demanded by the CGEWHOPromoter/Developer. If the Allottee stops making payments, payments the CGEWHO Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter/Developer, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter/Developer to the allottee within Fortyforty-five days of it becoming due.
9.3 9.3. The Allottee Allotee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made demands mude by CGEWHO the Promoter/Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO Promoter/Developer on the unpaid amount at the rate specified prescribe in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) …………….. consecutive months after notice from the CGEWHO Promoter/Developer in this regard, the CGEWHOshall Promoter/Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide ; Provided that the CGEWHO Promoter/Developer shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottee’s within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee Allottee’s is entitled to the following:
(i) Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee Allottee’s stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee’s be required to make the next payment without any penal interest; or
(ii) The Allottee Allottee’s shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee Allottee’s under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Allottee’s does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO promoter to the allottee allottee’s within Fortyforty-five days of it becoming due.
9.3 The Allottee Allottee’s shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee Allottee’s fails to make payments for 02 consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee allottee’s shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified based on the State Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; prescribed in the Rules;
(ii) ; In case of Default by Allottee Allottee’s under the condition listed above continues for a period beyond 2 (two) 02 consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee Allottee’s and refund the amount money paid to him by the allottee allottee’s by deducting the booking amount or 10% of the total price of the apartment, whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee allottee’s about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Developer fails to provide ready to move in possession of the [Apartment/Plot] Flat and Garage to the Allottee Allottee/Purchaser within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment Flat and Garage shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHO’s Developer's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . In case of Default by CGEWHO Developer under the conditions listed above, Allottee Allottee/Purchaser is entitled to the following:
(i) Stop making further payments to CGEWHO Developer as demanded by the CGEWHODeveloper. If the Allottee Allottee/Purchaser stops making payments, the CGEWHO Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee/Purchaser will be required to make the next payment without any penal interest; or
(ii) The Allottee Allottee/Purchaser shall have the option of terminating the Agreement in which case the CGEWHO Developer shall be liable to refund the entire money paid by the Allottee Allottee/Purchaser under any head whatsoever towards the purchase of the dwelling unitFlat and the Garage, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Allottee/Purchaser does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHODeveloper, simple interest @10% p.a.at the rate specified in the Rules, for every month of delay till the handing over of the possession of the dwelling unitthe[Flat]. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee Allottee/Purchaser shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee Allottee/Purchaser fails to make payments for two consecutive demand demands made by CGEWHO the Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee/Purchaser shall be liable to pay interest to the CGEWHO Developer on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee Allottee/Purchaser under the condition listed above continues for a period beyond 2 (two) consecutive two months after notice from the CGEWHO Developer in this regard, the CGEWHOshall Developer shall cancel the allotment of the Apartment/Plot Flat and the Garage in favour of the Allottee Allottee/Purchaser and refund the amount money paid to him by the allottee Allottee/Purchaser by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseconditions and reasons beyond control, the CGEWHO Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) CGEWHO fails Vendors fail to offer to provide ready to move in possession of the [Apartment/Plot] said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityany extension thereof. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authoritycondition.
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 In case of Default by CGEWHO the Vendors under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) Stop making further payments to CGEWHO the Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the dwelling unitsaid Apartment Unit, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The liability of the Promoter to refund any amount to the Allottee shall arise only upon execution and registration of a Cancellation Agreement at the costs of the Allottee. If the Promoter accepts such termination then the Promoter shall from the date of termination be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without waiting for formal execution of the Cancellation Agreement and without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within 45 days of the date specified in Schedule A, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and thereafter the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unitsaid Apartment subject to the Allottee having made timely payment of the full amounts of the Total Price mentioned in Schedule C as per the Payment Plan mentioned therein as also the timely payment of all the Additional Liabilities and Deposits mentioned in Schedule G prior to the scheduled date of delivery of possession and subject to the Allottee complying with all his obligations under this Agreement and/or otherwise under the law and subject to the Allottee not committing any breach, default or violation. Which Failure to offer ready to move in possession of the said Apartment to the Allottee within the time period specified in Schedule ‘A’ or any extension thereof except for the reason of title defect shall be paid the sole responsibility of the Promoter and accordingly the interest mentioned above shall be payable by solely the Promoter and in case the failure to offer is for the reason of title defect, then the same shall be the sole responsibility of the Owners and accordingly the interest mentioned above shall be payable solely by the CGEWHO to the allottee within Forty-five days of it becoming dueOwners.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events:
(i) In case the Allottee fails to make payments for consecutive demand of the demands made by CGEWHO the Promoter as per the Payment Plan under Schedule C hereto and/or timely payment plan annexed of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment / Agreement of the Apartment/Plot said Apartment Unit in favour of the Allottee and refund the amount money paid to him the Promoter by the allottee by Allottee after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that terminated and the CGEWHO Promoter shall intimate from the allottee about such date of termination at least thirty days prior be free to such terminationdeal with, dispose of and/or sell the said Apartment Unit to anyone else without waiting for formal execution of the Cancellation Agreement and without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination and the Allottee hereby consents to the same. However, the liability of the Promoter to refund any amount to the Allottee shall arise only upon execution and registration of a Cancellation Agreement at the costs of the Allottee. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage, etc. shall not be refundable.
9.4 The Promoter shall have the right to cancel this Agreement if the plot/apartment has been allotted by Allottee creates any Statutory Development Authority or Public Body nuisance, obstructs the development of the State Government, then Project or in any manner prohibits the allottee Promoter from carrying out development of the said Land in any manner whatsoever. The Promoter may exercise this right of cancellation at its sole discretion and without any liability or obligation towards the Allottee. The Promoter’s decision to cancel this Agreement shall be liable final and binding upon the Allottee and the Allottee shall have no right to pay challenge or dispute such penal interest or penalty on cancellation. In case of such cancellation by the defaulting amount as is prescribed under its local lawsPromoter the provision of Clause 7.5 including regarding termination, forfeiture and refund shall be applicable.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO The Promoter fails to provide ready to move in handover possession of the [ApartmentSaid Office/Plot] Shop/Godown And Properties Appurtenant to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraClause, ‘ready to move in handover possession’ shall mean that the apartment Said Office/Shop/Godown And Properties Appurtenant shall be in a habitable condition which is complete in all respects including And Completion Certificate issued in this respect shall be conclusive proof of the provision same is ready with the provisions as described in paragraph (xii) of all specifications, amenities and facilities, as agreed to between the parties, recitals above and for which occupation the Occupancy Certificate or Completion Certificate or such other certificate and completion certificate, as the case may be, by whatever name called has been issued by the competent authority.authority as per the Act for the Project;
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In ▇.▇. ▇▇ case of Default by CGEWHO the Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO the Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones development of the Said Office/Shop/Godown And Properties Appurtenant as agreed and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the this Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Total Price of the dwelling unit, Said Office/Shop/Godown And Properties Appurtenant along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: . It is clarified that all amounts collected as GST deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such GST. Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Said Office/Shop/Godown And Properties Appurtenant which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty45 (forty-five days days) of it becoming due.
9.3 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand of the demands made by CGEWHO the Promoter as per the Payment Plan under Schedule C hereto and/or timely payment plan annexed of the Additional Liabilities and Deposits under clause 1.2 hereto, despite having been issued notice in that regard, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified in Rule 17 of the RulesRules for the period of delay;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment allotment/Agreement of the Apartmentsaid Office/Plot Shop/Godown and rights appurtenant in favour of the Allottee and refund the amount money paid to him the Promoter by the allottee Allottee towards the Total Price by deducting the booking amount Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseMajeure, court orders, Government Policy / guidelines, policy / guidelines of competent authorities, decisions the CGEWHO Developer shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO the Developer fails to provide offer ready to move in possession of the [Apartment/Plot] developed Apartment for residential usage along with Parking (if applicable) to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, or part thereof has been issued by the competent authority.
(ii) Discontinuance of the CGEWHOLand Owner/ Developer’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default default by CGEWHO the Developer under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO the Developer as demanded by the CGEWHODeveloper. If the Allottee stops making payments, the CGEWHO Developer shall correct the situation by completing the construction / development milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest for the period of such delay; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five 90 (ninety) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHODeveloper, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment for residential usage along with Parking (if applicable), which shall be paid by the CGEWHO Developer to the allottee Allottee within Forty-five 90 (ninety) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO as per of any installment due under the payment plan annexed hereto, despite having been issued notice in that regard, the allottee Allotee shall be liable to pay interest to the CGEWHO Developer on the unpaid amount at the rate specified prescribed in the RulesRules ;
(ii) In case of Default the default by Allottee under the condition listed in clause 9.3(i) above continues for a period beyond 2 90 (twoninety) consecutive months days after notice from the CGEWHO Developer in this regard, the CGEWHOshall Developer may cancel the allotment of the Apartment/Plot Apartment for residential usage along with Parking (if applicable) in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting forfeiting the booking Booking Amount paid for the allotment and interest component on delayed payment (paid/payable by the Allottee for breach of Agreement and non-payment of any due payable by the Allottee). The rate of interest payable by the Allottee to the Developer shall be the State Bank of India highest marginal cost of lending rate plus two percent. The balance amount of money paid by the Allottee shall be returned by the Developer to the Allottee within ninety days of such cancellation. On such default, the Agreement and any liability of the interest liabilities and this Agreement Developer arising out of the same shall thereupon thereupon, stand terminated. Provide that Provided that, the CGEWHO Developer shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. HoweverIn case the obligations as above are not complied with either by the Allottee or the Developer, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsmay issue suitable directions.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. Page20
9.1 Subject to the Force Majeure clauseClause and due to reasons beyond control, the CGEWHO Promoter/Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project real estate Project within the stipulated time disclosed at the time of registration of the project Project with the Authorityauthority. For the purpose of this para, Clause ‘ready to move in possession’ shall mean that the apartment Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the partiesspecified in Schedule D of this agreement, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) Discontinuance of the CGEWHOPromoter’s/Developer’s business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 In case of Default by CGEWHO Promoter/Developer under the conditions listed above, Allottee allottee is entitled to the following:following:-
(i) Stop making further payments to CGEWHO Promoter/Developer as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest ; or
(ii) The Allottee shall have the option of terminating the Agreement agreement in which case the CGEWHO Promoter/Developer shall be liable to refund the entire money paid by the Allottee allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 clause 7.6 within forty-forty five days of receiving the termination notice: notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreementagreement, he shall be paid, by the CGEWHOPromoter/Developer, simple interest @10% p.a., at the rate prescribed in the Rules for every month of delay till the handing over of the possession of the dwelling unit. Which Said Apartment, which shall be paid by the CGEWHO promoter to the allottee Allottee within Forty-forty five days of it becoming due.
9.3 The Allottee . Further provided that the Promoter/Developer shall be considered under a condition entitled to get 6 months grace period according to English calendar on and from the stipulated date of Default, on the occurrence of the following events:
(i) In case giving possession to the Allottee fails to make payments for consecutive demand made by CGEWHO as per the payment plan annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest to the CGEWHO on the unpaid amount at the rate specified in the Rules;
(ii) In case of Default by Allottee under the condition listed after which only clause 7.6 herein above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO in this regard, the CGEWHOshall cancel the allotment of the Apartment/Plot in favour of the Allottee regarding compensation will come into force and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawseffect.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the CGEWHO Promoter shall be considered under a condition of default (“Default”), in the following events:
(i) CGEWHO : Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottees within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, ‘clause 'ready to move in possession’ ' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) ; Discontinuance of the CGEWHO’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 . In case of Default by CGEWHO Promoter under the conditions listed above, Allottee Allottees is entitled to the following:
(i) : Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee Allottees stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any penal interest; or
(ii) or The Allottee Allottees shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee Allottees under any head whatsoever towards the purchase sale of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an Allottee the Allottees does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the CGEWHOPromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottees within Forty45 (forty-five five) days of it becoming due.
9.3 . Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee Allottees shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) : In case the Allottee Allottees fails to make any of the payments for consecutive demand made by CGEWHO within the due dates as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottees shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottees in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of Default default by Allottee Allottees under the condition listed above continues for a period beyond 2 1 (twoone) consecutive months month after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee Allottees and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottees shall, subject to second proviso below, be returned by deducting the booking Promoter to the Allottees within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. Provide : Provided that the CGEWHO Promoter shall intimate the allottee Allottees about such termination at least thirty 30 (thirty) days prior to such termination. HoweverProvided further that all amounts collected as taxes, if charges, levies, cess, assessments and impositions and deposited with the plot/apartment appropriate authorities concerned shall not be returned by the Promoter and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Promoter or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Promoter shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Allottees, after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottees and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottees shall be, subject to proviso below, be returned by the Promoter to the Allottees within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions In the event construction of the wing or floor or the Building or the Project in which the Apartment is located has been allotted by any Statutory Development Authority or Public Body stopped for a period of more than 12 (Twelve) months due to Applicable Law, the State Government, then Promoter shall have the allottee of said option to terminate this Agreement. In such an event the Promoter shall be liable to pay refund, subject to the proviso below, the entire money paid by the Allottees under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottees shall be free to approach the authorities concerned for refund of such penal interest or penalty taxes, charges, levies, cess, assessments and impositions The Promoter, on receipt of Total Consideration of Apartment, Total Tax and The Total Extras and Deposits as mentioned in clause 1.2.1, 1.2.2 and 1.2.3 under the defaulting amount Agreement from the Allottees, shall execute a deed of conveyance and convey the ownership rights of the Apartment together with the right to use the proportionate indivisible undivided share in the Common Areas within the time period as is prescribed under its stated in local laws, to the Allottees. Provided that, in the absence of local law, the deed of conveyance in favour of the Allottees shall be carried out by the Promoter within 3 (three) months from the date of issue of completion/occupancy certificate. However, in case the Allottees fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottees authorizes the Promoter to withhold registration of the deed of conveyance in his/her favour till payment of stamp duty and registration charges to the Promoter is made by the Allottees. The deed of conveyance shall be drafted by the Solicitors/Advocates of the Promoter and shall be in such form and contain such particulars as may be approved by the Promoter. No request for any changes whatsoever in the deed of conveyance will be entertained by the Promoter unless such changes are required to cure any gross mistake or typographical or arithmetical error.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Defaultdefault, in the following events:
(i) CGEWHO The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project said Phase within the stipulated time disclosed at the time of registration of the project said Phase with the Authority. For the purpose of this para, ‘ready to move in possession’ shall mean that the apartment Apartment shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, be has been issued by the competent authority.:
(ii) Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default default by CGEWHO Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to CGEWHO the Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; : or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee to the Promoter under any head whatsoever towards the purchase of the dwelling unitApartment, along with simple interest @10% p.a. and also all at the components rate equivalent to the prevailing Prime Lending Rate of Total Price excluding GST as defined in Clause1.2 the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice: . Provided that That where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, paid by the CGEWHOPromoter, simple interest @10% p.a.at the rate equivalent to the prevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Promoter to the allottee Allottee within Forty45 (forty-five five) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand made by CGEWHO as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, the allottee Allottee shall be liable to pay interest to the CGEWHO Promoter on the unpaid amount at @ 2% plus the rate specified in prevailing State Bank of India Prime Lending Rate per annum from the Rulesdate of default till actual payment is made;
(ii) In case of Default default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that terminated Provided That the CGEWHO Promoter shall intimate the allottee about Allottee about, such termination at least thirty 30 (thirty) days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter/ Builder/ Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO Promoter/ Builder/ Developer fails to provide ready to move in possession of the [Apartment/Plot] flat/ parking to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.respects;
(ii) Discontinuance of the CGEWHOPromoter/ Builder/ Developer’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by CGEWHO Promoter/ Builder/ Developer under the conditions listed above, Allottee is entitled to the following:entitled
(i) Stop making further payments to CGEWHO Promoter/ Builder/ Developer as demanded by the CGEWHOPromoter/ Builder/ Developer. If the Allottee stops making payments, the CGEWHO Promoter/ Builder/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter/ Builder/ Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate specified in Clause1.2 the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.:
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for three consecutive demand demands made by CGEWHO the Promoter/ Builder/ Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee shall be liable to pay interest to the CGEWHO Promoter/ Builder/ Developer on the unpaid amount at the rate specified in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Promoter/ Builder/ Developer in this regard, the CGEWHOshall Promoter/ Builder/ Developer shall cancel the allotment of the Apartment/Plot flat/ parking in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide that the CGEWHO shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Owner/Developer shall be considered under a condition of Default, in the following events:
(i) CGEWHO i. Owner/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.;
(ii) . Discontinuance of the CGEWHOOwner/Developer’s business as a developer Owner/Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 In case of Default by CGEWHO byOwner/Developer under the conditions listed above, Allottee is entitled to the followingthefollowing:
(i) i. Stop making further payments to CGEWHO Owner/Developer as demanded by the CGEWHOOwner/Developer. If the Allottee stops making payments, payments the CGEWHO Owner/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; orinterest;or
(ii) . The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Owner/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by buy the CGEWHOOwner/Developer, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO Owner/Developer to the allottee Allottee within Fortyforty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) i. In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Owner/Developer as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee shall be liable to pay interest to the CGEWHO Owner/Developer on the unpaid amount at the rate specified prescribed in the Rules;
(ii) . In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the CGEWHO Owner/Developer in this regard, the CGEWHOshall Owner/Developer may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount amount(i.e. 10% of the Agreement Value) and the interest liabilities and this Agreement shall thereupon stand terminated. Provide : Provided that the CGEWHO Owner/Developer shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following events:
(i) CGEWHO : • Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottee/Allottee(s) within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority.
(ii) ; • Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 . • In case of Default by CGEWHO Promoter under the conditions listed above, Allottee Allottee/Allottee(s) is entitled to the following:
(i) : • Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee Allottee/Allottee(s) stops making payments, the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee/Allottee(s) be required to make the next payment without any penal interest; or
(iior • The Allottee/Allottee(s) The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee Allottee/Allottee(s) under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all at the components of Total Price excluding GST as defined rate prescribed in Clause1.2 the Rules within forty-five 95 days of receiving the termination notice: Provided that where an Allottee Allottee/Allottee(s) does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHOpromoter, simple interest @10% p.a.at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the dwelling unit. Which Apartment, which shall be paid by the CGEWHO promoter to the allottee Allottee/Allottee(s) within Fortyforty-five days of it becoming due.
9.3 . • The Allottee Allottee/Allottee(s) shall be considered under a condition of Default, on the occurrence of the following events:
(i) : • In case the Allottee Allottee/Allottee(s) fails to make payments for two consecutive demand demands made by CGEWHO the Promoter as per the payment plan Payment Plan annexed hereto, despite having been issued notice in that regard, regard the allottee Allottee/Allottee(s) shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;
(ii) ; • In case of Default by Allottee Allottee/Allottee(s) under the condition listed above continues for a period beyond 2 (two) two consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee Allottee/Allottee(s) and refund the amount money paid to him by the allottee Allottee/Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO promoter shall intimate the allottee Allottee/Allottee(s) about such termination at least thirty days prior to such termination. • CONVEYANCE OF THE SAID APARTMENT: The Promoter, on receipt of Total Price of the Apartment as per para 1.2 under the Agreement from the Allottee/Allottee(s), shall execute a conveyance deed and convey the title of the Apartment together with proportionate indivisible share in the Common Areas within 3 months from the date of issuance of the occupancy certificate* and the completion certificate, as the case may be, to the Allottee/Allottee(s). [Provided that, in the absence of local law, the conveyance deed in favour of the Allottee/Allottee(s) shall be carried out by the promoter within 3 months from the date of issue of occupancy certificate]. However, if in case the plotAllottee/apartment has been allotted by any Statutory Development Authority or Public Body Allottee(s) fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottee/Allottee(s) authorizes the Promoter to withhold registration of the State Government, then conveyance deed in his/her favour until payment of stamp duty and registration charges to the allottee Promoter is made by the Allottee/Allottee(s). • MAINTENANCE OF THE SAID BUILDING / APARTMENT / PROJECT: The Promoter has agreed to provide and maintain essential services in the Project until the taking over of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local lawsmaintenance of the project by the Society of Allottee/Allottee(s) upon the issuance of the completion certificate of the project.
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the CGEWHO Promoter shall be considered under a condition of Default, in the following Following events:
(i) CGEWHO i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, parties and for which occupation certificate Occupation Certificate and completion certificateCompletion Certificate, as the case may be, be has been issued by the competent authorityCompetent Authority.
(ii) . Discontinuance of the CGEWHOPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 In case of Default by CGEWHO Promoter under the conditions listed above, Allottee is entitled to the following:
(i) i. Stop making further payments to CGEWHO Promoter as demanded by the CGEWHOPromoter. If the Allottee stops making payments, payments the CGEWHO Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) . The Allottee shall have the option of terminating the Agreement in which case the CGEWHO Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the dwelling unitapartment, along with simple interest @10% p.a. and also all the components of Total Price excluding GST as defined in Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the CGEWHO, simple interest @10% p.a., for every month of delay till the handing over of the possession of the dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demand demands made by CGEWHO the Promoter as per the payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest to the CGEWHO promoter on the unpaid amount at the rate specified prescribed in the Rules;.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 3 (twothree) consecutive months after notice from the CGEWHO Promoter in this regard, the CGEWHOshall Promoter may cancel the allotment of the Apartment/Plot Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking Booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provide Provided that the CGEWHO Promoter shall intimate the allottee about such termination at least thirty days prior to such termination. However, if the plot/apartment has been allotted by any Statutory Development Authority or Public Body of the State Government, then the allottee of said Promoter shall be liable to pay such penal interest or penalty on the defaulting amount as is prescribed under its local laws.
Appears in 1 contract
Sources: Sale Agreement