Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specification, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter 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 demands made by 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 promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 9 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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the WBHIRA Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the 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 Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-five 45 (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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond three consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 9 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following eventsevents : (i) Promoter Developer fails to provide ready to move in possession of the [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 authorityAuthority. For the purpose of this para 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 specificationspecifications, 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 Promoter’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. 9.2 In case of Default by Promoter Developer under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper . If the Allottee stops making payments the 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoterDeveloper , interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession poseession of the (Apartment/Plot)[Apartment ], which shall be paid by the promoter Developer to the Allottee within forty-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 Eventsevents : (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the [Apartment ] in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided terminated : Provided that the promoter Developer shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 6 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following Following events: (i) i. Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 authority;Competent Authority. (ii) . Discontinuance of the 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 thereunderthere under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment 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 promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (Three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking Booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter Promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter Developer shall be considered under a condition of Default, in the following events:; (i) Promoter If the Developer fails to provide ready to move in possession of the Apartment 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 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 specification, 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 authorityrespect; (ii) Discontinuance of the PromoterDeveloper’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 Promoter Developer under the conditions listed above, Allottee allottee is entitled to the Following:following; (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments payments, the 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 Promoter 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 apartment, along with interest at the rate prescribed in the Rules 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-five days of it becoming due. 9.3can do so. 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 2 consecutive demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that the regard the Allottee allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter Developer in this regard, the Promoter may Developer shall cancel the allotment of the Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and tax which was already paid to the government and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 6 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s business as a developer on account of suspension or of revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice,provided the Allottee pays all installment in time; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)Apartment , which shall be paid by the promoter Promoter to the Allottee within forty-five days of it becoming due,provided the Allottee pays all installment in time. 9.3. 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 demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3(Three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided .Provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 5 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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 authorityAuthority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for any consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months 15 days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 5 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard regard, the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of or Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him it by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 5 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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior , subject to such terminationcompliance of clause 34.10.

Appears in 5 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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. 9.2 In case ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 4 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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 specificationspecifications, 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 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 Promoter promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing : (i) Stop making further payments to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or. (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-forty 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by allottee after deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 4 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment Bungalow 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. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment bungalow shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, amenities and facilities, as agreed to between the parties, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, Bungalow along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)Bungalow, which shall be paid by the promoter Promoter to the Allottee within forty-forty 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Bungalow in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter Promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 4 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 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 specificationspecifications, 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 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 thereunderthe re under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)plot, which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for Two consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond Two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 4 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 Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter Developer fails to provide ready to move in possession of the Apartment [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 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 specificationspecifications, 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 PromoterDeveloper’s business as a developer 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 Promoter Developer under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments the 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoterDeveloper, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Developer to the Allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided terminated : Provided that the promoter Developer shall intimate the Allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s business as a developer 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter 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 demands made by 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 promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

Sources: Sale Agreement, Agreement for Sale, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-forty- five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior , subject to such terminationcompliance of clause 34.8.

Appears in 3 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for 2 consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

Sources: Sale Agreement, Agreement for Sale, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond consecutive 3 (Three) months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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. 9.2 In case ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 3 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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 specification, 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 authorityAuthority; (ii) Discontinuance of the 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction agreement milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentplot, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for purchase of plot consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior terminated subject to such terminationcompliance of clause 34.10.

Appears in 3 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 specificationspecifications, 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 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 Promoter promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing : (i) Stop making further payments to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or. (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-forty 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond consecutive 2 months after notice from the Promoter in this regard, the Promoter promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by allottee after deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided terminated and such refund shall be subject to sale of the Apartment by the Promoter and the amounts have been received by the Promoter from the new transferee thereof. Provided that the promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 3 contracts

Sources: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 3 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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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. 9.2 In case ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specification, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter 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 demands made by the Promoter as per the Payment plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following Following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 authority;Competent Authority. (ii) Discontinuance of the 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the 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 apartment, along with interest at the rate prescribed in 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, paid by the promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Promoter 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and GST / other government taxes and this Agreement shall thereupon stand terminated; provided : Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 specificationspecifications, 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 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 Promoter promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing : (i) Stop making further payments to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or. (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-forty 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by allottee after the Promoter having entered into a contract for sale of the said Unit with any new buyer or buyers and after deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided terminated on the date of default. Provided that the promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment 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. 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 specificationspecifications, 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 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 thereunderthere under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for 2 consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in Apartmentin favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified specific in para 7.1 or 7.1or 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 specificationspecifications, amenities and facilities, as agreed to between the parties, and for which occupation completion certificate and completion competition certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter’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. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further future payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter 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 Eventsevents: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment plan annexed heretoPlan, 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 regard. It is further clarified that, reminders and or notices for payment of installments or notice for rectification of default as per the 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 promoter on the unpaid amount Promoter, interest at the rate of State Bank of India Prime Lending Rate plus 2% per annum as prescribed in the Rules;Rules on all unpaid (ii) In case Without prejudice to the right of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter to charge interest in this regard, the Promoter may cancel the allotment terms of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.Clause

Appears in 2 contracts

Sources: Sale Agreement, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) The Promoter fails to provide ready to move in possession of the Apartment said Unit 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 authorityAuthority. For the purpose of this para para, ‘ready to move in possession’ shall mean that the apartment said Unit shall be in a habitable condition condition, which is complete in all respects including the provision of all specificationspecifications, amenities and facilities, as agreed to between the parties, 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 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 thereunderany reason which warrants such discontinuance. 9.2. In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or; (ii) The Allottee shall have the option of terminating the Agreement in which case the 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 apartmentApartment, along with interest at the rate prescribed in 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 Project or terminate the Agreement, he he/she/they shall be paid, paid by the promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)said Unit, which shall be paid by the promoter Promoter to the Allottee within 45 (forty-five five) days of it becoming due. 9.3. The Allottee Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, on the occurrence of in the following Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by 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 promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, amenities and facilities, as agreed to between the parties, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, Apartment along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Promoter to the Allottee within forty-forty 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter Promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Sources: Sale Cum Assignment Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events:, namely:- (ia) The Promoter fails fail to provide ready to move in possession of the Apartment Unit to the Allottee Allottee(s), without any default on the part of the Allottee(s), within the time period specified in para clause 7.1 above in this Agreement or fails fail to complete the project Said Project within the stipulated time disclosed (as extended as per the Act) at the time of registration of the project Said Project with the authorityAuthority. For the purpose of this para ‘clause, 'ready to move in possession' shall mean that the apartment Unit shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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; (iib) Discontinuance of the Promoter’s Promoter business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. 9.2 In case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled entitled, subject to the Following:condition that there is no default on the part of the Allottee(s) to the following:- (ia) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee Allottee(s) stops making payments payments, the Promoter shall correct the situation by completing the construction construction/ development milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any interest; or (iib) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the purchase of the apartmentUnit, along with interest at the rate prescribed in the Rules within forty-five (45) days of receiving the termination notice; : Provided that where an Allottee Allottee(s) does not intend to withdraw from the project Said Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at for the rate prescribed in the Rules, for every month period of delay till the handing over of the possession of the (Apartment/Plot)Unit, which shall be paid by the promoter Promoter to the Allottee Allottee(s) within forty-five (45) days of it becoming due. 9.3. 9.3 The Allottee Allottee(s) shall be considered under having committed a condition of Defaultdefault, on the occurrence of any one or more of the following Eventsevents: (ia) In case Before the Allottee fails issuance of completion certificate for the Said Project, failure on the part of the Allottee(s) to make payments for consecutive demands made by the Promoter payment of any installment as per the Payment plan annexed heretoPlan, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the RulesAllottee(s); (iib) In case of Default delay/default by Allottee ▇▇▇▇▇▇▇▇(s) under the condition listed Clause 9.3 (a) above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard; (c) after the issuance of Offer Letter as per Clause 7.2 failure on the part of the Allottee(s) to deposit the stamp duty/registration charges/any other amounts due including interest, if applicable, under this Agreement within the period mentioned in the Offer Letter; (d) after the issuance of Offer Letter as per Clause 7.2 the delay/failure on the part of the Allottee(s), having paid all the amounts due to the Promoter under this Agreement, in execution and registration of Conveyance Deed of the Unit and/or taking possession of Unit within the period mentioned in Offer Letter; (e) breach of any other terms & conditions of this Agreement on the part of the Allottee(s); (f) violation of any of the Applicable Laws on the part of the Allottee(s). 9.4 The Promoter’s rights/remedies upon occurrence of any of event of default on the part of the Allottee(s) as mentioned Clause 9.3 above shall be as follows: (a) Upon occurrence of event of default mentioned in Clause 9.3(a) the Allottee(s) shall be liable to pay interest on the overdue amounts computed at the Interest Rate of 15% p.a. for the period commencing from the date on which such overdue amounts or part thereof were due to be paid by the Allottee(s) to the Promoter and ending on the date of the payment of such overdue amounts by the Allottee(s) to the Promoter; (b) Upon occurrence of event of default mentioned in Clause 9.3(b) the Promoter may cancel the allotment by terminating this Agreement by serving a notice of 30 days to the Allottee(s) in this regard; (c) Upon occurrence of event of default mentioned in Clause 9.3(c), (d), (e) and (f) the Promoter shall have the option to terminate this Agreement as mentioned in Clause 9.4(b); Further in case of event of default under Clause 9.3(c), till the time Promoter exercise the option to terminate this Agreement they shall be entitled to (1) recover interest as per Clause 9.4 (a); and (b) recover maintenance charges from the date of issuance of Offer Letter; and (c) recover holding/ safeguarding charges @ Rs. 3000/- per month on the Total Payable Amount of the Apartment Unit; and (d) taxes mentioned in Clause 7.7; (e) withhold registration of the Conveyance Deed of the Unit in favour of the Allottee Allottee(s) and to refuse possession of Unit to the Allottee(s) till payment of amounts mentioned Clause 9.3(c) and Allottee(s) hereby authorizes the Promoter for the same. (d) The rights and remedies of the Promoter under this Clause shall be in addition to other rights and remedies available to the Promoter under Applicable Laws, equity and under this Agreement. Further, acceptance of any payment without interest shall not be deemed to be a waiver by the Promoter of its right of charging such interest or of the other rights mentioned in this Agreement. 9.5 Upon termination of this Agreement by the Promoter as per mentioned hereinabove, the Allottee(s) shall not have any lien, right, title, interest, or claim in respect of the Unit. The Promoter shall be entitled to sell the Unit to any other person or otherwise deal with the Unit in any manner whatsoever and the Promoter shall be entitled to forfeit the following amounts out of the amounts paid by the Allottee(s) and refund the money paid balance to him the Allottee(s) without any interest within 45 days after re-sale of the unit: (a) The Booking Amount; (b) The interest paid/payable by the Allottee Allottee(s) to the Promoter as per Clause 9.4(a) and/or 9.4 (c), if applicable; (c) The amounts payable by deducting the hooking amount Allottee(s) to the Promoter as mentioned in Clause 9.4 (iii) (b), (c) and (d) when applicable as per Clause 9.4(c). 9.6 Without prejudice to the interest liabilities rights of the Promoter under this Agreement, the Promoter shall be entitled to file/initiate appropriate compliant/proceedings against the Allottee(s) under the Act for default/breach of any of the terms and conditions of this Agreement shall thereupon stand terminated; provided that or the promoter shall intimate provisions of the Allottee about such termination at least thirty days prior to such terminationAct/ Rules /Regulations.

Appears in 2 contracts

Sources: Allotment Letter, Allotment Letter

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, amenities and facilities, as agreed to between the parties, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, apartment along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Promoter to the Allottee within forty-forty 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond 3 (Three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter within 7 working days of receiving a demand notice as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in based on the RulesState Bank of India highest marginal cost of lending rate plus two percent or 10% per annum, whichever is higher, from the due date of the payment; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount or 10% of the total price of the Apartment, whichever is higher, and the interest liabilities thereof, and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case Incase the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond Three (3) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Sources: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter Developer fails to provide ready to move in possession of the 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 specification, 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 authorityrespects; (ii) Discontinuance of the Promoter’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. 9.2there under. In case of Default by Promoter Developer under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments payments, the Promoter Developer 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 Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, 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 promoter, Developer; interest at the rate prescribed specified her in the Rules, above for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter 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 Eventsevents: (i) In case the Allottee fails to make payments for 3 consecutive demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 consecutive months after notice from the Promoter Developer in this regard, the Promoter may Developer shall cancel the allotment of the Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment 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. 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Sources: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 10.1 Subject to the Force force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter Developer fails to provide ready to move in possession of the Designated Apartment to the Allottee within the time period specified in para 7.1 clause7.1 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 ‘ready 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 specificationspecifications, 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 PromoterDeveloper’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 the Allottee complies with his obligations under this Agreement and there is Default by Promoter Developer under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments linked to Promoter construction milestones to Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments the 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 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 Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoterDeveloper, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Designated Apartment/Plot), which shall be paid by the promoter Developer to the Allottee within forty-five 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated; provided : 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 Developer against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Developer in this regard. Provided that the promoter Developer shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Sources: Wbhira Agreement for Sale, Wbhira Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months montis after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Sources: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and or completion certificate, as the case may be, has been issued by the competent authority;. (ii) Discontinuance of the 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, amenities and facilitiesfacilities of the respective Block, as agreed to between the parties, and for which Block's occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond three consecutive months after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination, .

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, . Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee die allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In in case of Default by Allottee under the condition listed above continues for a period beyond consecutive months monte after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and ami refund the money paid to him by the Allottee allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment Duplex 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. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment Duplex shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentDuplex, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)Duplex, which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond Two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Duplex in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 clauseclauses and reasons beyond control, the 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) Promoter fails to offer to provide ready to move in possession of the 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 authorityAuthority and/or extensions thereof. 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 specification, 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;condition. (ii) Discontinuance of the 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 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 Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the 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 apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice or within such further time as may be agreed between the parties. 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 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 or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (said Apartment/Plot), which shall be paid by the promoter Promoter to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following Eventsevents: (i) In case the Allottee fails to make payments for consecutive of the demands made by the Promoter as per the Payment plan annexed Plan under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘F hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate 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 Promoter in this regard, the Promoter may cancel the allotment /Agreement of the said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided terminated and the Promoter shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else 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. Provided that the promoter Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a 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, then the Promoter shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter within the above time, then the Allottee shall be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter and in default of such payment within 30 days, the Promoter may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3(ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the said Block / said Complex or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment or portion of the said Block / said Complex, then in that event the Allottee shall also be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter. (v) Besides the aforesaid rights the Promoter shall also be entitled to enforce any other right to which the Promoter may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 2 contracts

Sources: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide provided ready to move in possession of the Apartment Apartment/Shop 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. 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 specification, amenities and facilitiesfacilities , 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 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 of regulation made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Following: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentapartment , along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)Shop, which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond 3 consecutive months after notice from form the Promoter in this the regard, the Promoter may cancel the allotment of the Apartment Apartment/Shop in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Sources: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide provided ready to move in possession of the Apartment Apartment/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 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 specification, amenities and facilitiesfacilities , 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 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 of regulation made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Following: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentapartment , along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)office, which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond 3 consecutive months after notice from form the Promoter in this the regard, the Promoter may cancel the allotment of the Apartment Apartment/office in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Sources: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee Allottees 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 authorityClause 7.1. 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 specification, 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 authorityrespects; (ii) Discontinuance of the Promoter’s '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 Promoter under the conditions listed above, Allottee is Allottees are entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops Allottees stop making payments the 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 interest; or (ii) The Allottee Allottees shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottees under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed specified in the Rules within forty-five days of receiving the termination noticenotice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee Allottees does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the (Said Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-five days of it becoming due. 9.3. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following Eventsevents: (i) In case the Allottee fails Allottees fail to make payments payment for 2 (two) consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard regard, the Allottee Allottees shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate prescribed specified in the Rules; (ii) In case of Default by Allottee Allottees under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter Promoter, may cancel the allotment of the Apartment in favour of the Allottee Allottees and refund the amount money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that .Further, upon the promoter termination of this Agreement in the aforesaid circumstances, the Allottees shall intimate have no claim of any nature whatsoever on the Allottee about such termination at least thirty days prior Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 2 contracts

Sources: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. (9.1. .) Subject to the Force Majeure clauseconditions, the Promoter shall be considered under a condition of DefaultDefaulter, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 authorityAuthority. For the purpose of this para ‘Para, 'ready to move in possession' shall mean that the apartment [Apartment / Plot] shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 authorityPlanning Authority; (ii) Discontinuance of the 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 any Default committed by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter thereafter, the Allottee shall be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice; : Provided that where when an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), Apartment which shall be paid by the promoter to the Allottee allottee within forty-five days of it becoming due. (9.3. .) The Allottee shall be considered under a condition of DefaultDefaulter, on the occurrence of the following Eventsevents: (i) In case the Allottee fails to make payments for 3 consecutive demands made by the Promoter as per the Payment plan Plan [schedule C] annexed hereto, despite having been issued notice in that regard this regard, the Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the Apartment in favour of the Allottee and shall refund the money paid amount to him by the Allottee by after deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationtermination of agreement.

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 Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter i. Developer fails to provide ready to move in possession of the Apartment Apartment/Flat Apartment/Flat 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 authorityAuthority. For the purpose of this para ‘ready to move moved in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects respect including the provision of all specificationspecifications, 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 PromoterDeveloper’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 Promoter Developer under the conditions listed above, Allottee Allottee/s is entitled to the Followingfollowing : (i) i. Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee Allottee/s stops making payments the 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 interest; or (ii) . The Allottee Allottee/s shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Allottee/s under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoterDeveloper, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)Flat Apartment/Flat, which shall be paid by the promoter Developer to the Allottee Allottee/s within forty-five days of it becoming due. 9.3. 9.3 The Allottee Allottee/s shall be considered under a condition of Default, on the occurrence occurance of the following Eventsevents : (i) i. In case the Allottee Allottee/s fails to make payments payment for consecutive demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee Allottee/s shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed in the Rules; (ii) . In case of Default by Allottee Allottee/s under the condition listed above continues for a period beyond consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment Apartment/Flat Apartment/Flat in favour of the Allottee Allottee/s and refund the money paid to him by the Allottee Allottee/s by deducting inter alia the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter Developer shall intimate the Allottee Allottee/s about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment [Apartment] in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall Agreementshall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter Developer shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter The Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period Committed Completion Date as 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 authorityconcerned 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 condition, which is complete in all respects including the provision of all specificationspecifications, amenities and facilities, as agreed to between the parties, 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 PromoterDeveloper’s business as a developer at any stage of the Project 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 default by Promoter the Developer at any stage under the conditions listed above, the Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter the Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments payments, the 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 interest, Provided That nothing herein contained shall entitle the Allottee to stop payment of the amounts payable for the previous stages or previous milestones as per the Payment Plan; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate prescribed in the Rules 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 promoterDeveloper, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Developer to the Allottee within 45 (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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive in accordance with the demands made by the Promoter Developer from time to time as per the Payment plan annexed Plan mentioned in the Fourth Schedule hereto, despite having been issued notice in that regard the regard. The Allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed in the RulesRules from the date 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 3 (three) consecutive months after notice from the Promoter in this regardmonths, the Promoter Developer may cancel the allotment of the Apartment in favour of the Allottee and refund the balance money paid to him Developer by the Allottee by after deducting the hooking amount and the interest liabilities Cancellation Fees and this Agreement shall thereupon stand terminated; provided that terminated and the promoter Developer shall intimate be eligible to allot the Allottee about such termination at least thirty days prior said Apartment to such terminationother intending allottee.

Appears in 2 contracts

Sources: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s business as a developer 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-five days of it becoming due. 9.3. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of any of the following Eventsevents: (i) In case the Allottee fails to make payments for 2(two) consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate 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 Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter Promoter shall intimate the Allottee theAllottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 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 specificationspecifications, amenities and facilities, as agreed to between the parties, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, apartment along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for For every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-forty 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Sources: Sale Cum Assignment Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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’ possession‟ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 Promoter’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 Promoter promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing : (i) Stop making further payments to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or. (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-forty 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by allottee after deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment flat 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. 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentflat, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)flat, which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed 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 two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment flat in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount or 10% of the total price of the flat, whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 authorityAuthority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment plot shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentplot, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.beyond

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 authorityAuthority. 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), Apartment which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for 3 (three) consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

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 Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) The Promoter fails to provide ready to move in possession of the 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 authorityAuthority. For the purpose of this para 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 specificationspecifications, 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 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 default by Promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the 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 apartmentApartment, along with interest at the rate rates prescribed in the Rules within 45 (forty-five five) days of receiving the termination notice; Provided that . PROVIDED THAT where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, paid by the promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Promoter to the Allottee within 45 (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 Eventsevents: (i) In case the Allottee fails to make payments payment for two consecutive demands made by the Promoter as per the Payment plan annexed heretoPlan, 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 regard. It is further clarified that, reminders and or notices for payment of installments or notice for rectification of default as per the 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 promoter on the unpaid amount Promoter, interest at the rate rates as prescribed in the Rules;. (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 Conditions listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the Apartment in favour of the Allottee and terminate this Agreement and refund the money paid to him the Promoter by the Allottee by deducting the hooking 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 shall thereupon stand terminated; provided . PROVIDED HOWEVER that the promoter Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination. (iii) On and from the date of refund of the amount as mentioned in Clauses 9.2and

Appears in 2 contracts

Sources: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events:; (i) Promoter If the Developer fails to provide ready to move in possession of the Apartment 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 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 specification, 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 authorityrespect; (ii) Discontinuance of the PromoterDeveloper’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 Promoter Developer under the conditions listed above, Allottee allottee is entitled to the Following:following; (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments payments, the 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 Promoter 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 apartment, along with interest at the rate prescribed in the Rules 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-five days of it becoming due. 9.3can do so. 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 demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that the regard the Allottee allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond __ consecutive months after notice from the Promoter Developer in this regard, the Promoter may Developer shall cancel the allotment of the Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and tax which was already paid to the government and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events:; (i) Promoter If the Developer fails to provide ready to move in possession of the Apartment 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 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 specification, 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 authorityrespect; (ii) Discontinuance of the PromoterDeveloper’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 Promoter Developer under the conditions listed above, Allottee allottee is entitled to the Following:following; (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments payments, the 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 Promoter 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 apartment, along with interest at the rate prescribed in the Rules 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-five days of it becoming due. 9.3can do so. 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 2consecutive demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that the regard the Allottee allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive 2consecutive months after notice from the Promoter Developer in this regard, the Promoter may Developer shall cancel the allotment of the Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and tax which was already paid to the government and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment 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 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 specificationspecifications, 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 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 thereunderthere under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)apartment, which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for 2 consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, amenities and facilitiesfacilities of the respective Block, as agreed to between the parties, and for which Block's occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond three consecutive months after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter Promoter shall intimate the Allottee Allotee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 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 thereunderthe re under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for 3 consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment 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 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 specificationspecifications, 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 Promoter’s Promoter 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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If Promoter.1f the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, apartment along with interest at the rate prescribed in 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 promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the ([Apartment/Plot)], which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount P.L.R.(Prime Lending Rate) plus 2% per annum at the rate prescribed in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond …………..consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 authorityAuthority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment plot shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 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 thereunderthere under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentplot, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for 3 consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter Vendor shall be considered under a condition of Default, in the following eventsevents : (i) Promoter Developer 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 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 specificationspecifications, 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 authorityauthority ; (ii) Discontinuance of the PromoterDeveloper’s business as a developer 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 Promoter Developer under the conditions listed above, Allottee is entitled to the Followingfollowing : (i) Stop making further payments to Promoter Developer as demanded by the PromoterVendor. If the Allottee stops making payments the 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 interest; or (ii) The Allottee shall have the option of terminating termination the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterVendor, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Vendor to the Allottee allottee within forty-five days of it becoming become due. 9.3. The Allottee 9.3 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 demands made may by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (Three) consecutive months after notice from the Promoter Developer in this regard, the Promoter Vendor may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminatedterminated ; provided Provided that the promoter Developer shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clauseClause, the Promoter shall be considered under a condition of Default, in the following events: (i) 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 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 specificationspecifications, 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 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 Promoter promoter under the conditions listed above, Allottee ▇▇▇▇▇▇▇▇ is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoterPromoter, interest at the rate prescribed Prescribed in the Rules, for every month of delay till the handing over of the possession Possession of the ([Apartment/Plot)], which shall be paid by the promoter Promoter to the Allottee allotteee within forty-five days of it becoming due. 9.3. 9.2.1 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 demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. The Promoter fails to provide ready to move in possession of the 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 authorityAuthority. 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 specificationspecifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may beOccupancy cum Completion Certificate (by whatever name called), has been issued by the competent authority; (ii) . Discontinuance of the Promoter’s '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 the Promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing: (i) i. Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate prescribed in 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 Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Promoter to the Allottee within forty-five 45 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 Eventsevents: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter of any instalment due as per the Payment plan Plan annexed heretohereto as Schedule C, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount from the due date of such instalment at the rate 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 Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount Booking Amount, and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoterPromoter, interest at the rate prescribed in the Rules, Rules for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Promoter to the Allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by 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 promoter Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond three consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided : Provided that the promoter Promoter shall 'intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide provided ready to move in possession of the 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 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 specification, amenities and facilitiesfacilities , 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 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 of regulation made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from form the Promoter in this the regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 authorityAuthority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment plot shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentplot, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)plot, which shall be paid by the promoter to the Allottee allottee within forty-forty- 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 Eventsevents: (i) In case the Allottee fails to make payments for 2 consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure Majeure, Court Order, Government policies/ Guidelines, decision clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events:events:- (i) Promoter promoter 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 specified. At the time of registration offer of possession the project with the authority. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment Project shall be in a habitable condition which is and complete in all respects including as per the provision of all specification, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been /part completion issued by the competent authority. However, notwithstanding anything stated herein, the Promoter shall not be responsible towards any delay caused by the relevant authority in granting such completion /part completion certificate or any other approval, and the Promoter shall be required to follow up with the authority on a best effort basis; (ii) Discontinuance discontinuance of the 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 default by Promoter under the conditions listed above, the Allottee is entitled to the Following:following:- (i) Stop stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter thereafter, the Allottee will be required to make the next payment without any interestinterest for the period of such delay; or (ii) The the Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentPlot, along with interest at the rate prescribed specified in 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 promoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over offer of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-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:events:- (i) In in case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard regard, the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed specified in the Rules; (ii) In in case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the 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 allottee by deducting the hooking ten percent of the total amount of the consideration money, interest and the interest liabilities other dues and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 Promoter under the conditions listed above, ,Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Promoter 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior terminated subject to such terminationcompliance of clause 34.10.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) The Promoter fails to provide ready to move in possession of the Apartment 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 of the project Project with the authorityAuthority. For the purpose of this para para, ‘ready to move in possession’ shall mean that the apartment UNIT shall be in a habitable condition condition, which is complete in all respects including the provision of all specificationspecifications, 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 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. 9.2 In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; . However, the allottee(s) is/are not entitled to stop the payment on not receiving any satisfactory answer from the promoter against any queries being raised from time to time by the allottee himself/themselves or (ii) The Allottee shall have the option of terminating the Agreement in which case the 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 apartmentUNIT, along with interest at the rate prescribed in of the Rules then prime lending rate of the State Bank of India plus two percent thereon 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 promoterPromoter, interest at the rate prescribed in of the Rulesthen prime lending rate of the State Bank of India plus two percent thereon per annum, for every month of delay till the handing over of the possession of the (Apartment/Plot)UNIT, which shall be paid by the promoter Promoter to the Allottee within 45 (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 Eventsevents: (i) In case the Allottee fails to make any payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate prescribed in of the Rulesthen prime lending rate of the State Bank of India plus two percent thereon per annumfrom the date 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 Promoter in this regard, the Promoter may cancel the allotment of the Apartment UNIT in favour of the Allottee and the refund the money paid to him by the Allottee by deducting 10% of the hooking amount total price of the UNIT as mentioned in clause 1.2 hereinabove and the interest liabilities and this Agreement shall thereupon stand terminated; provided that : Promoter shall, within 12 (twelve) months from such termination or until such time the promoter has entered in another agreement with any other person, which ever event shall happen later, refund by way of cheque/demand draft all amounts after forfeiting 10% of the total price being the ▇▇▇▇▇▇▇ Money paid for the allotment plus applicable taxes without interest, being the liquidated damages payable to the Promoter. The Allottee shall be entitled to claim applicable taxes from the concerned authorities. Provided That the Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment Apartment/Plot] to the 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 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 specificationspecifications, amenities amenties 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 Promoter’s '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 Promoter under the conditions listed above, Allottee purchaser is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee purchaser stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee purchaser be required to make the next payment without any penal interest; or (ii) The Allottee purchaser shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee purchaser under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice; Provided that where an Allottee purchaser does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the ([Apartment/Plot)], which shall be paid by the promoter to the Allottee purchaser within forty-five days of it becoming due. 9.3. 9.3 The Allottee purchaser shall be considered under a condition of Default, on the occurrence of the following Eventsevents: (i) In case the Allottee purchaser fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee purchaser shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default by Allottee purchaser under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee purchaser and refund the money paid to him by the Allottee purchaser by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee purchaser about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) The Promoter fails to provide ready to move in possession of the Apartment to the tothe 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 authorityAuthority. 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 specificationspecifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, Partial Occupancy Certificate has been issued by the competent authority; (ii) Discontinuance Discontinuation of the 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 the Promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the 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 Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate prescribed in the Rules State Bank of India Prime Lending Rate plus 2% per annum within forty-five 45 (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 promoterPromoter, interest at the rate prescribed in the RulesState Bank of India Prime Lending Rate plus 2% per annum, for every month of delay till the handing over of the possession of the (Apartment/Plot), Apartment which shall be paid by the promoter Promoter to the Allottee within forty-five 45 (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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard regard, then the Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate prescribed in the RulesState Bank of India Prime Lending Rate plus 2% per annum; (ii) In case of Default default by Allottee Allottees under the condition listed above continues for a period beyond consecutive beyond2consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the amount of money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination. (iii) In the event of any default on the part of the Allottee to pay the proportionate share of all common maintenance charges and outgoings towards the common areas of the residential complex including club house after taking over possession of the Apartment, the Allottee shall be liable to pay interest at the rate of the State Bank of India highest marginal cost of lending rate plus 2% per annum on the amounts lying in arrears and if such default continues for a period of three months then and in that event the Allottee shall not be entitled to avail of any of the facilities and/or utilities mentioned hereafter and the Promoter and/or association of allotteesas the case may be shall be entitled to and the Allottee hereby consents: a) to discontinue the supply of electricity to the Allottee’s Apartment b) to discontinue the supply of water c) to withdraws the lift facilities to the Allottee and/or to the members of his family including the Allottee’s visitors, servants and agents d) to discontinue the facility of DG Power back-up e) to discontinue the facilities of resident's club to the Allottee, family members and guests And such facilities shall not be restored until the Allottee makes payment of all the amounts lying in arrears together with interest accrued at the aforesaid rate including all costs charges and expenses incurred till then by the Promoter and/or the association of allottees for realization of the amounts lying in arrears.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter i. Developer fails to provide ready to move in possession of the Apartment Unit to the Allottee Allottee/s within the time period specified in para 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 authorityAuthority. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment Unit shall be in a habitable condition which is complete in all respects respect including the provision of all specificationspecifications, 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 PromoterDeveloper’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 Promoter Developer under the conditions listed above, Allottee Allottee/s is entitled to the Followingfollowing : (i) i. Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee Allottee/s stops making payments the 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 interest; or (ii) . The Allottee Allottee/s shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Allottee/s under any head whatsoever towards the purchase of the apartmentUnit, along with interest at the rate prescribed in the Rules within forty-five 45(forty- five) 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 promoterDeveloper, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)Unit, which shall be paid by the promoter Developer to the Allottee Allottee/s within 45 (forty-five five) days of it becoming due. 9.3. 9.3 The Allottee Allottee/s shall be considered under a condition of Default, on the occurrence of the following Eventsevents : (i) i. In case the Allottee Allottee/s fails to make payments payment for consecutive demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee Allottee/s shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate 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) consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment Unit in favour of the Allottee Allottee/s and refund the money paid to him by the Allottee Allottee/s by deducting inter alia the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter Developer shall intimate the Allottee Allottee/s about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 authorityAuthority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment plot shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 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 thereunderthe re under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentplot, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 authorityAuthority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment plot shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 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 thereunderthere under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head except taxes paid to the govt. authority and expenses incurred by the promoter for the convenience/ benefit of allottee whatsoever towards the purchase of the apartmentplot, along with interest at the rate prescribed in the Rules of 11% p.a. 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)plot, which shall be paid by the promoter to the Allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for 01 consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules;of 11% p. (ii) a. In case of Default by Allottee under the condition listed above continues for a period beyond 01 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment plot in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale (Without Possession)

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following Following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 authority;Competent Authority. (ii) Discontinuance of the 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the 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 apartment, along with interest at the rate prescribed in 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, paid by the promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Promoter 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the cancelthe allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and GST / other government taxes and this Agreement shall thereupon stand terminated; provided : Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard regard, the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of or Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him it by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Transfer Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment Duplex 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. 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)Duplex, which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for _TWO_ consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond TWO consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Duplex in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide provided ready to move in possession of the Apartment said UNIT to the Allottee within the time period specified in para 7.1 or of 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 ‘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 specificationspecifications, amenities and facilities, as agreed to between the partiesparities, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, promoter interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)said UNIT, which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period perod beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment said UNIT in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting deducing the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.,

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 specificationspecifications, 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 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 Promoter promoter under the conditions listed above, the Allottee is entitled to the Followingfollowing: (i) Stop making further payments to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or. (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate 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 notice from the Promoter in this regard, the Promoter promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by allottee after deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall Shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or; (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of of’ the (Apartment/PlotShops), which shall be paid by the promoter to the Allottee allottee within forty-five days of it becoming due. 9.3. The Allottee shall be considered under a condition of of’ Default, on the occurrence of the following Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter Developer as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay ply interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee Allottee, about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the ([Apartment/Plot)], which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), Apartment ,which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for three consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter 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 authorityAuthority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentPlot, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by within 15 days from the Promoter date of installments payable as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the RulesRules from the date of due; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon there upon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment [Block] 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. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment block shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentBlock, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot)[Block], which shall be paid by the promoter to the Allottee allottee within forty-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 Eventsevents: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Block in favour of the Allottee and refund the money paid to him by the Allottee allottee by / after deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon there upon stand terminated; provided . Provided that the promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter Owner/Developer shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter i. The Owners/Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period Committed Completion Date as 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 authorityconcerned Authority. For the purpose of this para ‘ready to move in possession’ para, „possession‟ shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision as per specifications of all specification, amenities and facilities, as agreed to between the parties, this agreement and for which occupation completion certificate and completion certificate, as the case may be, has been will be issued by the competent authority;. (ii) . Discontinuance of the Promoter’s Owner/Developer‟s business as a developer at any stage of the Project on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2. 9.2 In case of Default default by Promoter the Owner/Developer at any stage under the conditions listed above, the Allottee is entitled to the Followingfollowing: (i) a. Stop making further payments to Promoter the Owner/Developer as demanded by the PromoterOwner/Developer. If the Allottee stops making payments payments, the Promoter 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 interest, Provided That nothing herein contained shall entitle the Allottee to stop payment of the amounts payable for the previous stages or previous milestones as per the Payment Plan; or (ii) b. The Allottee shall have the option of terminating the Agreement in which case the Promoter Owner/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate prescribed in the Rules within 45 (forty-five five) days from the date of receiving confirmation made by the Vendor (Owner/Developer) to the Allottee/Purchaser against the Application for cancellation/termination notice; will be made. Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, paid by the promoterOwners/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter Owners/Developer to the Allottee within 45 (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 Eventsevents: (i) a. In case the Allottee fails to make payments for consecutive in accordance with the demands made by the Promoter Owner/Developer from time to time as per the Payment plan annexed Plan mentioned in Part III of the FOURTH SCHEDULE hereto, despite having been issued Demand notice in that regard the regard. The Allottee shall be liable to pay interest to the promoter Owner/Developer on the unpaid amount at the rate prescribed in the RulesRules from the date of default till actual payment is made; (ii) b. In case of Default default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regardmonths, the Promoter Owner/Developer may cancel the allotment of the Apartment which is in favour of the Allottee and refund the balance money paid to him Owner/Developer by the Allottee by after deducting the hooking amount and the interest liabilities Cancellation Fees as mentioned in clause no. 7.5 hereinabove and this Agreement shall thereupon stand terminated; provided terminated and the Owner/Developer shall be eligible to allot the said Apartment to other intending Allottee. c. The Allottee hereto agree that all information, documents etc. exchanged to date and which may be exchanged including but not limited to the promoter contents of this agreement and any documents executed in pursuance thereof (confidential information) is confidential and proprietary and shall intimate not be disclosed, reproduced, copied, disclosed to any third party without the written consent of the Owner/Developer. The confidentiality obligation under this clause shall survive even after the handing over of the unit and is legally binding on the Allottee about and shall always be in full force and effect. Allottee shall not make any public announcement regarding this agreement without the prior consent of the Owner/Developer. Nothing contained hereinabove shall apply to any disclosure of confidential information if such termination at least thirty days prior to such terminationdisclosure is required by law or by any statutory authority or has entered public domain in connection with any litigation.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 of this agreement 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 shall be in a habitable condition which is complete in all respects including the provision of all specificationspecifications, 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 Promoter’s business as a developer 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 Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee within forty-five days of it becoming due. 9.3. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of any of the following Eventsevents: (i) In case the Allottee fails to make payments for 2(two) consecutive demands made by the Promoter as per the Payment plan Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate 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 Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided Provided that the promoter Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 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 specificationspecifications, 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 Promoter’s '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 ease of Default by Promoter under the conditions listed above, Allottee is entitled to the Followingfollowing: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenotice 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 documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter to the Allottee 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 Eventsevents: (i) In case the Allottee fails to make payments for consecutive demands made by 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 promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement