Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

EVENTS OF DEFAULTS AND CONSEQUENCES. 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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. In ease 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 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. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 montis 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 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

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the 9.1 Except for occurrence of a Force Majeure clauseevent, the Promoter Developer shall be considered under a condition of default (“Default”), in the following events: (i) Promoter Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para clause 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the PromoterDeveloper's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder. . 9.2 In ease case of Default by Promoter Developer under the conditions listed above, Allottee is entitled to the 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 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 refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale 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 the Allottee 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), which shall be paid by the promoter Developer to the allottee Allottee within forty- five 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) Incase In case the Allottee fails to make any of the payments for consecutive demands made by within the Promoter due dates 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 Developer on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond _ consecutive montis 1 (one) month after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund forfeit an amount equal to the money paid to him by the allottee by deducting the hooking amount and Booking Amountand the interest liabilities and this Agreement shall thereupon stand terminated; terminated Provided that the promoter Developer shall intimate the allottee 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/Plot] to the Allottee AIlottee 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 puipose of this para 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoterpromoter'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 ease case of Default by Promoter under the conditions listed above, 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 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 AIlottee 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. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase in case the Allottee fails falls 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;rules. (ii) In case of Default by Allottee AIlottee under the condition listed above Rules continues for a period beyond _ consecutive montis 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 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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter Builder shall be considered under a condition of Default, in the following events: (i) Promoter Builder fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para 'para, ‘ready to move in possession’ shall mean that the apartment Apartments shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's Builder’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 ease case of Default by Promoter Builder under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter Builder as demanded by the PromoterBuilder. If the Allottee stops making payments payments, the Promoter Builder 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 Builder 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 or terminate the Agreement, he shall be paid, by the promoterBuilder, 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 Builder to the allottee Allottee within forty- forty-five days of it becoming due. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for Two consecutive demands made by the Promoter Builder as per the Payment Plan (Schedule 'C') annexed hereto, despite having been issued notice of in that regard the allottee Allottee shall be liable to pay interest to the promoter Builder 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 montis months after notice from the Promoter Builder in this regard, the Promoter Builder may cancel the allotment of the [Apartment/Plot] 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 Builder 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/Plot] Apartment to the Allottee Allottee’s within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para para, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;the (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 ease case of Default by Promoter under the conditions listed above, Allottee ▇▇▇▇▇▇▇▇’s is entitled to the following: (i) Stop making further payments to 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 milestones and only thereafter the 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 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 ▇▇▇▇▇▇▇▇’s 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’s within forty- forty-five days of it becoming due. . 9.3 The Allottee Allottee’s shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee Allottee’s fails to make payments for 02 consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee allottee’s shall be liable to pay interest to the promoter on the unpaid amount at the rate based on the State Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; prescribed in the Rules; (ii) ; In case of Default by Allottee ▇▇▇▇▇▇▇▇’s under the condition listed above continues for a period beyond _ 02 consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Allottee’s and refund the money paid to him by the allottee allottee’s by deducting the hooking booking amount or 10% of the total price of the LIG/ EWS flat, whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated; . Provided that the promoter shall intimate the allottee allottee’s 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 Owner/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] Unit to the Allottee Allottee(s) within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and 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 its registration under the provisions of the Act or the rules or regulations made thereunder. ; 9.2 In ease case of Default by Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee Allottee(s) stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the 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 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 noticenotice subject to the Allottee(s) shall prior to receipt of refund on the above account from the Promoter, at his/her/their/its own costs and expenses, execute all necessary cancellation related documents required by the Promoter; 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 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)Unit, which shall be paid by the promoter Promoter to the allottee Allottee(s) within forty- forty-five days of it becoming due. ; 9.3 The Allottee Allottee(s) shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee Allottee(s) 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(s) 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 Allottee(s) under the condition listed above continues for a period beyond _ consecutive montis 1 (One) month after notice from the Promoter in this regard, the Promoter upon 30 days written notice may cancel the allotment of the [Apartment/Plot] Unit in favour of the Allottee Allottee(s) and refund the money paid to him by the allottee Allottee(s) 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 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 [ApartmentFlat/Plot] Unit/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 Regulatory Authority. For the purpose of this para para, 'ready to move in possession' shall mean that the apartment Flat/Unit/Apartment shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authorityrespects; (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 ease 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 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 apartmentFlat/Unit/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 (Flat/Unit/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) Incase In case the Allottee fails to make payments for consecutive demands made by any installment to the Promoter as per the Payment Plan annexed hereto, despite having been issued or not any 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 montis forty five days after written and/or verbal notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour Shop/Flat 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 terminationAllottee.

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 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 stipul ated 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 p rovision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease case of Default by Promoter under the conditions listed above, Allottee is entitled to the t he following: (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 the Allottee be required to make m ake 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 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for Two consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued is sued 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 co ntinues for a period beyond _ One consecutive montis 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 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

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) In spite of due observance of the terms and obligations of the Allottee under this agreement, the Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 Completion Date or fails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this para 'clause, ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties as certified by the Architect and for which occupation certificate and completion certificate, as the case may be, full or partial Completion / Occupancy Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoter's promoters’ business as a developer developers on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In ease case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter 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 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 alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination noticenotice subject to allottee fulfilling all formalities on its part as more fully mentioned in Clause 8 of this Agreement; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the promoter, interest at the rate prescribed specified 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 Allottee within forty- forty-five days of it becoming duedue or adjusted from future installments payable by the Allottee. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) Incase In case the Allottee fails to make payments for consecutive more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan 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;specified herein. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond _ two consecutive montis months after notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the hooking booking amount of 10% of total consideration and the interest liabilities and this Agreement shall thereupon stand terminated; . Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such termination. The remaining balance amount of money refundable (if any) shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force 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] Apartment to the Allottee Allottee/s within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityspecified. For the purpose of this para 'clause, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authorityrespects; (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. there under. 9.2 In ease of Default case default by Promoter under the conditions listed above, Allottee Allottee/s is entitled to the following: (i) Stop making further payments to Promoter 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 milestones and only thereafter the 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 shall be liable to refund the entire money paid by the Allottee Allottee/s 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 Allottee/s does not intend to withdraw from the project or terminate the Agreement, he he/she/they 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. 9.3 The Allottee/Plot), which shall be paid by the promoter to the allottee within forty- five days of it becoming due. The Allottee s shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee Allottee/s fails to make payments for consecutive any demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee/s 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 Allottee/s under the condition listed above continues for a period beyond _ consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Allottee/s and refund the money paid to him by the allottee Allottee/s by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; Provided that : Such refund shall not include any amount paid by the promoter shall intimate Allottee/s on account of Taxes paid by the allottee about such termination Allottee/s and/or stamp duty and registration charges incurred by the Allottee/s. The Allottee/s shall, at least thirty days prior to such terminationhis/her/their own costs and expenses, execute all necessary documents required by the Promoter in this regard.

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/PlotBungalow] to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para '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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease 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 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 shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentBungalow, 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 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 to the allottee within forty- forty-five days of it becoming become due. The Allottee . 9.3 TheAllottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for consecutive demands made may 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 montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Bungalow 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 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, default in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] said Apartment to the Allottee within the time period specified in para Para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para 'Para ready to move in possession’ possession shall mean that the apartment shall be in a habitable condition which is complete in all respects respect including the provision of all specificationsspecification, amenities and facilities, as agreed agree to between the parties, and for which occupation certificate and completion certificate, certificate as the case may be, has been issued issues by the competent authority; (ii) Discontinuance of if the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions provision of the Act or the rules or regulations made thereunder. there under. 9.2 In ease case of Default by Promoter under the conditions listed above, Allottee is entitled to the following:following 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 on 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 the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement 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 the interest at the rate prescribed in the Rules rules within forty-five 45 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, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. The GST paid by the Allottee shall be refunded only if the Promoter receives refund/credit for the same from the concerned authorities. Such refund, if any, shall be made within 30 days of receipt/credit of GST. If however the Allottee does not terminate the Agreement within 3 months of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to terminate the Agreement and this Clause shall no longer be applicable and/or shall cease to 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 Allottee within forty- forty-five days of it becoming due or within such further time a may be agreed between the parties.; (iii) 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 said Apartment , which shall be paid by the Promoter to the Allottee within the 45 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) Incase In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed heretoas mentioned in Schedule “C” mentioned herein below, 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;rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond _ 2(two) consecutive montis months after notice from the Promoter in this regard, the Promoter Promter may cancel the allotment allotment/Agreement of the [Apartment/Plot] said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the allottee Allottee and refund the money paid to the Promoter by the Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; terminated and the Promoter shall free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee which right and/or entitlement shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. The GST paid by the Allottee shall be refundable only if the Promoter receives refund/credit for the same from the concerned authorities. Such refund, if any, shall be made within 30 days of receipt/credit of GST. Provided that the promoter Promoter shall intimate the allottee 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 reform or comply with any of the terms, conditions, convents, undertaking, 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 the Promoter compensation and/or damages that may be quantified by the Promoter 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 Buildings or any portion thereof including further construction, additions and/or alteration from time to time and/or in the transfer, sale or disposal of any Apartment or portion of the Buildings, then in that event the Allottee shall also be liable to pay to the Promoter compensation and/or damages that may be qualified 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 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/Plot] Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this para 'ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In ease of case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones 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 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 shall be liable to refund the entire money paid to it 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 promoterPromoter, 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 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 events: (i) Incase In case the Allottee fails to make payments for consecutive two 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 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 montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Designated Apartment in favour of the Allottee and refund the money paid to him by the allottee 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; . Such refund shall not include any amount paid by the Allottee on account of Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the promoter Promoter shall intimate the allottee 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. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) , namely:- The Promoter fails to provide ready to move in possession of the [Apartment/Plot] 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 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 Authority. 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 specifications, amenities and facilities, as agreed to between the parties, parties and as specified in Schedule F 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 or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In ease case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled entitled, subject to the following: (icondition that there is no default on the part of the Allottee(s) to the following:- 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 the Allottee Allottee(s) be required to make the next payment without any interestdelay payment charges; or (iior The Allottee(s) 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 Allottee(s) under any head whatsoever towards the purchase of the apartmentUnit, along with interest calculated at the rate prescribed in the Rules Interest Rate within 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 promoterPromoter, interest calculated at Interest Rate 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- forty-five (45) days of it becoming due. 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 events: (i: failure on the part of the Allottee(s) Incase the Allottee fails 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 the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; regard; delay/default by Allottee(s) under Clause 9.3 (iii) In case of Default by Allottee under the condition listed above continues for a period beyond _ 2 consecutive montis months after demand notice from the Promoter in this regard; 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 Delay Payment Charges, if applicable, under this Agreement within the period mentioned in the Offer Letter; 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; breach of any other terms & conditions of this Agreement on the part of the Allottee(s); violation of any of the Applicable Laws on the part of the Allottee(s). 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: Upon occurrence of event of default mentioned in Clause 9.3(i) the Allottee(s) shall be liable to pay Delay Payment Charges on the overdue amounts 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; Upon occurrence of event of default mentioned in Clause 9.3(ii) the Promoter may cancel the allotment by terminating this Agreement by serving a notice of 30 days to the Allottee(s) in this regard; Upon occurrence of event of default mentioned in Clause 9.3(iii), (iv), (v) and (vi) the Promoter shall have the option to terminate this Agreement as mentioned in Clause 9.4 (ii); Further in case of event of default under Clause 9.3(iii), till the time Promoter exercise the option to terminate this Agreement it shall be entitled to (a) recover Delay Payment Charges as per Clause 9.4 (i) and (b) recover maintenance charges from the expiry of 30 days from the offer of possession ; (c) recover holding/ safeguarding charges @ 0.1% per month on the Total Price of the [Apartment/Plot] Unit; (d) taxes mentioned in Clause 7.4; (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(iii) and Allottee(s) hereby authorizes the Promoter for the same. 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 Delay Payment Charges shall not be deemed to be a waiver by the Promoter of its right of charging such Delay Payment Charges or of the other rights mentioned in this Agreement. Upon termination of this Agreement by the Promoter as 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 after the sale of Unit to a new allottee/buyer, from the amounts realized from the such new allottee/buyer: The ▇▇▇▇▇▇▇ Amount; all taxes, duties, cess, etc. deposited by the allottee Promoter to the concerned department/authority in respect of the Unit; The Delay Payment Charges paid/payable by deducting the hooking amount Allottee(s) to the Promoter as per Clause 9.4(i) and/or 9.4 (iii), if applicable; That one of the factors for the allottee(s) to buy unit in its Project is that the Promoter is known for appropriate standards of maintenance and management services in relation to its project through its associate Ashiana Maintenance Services, LLP (“Maintenance Agency”). Maintenance Agency has very rich and vast experience and expertise in the management and maintenance of large size high rise residential projects having all modern equipments, amenities and facilities such as club house, swimming pool, gym, STP, power back up system, reticulated pipe gas network, CCTV surveillance system or other modern security system, lifts, horticulture etc. The Allottee(s) is aware that due to qualitative and effective maintenance of its projects, the Maintenance Agency is able to maintain the beauty and aesthetic look of its projects consistently which not only increases the life of its projects but gives appreciation to the value of the projects. Apart from qualitative maintenance of the project, Maintenance Agency organizes various sports, cultural and festive activities from time to time for the benefit and enjoyment of the residents which ultimately provides a good lifestyle to the residents. The Allottee(s) understands that other allottees have also booked/bought units in its project because of the above characteristics of Maintenance Agency Accordingly, the Maintenance Agency is being appointed to carry out the maintenance of the Said Project/Whole Project at competitive prices until its appointment is recalled and another maintenance agency is appointed after notice period of six months by the Apartments Owners Association through a majority resolution. The owners of the units/apartments in Ashiana ▇▇▇▇▇ Phase-I, which forms part of the Whole Project, have formed an association by the name “Ashiana ▇▇▇▇▇ Owners Association”, under Rajasthan Societies Registration Act, 1860 for the Whole Project comprising of Ashiana ▇▇▇▇▇ Phase-I, Ashiana ▇▇▇▇▇ Phase-II, Ashiana ▇▇▇▇▇ Phase-III, Ashiana ▇▇▇▇▇ Phase-IV, Ashiana ▇▇▇▇▇ Phase-V and Said Project of the Whole Project excluding the shops. ▇▇▇▇▇▇▇ ▇▇▇▇▇ Owners’ Association has a set of bye-laws (hereafter referred to as "Bye-Laws") which shall govern the Association and the interest liabilities members of the Association i.e. the unit owners in the Whole Project. All the owners of units/apartments in the Whole Project shall become members of the Ashiana ▇▇▇▇▇ Owners’ Association by payment of membership fees and shall abide by the Bye-Laws of the Ashiana ▇▇▇▇▇ Owners’ Association. The Allottee(s) shall become member of the Ashiana ▇▇▇▇▇ Owners’ Association by signing necessary forms/documents for the said Unit and hereby undertakes to comply with the Bye-Laws in letter and spirit. The Promoter represents that there shall be a separate owners association for the commercial (shops). The Allottee(s) shall not raise any objection, if any changes or modifications are made in the Bye-Laws as may be required by the Registrar of societies or other competent authority as the occasion may demand. The Allottee(s) ▇▇▇▇▇▇ agrees that his/her right to the use of Common Areas and Facilities developed with the Said Project or to be developed with Subsequent Phases of the Whole Project shall be subject to timely payment of total maintenance charges and performance by the Allottee(s) of all his/her obligations in respect of the terms and conditions specified under this Agreement as well as by the Owners Association from time to time. Allottee(s) shall thereupon stand terminated; Provided that be bound by all the promoter shall intimate terms and conditions of the allottee about such termination at least thirty days prior to such terminationAgreement of Association, Bye- Laws, maintenance agreement and any other agreement entered by the Owners Association and any decisions taken by the Owners Association as per it Bye–Laws.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 10.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsevents : (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] said Unit to the Allottee Purchaser within the time period specified in para 7.1 8.1 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 possessionshall mean that the apartment Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;. (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation revision of his registration under the provisions of the Act or the rules or regulations made thereunder. . 10.2 In ease 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 the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee Purchaser be required to make the next payment without any interest; or (ii) The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter and the Owner shall be liable to refund the entire money paid by the Allottee Purchaser 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; notice : Provided that where an Allottee a Purchaser 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/PlotUnit), which shall be paid by the promoter Promoter to the allottee Purchaser within forty- five 45 days of it becoming due. . 10.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following eventsevents : (i) Incase In case the Allottee Purchaser 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 Purchaser 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 Purchaser under the condition listed above continues for a period beyond _ two consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Unit in favour of the Allottee Purchaser and the Promoter and Owner shall 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 that the promoter Promoter shall intimate the allottee Purchaser about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Sources: Construction Contract

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/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 para, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. the re under. 9.2 In ease 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 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 within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 _ 2 consecutive montis 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 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 Defaultdefault, in the following eventsevents : (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para Para, 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the 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. there under. 9.2 In ease case of Default default by the Promoter under the conditions listed above, Allottee is entitled to the following:following:- (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 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 (45) 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 Allottee within forty- 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) Incase 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 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 default by Allottee under the condition conditions listed above continues for a period beyond _ two consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the money paid to him by the allottee Allottee by deducting the hooking booking amount (i.e. the Cancellation Charges, brokerage, GST) and the interest liabilities (of the Allottee) and this Agreement shall thereupon stand terminated; ;, Provided that the promoter 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/Plot] 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 Authority. For the purpose of this para para, '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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; ; (ii) Discontinuance of the Promoter's ’s business as a developer deve ▇▇▇▇▇ 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 ease case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: : (iii) 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 the Allottee be required to make the next payment without any interest; or or (iiiii) 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 apartmentUnit, 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 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)Unit, which shall be paid by the promoter to the allottee Allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: : (i) Incase 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 montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Unit 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 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 Defaultdefault, in the following events: (i) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] 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 Authority. 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 specifications, 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 ’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 ease case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following: (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 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 Allottee within forty- five 45 (forty-five) days of it becoming due. 9.3. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) Incase 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 regard. Every demand notice sent by the allottee Promoter to the Allottee shall be liable contain a last date of payment and shall also contain an interest rate, which will become effective on the demanded amount after the last date of demand payment. If the Allottee fails and/or neglects to pay interest 2 (two) consecutive demands made by the Promoter, then the Promoter shall serve a notice to the promoter on the unpaid amount at the rate prescribed in the RulesAllottee; (ii) In case of Default default by the Allottee under the condition listed above continues for a period beyond _ consecutive montis 1 (one) month after notice from the Promoter in this regard, the Promoter may reserves the right to cancel the allotment of the [Apartment/Plot] Apartment in favour favor 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 that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Sources: Partnership 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) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority7.1. For the purpose of this para 'para, ‘ready to move in possession’ shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the 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 on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In ease case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (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 the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head heads 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 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) Incase In case the Allottee fails to make payments for 2 (two) 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 Promoter on the unpaid amount at as 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 montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] 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 applicable statutory taxes, if any, 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 Seller shall be considered under a condition of Default, in the following events: (i) Promoter Seller fails to provide ready to move in possession of the [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 Authority. For the purpose of this para 'ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease case of Default by Promoter Seller under the conditions listed above, Allottee Purchaser is entitled to the following: (i) Stop making further payments to Promoter Seller as demanded by the Promoter. If the Allottee Purchaser stops making payments the Promoter Seller shall correct the situation by completing the construction milestones and only thereafter the the Allottee Purchaser be required to make the next payment without any interest; or (ii) The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter Seller 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-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 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 Seller to the allottee Purchaser within forty- forty five days of it becoming due. . 9.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee Purchaser fails to make payments for consecutive demands made by the Promoter Seller as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the allottee Purchaser shall be liable to pay interest to the promoter Seller on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default default by Allottee Purchaser under the condition listed above continues for a period beyond _ one consecutive montis months after notice from the Promoter Seller in this regard, the Promoter Seller 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 amount and the interest liabilities and this Agreement shall thereupon stand terminated; Provided that the promoter Seller shall intimate the allottee Purchaser 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 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] Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this para 'ready to move in possession’ possession‟ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation 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 In ease of case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones 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 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 and the First Owner 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 promoterPromoter, 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 Promoter to the allottee Allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for consecutive two 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 Promoter on the unpaid amount at the rate prescribed in the RulesRules ; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond _ two consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Designated Apartment in favour of the Allottee and refund the money paid to him and the First Owner by the allottee 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; : Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter and the First Vendor 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 Promoter in this regard. Provided that the promoter 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 eventsevents : (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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. there under. 9.2 In ease 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 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; 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 Promoter to the allottee Allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the onthe occurrence of the following events: (i) Incase 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 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 montis 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 amount and the interest liabilities and this Agreement shall thereupon stand terminated; terminated : Provided that the promoter 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 Defaultdefault, in the following events:, namely: - (i) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] 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 to complete the project Whole Project within the stipulated time disclosed (as extended as per the Act) at the time of registration of the project Whole Project with the Authority. 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 specifications, amenities and facilities, as agreed to between the parties, parties and as specified in Schedule F 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 Promoter 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 In ease case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled entitled, subject to the condition that there is no default on the part of the Allottee(s) to the following:: - (i) 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 the Allottee Allottee(s) be required to make the next payment without any penal interest; or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the 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 calculated at the rate prescribed in the Rules Interest Rate within 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 promoterPromoter, interest at Interest 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- forty-five (45) days of it becoming due. . 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 events: (i) Incase failure on the Allottee fails 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 the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rulesregard; (ii) In case of Default delay/default by Allottee ▇▇▇▇▇▇▇▇(s) under the condition listed Clause 9.3 (i) above continues for a period beyond _ 2 consecutive montis months after demand notice from the Promoter in this regard; (iii) 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 delay payment charges, if applicable, under this Agreement within the period mentioned in the Offer Letter; (iv) 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; (v) breach of any other terms & conditions of this Agreement on the part of the Allottee(s); (vi)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 in Clause 9.3 above shall be as follows: (i) Upon occurrence of event of default mentioned in Clause 9.3(i) the Allottee(s) shall be liable to pay delay payment charges on the overdue amounts computed at the Rate as defined above 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; (ii) Upon occurrence of event of default mentioned in Clause 9.3(ii) the Promoter may cancel the allotment by terminating this Agreement by serving a notice of 30 days to the Allottee(s) in this regard; (iii) Upon occurrence of event of default mentioned in Clause 9.3(iii), (iv), (v) and (vi) the Promoter shall have the option to terminate this Agreement as mentioned in Clause 9.4 (ii); Further in case of event of default under Clause 9.3(iii), till the time Promoter exercise the option to terminate this Agreement it shall be entitled to (a) recover interest as per Clause 9.4 (i) and (b) recover maintenance charges from the date of issuance of Offer Letter; (c) recover holding/ safeguarding charges @ 0.1% per month on the Total Price of the [Apartment/Plot] Unit; (d) taxes mentioned in Clause 7.4; (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(iii) and Allottee(s) hereby authorizes the Promoter for the same. (iv) 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 delay payment charges shall not be deemed to be a waiver by the Promoter of its right of charging such charges or of the other rights mentioned in this Agreement. 9.5 Upon termination of this Agreement by the Promoter as 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 after the sale of Unit to a new allottee/buyer, from the amounts realized from the such new allottee/buyer: (i) The ▇▇▇▇▇▇▇ Amount; (ii) all taxes, duties, cess, etc. deposited by the allottee Promoter to the concerned department/authority in respect of the Unit; (iii) The delay payment charges paid/payable by deducting the hooking amount Allottee(s) to the Promoter as per Clause 9.4(i) and/or 9.4 (iii), if applicable; 9.6 Without prejudice to the 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 the interest liabilities 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 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/PlotBungalow] to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para '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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. there under. 9.2 In ease 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 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 shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentBungalow, 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 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 to the allottee within forty- forty-five days of it becoming become due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for consecutive demands made may 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 montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Bungalow 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 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 Promoters shall be considered under a condition of Defaultdefault, in the following events:, namely:- (i) Promoter fails i. The Promoters fail to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee Allottee(s), without any default on the part of the Allottee(s), within the time period timeperiod specified in para clause 7.1 above in this Agreement or fails fail to complete the project Project within the stipulated time disclosed (as extended as per the Act) at the time of registration of the project Project with the Authority. For the purpose of this para clause, 'ready to move in possession' shall mean that the apartment Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, 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 or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. there under 9.2 In ease case of Default default by Promoter the Sellers 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:- (i) i. 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 the Allottee Allottee(s) be required to make the next payment without any interest; or (ii. The Allottee(s) 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 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 180 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 Allottee(s) shall be considered under having committed a condition of Defaultdefault, on the occurrence of anyone or more of the following events:, (Allottee's Event of Default): (ii. failure on the part of the Allottee(s) Incase the Allottee fails to make payments for consecutive demands made by the Promoter entire payment /any instalment as per the Payment Plan annexed heretoPlan, or additional charges mentioned herein on the expiry of period granted for making such payments 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 Rulesregard; ii. delay/default by Allottee(s) under Clause 9.3 (iii) In case of Default by Allottee under the condition listed above continues for a period beyond _ consecutive montis months after demand notice from the Promoter in this regard; iii. 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 but not limited to interest if applicable under this Agreement, documentation, printing, other miscellaneous expenditure that may be required within sixty (60) days from the after the date of expiry of Offer Letter; iv. 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 may 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; v. breach of any other terms & conditions of this Agreement on the part of the Allottee(s); vi. violation of any of the Applicable Laws on the part of the Allottee(s). 9.4 The Promoters' 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: i. Upon occurrence of event of default mentioned in Clause 9.3(i) the Allottee(s) shall be liable to pay interest on the overdue amounts computed at the Interest Rate 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; ii. Upon occurrence of event of default mentioned in Clause 9.3(ii) the Promotersmay 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 terminating this Agreement by serving a notice of 30 days to the Allottee(s) in this regard; iii. Upon occurrence of event of default mentioned in Clause 9.3(iii), (iv), (v), (vi) the Promoters shall thereupon stand terminatedhave the option to terminate this Agreement as mentioned in Clause 9.4 (i); Provided that Further, in case of event of default under Clause 9.3(iii), till the promoter time Promoters exercise the option to terminate this Agreement they shall intimate the allottee about such termination at least thirty days prior be entitled to such termination.(a) recover interest as per Clause 9.4 (i) and

Appears in 1 contract

Sources: Conveyance Deed

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter 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] Said Apartment to the Allottee within the time period specified in para Para 7.1 or fails to complete the project Said Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para 'Clause ‘ready to move in possession' shall mean that the apartment Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, 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 ease 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 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 apartmentSaid Apartment, along with interest at the rate prescribed in the Rules within 45 forty-five days of receiving the termination notice; Provided that where an Allottee does not intend to withdraw from the project Said Complex 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 Allottee within forty- five 45 (forty-five) days of it becoming due. 9.3. The Allottee ALLOTTEE shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for consecutive respective demands made by the Promoter as per the Payment Plan provided in SCHEDULE ‘C’ annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be deemed to be in default and shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In the event of any charges for any reason whatsoever being debited to the Bank account of the Promoter for any payment remitted by the Purchaser, the Purchaser agrees to pay / reimburse to the Promoter such Bank Charges. Also in case any payment remitted by the Purchaser gets dishonoured, the Purchaser shall be liable to make good such payment along with interest thereon. (iii) If the Purchaser in any manner delays execution of Deed of Conveyance beyond 30 (Thirty) Days from the date of Notice issued by the Promoter / Builder, the Purchaser shall be liable to pay a penalty of Rs. 5,000 (Rs. Five Thousand only) per month plus applicable taxes if any, for the period of such delay. (iv) In case, Default by Allottee under the condition conditions listed above continues for a period beyond _ consecutive montis 45 (Forty Five) days after notice from issued by the Promoter in this regard, the Promoter may shall reserve the right to cancel the allotment of the [Apartment/Plot] Said Apartment in favour of the Allottee and refund the money paid to him by the allottee Allottee by deducting forfeiting an amount equal to 5% of the hooking amount and agreed consideration together with prescribed interest as on the interest liabilities date of cancellation subject to a minimum of Rs. 75,000 (Rupees Seventy Five Thousand) only and this Agreement shall thereupon stand terminated; Provided that the promoter Promoter shall duly intimate the allottee Allottee about such termination at least thirty days prior in case such a situation arises. (v) Upon cancellation / termination of the Agreement / Allotment being made by the Vendors and / or the Promoter subject to such terminationfulfillment of forfeiture conditions, all rights and claims of the Allottee / Purchaser in respect of the Building / Project including title thereof (if any), shall stand extinguished with immediate effect. (vi) If any act or omission of the Allottee / Purchaser results in any interruption , hindrance , obstruction or delay in the Project or construction of building thereof, or in the sale, transfer or disposal of any Flat / Unit, then in that event, the Purchaser shall also be liable to pay to the Promoter / Developer compensation and / or damages that may be quantified by the Promoter. (vii) Besides the aforesaid issues, the Vendor and / or the Promoter shall be entitled to any other right to which they may be entitled in law or equity by reason of any default or breach on the part of the Purchaser / Allottee.

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/Plot] Apartment / unit to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para para, '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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease 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 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 apartmentapartment / unit, 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 / unit, which shall be paid by the promoter to the allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for two 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 _ two consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment / unit 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 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

EVENTS OF DEFAULTS AND CONSEQUENCES. 13.1 Subject to the Force Majeure clauseprovisions of this Agreement and subject to the Allottee making timely payments hereunder and save and except for the events specified in (a) and (b) of Clause 6.1.1 above, the Promoter shall be considered under a condition of Default, default in the following events: (i) 13.1.1 the Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 Clause 6.1.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authoritycompetent authority under the Act. For the purpose of this para Clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation completion certificate and completion or the occupancy certificate, as the case may be, has been issued by the competent authority;; or (ii) Discontinuance 13.1.2 discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. . 13.2 In ease case of Default default by the Promoter under the conditions listed above, the Allottee is shall be entitled to the following: (i) Stop 13.2.1 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 shall the Allottee be required to make the next payment without any interest; or (ii) The 13.2.2 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 lease of the apartmentApartment, along with interest at the rate prescribed in Rule 18 of the Rules within forty-five 45 (forty five) days of receiving the termination notice; . Provided that that, where an the Allottee does not intend to withdraw from the project Project or terminate the Agreement, he he/she/it shall be paid, by the promoterPromoter, interest at the rate prescribed in Rule 18 of 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 Allottee within forty- five 45 (forty five) days of it the same becoming due. . 13.3 The Allottee shall be considered to be under a condition of Defaultdefault, on the occurrence of the following events: (i) Incase in case the Allottee fails to make payments payment for two (2) 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. In such event the allottee Allottee shall be liable to pay interest to the promoter on the unpaid amount Promoter, interest at the rate prescribed in Rule 18 of the Rules;, on all unpaid amounts from the date the amount is payable by the Allottee. (ii) In 13.4 Without prejudice to the right of the Promoter to charge interest in terms of Clause 13.3 above, in case of Default the default by the Allottee under the condition listed Clause 13.3 above continues for a period beyond _ three (3) consecutive montis months after first notice from the Promoter in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the [Apartment/Plot] in favour of the Allottee terminate this Agreement and refund the money paid to him the Promoter by the allottee by Allottee after 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 and any liability of the Promoter shall thereupon stand terminated; . Provided that that, the promoter Promoter shall intimate the allottee Allottee about such termination the Promoter’s intention to terminate this Agreement by a written notice of at least thirty 30 (thirty) days prior to such termination. 13.5 On and from the date of refund of the amount as mentioned in Clauses 13.2 and 13.4 above, as the case may be, this Agreement shall stand cancelled automatically without any further act from the Allottee and the Allottee shall have no right, title and/or interest on the said Apartment, the Project and/or the Said Land or any part or portion thereof, and the Allottee shall further not be entitled to claim any charge on the said Apartment and/or any part or portion thereof, in any manner whatsoever. The effect of such termination shall be binding and conclusive on the Parties. 13.6 Notwithstanding anything to the contrary stated herein, it is hereby clarified that upon termination or cancellation of this Agreement for any reason whatsoever, the Allottee shall execute such documentation, as may be reasonably requested by the Promoter, at the Allottee’s cost and expense. 13.7 For the avoidance of doubt, it is hereby clarified that the Promoter shall not be held liable, in any manner whatsoever, for any delay in receipt/non-receipt of any refund by the Allottee in accordance with the terms of this Agreement, for any reason, including but not limited to, any delay by the Indian postal authority or due to a change in address of the Allottee (save as provided in this Agreement) or loss in transit.

Appears in 1 contract

Sources: Lease Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 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 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 specificationsspecification, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;. (ii) Discontinuance of the 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. In ease 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 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 sixty days of receiving the termination notice; : Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/[Apartment / Plot), ] which shall be paid by the promoter to the allottee within forty- five sixty days of it becoming due. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 montis 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 by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; . 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/Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration 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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease 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 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 specified 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 Promoter to the allottee Allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 specified in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond _ 3 (three) consecutive montis months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; . Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 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/Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para 'para, ‘ready to move in possession’ shall mean that the apartment Country Home shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities), as agreed to between the parties, and for which occupation certificate and completion certificateCompletion Certificate or Partial 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 its registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In ease case of Default by Promoter PROMOTER under the conditions listed above, the 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 the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head heads whatsoever towards the purchase of the apartmentCountry Home, 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)Country Home, which shall be paid by the promoter 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 events: (i) Incase In case the Allottee fails to make payments for two 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 Promoter on the unpaid amount at as the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond _ consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Country Home 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 applicable statutory taxes, if any, this Agreement shall thereupon stand terminated; . Provided that the promoter Promoter shall intimate the allottee 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/PlotBungalow] to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para '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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. there under. 9.2 In ease 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 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 shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentBungalow, 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 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 to the allottee within forty- forty-five days of it becoming become due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for consecutive demands made may 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 montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Bungalow 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 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/Plot] Plot to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para para, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;. (ii) Discontinuance of the 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 ease 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 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 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 within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 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 _ consecutive montis 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 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

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/Plot] Row House duplex unit H-...... 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 Row House duplex unit H shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. there under. 9.2 In ease 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 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)Row House duplex unit H , which shall be paid by the promoter to the allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 based on the Rules;State Bank of India highest marginal cost of lending rate ………… plus two percent (as on date of signing of the agreement) from their respective due dates. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond _ 2 consecutive montis 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 that the promoter shall intimate the allottee about such termination at least thirty days prior to such termination.Row House Duplex unit H-...

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 Defaultdefault, in the following events: (i) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project said Project within the stipulated time disclosed at the time of registration of the project said Project with the Authority. For the purpose of this para 'para, ‘ready to move in possession’ shall mean that the apartment Apartment shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, be has been issued by the competent authority;: (ii) Discontinuance of the 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 ease case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following: (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 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 equivalent to the Rules prevailing Prime Lending Rate of the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice; . Provided that That where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, paid by the promoterPromoter, interest at the rate prescribed in equivalent to the Rulesprevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the promoter 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 Defaultdefault, on the occurrence of the following events: (i) Incase 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 instalments or notice for rectification of default as per the allottee Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay interest to the promoter on the unpaid amount Promoter, interest at the rate of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the Rules;Rules on all unpaid amounts from the date the amount is payable by the Allottee. (ii) In case Without prejudice to the right of Default by Allottee under the condition listed above continues for a period beyond _ consecutive montis after notice from the Promoter to charge interest in this regard, the Promoter may cancel the allotment terms 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 that the promoter shall intimate the allottee about such termination at least thirty days prior to such termination.Clause

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, namely: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] 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 Authority. For the purpose of this para para, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. there under. 9.2 In ease 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 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)Duplex, which shall be paid by the promoter to the allottee Allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events, namely: (i) Incase In case the Allottee fails to make payments for 01 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 montis 01 months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] 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 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/Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease 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 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- 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) Incase 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 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 or Default by Allottee under the condition listed above continues for a period beyond _ consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the money paid to him it by the 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: Transfer Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 11.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following thefollowing events: (i) In spite of due observance of the terms and obligations of the Allottee under this agreement, the Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails Completion Date ofails to complete the project Project within the stipulated time disclosed at the time of registration Registration of the project Project with the AuthorityAuthorities. For the purpose of this para 'clause, ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the parties, parties as certified by the Architect and for which occupation certificate and completion certificate, as the case may be, full or partial Completion / Occupancy Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoter's promoters’ business as a developer developers on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 11.2 In ease case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the 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 alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination noticenotice subject to allottee fulfilling all formalities on its part as more fully mentioned in Clause 8 of this Agreement; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the promoter, interest at the rate prescribed specified 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 Allottee within forty- forty-five days of it becoming duedue or adjusted from future installments payable by the Allottee. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 11.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) Incase In case the Allottee fails to make payments for consecutive more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan 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;specified herein. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond _ two consecutive montis months after notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the hooking booking amount of 10% of total consideration and the interest liabilities and this Agreement shall thereupon stand terminated; . Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such termination. The remaining balance amount of money refundable (if any) shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventseventssubject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreementand 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 [Apartment/Plot] to said Apartmentto 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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;condition. (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 ease 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 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 theTotal 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 notice; noticeor within such further time as may be agreed between the parties [Note : Supplementary Letter to provide for 6 months].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 Allottee within forty- forty-five days of it becoming due. dueor within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) Incase In case the Allottee fails to make payments for consecutive of the demands made by the Promoter as per the Payment Plan annexed under Schedule C heretoand/or timely payment of the additional liabilities and deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard 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 montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment /Agreement of the [Apartment/Plot] said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the allottee Allottee by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; 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 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 Buildings 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 Buildings, 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.

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, default in the following events: (i) 9.1.1 the Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authoritycompetent authority under the Act. For the purpose of this para Clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation completion certificate and completion certificate, as the case may be, has been issued by the competent authority;; or (ii) Discontinuance 9.1.2 discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In ease case of Default default by the Promoter under the conditions listed in Clause 9.1 above, the Allottee is entitled to the following: (i) Stop 9.2.1 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 shall the Allottee be required to make the next payment without any interest; or (ii) The 9.2.2 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 Rule 18 of the Rules within forty-five 45 (forty five) days of receiving the termination notice; . Provided that that, where an the Allottee does not intend to withdraw from the project Project or terminate the Agreement, he he/she/it shall be paid, by the promoterPromoter, interest at the rate prescribed in Rule 18 of 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 Allottee within forty- five 45 (forty five) days of it the same becoming due. . 9.3 The Allottee shall be considered to be under a condition of Default, default on the occurrence of the following events: : (ia) Incase in case the Allottee fails to make payments payment for consecutive two (2) 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; or (b) in the allottee event that Allottee is in breach of its covenants, obligations, representations or warranties under this Agreement, which breach has not been remedied despite having been issued notice in that regard. In the event of (a) above, the Allottee shall be liable to pay interest to the promoter on the unpaid amount Promoter, interest at the rate prescribed in Rule 18 of the Rules; (ii) In , on all unpaid amounts from the date the amount is payable by the Allottee. Without prejudice to the right of the Promoter to charge interest in terms of the preceding paragraph, in case of Default the default by the Allottee under the condition listed above continues for a period beyond _ consecutive montis [30 (thirty) days] after notice from the Promoter in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the [Apartment/Plot] in favour of the Allottee terminate this Agreement and refund the money paid to him the Promoter by the allottee Allottee after deducting therefrom the Booking Amount, along with interest liabilities, and together with deduction of such other tax/levy as may be applicable at the time of such termination by deducting the hooking amount and the interest liabilities Promoter, and this Agreement and any liability of the Promoter shall thereupon stand terminated; . Provided that that, the promoter Promoter shall intimate the allottee Allottee about such termination the Promoter’s intention to terminate this Agreement by a written notice of at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 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] 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 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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. In ease 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 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 within forty- forty-five days of it becoming due. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] 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 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

EVENTS OF DEFAULTS AND CONSEQUENCES. 10.1 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/Plot] designated unit to the Allottee Purchaser within the time period specified in para 7.1 paragraph 8.1 or fails to complete the project complex within the stipulated time disclosed at the time of registration of the project complex with the Authority. For the purpose of this para 'ready to move in possession’ shall mean that the apartment designated unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent 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. . 10.2 In ease case of Default by Promoter Developer under the conditions listed above, Allottee Purchaser is entitled to the followingfollowing : (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee Purchaser stops making payments the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the the Allottee Purchaser be required to make the next payment without any interestinterest ; or (ii) The Allottee Purchaser 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 Purchaser under any head whatsoever towards the purchase of the apartmentdesignated unit, along with interest at the rate prescribed in the Rules within forty-forty five days of receiving the termination notice; notice Provided that where an Allottee Purchaser does not intend to withdraw from the project complex 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)designated unit, which shall be paid by the promoter Developer to the allottee Purchaser within forty- forty five days of it becoming due. . 10.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee Purchaser fails to make payments for consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Purchaser 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 Purchaser under the condition listed above continues for a period beyond _ two consecutive montis months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the [Apartment/Plot] designated unit 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 that the promoter Developer shall intimate the allottee Purchaser 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) 9.1.1 Promoter fails to provide ready to move in possession of the [Apartment/Plot] said 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 said Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authorityrespects; (ii) 9.1.2 Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In ease of case the Allottee complies with his obligations under this agreement and there is Default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) 9.2.1 Stop making further payments linked to construction milestones, if any, to the Promoter as demanded by the Promoter. If the Allottee stops making payments payment, 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 penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) 9.2.2 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 apartmentsaid Unit, along with interest at the rate prescribed specified in the Rules (presently being State Bank of India PLR plus 2% per annum) within forty-five days of receiving the termination notice. It is hereby clarified that such refund of money by the Promoter 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; 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 specified in the RulesRules (presently being State Bank of India PLR plus 2% per annum), 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. said Unit. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for 2 (two) 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 Promoter on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond _ two consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] said Unit in favour of the Allottee and refund the amount money paid to him the Promoter by the allottee by Allottee after deducting the hooking booking amount (i.e. 10% of Total Price) and the interest liabilities and this Agreement shall thereupon stand terminated; Provided . Such refund of balance amount shall not include any amount paid by the Allottee on account of Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be made out of the amounts received by the Promoter against sale of the said Unit to any other interested person. The Promoter shall have option to pay the balance amount directly to the bank account of the Allottee given at the time of application form and this Agreement shall thereupon stand terminated and the same shall be and deemed to be sufficient discharge of the Promoter in respect of payment of such amount. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. (iii) Without prejudice to the above, its being further agreed and the Allottee expressly, acknowledges, understands and agrees that in the promoter event of cancellation or termination of the allotment of the Said Unit (and this Agreement) in terms of this Agreement by the Promoter or the Allottee, as the case may be, the Promoter shall intimate be at liberty to act as the allottee about constituted attorney of the Allottee and execute, present or registration and register unilaterally a deed of cancellation, if required by the Promoter and the Allottee hereby agrees that in such termination at least thirty days prior an event, the Allottee shall have no rights to such terminationobject to the same and hereby records its consent thereto.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. In ease of Default by Promoter under the conditions listed above, Allottee is entitled to entitledto 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 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. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 beyond__ _ consecutive montis 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 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

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) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para 'ready to move in possession’ shall mean men that the apartment Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate 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 ’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. there under. 9.2 In ease 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 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 apartmentUnit, 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) Incase In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan payment plan Schedule ‘C’ annexed hereto, 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 Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond _ 3 (three) consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Unit 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 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 Defaultdefault, in the following events:events:- (i) The Promoter fails to provide ready to move in possession of the [Apartment/PlotApartment /Flat] to the Allottee Allottee(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para Para, 'ready to move in possession' shall mean that the apartment thatthe Apartment shall be in a habitable inahabitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the following:thefollowing:- (i) 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 milestones and only thereafter the 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 inwhich case the Promoter shall be liable to refund the entire money paid by the Allottee under any Promotershall beliabletorefundtheentiremoney paidbythe Allottee(s)underany 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), which shall be paid by the promoter to the allottee within forty- five days of it becoming due. : 9.3 The Allottee Allottee(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) Incase the Allottee Allottee(s) fails to make payments for consecutive demands made by the Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued beenissued notice in that regard inthat regard, the allottee Allottee(s) shall be liable beliable to pay interest to interestto the promoter Promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default default by Allottee Aloottee under the condition conditions listed above continues for a period beyond _ consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Allottee(s) and refund the money paid to him by the allottee Allottee(s) by deducting the hooking 10% booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; terminated : Provided that the promoter 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 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/Plot] to the Allottee Allottee/purchaser/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 Authority. For the purpose of this para 'ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease of Default by Promoter Developer under the conditions listed above, Allottee Allottee/purchaser/purchasers is entitled to the following: (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee Allottee/purchaser/purchasers stops making payments the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the the Allottee Allottee/purchaser/purchaser be required to make the next payment without any interest; or (ii) The Allottee Allottee/purchaser/purchasers 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/purchaser/purchasers 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/purchaser/purchasers 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), which shall be paid by the promoter Developer to the allottee Allottee/purchaser/purchasers within forty- forty-five days of it becoming due. . 9.3 The Allottee Allottee/purchaser/purchasers shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase the Allottee Allottee/purchaser/purchaser fails to make payments for consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee/purchaser/purchasers 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/purchaser/purchasers under the condition listed above continues for a period beyond _ consecutive montis months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the [Apartment/Plot] in favour of the Allottee Allottee/purchaser/purchasers and refund the money paid to him by the allottee Allottee/purchaser/purchasers by deducting the hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated; Provided that the promoter Developer shall intimate the allottee Allottee/purchaser/purchasers 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 eventsevents : (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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. there under. 9.2 In ease 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 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; 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 Promoter to the allottee Allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 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 montis 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 amount and the interest liabilities and this Agreement shall thereupon stand terminated; terminated : Provided that the promoter 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. 10.1 Subject to the Force Majeure clauseMajeure, court orders, government policy, guidelines, decisions, 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] Plot to the Allottee within the time period specified in para 7.1 specified; or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the RERA Authority. For the purpose of this para 'ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;. (ii) Discontinuance 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. . 10.2 In ease 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 development milestones and only thereafter the thereafter, the Allottee will be required to make the next payment without any penal interest; 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 promoterPromoter, interest at the rate prescribed specified 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. . 10.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:events:- (i) Incase in case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment Plan annexed heretohereto or on demands made by the Promoter (in case of dues not envisaged in the Payment Plan), despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter 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 _ three consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Plot in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the hooking booking amount and recover, brokerage/commission paid, interest on delayed payment etc. The rate of interest payable by the interest liabilities Allottee to the Promoter shall be as prescribed in RERA Rules. The balance amount of money paid by the Allottee shall be returned by the Promoter within Nintety (90) days of such cancellation. On such default, the Agreement and this Agreement any liability of the Promoter arising out of the same shall thereupon thereupon, stand terminated; . Provided that that, the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty Thirty (30) days prior to such termination. The dispatch of the cheque for the balance amount by registered post/speed-post to the last available address of the Allottee with the Promoter shall be full and final discharge of all the obligations on the part of the Promoter and the Allottee will not raise any objection or claim on the Promoter after this. The Promoter may at its sole discretion condone the breach by the Allottee and may revoke cancellation of the allotment provided the Plot has not been re- allotted to some other person and the Allottee agrees to pay the upto date interest and the unearned profits (difference between his booking price and prevailing sales price) in proportion to total amount outstanding on the date of restoration and subject to such additional conditions/undertaking as may be decided by the Promoter.

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/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 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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, be has been issued by the competent authority; (ii) Discontinuance of the 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 ease 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 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 Allottee within forty- forty-five days of it becoming due. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence occurance of the following eventsevents : (i) Incase In case the Allottee fails to make payments payment 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 _ consecutive montis 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 that the promoter 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/Plot] Bungalow to the Allottee ALLOTTEES within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para '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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease case of Default by Promoter under the conditions listed above, Allottee ALLOTTEES is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee ALLOTTEES stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee ALLOTTEES be required to make the next payment without any interest; or (ii) The Allottee ALLOTTEES shall have the option of terminating termination 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 apartmentBungalow, 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. notice ; 9.3 The Allottee ALLOTTEES shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee ALLOTTEES fails to make payments for consecutive demands made may by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee ALLOTTEES 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 ALLOTTEES under the condition listed above continues for a period beyond _ 3 (Three) consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Bungalow in favour of the Allottee ALLOTTEES and refund the money paid to him by the allottee ALLOTTEES 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 ALLOTTEES 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 clauseMajeure, court orders, Government Policy/ guidelines, policy / guidelines of competent authorities, decisions affecting the regular development of the Project or any other event / reason of delay recognized or allowed in this regard by the Authority, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) the Promoter fails to provide offer ready to move in possession (as per specifications) of the [Apartment/Plot] developed Apartment for residential usage along with Parking (if applicable) to the Allottee within the time period specified in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para para, 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificate, as the case may be, or part thereof has been issued by the competent authority;. (ii) Discontinuance of the 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 ease case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (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 construction/ development milestones and only thereafter the the Allottee be required to make the next payment without any interestinterest for the period of such delay; 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 90 (ninety) days of receiving the termination notice; : Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment for residential usage along with Parking (Apartment/Plotif applicable), which shall be paid by the promoter Promoter to the allottee Allottee within forty- five 90 (ninety) days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for 2 (two) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee regard. The Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount, as and when the amount becomes due as per payment plan, 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 montis 90 (ninety) days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment for residential usage along with Parking (if applicable) in favour of the Allottee and refund the money paid to him by the allottee Allottee after forfeiting the Booking Amount, interest paid and/or due to be paid by deducting the hooking Allottee on delayed payment and any brokerage incentive paid by the Promoter to the broker/channel partner, if any, along with amount paid towards GST and which is non- recoverable by the Company The rate of interest liabilities payable by the Allottee to the Promoter shall be the State Bank of India highest marginal cost of lending rate plus 2% (two percent). The balance amount of money (if any) paid by the Allottee shall be returned by the Promoter to the Allottee without interest or compensation within 90 (ninety) days of such cancellation. On such default, the Agreement and this Agreement any liability of the Promoter arising out of the same shall thereupon thereupon, stand terminated; . Provided that that, the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. (iii) Further, additionally the Allottee shall be considered under a condition of Default, in case the Allottee fails to comply with the conditions under the notice for offer of possession, including taking over of possession of the Apartment, providing necessary indemnities, undertakings, maintenance agreement and other documentation; and such failure continues for a period of more than 90 (ninety) days after receipt of a notice from the Promoter in this regard then the Promoter may cancel the allotment of the Apartment along with the Parking (if applicable) if any, and refund the money paid by the Allottee by forfeiting the Booking Amount, interest paid and/or due to be paid by the Allottee on delayed payment and any brokerage incentive paid by the Promoter to the broker/channel partner, if any, along with amount paid towards GST and which is non-recoverable by the Company. The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee, without interest or compensation within 90 (ninety) days of such cancellation. On such default, the Agreement and any liability of the Promoter arising out of the same shall thereupon, stand terminated. Provided that, the Promoter shall intimate the Allottee about such termination at least 30 (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 force majeure clause, the Promoter promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] office space to the Allottee allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityauthority. For the purpose of this para 'ready to move in possession' shall mean that the apartment office space shall be in a habitable condition which is complete in all respects respect including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate certificates and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoterpromoter'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 ease case of Default default by Promoter the promoter under the conditions listed above, Allottee the allottee is entitled to the followingfollowing :- (i) Stop making further payments to Promoter the promoter as demanded by the Promoterpromoter. If the Allottee allottee stops making payments payments, the Promoter promoter shall correct the situation by completing the construction milestones and only thereafter the the Allottee allottee be required to make the next payment without any interest; or; (ii) The Allottee allottee shall have the option of terminating the Agreement agreement in which case the Promoter promoter shall be liable to refund the entire money paid by the Allottee allottee under any head whatsoever towards the purchase of the apartmentoffice space, 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 does not intend to withdraw from the project or terminate the Agreementagreement, 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 pace, which shall be paid by the promoter to the allottee within forty- five 45 days of it becoming due. . 9.3 The Allottee allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following eventsevents : (i) Incase In case the Allottee allottee fails to make payments for consecutive demands made by the Promoter promoter as per the Payment Plan 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 Rulesrules; (ii) In case of Default default by Allottee the allottee under the condition listed above continues for a period beyond _ consecutive montis months after notice from the Promoter promoter in this regard, the Promoter promoter may cancel the allotment of the [Apartment/Plot] office space in favour of the Allottee allottee 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 office space 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 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: Partnership 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/Plot] to Apartment/ Plot]to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para 'ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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. there under. 9.2 In ease 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 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 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 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 become due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for consecutive demands made may 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 _ 3 (Three) consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] 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 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 eventsevents : (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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease 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 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; 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 Promoter to the allottee Allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the onthe occurrence of the following events: (i) Incase 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 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 abovecontinues for a period beyond _ consecutive montis after monthsafter 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 amount and the interest liabilities and this Agreement shall thereupon stand terminated; terminated : Provided that the promoter 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/Plot] to the Allottee within the time period specified in para para 7.1 or fails to complete the project within the stipulated stipuled time disclosed at the time of registration of the project with the Authority. For the purpose of if 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 specifications, amenities amenties and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may bebe , 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 ease case of Default by Promoter Promoters under the conditions condition 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 Promoters shall correct the situation by completing the construction milestones and only thereafter the the Allottee Allotteee be required to make the next payment without any interest; orinterest;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 paidpaid , by the promoter, interest at the rate prescribed in the Rulesrules, 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- allotte with forty-five days of it becoming due. 9.3. The Allottee shall be considered under a condition of Defaultdefault, on the th occurrence of the following events:; (i) Incase In case the Allottee fails to make payments for consecutive demands made by By the Promoter promoters as per pe the Payment Plan 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 Rulesrules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond _ consecutive montis months after notice from the Promoter promoter in this regard, the Promoter promoter may cancel the allotment of the [Apartment/Plot] in favour favor of the Allottee allottee and refund the money paid to him by the allottee by deducting the hooking amount and the interest liabilities and this Agreement 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 Defaultdefault, in the following events:events:- (i) Promoter The Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment /Flat to the Allottee Purchaser(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para 'ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;. (ii) Discontinuance of the 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 ease case of Default default by Promoter the Developer under the conditions listed above, Allottee Purchaser(s) is entitled to the following:following:- (i) Stop making further payments to Promoter the Developer as demanded by the PromoterDeveloper. If the Allottee Purchaser(s) stops making payments payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the the Allottee Purchaser(s) be required to make the next payment without any interest; or (ii) The Allottee Purchaser(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 Purchaser(s) 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 . (iii) If for any reason whatsoever (save force majeure), the Developer is unable to complete the said Flat and the Properties appurtenant at or before the completion date then and in that where an Allottee event if Purchaser(s) does not intend to withdraw from the project Project or terminate the Agreement, he the Developer shall be paid, by liable and does agree to pay to the promoter, Purchasers interest to be calculated at the rate prescribed in of 12% per annum on the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be amounts paid by the promoter Purchasers till then as per Section 9 of the West Bengal Building (Regulation of Promotion of Construction and Transfer by Promoters) Act, 1993. This compensation is subject however to the allottee Purchaser paying, performing, and observing all the terms and conditions on its part to be performed and observed and paying all the amounts to be paid within forty- five days time stipulated for payments thereof in terms of it becoming due. this Agreement. 9.3 The Allottee Purchaser(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) Incase In case the Allottee Purchaser(s) fails to make payments for two consecutive demands made by the Promoter Developer as per the Payment Plan annexed heretopayment plan stated above, despite having been issued notice in that regard regard, the allottee Purchaser(s) shall be liable to pay interest @ 12% Per Annum to the promoter Developer on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default default by Allottee Purchaser under the condition conditions listed above continues for a period beyond _ three consecutive montis months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Purchaser(s) and refund the money paid to him by the allottee Purchaser(s) by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; : Provided that the promoter Developer shall intimate the allottee Purchaser 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 Owner/Vendor/Developer shall be considered under a condition of Defaultdefault, in the following events:events:- (i) Promoter The Owner/Vendor/Developer fails to provide ready to move in possession of the [Apartment/PlotResidential Unit] to the Allottee Allottee(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para Para, 'ready to move in possession' shall mean that the apartment Residential Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's Owner/Vendor/Developer’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In ease case of Default default by Promoter the Owner/Vendor/Developer under the conditions listed above, Allottee Allottee(s) is entitled to the following:following:- (i) Stop making further payments to Promoter the Owner/Vendor/Developer as demanded by the PromoterOwner/Vendor/Developer. If the Allottee Allottee(s) stops making payments payments, the Promoter Owner/Vendor/Developer shall correct the situation by completing the construction milestones and only thereafter the 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 Owner/Vendor/Developer shall be liable to refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the purchase of the apartmentResidential Unit, 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 Project or terminate the Agreement, he shall be paid, by the promoterOwner/Vendor/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)[Residential Unit], which shall be paid by the promoter Owner/Vendor/Developer to the allottee Allottee within forty- forty-five days of it becoming due. . 9.3 The Allottee Allottee(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) Incase In case the Allottee Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter Owner/Vendor/Developer as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee(s) shall be liable to pay interest to the promoter Owner/Vendor/Developer on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default default by Allottee under the condition conditions listed above continues for a period beyond _ 3 consecutive montis months after notice from the Promoter Owner/Vendor/Developer in this regard, the Promoter Owner/Vendor/Developer may cancel the allotment of the [Apartment/PlotResidential Unit] in favour of the Allottee Allottee(s) and refund the money paid to him by the allottee Allottee(s) by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; terminated : Provided that the promoter Owner/Vendor/Developer 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/Plot] Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityauthority or as extended by the authority. For the purpose of this para 'para, ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation completion certificate and completion certificate, as the case (may be, be partial) 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 ease of case the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones, if any, 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 the Allottee be required to make the next payment without any interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the 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 (presently being State Bank of India PLR plus 2% per annum) 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 RulesRules (presently being State Bank of India PLR plus 2% per annum), 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- 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) Incase 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 the Allottee under the condition listed above continues for a period beyond _ consecutive montis two months after notice from the Promoter in this regard, the Promoter promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the money paid to him the Promoter by the allottee by after deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; . Such refund shall not include any amount paid by the Allottee on account of Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be made out of the amounts received by the Promoter against sale of the Apartment to any other interested person. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the promoter shall intimate the allottee 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/Plot] Plot to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para 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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;. (ii) Discontinuance of the 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. there under. 9.2 In ease 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 payments, the Promoter shall correct the situation by completing the construction development 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 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 within forty- forty-five days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for 3 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 _ 2 consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] 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 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

EVENTS OF DEFAULTS AND CONSEQUENCES. 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 para, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) ; Discontinuance of the 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 thereunderthe re under. In ease 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 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) or 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- forty-five days of it becoming due. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase : 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 montis 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 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

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/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’ possession‟ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, parties and for which occupation certificate 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 In ease 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 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, 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 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 _ 3 consecutive montis 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 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. Subject to the Force Majeure clause, the Promoter owner shall be considered under a condition of Default, in the following events: (i) Promoter Owner fails to provide ready to move in possession of the [Apartment/Plot] Designated Unit to the Allottee 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 Authority7. For the purpose of this para 'clause ‘ready to move in possession’ shall mean that the apartment Designated Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;respects. (ii) Discontinuance of the Promoter's Owner’s business as a developer owner on account of suspension or revocation of his registration under the provisions of the Act law or the rules or regulations made thereunder. In ease case of Default by Promoter Owner under the conditions listed above, Allottee ALLOTTEE/ALLOTTEES is entitled to the following: (i) a. Stop making further payments to Promoter owner as demanded by the Promoterowner. If the Allottee ALLOTTEE stops making payments payments, the Promoter owner shall correct the situation by completing the construction milestones and only thereafter the the Allottee ALLOTTEE be required to make the next payment without any penal interest; or; (ii) b. The Allottee ALLOTTEE/ALLOTTEES shall have the option of terminating to terminate the Agreement in which case the Promoter owner shall be liable to refund the entire money paid by the Allottee ALLOTTEE/ALLOTTEES under any head whatsoever head, whatsoever, towards the purchase of the apartmentDesignated Unit, along with interest at the rate prescribed specified in the Rules within forty-five 45 days of receiving the termination notice; : Provided that where an Allottee any ALLOTTEE does not intend to withdraw from the project or terminate the Agreement, he they shall be paid, by the promoterowner, interest at the rate prescribed specified 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. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:Unit. (i) Incase In case the Allottee fails ALLOTTEE/ALLOTTEES fail to make payments for 2 consecutive demands made by the Promoter owner as per the Payment Plan annexed hereto, despite having been issued prior notice in that regard regard, the allottee ALLOTTEE shall be liable to pay interest to the promoter Owner on the unpaid amount at the rate prescribed Prescribed in the Rules;. (ii) In case of Default by Allottee ALLOTTEE/ALLOTTEES under the condition listed above above, continues for a period beyond _ 2 (Two) consecutive montis months, after notice from the Promoter Owner in this regard, the Promoter may Owner shall cancel the allotment of the [Apartment/Plot] Unit in favour of the Allottee ALLOTTEE and refund the money paid to him by the allottee ALLOTTEE by deducting the hooking booking amount i.e. 10% of the total sale price of the Unit plus G.S.T. charges as applicable and the interest liabilities and the cost incurred for registration and of Cancellation Deed, this Agreement shall thereupon stand terminated; Provided that . (iii) The owner shall have the promoter option to terminate the Agreement or Allotment in which case the owner shall intimate be liable to refund the allottee about such entire money paid by the ALLOTTEE/ALLOTTEES under any head, whatsoever, towards the purchase of the Designated Unit, along with interest at the rate specified in the Rules within 45 days of giving the termination at least thirty days prior to such terminationnotice.

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/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 para, that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationsspecification, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;. (ii) Discontinuance of the 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 ease 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 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 tntire 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 sixty days of receiving the termination notice; : Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/[Apartment / Plot), ] which shall be paid by the promoter to the allottee within forty- five sixty days of it becoming due. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase 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 montis 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 by deducting the hooking booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; . 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, namely: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Plot to the Allottee within the time period specified in para Para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para Para, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, be has been issued by the competent authority;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. there under. 9.2 In ease 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 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- 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, namely: (i) Incase In case the Allottee fails to make payments for consecutive demands the demand 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 _ 03 consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] 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 that the promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination. (iii) That, in the event of default by the Allottee, the promoter shall be within his rights to get the Plot allotted to and registered in favour of any other Person/ Party and promoter will also be entitled to recover the losses/damages from Allottee accruing to him as a result of the breach of the terms of this Sale agreement by the Allottee.

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 eventsevents : (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to Apartment/ Plot]to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para 'ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease 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 termination 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 ; 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 become due. The Allottee . 9.3 TheAllottee shall be considered under a condition of Default, on the occurrence of the following eventsevents : (i) Incase In case the Allottee fails to make payments for consecutive demands made may 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 _ 6 (Six) consecutive montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] 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 that the promoter shall intimate the allottee about such termination at least thirty days (30 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/Company shall be considered under a condition of Default, in the following events: (i) Promoter Developer/Company fails to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee within the time period specified in para 7.1 or fails subject to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityany Force-Majeure event. For the purpose of this para clause, 'ready to move in possession' shall mean that the apartment Apartment/Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authorityrespects; (ii) Discontinuance of the Promoter's Developer/Company‟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 ease case of Default by Promoter Developer/Company under the conditions listed above, Allottee Allottee(s) is entitled to the following: (i) Stop making further payments to Promoter Developer/Company as demanded by the PromoterDeveloper/ Company. If the Allottee Allottee(s) stops making payments payments, the Promoter Developer/Company shall correct the situation by completing the construction milestones and only thereafter the the Allottee Allottee(s) be required to make the next payment without any penal interest, however allottee shall not have such right if he/she/they have already defaulted in making payment one or more installment; or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Promoter Developer/ Company shall be liable to refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the purchase of the apartmentApartment/Unit, along with interest at the rate prescribed in the Rules of 12%p.a.., within forty-five Ninety 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/Company, interest at the rate prescribed in the Rulesof 12% p.a., for every month of the 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. Unit. 9.3 The Allottee Allottee(s) shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee Allottee(s) fails to make payments for consecutive demands the demand made by the Promoter Developer/Company as per the Payment 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/ Company on the unpaid amount at the rate prescribed in the Rules;of 12% p.a.. (ii) In case of Default by Allottee Allottee(s) under the condition listed above continues for a period beyond _ three consecutive montis months after notice from the Promoter Developer/Company in this regard, the Promoter may Developer/Company shall cancel the allotment of the [Apartment/Plot] in favour of the Allottee Unit and refund the amount money paid to him by the allottee Allottee(s) by deducting the hooking ▇▇▇▇▇▇▇ money/booking amount 10% of Total Consideration and the interest liabilities and this Agreement shall thereupon stand terminated; Provided that . (iii) Failure to execute the promoter shall intimate Tripartite Sub-Lease Deed / Maintenance Agreement and/or any other document required to be executed and further fails to pay on or before its due date the allottee about such termination at least thirty days Registration Charges, Stamp Duty, Taxes, Maintenance Charges, Maintenance Security or any increases in respect thereof, as demanded by the Developer/Company and/or its nominee and/or other Local Body. (iv) Assignment/ transfer of any interest of the Allottee(s) in the Apartment/Unit without prior written consent (NOC) of the Developer/ Company or without payment of Administrative/ Transfer Charges or not executing documents as asked by the Developer/ Company for assignment/ transfer, as may be fixed by the Developer/ Company from time to such terminationtime. (v) Dishonor/ Stoppage of payment of any cheque(s) including postdated cheque(s) given by the Allottee(s) for any reason whatsoever.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 1.1. 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] 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 'pa- ra ‘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 specifications, amenities and facilities, as agreed to between be- tween the parties, and for which occupation certificate and completion certificate, as the case may be, be has been issued by the competent authorityauthori- ty; (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. 1.2. In ease 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 PromoterPromot- er. 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 apartmentapart- ment, 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 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 Allottee within forty- forty-five days of it becoming be- coming due. 1.3. The Allottee shall be considered under a condition of Default, on the occurrence occur- rence of the following events: (i) Incase In case the Allottee fails to make payments payment 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 inter- est 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 _ two consecutive montis months after notice from the Promoter Pro- moter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] 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 Promoter shall intimate the allottee Allottee about such termination ter- mination 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/Plot] to Bungalow]to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para '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 specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the 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 ease 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 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 shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentBungalow, 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 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 to the allottee within forty- forty-five days of it becoming become due. The Allottee . 9.3 TheAllottee shall be considered under a condition of Default, on the occurrence of the following events: (i) Incase In case the Allottee fails to make payments for consecutive demands made may 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 montis months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Bungalow 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 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