EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) The Promoter fails to provide ready to move in possession of the Apartment to the 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 (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial 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 its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to the Promoter as demanded by the Promoter If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads whatsoever towards the purchase of the 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 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, which shall be paid by the Promoter to the Allottee within 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) 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 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 months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the 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 30 (thirty) days prior to such termination.
Appears in 5 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 14.1 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) The 14.1.1 the Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 Clause 6.1.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authoritycompetent authority under the Act. For the purpose of this paraClause, ‘'ready to move in possession’ ' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the partiesParties, and for which Completion Certificate completion certificate or Partial Completion Certificatethe occupancy certificate, as the case may be, has been issued by the Competent Authority;competent authority; or
(ii) 14.1.2 Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 14.2 In case of Default default by the Promoter under the conditions listed above, the Allottee is shall be entitled to the following:
(i) Stop 14.2.1 stop making further payments to the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter shall the Allottee be required to make the next payment without any interest; or
(ii) The 14.2.2 the Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the Apartment, along with interest at the rate of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the Rules Rules, within 45 (forty-forty five) days of receiving the termination notice: . Provided that that, where an the Allottee does not intend to withdraw from the Project or terminate the Agreement, he he/she/it shall be paid, by the Promoter, interest at the rate of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five daysforty five) days of it the same becoming due.
9.3 14.3 The Allottee shall be considered to be under a condition of Defaultdefault, on the occurrence of the following events:
(i) In 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 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 as Promoter, interest at the rate of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the Rules;, on all unpaid amounts from the date the amount is payable by the Allottee.
(ii) In 14.4 Without prejudice to the right of the Promoter to charge interest in terms of Clause 14.3 above, in case of Default the default by the Allottee under the condition listed Clause 14.3 above continues for a period beyond 2 (two) two consecutive months after notice for rectification of default from the Promoter in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the Apartment in favour of the Allottee terminate this Agreement and refund the money paid to him the Promoter by the Allottee by after deducting the booking amount Booking Amount and the interest liabilities and after deduction of such other tax/levy as may be applicable statutory taxesat the time of such termination by the Promoter, if any, and this Agreement and any liability of the Promoter shall thereupon stand terminated. Provided that that, the Promoter shall intimate the Allottee about such termination the Promoter’s intention to terminate this Agreement by a written notice of at least 30 (thirty) days prior to such termination.
14.5 On and from the date of refund of the amount as mentioned in Clauses 14.2 and 14.4 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.
14.6 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 3 contracts
Sources: Sale Agreement, Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 8.1 Subject to the Force Majeure clause, the Promoter Seller shall be considered under a condition of Default, in the following events:
(i) The 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 6.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the PromoterSeller’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 8.2 In case of Default by the Promoter Seller under the conditions listed above, the Allottee Purchaser is entitled to the following:
(i) Stop making further payments to the Promoter as demanded by the Promoter If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee Purchaser shall have the option of terminating this the Agreement in which case the Promoter Seller shall be liable to refund the entire money paid by the Allottee Purchaser under any heads 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 Purchaser does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the PromoterSeller, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the ApartmentPlot, which shall be paid by the Promoter Seller to the Allottee Purchaser within 45 (forty-five days) days of it becoming due.
9.3 8.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee Purchaser fails to make payments for as per schedule or two consecutive demands made by the Promoter Seller 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 Seller on the unpaid amount as at the rate prescribed in the Rules15% per annum;
(ii) In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond 2 (two) two consecutive months then after notice from the Promoter Seller in this regard, the Promoter Seller may cancel the allotment of the Apartment Plot in favour of the Allottee Purchaser and refund the money paid to him by the Allottee Purchaser by deducting 15% of amount from the booking deposited amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated. Provided that the Promoter Seller shall intimate the Allottee Purchaser about such termination at least 30 (thirty) thirty days prior to such termination.
Appears in 3 contracts
Sources: Agreement for Sale, Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:;
(i) The i. Promoter fails to provide ready to move in possession of the Apartment Unit to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this para, ‘ready to move in possession’ possession shall mean that the Apartment Unit shall be in a habitable condition which is complete in all respects respect including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate occupation certificate or Partial Completion Certificate, as the case may becompletion certificate, has been issued by the Competent Authoritycompetent authority;
(ii) . Discontinuance of the Promoter’s 's business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.;
9.2 In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following:;
(i) i. Stop making further payments to the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) . The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the ApartmentUnit, along with interest at the rate prescribed in the Rules within 45 (forty-five) forty-‐five days of receiving the termination notice: ;
iii. 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 ApartmentUnit, which shall be paid by the Promoter promoter to the Allottee allottee within 45 (forty-five days) forty-‐five days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:;
(i) i. In case the Allottee fails to make payments for two (2) 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 as 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 (two2) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Unit in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the 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 30 (thirty) thirty days prior to such termination.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:
(i) The Promoter fails to provide ready to move in possession of the Apartment Duplex to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial 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 of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the ApartmentDuplex, 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, Duplex; which shall be paid by the Promoter promoter to the Allottee allottee within 45 (forty-five days) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive ……..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 as 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 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the 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 30 (thirty) days prior to such termination.
Appears in 2 contracts
Sources: Agreement for Sale, Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) The Promoter fails to offer to provide ready to move in possession of the said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the AuthorityAuthority and/or extensions thereof. 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 (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority;Corporation.
(ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the followingfollowing 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 the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads whatsoever towards the Total Price for purchase of the said Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: notice or within such further time as may be agreed between the parties .The fees and expenses relating to 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. 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 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 45 (forty-five days) days of it becoming duedue or 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) In case the Allottee fails to make payments for two consecutive of the demands made by the Promoter as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ 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 as at the rate prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment /Agreement of the said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminatedterminated 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, 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 shall intimate the Allottee about such termination at least 30 (thirty) 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.
(v) Besides the aforesaid rights the Promoter shall also be entitled to enforce any other right to which the Promoter may be entitled to in law by reason of any default or breach on the part of the Allottee.
Appears in 2 contracts
Sources: Sale Agreement, Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 15.1 Subject to the Force Majeure force majeure clause, the Promoter NBCC shall be considered under a condition of Defaultdefault, in the following events:
(i) The Promoter fails 15.1.1 NBCCfails to provide ready to move in possession of the Apartment Unit to the Allottee Lessee within the time period specified in para 7.1 Clause 11.1 above 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 Authorityand in respect 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 an occupation certificate and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificatecertificate, as the case may be, has been issued by the Competent Authority;
(ii) Discontinuance 15.1.2 Revocation of the Promoter’s business as a developer on account of suspension or revocation of its registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 15.2 In case of Default default by the Promoter NBCC under the conditions listed above, the Allottee a non-defaulting Lessee is entitled to the following:
(i) 15.2.1 Stop making further payments to the Promoter as demanded by the Promoter in terms of this Agreement. If the Allottee Lessee stops making payments, the Promoter NBCC shall correct the situation by completing the construction milestones and only thereafter the Allottee Lessee be required to make the next payment without any interest; or
(ii) 15.2.2 The Allottee Lessee shall have the option of terminating this the Agreement in which case the Promoter shall NBCCshall be liable to refund the entire money Total Lease Premium paid by the Allottee Lessee under any heads head whatsoever towards acquiring the purchase of the Apartment, along with interest at the rate prescribed in the Rules Unit on lease basis within 45 180 (forty-fiveone hundred and eighty) 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, which shall be paid by the Promoter to the Allottee within 45 (forty-five days) of it becoming due.
9.3 15.3 The Allottee Lessee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:
(i) 15.3.1 In case the Allottee Lessee fails to make payments for two 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 Lessee shall be liable to pay interest to the Promoter on the unpaid amount as at the rate prescribed in equal to MCLR (Marginal Cost of Lending Rate) on home loan of State Bank of India +1% (one percent) unless provided otherwise under the Rules. NBCC and RLDA must not be in default to take this benefit;
(ii) 15.3.2 In case of Default default by Allottee Lessee under the condition listed above continues for a period beyond 2 3 (twothree) consecutive months after notice from the Promoter NBCC in this regard, the Promoter RLDA may cancel the allotment of the Apartment Unit in favour of the Allottee Lessee and refund the money paid to him it by the Allottee Lessee by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated. NBCC and RLDA must not be in default to take this benefit; Provided that the Promoter RLDA shall intimate the Allottee Lessee about such termination at least 30 (thirty) days prior to such termination.
15.3.3 In the event the Lessee is adjudged bankrupt or insolvent, or if a trustee or receiver or interim resolution professional/ resolution professional is appointed for the Lessee or for the whole or material part of its assets that has a material bearing on this Agreement and the transactions contemplated hereunder, RLDA shall have a right to forthwith terminate this Agreement and forfeit thebooking amount paid by the Lessee; and/or
15.3.4 In the event a resolution for winding up of the Lessee is passed, or any petition for insolvency resolution process/ liquidation/winding up of the Lessee is admitted by a court/tribunal of competent jurisdiction or the Lessee is ordered to be wound up/liquidated by Court/tribunal, RLDA shall have a right to forthwith terminate this Agreement and forfeit the booking amount paid by the Lessee.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 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) The 13.1.1 the Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 Clause 6.1.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authoritycompetent authority under the Act. For the purpose of this paraClause, ‘'ready to move in possession’ ' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the partiesParties, and for which Completion Certificate completion certificate or Partial Completion Certificatethe occupancy certificate, as the case may be, has been issued by the Competent Authority;competent authority; or
(ii) 13.1.2 Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 13.2 In 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 the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing ensuring completion of the construction milestones and only thereafter 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 this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the Apartment, along with interest at the rate prescribed in Rule 18 of the Rules within 45 (forty-forty five) days of receiving the termination notice: . Provided that that, where an the Allottee does not intend to withdraw from the Project or terminate the Agreement, he he/she/it shall be paid, by the Promoter, 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, which shall be paid by the Promoter to the Allottee within 45 (forty-five daysforty five) days of it the same becoming due.
9.3 13.3 The Allottee shall be considered to be under a condition of Defaultdefault, on the occurrence of the following events:
(i) In 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 shall be liable to pay interest to the Promoter on the unpaid amount as 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 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the Apartment in favour of the Allottee terminate this Agreement and refund the money paid to him the Promoter by the Allottee by after deducting the booking amount Booking Amount and the interest liabilities and after deduction of such other tax/levy as may be applicable statutory taxesat the time of such termination by the Promoter, if any, and this Agreement and any liability of the Promoter shall thereupon stand terminated. Provided that that, the Promoter shall intimate the Allottee about such termination the Promoter’s intention to terminate this Agreement by a written notice of at least 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
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 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 Clause 6.1.1 above, the Promoter shall be considered under a condition of Default, default in the following events:
(i) The 13.1.1 the Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 Clause 6.1.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authoritycompetent authority under the Act. For the purpose of this paraClause, ‘'ready to move in possession’ ' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the partiesParties, and for which Completion Certificate completion certificate or Partial Completion Certificatethe occupancy certificate, as the case may be, has been issued by the Competent Authority;competent authority; or
(ii) Discontinuance 13.1.2 discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 13.2 In 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 the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter 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 this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase lease of the Apartment, along with interest at the rate prescribed in Rule 18 of the Rules within 45 (forty-forty five) days of receiving the termination notice: . Provided that that, where an the Allottee does not intend to withdraw from the Project or terminate the Agreement, he he/she/it shall be paid, by the Promoter, 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, which shall be paid by the Promoter to the Allottee within 45 (forty-five daysforty five) days of it the same becoming due.
9.3 13.3 The Allottee shall be considered to be under a condition of Defaultdefault, on the occurrence of the following events:
(i) In 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 shall be liable to pay interest to the Promoter on the unpaid amount as 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 2 three (two3) consecutive months after first notice from the Promoter in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the Apartment in favour of the Allottee terminate this Agreement and refund the money paid to him the Promoter by the Allottee by after deducting the booking amount Booking Amount and the interest liabilities and after deduction of such other tax/levy as may be applicable statutory taxesat the time of such termination by the Promoter, if any, and this Agreement and any liability of the Promoter shall thereupon stand terminated. Provided that that, the Promoter shall intimate the Allottee about such termination the Promoter’s intention to terminate this Agreement by a written notice of at least 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. 9.1 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:
(i) The 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 Authorityspecified. For the purpose of this paraclause, ‘“ready to move in possession’ ”; shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationsspecification, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to by and between the parties, parties and for which Completion Certificate or Partial Completion Certificate, occupancy certificate and completion certificate as the case may be, has been issued by the Competent Authority;competent authority.
(ii) II. Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 9.2. In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) a. Stop making further payments to the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required re- quired to make the next payment without any penal interest; or
(ii) b. The Allottee shall have the option of terminating this Agreement the Agree- ment in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the Apartmentapartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw with- draw from the Project 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, which shall be paid by the Promoter to the Allottee within 45 (forty-five days) of it becoming due].
9.3 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) 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 pro- moter on the unpaid amount as at the rate prescribed specified in the Rules;.
(ii) In ▇▇. ▇▇ case of Default by Allottee under the condition listed above continues toranues for a period beyond 2 (two) consecutive two months after notice from on the Promoter in this regard, the Promoter may shall cancel the allotment of the Apartment [Apartment) in favour of the Allottee and refund re fund the amount money paid to him by the Allottee allottee by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement Agree ment shall thereupon stand terminated. Provided that the Promoter vendor shall intimate initiate the Allottee purchaser about such termination at least 30 (thirty) 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 “Promoter" shall be considered under a condition of Default, in the following events:
(i) The Promoter “Promoter" fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including as mentioned in the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases sub clause IV of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authority;Clause 1.
(ii) Discontinuance of the Promoter’s 's business as a developer on account of suspension or revocation of its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter “Promoter" under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to the Promoter “Promoter" as demanded by the Promoter “Promoter". If the Allottee stops making payments, the Promoter “Promoter" shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this Agreement in which case the Promoter “Promoter" shall be liable to refund the entire money paid by the Allottee under any heads whatsoever towards the purchase of the 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 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, which shall be paid by the Promoter “Promoter" to the Allottee within 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) In case the Allottee fails to make payments for two consecutive demands made by the Promoter “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 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 months after notice from the Promoter “Promoter" in this regard, the Promoter “Promoter" may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this . This Agreement shall thereupon stand terminated. Provided that the Promoter “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 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 to the Allottee Allottee(s) within the time period specified in para Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the Apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificatecompletion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s 's business as a developer Promoter on account of suspension or revocation or expiry of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default default by the Promoter under the conditions listed above, the Allottee Allottee(s) is entitled to the followingfollowing benefits, namely :-
(i) Stop making further payments to the Promoter as demanded by the Promoter Promoter. If the Allottee Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction construction/ development milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any interest; or
(ii) The Allottee Allottee(s) shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottee(s) under any heads head whatsoever towards the purchase of the ApartmentPlot, 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 Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at interestat the rate prescribed in the Rules, Rules for every month of delay till the handing over of the possession of the ApartmentPlot, which shall be paid by the Promoter to the Allottee within 45 (forty-five days) 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) In case the Allottee Allottee(s) fails to make payments for two consecutive demands made by the Promoter as per the Payment Plan annexed heretopayment plan stated above, despite having been issued notice in that regard regard, the Allottee Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount as 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 2 (two) Three consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee Plot and refund the money paid to him him/her by the Allottee Allottee(s) by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated. terminated : Provided that the Promoter shall intimate the Allottee Allottee(s) about such termination at least 30 (thirty) 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 Developer shall be considered under a condition of Default, in the following events:
(i) The Promoter Developer fails to provide ready to move in possession of the Apartment to the Allottee Purchaser 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 (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s Developer's business as a developer on account of suspension or revocation of its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter Developer under the conditions listed above, the Allottee Purchaser is entitled to the following:
(i) Stop making further payments to the Promoter Developer as demanded by the Promoter Developer. If the Allottee Purchaser stops making payments, payments the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any interest; or
(ii) The Allottee Purchaser shall have the option of terminating this the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Purchaser under any heads head whatsoever towards the purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-fiveForty Five) days days’ of receiving the termination notice: ; Provided that where an Allottee a Purchaser does not intend to withdraw from the Project project or terminate the Agreement, he he/she 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), which shall be paid by the Promoter Developer to the Allottee Purchaser within 45 (fortyForty-five 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) In case the Allottee Purchaser fails to make payments for two 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 on the unpaid amount as Developer, interest at the rate of State Bank of India Prime Lending Rate (SBiPLR) + 2% (Two Percent) per annum or such other rate of interest as may be prescribed in from time to time under Applicable Laws, on all delayed payments which become due and payable by the Rules;Purchaser/s under the terms of this Agreement from the date the amount is payable by the Purchaser/s for the period of delay.
(ii) In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond 2 (two3(Three) consecutive months months’ after notice from the Promoter Developer in this regard, the Promoter Developer may upon 30 days’ written notice cancel the allotment of the Apartment in favour of the Allottee Purchaser and refund the money paid to him by the Allottee Purchaser by deducting the 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 30 (thirty) days prior to such termination.terminate;
Appears in 1 contract
Sources: Agreement for Sale
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) The Promoter Developer fails to provide ready to move in possession of the Apartment to the Allottee Purchaser 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 (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s Developer's business as a developer Developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case ease of Default by the Promoter Developer under the conditions listed above, the Allottee Purchaser is entitled to the following:
(i) Stop making further payments to the Promoter Developer as demanded by the Promoter Developer. If the Allottee Purchaser stops making payments, payments the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee the Purchaser be required to make the next payment without any interest; or
(ii) The Allottee Purchaser shall have the option of terminating this the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Purchaser under any heads 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 Purchaser 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, which shall be paid by the Promoter developer to the Allottee purchaser within 45 (forty-five days) 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) In case the Allottee Purchaser fails to make payments for two 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 as 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 2 (two) three consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment in favour of the Allottee Purchaser and refund the money paid to him by the Allottee purchaser by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated. ; Provided that the Promoter developer shall intimate the Allottee purchaser about such termination at least 30 (thirty) 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 Vendors/Developer shall be considered under a condition of Default, in the following events:
(i) 9.1 The Promoter Vendors/Developer fails to provide ready to move in possession of the Apartment Commercial Space to the Allottee Allottee(s) within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this paraclause, ‘ready to move in possession’ shall mean that the Apartment Commercial Space shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authorityrespects;
(ii) 9.2 Discontinuance of the PromoterVendor’s/Developer’s business as a developer Vendors/Developer of this Project on account of suspension or revocation of its registration under the provisions of the Act or the rules or regulations made thereunder.;
9.2 9.3 In case of Default by the Promoter Vendors/Developer under the conditions listed above, the Allottee Allottee(s) is entitled to the following:
(i) Stop making further payments to the Promoter Vendors/Developer as demanded by the Promoter Vendor/ Developer. If the Allottee Allottee(s) stops making payments, the Promoter Vendors/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any penal interest; , or
(ii) The Allottee Allottee(s) shall have the option of terminating this the Agreement in which case the Promoter Vendors/Developer shall be liable to refund the entire money paid by the Allottee Allottee(s) under any heads head whatsoever towards the purchase of the ApartmentCommercial Space, along with interest at the rate prescribed specified in the Rules West Bengal Real Estate (Regulation & Development) Rules, 2021 within 45 (forty-fiveForty 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 he/she/they shall be paid, by the PromoterVendor/Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five daysCommercial Space;
9.4 The Allottee(s) of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee Allottee(s) fails to make payments for two 30 (Thirty) consecutive days after the demands have been made by the Promoter Vendors/Developer 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 Vendors/Developer on the unpaid amount as at the rate prescribed specified in the Rules;.
(ii) In case of Default by Allottee Allottee(s) under the condition listed above above, continues for a period beyond 2 (twoTwo) consecutive months after notice from the Promoter Vendors/Developer in this regard, the Promoter may Vendors/Developer shall cancel the allotment of the Apartment Commercial Space in favour of the Allottee Allottee(s) and refund the amount money paid to him it by the Allottee Allottee(s) by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement agreement shall thereupon there upon 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: 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) The Promoter Developer fails to provide ready to move in possession of the Apartment to the Allottee Purchaser 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 (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s Developer's business as a developer Developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case ease of Default by the Promoter Developer under the conditions listed above, the Allottee Purchaser is entitled to the following:
(i) Stop making further payments to the Promoter Developer as demanded by the Promoter Developer. If the Allottee Purchaser stops making payments, payments the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee the Purchaser be required to make the next payment without any interest; or
(ii) The Allottee Purchaser shall have the option of terminating this the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Purchaser under any heads 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 Purchaser 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, which shall be paid by the Promoter developer to the Allottee purchaser within 45 (forty-five days) 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) In case the Allottee Purchaser fails to make payments for two 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 as 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 2 (two) three consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment in favour of the Allottee Purchaser and refund the money paid to him by the Allottee purchaser by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated. ; Provided that the Promoter developer shall intimate the Allottee purchasers about such termination at least 30 (thirty) thirty days prior to such termination.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 a. Subject to the Force Majeure clause, the Promoter Vendor shall be considered under a condition of Default, in the following events:
(i) The Promoter Vendor fails to provide ready to move in possession of the Apartment Schedule-A Property to the Allottee Purchaser/s within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this para, ‘ready to move in possession’ shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authorityparagraph 7.1;
(ii) Discontinuance of the Promoter’s Vendor business as a developer on account of suspension or revocation of its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 b. In case of Default by the Promoter Vendor under the conditions listed above, the Allottee Purchaser/s is entitled to the followingfollowing :
(i) Stop making further payments to the Promoter Vendor as demanded by the Promoter Vendor. If the Allottee Purchaser/s stops making paymentspayment, then the Promoter Vendor shall correct the situation by completing the construction milestones and only thereafter 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 this the Agreement in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee Purchaser/s under any heads head whatsoever towards the purchase of the ApartmentSchedule-A property, along with interest at the rate prescribed in the Rules within 45 6 (forty-fivesix) days months of receiving the termination notice: ; Provided that where an Allottee Purchaser/s does not intend to withdraw from the Project project or terminate the Agreement, he he/she/they shall be paid, by the PromoterVendor, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the ApartmentSchedule-A property, which shall be paid by the Promoter Vendor to the Allottee Purchaser/s within 45 6 (forty-five dayssix) months of it becoming due.
9.3 c. The Allottee Purchaser/s shall be considered under a condition of Default, on the occurrence of the following events:
(i) In : That in case of default in payment of balance amount within the Allottee fails stipulated period as aforesaid or non observance and compliance of any of the terms and conditions hereof the Vendor shall be at liberty to make payments for two consecutive demands made terminate this agreement and forfeit 10% of the consideration amount together with the proportionate interest liability, GST and other Government Taxes and shall be at liberty to dispose of the Schedule-A property in such manner and to such person as they may think fit and the purchaser shall not be entitled to question or dispute such sale 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 Vendor on the unpaid any ground whatsoever or claim any amount 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 months after notice from the Promoter in whatsoever on this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminatedaccount. Provided that the Promoter shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination.: 17:
Appears in 1 contract
Sources: Agreement to Sell
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the “Force Majeure clauseMajeure”, order of any court, Tribunal or Authority, Government policy/guidelines, decisions, the Promoter Vendor shall be considered under a condition of Default, in the following events:
(i) The Promoter fails Vendor fail to provide ready to move in possession of the Apartment developed Plot to the Allottee Vendee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this paraClause, ‘'ready to move in possession’ ' shall mean that the Apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the partiesParties, and for which Completion Certificate occupation certificate* or Partial Completion Certificate, as the case may be, part thereof has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s Vendor’ business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter Vendor under the conditions listed above, the Allottee Vendee is entitled to the following:
(i) Stop making further payments to the Promoter Vendor as demanded by the Promoter Vendor. If the Allottee Vendee stops making payments, the Promoter Vendor shall correct the situation by completing the construction construction/development milestones and only thereafter the Allottee Vendee be required to make the next payment without any interestinterest for the period of such delay; or
(ii) The Allottee Vendee shall have the option of terminating this Agreement the Agreement, in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee Vendee under any heads head whatsoever towards the purchase of the ApartmentPlot, along with interest at the rate prescribed specified in the Rules within 45 90 (forty-fiveninety) days of receiving the termination notice: Provided that where an Allottee Vendee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the PromoterVendor, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five days) of it becoming duePlot.
9.3 The Allottee Vendee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case case, the Allottee Vendee fails to make payments for two consecutive demands made by the Promoter Vendor as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Vendee shall be liable to pay interest to the Promoter Vendor on the unpaid amount as at the rate prescribed specified in the Rules;
(ii) In case of Default by Allottee Vendee under the condition listed above continues for a period beyond 2 90 (twoninety) consecutive months days after notice from the Promoter Vendor in this regard, the Promoter Vendor may cancel the allotment of the Apartment Plot in favour favor of the Allottee Vendee and refund the money paid to him by the Allottee Vendee by deducting the 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 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) The Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authorityas mentioned in this Agreement. For the purpose of this para, para ‘ready to move in possession’ shall mean that the Apartment shall be in a habitable condition bare shell which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s business as a developer Promoter on account of suspension or revocation of its registration as may be provided under the provisions of the Act or the rules or regulations made thereunder.
9.2 Act. In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the tothe following:
(i) Stop making further payments to the Promoter as demanded by the Promoter Promoter. If the Allottee stops making paymentspayment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee to the Promoter under any heads head whatsoever towards the purchase of the Apartment, Apartment along with simple interest at the rate as may prescribed in the Rules or in absence thereof at the prevailing Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum within 45 (forty-five) days of receiving the termination notice: ; Provided that where an the Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate as may prescribed in the RulesRules or in absence thereof at the State Bank of India plus 2% (two percent ) per annum, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five daysfive) days of it becoming due.
9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment Plan annexed heretoof 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 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 as Promoter, interest at the rate as may prescribed in the RulesRules or in absence thereof at the prevailing Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum on all unpaid amount 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 2 (two) consecutive months after notice from the Promoter to charge interest in this regard, the Promoter may cancel the allotment terms of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the 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 30 (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 “Promoter" shall be considered under a condition of Default, in the following events:
(i) The Promoter “Promoter" fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this paraclause, ‘'ready to move in possession’ ' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including as mentioned in the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases sub clause IV of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authority;Clause 1.
(ii) Discontinuance of the Promoter’s 's business as a developer on account of suspension or revocation of its registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter “Promoter" under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to the Promoter “Promoter" as demanded by the Promoter “Promoter". If the Allottee stops making payments, the Promoter “Promoter" shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this Agreement in which case the Promoter “Promoter" shall be liable to refund the entire money paid by the Allottee under any heads whatsoever towards the purchase of the 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 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, which shall be paid by the Promoter “Promoter" to the Allottee within 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) In case the Allottee fails to make payments for two consecutive demands made by the Promoter “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 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 months after notice from the Promoter “Promoter" in this regard, the Promoter “Promoter" may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the 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 30 (thirty) days prior to such termination.the
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) The Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority7.
1. 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 amenties and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 In 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 Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter promoter to the Allottee within 45 (forty-five days) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive 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 as 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) two consecutive months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the 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 about such termination at least 30 (thirty) 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”, order of any court, Tribunal or Authority, Government policy/guidelines, decisions, the Promoter Vendor shall be considered under a condition of Default, in the following events:
(i) The Promoter fails Vendor fail to provide ready to move in possession of the Apartment developed Plot to the Allottee Vendee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this paraClause, ‘'ready to move in possession’ ' shall mean that the Apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the partiesParties, and for which Completion Certificate occupation certificate* or Partial Completion Certificate, as the case may be, part thereof has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s Vendor’ business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter Vendor under the conditions listed above, the Allottee ▇▇▇▇▇▇ is entitled to the following:
(i) Stop making further payments to the Promoter Vendor as demanded by the Promoter Vendor. If the Allottee Vendee stops making payments, the Promoter Vendor shall correct the situation by completing the construction construction/development milestones and only thereafter the Allottee Vendee be required to make the next payment without any interestinterest for the period of such delay; or
(ii) The Allottee Vendee shall have the option of terminating this Agreement the Agreement, in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee Vendee under any heads head whatsoever towards the purchase of the ApartmentPlot, along with interest at the rate prescribed specified in the Rules within 45 90 (forty-fiveninety) days of receiving the termination notice: Provided that where an Allottee Vendee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the PromoterVendor, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five days) of it becoming duePlot.
9.3 The Allottee Vendee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case case, the Allottee Vendee fails to make payments for two consecutive demands made by the Promoter Vendor as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Vendee shall be liable to pay interest to the Promoter Vendor on the unpaid amount as at the rate prescribed specified in the Rules;
(ii) In case of Default by Allottee Vendee under the condition listed above continues for a period beyond 2 90 (twoninety) consecutive months days after notice from the Promoter Vendor in this regard, the Promoter Vendor may cancel the allotment of the Apartment Plot in favour of the Allottee Vendee and refund the money paid to him by the Allottee Vendee by deducting the 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 30 (thirty) days prior to such termination.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 12.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following eventsevents :
(i) The Promoter Developer fails to provide ready to move in possession of the Apartment designated unit to the Allottee Purchaser within the time period specified in para 7.1 paragraph 8.1 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 (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the PromoterDeveloper’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 12.2 In case of Default by the Promoter Developer under the conditions listed above, the Allottee Purchaser is entitled to the followingfollowing :
(i) Stop making further payments to the Promoter Developer as demanded by the Promoter Developer. If the Allottee Purchaser stops making payments, payments the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any interestinterest ; or
(ii) The Allottee Purchaser shall have the option of terminating this the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Purchaser under any heads head whatsoever towards the purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) forty five days of receiving the termination notice: notice Provided that where an Allottee Purchaser 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 Apartmentdesignated unit, which shall be paid by the Promoter Developer to the Allottee Purchaser within 45 (forty-forty five days) days of it becoming due.
9.3 12.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee Purchaser fails to make payments for two 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 as 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 2 (two) consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment designated unit in favour of the Allottee Purchaser and refund the money paid to him by the Allottee Purchaser by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated. Provided that the Promoter Developer shall intimate the Allottee Purchaser about such termination at least 30 (thirty) 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 clauseclauses and reasons beyond control, the Promoter Promoter/Owners shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) The Promoter fails Promoter/Owners fail(s) to offer to provide ready to move in possession of the said Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the AuthoritySchedule ‘A’. For the purpose of this para, para ‘ready to move in possession’ shall mean that the said Apartment shall be in a habitable condition which is complete as per the specifications as mentioned in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authority;Agreement
(ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter Promoter/Owners under the conditions listed above, the 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 the Promoter Promoter/Owners as demanded by the Promoter Promoter/Owners. If the Allottee stops making payments, payments the Promoter Promoter/Owners shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter Promoter/Owners shall be liable to refund the entire money paid by the Allottee under any heads whatsoever towards the purchase Total Price/Agreed Consideration for transfer of the said Apartment, along with interest at the rate prescribed specified in Rule 17 of the Rules within 45 (forty-five) five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within forty-five days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter/Owners, interest at the rate prescribed specified in Rule 17 of 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 Promoter/Owners to the Allottee within 45 (forty-five days) days of it becoming duedue or 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) In case the Allottee fails to make payments for two consecutive of the demands made by the Promoter Promoter/Owners as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter Promoter/Owners on the unpaid amount as at the rate prescribed specified in Rule 17 of the RulesRules for the period of delay;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter Promoter/Owners in this regard, the Promoter Promoter/Owners may cancel the allotment allotment/Agreement of the said Apartment in favour of the Allottee and refund the money paid to him the Promoter/Owners by the Allottee towards the Total Price/Agreed Consideration by deducting the booking amount Booking Amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminatedterminated and the Promoter/Owners shall be free to deal with, dispose of, sell and/or transfer 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 this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage, etc. shall not be refundable. Provided that the Promoter Promoter/Owners shall intimate the Allottee about such termination at least 30 (thirty) 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 clauseclauses and reasons beyond control, the Second Party/Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) The Second Party/Promoter fails to offer to provide ready to move in possession of the Apartment said Office Space to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the AuthoritySchedule ‘A’. For the purpose of this para, para ‘ready to move in possession’ shall mean that the Apartment Office Space shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authority;condition.
(ii) Discontinuance of the Second Party/Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 In case of Default by the Second Party/Promoter under the conditions listed above, the 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 the Second Party/Promoter as demanded by the Promoter Second Party/Promoter. If the Allottee stops making payments, payments the Second Party/Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Second Party/Promoter shall be liable to refund the entire money paid by the Allottee under any heads whatsoever towards the Total Price for purchase of the Apartmentsaid Office Unit, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to 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 project or terminate the Agreement, he shall be paid, by the Second Party/Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five days) of it becoming duesaid Office Unit.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events:
(i) In case the Allottee fails to make payments for two consecutive of the demands made by the Second Party/Promoter as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Second Party/Promoter on the unpaid amount as at the rate prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Second Party/Promoter in this regard, the Second Party/Promoter may cancel the allotment / Agreement of the Apartment said Office Unit in favour of the Allottee and refund the money paid to him the Second Party/Promoter by the Allottee by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated. Provided that terminated and the Second Party/Promoter shall intimate be free to deal with, dispose of and/or sell the said Office Unit to anyone else without any reference to the Allottee about such termination at least 30 (thirty) days prior whose rights and/or entitlements shall come to such 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.
Appears in 1 contract
Sources: Sale Agreement
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Promoter/Vendor shall be considered under a condition of Default, in the following events:
(i) The Promoter i. Promoter/Vendor fails to provide ready to move in possession of the Apartment 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, 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 (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authorityrespects;
(ii) . Discontinuance of the Promoter’s /Vendor business as a developer Promoter/Vendor on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter Promoter/Vendor under the conditions listed above, the Allottee Allottee/s is entitled to the followingfollowing :
(i) i. Stop making further payments to the Promoter Promoter/Vendor as demanded by the Promoter Promoter/Vendor. If the Allottee Allottee/s stops making payments, payments the Promoter Promoter/Vendor shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee/s be required to make the next payment without any interest; or
(ii) . The Allottee Allottee/s shall have the option of terminating this the Agreement in which case the Promoter Promoter/Vendor shall be liable to refund the entire money paid by the Allottee Allottee/s under any heads head whatsoever towards the purchase of the ApartmentUnit, along with interest at the rate prescribed in the Rules within 45 (forty45(forty-five) days of receiving the termination notice: ; Provided that where an Allottee Allottee/s does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter/Vendor, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the ApartmentUnit, which shall be paid by the Promoter Promoter/Vendor to the Allottee Allottee/s within 45 (forty-five daysfive) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive 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 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 months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the 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 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) The Promoter fails to provide ready to move in possession of the Apartment Villas to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial 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 of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the ApartmentVillas, 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, Villas; which shall be paid by the Promoter promoter to the Allottee allottee within 45 (forty-five days) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive ……..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 as 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 2 (two) 02 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Villas in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount and or 10% of the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated. Provided that total price of the Promoter shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination.Villas
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:
(i) The Promoter fails to provide ready to move in possession of the Apartment [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, ‘'ready to move in possession’ ' shall mean that the Apartment development work (internal and external development) has been commencement of construction work by the Allottee,apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction c onstruction development milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot], which shall be paid by the Promoter promoter to the Allottee allottee within 45 (forty-five days) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two 2 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 as at the rate prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the 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 30 (thirty) thirty days prior to such termination.
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:
(i) The Promoter fails to provide ready to move in possession of the Apartment 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, ‘'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 (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority;competent authority; how ever if the occupancy certificate and completetion certificate are unreasonably delayed by authority then that will not be constructed as events of delayed
(ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following:
(i) Stop making further payments to the Promoter as demanded by the Promoter Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the ApartmentPlot, 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 ApartmentPlot, which shall be paid by the Promoter promoter to the Allottee allottee within 45 (forty-five days) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two T W O 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 as 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) TWO consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement Agreement. 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 clause, the The Promoter shall be considered under a condition of Default, in the following events:
(i) The Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authorityauthority. For the purpose of this para, ‘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 (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter promoter under the conditions listed above, the Allottee is entitled to the followingfollowing :
(i) Stop making further payments to the Promoter as demanded by the Promoter promoter. If the Allottee stops making paymentspayment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or.
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter promoter to the Allottee within 45 (forty-five days) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive 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 as at the rate prescribed in the Rules;.
(ii) In case of Default by the Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by allottee after deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminatedterminated and such refund shall be subject to sale of the Apartment by the Promoter and the amounts have been received by the Promoter from the new transferee thereof. Provided that the Promoter promoter shall intimate the Allottee about such termination at least 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 clauseMajeure”, order of any court, Tribunal or Authority, Government policy/guidelines, decisions, the Promoter Vendor shall be considered under a condition of Default, in the following events:
(i) The Promoter fails Vendor fail to provide ready to move in possession of the Apartment developed Plot to the Allottee Vendee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this paraClause, ‘'ready to move in possession’ ' shall mean that the Apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the partiesParties, and for which Completion Certificate occupation certificate* or Partial Completion Certificate, as the case may be, part thereof has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the PromoterVendor’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by the Promoter Vendor under the conditions listed above, the Allottee ▇▇▇▇▇▇ is entitled to the following:
(i) Stop making further payments to the Promoter Vendor as demanded by the Promoter Vendor. If the Allottee Vendee stops making payments, the Promoter Vendor shall correct the situation by completing the construction construction/development milestones and only thereafter the Allottee Vendee be required to make the next payment without any interestinterest for the period of such delay; or
(ii) The Allottee Vendee shall have the option of terminating this Agreement the Agreement, in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee Vendee under any heads head whatsoever towards the purchase of the ApartmentPlot, along with interest at the rate prescribed specified in the Rules within 45 90 (forty-fiveninety) days of receiving the termination notice: Provided that where an Allottee Vendee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the PromoterVendor, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five days) of it becoming duePlot.
9.3 The Allottee Vendee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case case, the Allottee Vendee fails to make payments for two consecutive demands made by the Promoter Vendor as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Vendee shall be liable to pay interest to the Promoter Vendor on the unpaid amount as at the rate prescribed specified in the Rules;
(ii) In case of Default by Allottee Vendee under the condition listed above continues for a period beyond 2 90 (twoninety) consecutive months days after notice from the Promoter Vendor in this regard, the Promoter Vendor may cancel the allotment of the Apartment Plot in favour of the Allottee Vendee and refund the money paid to him by the Allottee Vendee by deducting the 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 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) The Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this para, ‘'ready to move in possession’ ' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, completion certificate has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 In 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 Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads 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: :
(iii) 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, which shall be paid by the Promoter promoter to the Allottee allottee within 45 (forty-five days) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive 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 as at the rate prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the 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 30 (thirty) thirty days prior to such termination.
Appears in 1 contract
Sources: Agreement for Sale
EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:
(i) The Promoter fails to provide ready to move in possession of the Apartment to the 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, ‘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 amenties and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificateoccupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority;
(ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules or regulations made thereunderthere under.
9.2 In 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 Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any heads head whatsoever towards the purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter promoter to the Allottee within 45 (forty-five days) days of it becoming due.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for two consecutive 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 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 months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the 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 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 clauseclauses and reasons beyond control, the Second Party/Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law:
(i) The Second Party/Promoter fails to offer to provide ready to move in possession of the Apartment said Office Space to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the AuthoritySchedule ‘A’. For the purpose of this para, para ‘ready to move in possession’ shall mean that the Apartment Office Space shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be complete on completion of all the Phases of the Luxury Zone of the Complex), as agreed to between the parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authority;condition.
(ii) Discontinuance of the Second Party/Promoter’s business as a developer on account of suspension or revocation of its his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder.
9.2 In case of Default by the Second Party/Promoter under the conditions listed above, the 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 the Second Party/Promoter as demanded by the Promoter Second Party/Promoter. If the Allottee stops making payments, payments the Second Party/Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating this the Agreement in which case the Second Party/Promoter shall be liable to refund the entire money paid by the Allottee under any heads whatsoever towards the Total Price for purchase of the Apartmentsaid Office Unit, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The liability of the Promoter to refund any amount to the Allottee shall arise only against execution and registration of a Cancellation Agreement. 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 project or terminate the Agreement, he shall be paid, by the Second Party/Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five days) of it becoming duesaid Office Unit.
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events:
(i) In case the Allottee fails to make payments for two consecutive of the demands made by the Second Party/Promoter as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Second Party/Promoter on the unpaid amount as at the rate prescribed in the Rules;
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Second Party/Promoter in this regard, the Second Party/Promoter may cancel the allotment / Agreement of the Apartment said Office Unit in favour of the Allottee and refund the money paid to him the Second Party/Promoter by the Allottee by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminatedterminated and the Second Party/Promoter shall be free to deal with, dispose of and/or sell the said Office Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. Provided that The liability of the Promoter shall intimate to refund any amount to the Allottee about such termination at least 30 (thirty) days prior shall arise only against execution and registration of a Cancellation Agreement. The fees and expenses relating to such terminationthe Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable.
Appears in 1 contract
Sources: Sale Agreement