Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 2 contracts

Sources: Sale Agreement, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter fails Developer tails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause para 7.1 or fails to complete the Real Estate Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. , For the purpose of this Clause para 'ready to move in possession' shall mean that the Said Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as specified in Schedule D of this Agreementagreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the PromoterDeveloper's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter Developer under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-forty- five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenancesnotice; Provided that where an whore un Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the promoterDeveloper, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Said Apartment, which shall be paid by the Promoter Developer to the Allottee allottee within forty-five days of it becoming due. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In in case the Allottee fails to make payment to payments for consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter Developer on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) three consecutive months after notice from the Promoter Developer in this regard, the Promoter, upon 30 (thirty) days written notice, Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit refund the entirety of the booking amount money paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined him by the Promoter allottee by deducting the hooking amount and exclusive of any indirect taxes, stamp duty the interest liabilities and registration charges. Further, upon the termination of this Agreement in shall thereupon stand terminated. Provided that the aforesaid circumstances, Developer shall intimate the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.allottee about such termination at least thirty days prior la such termination,

Appears in 2 contracts

Sources: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment Row House or the Town House Unit to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration Registration of the Project with the AuthorityAuthorities. For the purpose of this Clause 'clause, ready to move in possession' shall mean that the Said Apartment Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, agreed to between the parties and for which completion certificate, Completion/Partial Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoter's promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentUnit, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice subject to allottee registering the deed fulfilling all formalities on its part as more fully mentionedin para/clause 7 of cancellation in respect of the Said Apartment and Appurtenancesthis Agreement.; Provided that where an Allottee allottee does not intend to withdraw from the Project project or terminate the Agreementagreement, he shall be paid, by the promoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Said Apartment, Row House or the Unit which shall be paid by the Promoter to the Allottee within forty-five 45 days of it its becoming due. 9.3... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) In case the Allottee fails to make payment to payments for more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan annexed heretopayment plan as per Schedule - C, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules;specified herein. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond 3 (three) two consecutive months after the notice from the Promoter promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may promoter shall cancel the allotment of the Apartment Row House or the Town House Unit in favour of the Allottee and forfeit refund the entirety amount of money paid to him by the allottee by deducting the booking amount paid for of 10% of total consideration and interest liabilities and the allotmentapplicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, Provided that the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, intimate the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled about such termination at least 30 days prior to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.such termination

Appears in 2 contracts

Sources: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment / Unit to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this Clause 'clause, ‘ready to move in possession' shall mean that the Said Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authorityother provisions hereof; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. 9.2 In case of the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones, if any, to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment / Unit, along with interest at the rate prescribed specified in the Rules within forty-five days of receiving the termination notice subject to allottee registering period mentioned in the deed of cancellation in respect of the Said Apartment and AppurtenancesRules; 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 specified 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 forty-five days of it becoming dueApartment / Unit. 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 payment to payments for two consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months 15 days after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may Promoter shall cancel the allotment of the Apartment / Unit in favour of the Allottee and forfeit refund the entirety of amount money paid to the Promoter by the allottee after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Such refund shall not include any amount paid for by the allotment. Upon Allottee on account of Legal Charges, Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be subject to sale of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined / Unit by the Promoter and exclusive the amount have been received by the Promoter from the new Transferee thereof. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. (iii) In case the Allottee fails to execute and register the Deed of any indirect taxesCancellation, stamp duty as aforesaid, the Sale Agreement shall be deemed to have been cancelled and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, payment due to the Allottee shall have no claim of any nature whatsoever on be held by the Promoter and/or and upon the Said Apartment Allottee executing and Appurtenances registering the Deed of Cancellation, the payment shall be released in favour the Allottee and such payment when withheld by the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and propernot carry any interest.

Appears in 2 contracts

Sources: Deed of Conveyance, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment Row House or the Town House Unit to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration Registration of the Project with the AuthorityAuthorities. For the purpose of this Clause 'clause, ready to move in possession' shall mean that the Said Apartment Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, agreed to between the parties and for which completion certificate, Completion/Partial Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoter's promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) I. Stop making further payments to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) II. The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentUnit, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice subject to allottee registering the deed fulfilling all formalities on its part as more fully mentioned in para/clause 7 of cancellation in respect of the Said Apartment and Appurtenancesthis Agreement.; Provided that where an Allottee allottee does not intend to withdraw from the Project project or terminate the Agreementagreement, he shall be paid, by the promoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Said Apartment, Row House or the Unit which shall be paid by the Promoter to the Allottee within forty-five 45 days of it its becoming due. 9.3... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) In case the Allottee fails to make payment to payments for more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan annexed heretopayment plan as per Schedule - C, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules;specified herein. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond 3 (three) two consecutive months after the notice from the Promoter promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may promoter shall cancel the allotment of the Apartment Row House or the Town House Unit in favour of the Allottee and forfeit refund the entirety amount of money paid to him by the allottee by deducting the booking amount paid for of 10% of total consideration and interest liabilities and the allotmentapplicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, Provided that the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, intimate the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled about such termination at least 30 days prior to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.such termination

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

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) Promoter 9.1. DEVELOPER fails to provide ready to move in possession of the Apartment to the Allottee ALLOTTEES within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) 9.2. Discontinuance of the PromoterDEVELOPER's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.29.3. In case of Default default by Promoter DEVELOPER under the conditions listed above, Allottee ALLOTTEE is entitled to the following: (ia) Stop making further payments to Promoter DEVELOPER as demanded by the PromoterDEVELOPER. If the Allottee ALLOTTEE stops making payments the Promoter DEVELOPER shall correct the situation by completing the construction milestones and only thereafter the Allottee ALLOTTEE be required to make the next payment without any interest; or (iib) The Allottee ALLOTTEE shall have the option of terminating the this Agreement in which case the Promoter DEVELOPER shall be liable to refund the entire money paid by the Allottee ALLOTTEES under any head whatsoever towards the purchase of the apartmentSaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee ALLOTTEE registering the deed of cancellation in respect of the Said Apartment and AppurtenancesAnd Properties Appurtenant Thereto; Provided that where an Allottee ALLOTTEE does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Said Apartment, which shall be paid by the Promoter DEVELOPER to the Allottee ALLOTTEES within forty-five days of it becoming due. 9.39.4. The Allottee ALLOTTEE shall be considered under a condition of Default, on the occurrence of the following events: (ia) In case the Allottee ALLOTTEE fails to make payment to the Promoter DEVELOPER as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee ALLOTTEE shall be liable to pay interest to the Promoter DEVELOPER on the unpaid amount at the rate prescribed in the Rules; (iib) In case of Default by Allottee ALLOTTEE under the condition listed above continues for a period beyond 3 (three) consecutive three)consecutive months after notice from the Promoter DEVELOPER in this regard, the PromoterDEVELOPER, upon 30 (thirty) days written notice, may cancel the allotment of the Said Apartment in favour of the Allottee ALLOTTEE and forfeit the entirety of the entire booking amount paid for the allotmentallotment for Said Apartment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances And Properties Appurtenant Thereto and upon resale of the Said Apartment and Appurtenances And Properties Appurtenant Thereto i.e. upon the Promoter DEVELOPER subsequently selling and transferring the Said Apartment and Appurtenances And Properties Appurtenant Thereto to another allottee and receipt of the sale price thereon, the Promoter DEVELOPER shall after adjusting the booking amount, refund to the AllotteeALLOTTEES, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter DEVELOPER and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee ALLOTTEES shall have no claim of any nature whatsoever on the Promoter DEVELOPER and/or the Said Apartment And Properties Appurtenant Thereto and Appurtenances and the Promoter DEVELOPER shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances And Properties Appurtenant Thereto in the manner it deems fit and proper.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, & Other Conditions the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) The Promoter fails to provide ready to move in the Allottee the constructive and legal possession of the Apartment in the agreed state with the exclusive right to use the Allottee Parking/s as per the terms of this Agreement within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authorityclause 7. 1. For the purpose of this Clause 'ready to move in possession' shall mean that clause, the Said Apartment shall be in a habitable condition which is complete in all respects including provided with the provision of all specifications specifications, amenities and facilities, as specified in Schedule D of this Agreementagreed to between the Parties, and for which completion certificate, the occupation certificate or part thereof has been issued by the competent authority; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations Rules made thereunder; save and except in cases where renewal of registration has been obtained or has been applied for, which includes a period of ninety (90) days for filing for renewal of registration, and also includes the period taken for the renewal of the License which has been duly applied for with the applicable authority, in an event where the application/ grant of registration under the Act is pending for want of renewal of the License. 9.2. 9.2 In case of Default default by the Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate prescribed in the Rules within forty-five ninety (90) days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; notice. Provided that where an the Allottee does not intend to withdraw from the Project or terminate the Agreement, he the Allottee shall be paid, paid by the promoterPromoter on the money received from the Allottee after deducting therefrom the Taxes (including GST and Labour Cess), interest on delayed payments etc., 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 forty-five ninety (90) days of it becoming due. 9.3. 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payment to payments for two (02) 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 amounts at the rate prescribed in the Rules; (ii) In case in the reasonable opinion of Default the Promoter, (a) the allotment of the Apartment has been obtained through fraud, misrepresentation, misstatement or concealment/ suppression of any material fact, OR (b) the Allottee has violated or violates any of the directions, rules and regulations framed by the Promoter and/or the association of allottees and/or by any regulatory or statutory body or competent authority, including the DGTCP. (i) In case of default by the Allottee under the condition listed above in clause 9.3 continues for a period beyond 3 ninety (three90) consecutive months days after notice from the Promoter in this regard(“Notice to Cure”), the Promoter, upon 30 (thirty) days written notice, Promoter may cancel the allotment of the Apartment in favour of the Allottee and forfeit refund the entirety money paid to it by the Allottee by forfeiting and deducting the Booking Amount, the interest component on delayed payment, brokerage/ commission/ charges, Taxes (if any) and any other dues & charges payable to the Promoter. (ii) After forfeiture of the booking amounts as set out above, the balance amount of money paid for by the allotment. Upon registration Allottee, if any, shall be returned by the Promoter to the Allottee, without interest, upon sale of the deed of Apartment. (iii) Upon cancellation in respect by the Promoter of the Said Apartment and Appurtenances and upon resale allotment of the Said Apartment in favour of the Allottee, this Agreement and Appurtenances i.e. upon any liability of the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt arising out of the sale price thereonsame shall thereupon stand terminated. Provided that, the Promoter shall after adjusting intimate the booking amountAllottee about such termination at least thirty (30) days prior to such termination. 9.5 It is clarified that immediately on termination, refund to the Allotteeas aforesaid, the balance amountPromoter shall be free to deal with the Apartment in any manner whatsoever, if any at its sole and absolute discretion, including allotment of the paid- up Total Price Apartment to any other person, and after also deducting the Allottee hereby agrees and undertakes that it shall not object thereto. Furthermore, the Allottee agrees that it shall not seek any interim relief or injunction to this effect against the Promoter/ Owner, as it acknowledges that its interest on any overdue payments, brokerage/referral fees, administrative charges as determined by in the Apartment shall expire with termination of the Agreement and the Allottee further acknowledges that the Promoter and exclusive of any indirect taxeswould suffer irreparable harm by being prevented from freely dealing with its valuable capital asset, stamp duty and registration chargeswhich harm the Allottee agrees, cannot be quantified in monetary compensation/ damages alone. Further, upon the Upon termination of this Agreement in by the aforesaid circumstancesPromoter, save for the right to refund, if any, to the extent and manner agreed hereinabove, the Allottee shall have no further right or claim of any nature whatsoever on against the Promoter and/or the Said Apartment and Appurtenances Owner and/or the Apartment. Any claim by the Allottee in this regard shall be deemed to have been waived off by the Allottee and the Allottee hereby expressly consents thereto. 9.6 The Promoter may alternatively, at its sole discretion, instead decide to enforce the payment of all its dues from the Allottee by seeking specific performance of this Agreement. Further, in every such case of delayed payment, irrespective of the type of payment plan, the subsequent credit in the account of the Promoter of such delayed installment(s)/ payments along with interest on such delayed payments shall not however constitute a waiver of the Promoter’s right of termination reserved herein, and shall always be entitled without prejudice to deal with and/or dispose off the Said Apartment and Appurtenances rights of the Promoter to terminate this Agreement in the manner it deems fit and properprovided herein.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment Said Bungalow to the Allottee Allottees within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is Allottees are entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops Allottees stop making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any interest; or (ii) The Allottee Allottees shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottees under any head whatsoever towards the purchase of the apartmentbungalow, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment Bungalow and Appurtenances; Provided that where an Allottee Allottees does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Said ApartmentBungalow, which shall be paid by the Promoter to the Allottee Allottees within forty-five days of it becoming due. 9.3. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails Allottees fail to make payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee Allottees shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee Allottees under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment Bungalow in favour of the Allottee Allottees and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment Bungalow and Appurtenances and upon resale of the Said Apartment Bungalow and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment Bungalow and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the AllotteeAllottees, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee Allottees shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment Bungalow and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment Bungalow and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to Apartmentto the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering allotteeregistering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 theAllottee fails to make payment to the paymenttothe Promoter as per the Payment thePayment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, ,upon 30 (thirty) days written notice, ,may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.11. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: : (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; ; (ii) Discontinuance of the Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; ; (ii) In ii)In case of Default by Allottee under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Promoter Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter Developer fails to provide ready to move in possession of the Apartment Said Bungalow to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the PromoterDeveloper's business as a developer Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter Developer under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter ▇▇▇▇▇▇▇▇▇ as demanded by the PromoterDeveloper. If the Allottee stops making payments the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentbungalow, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment Bungalow and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the promoterDeveloper, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Said ApartmentBungalow, which shall be paid by the Promoter Developer to the Allottee within forty-five days of it becoming due. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payment to the Promoter Developer 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 Developer on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter Developer in this regard, the PromoterDeveloper, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment Bungalow in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment Bungalow and Appurtenances and upon resale of the Said Apartment Bungalow and Appurtenances i.e. upon the Promoter Developer subsequently selling and transferring the Said Apartment Bungalow and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter Developer shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter Developer and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter Developer and/or the Said Apartment Bungalow and Appurtenances and the Promoter Developer shall be entitled to deal with and/or dispose off the Said Apartment Bungalow and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this Clause clause, 'ready to move in possession' shall mean that the Said Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authorityrespects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops stop making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed specified in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; notice: Provided that where an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed specified 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 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 payment to payments for three (3) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may Promoter shall cancel the allotment of the Apartment in favour of the Allottee and forfeit refund the entirety of amount money paid to him by the allottee by deducting the booking amount paid for and the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment interest liabilities and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and properthereupon stand terminated.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment / Unit to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this Clause 'clause, ‘ready to move in possession' shall mean that the Said Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authorityother provisions hereof; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. 9.2 In case of the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones, if any, to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment / Unit, along with interest at the rate prescribed specified in the Rules (presently being State Bank of India PLR plus 2% per annum) within forty-five days of receiving the termination notice subject to allottee registering period mentioned in the deed of cancellation in respect of the Said Apartment and AppurtenancesRules; 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 specified in the RulesRules (presently being State Bank of India PLR plus 2% per annum), for every month of delay till the handing over of the possession of the Said ApartmentApartment / Unit, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duethe period mentioned in the Rules. 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 payment to payments for demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond 3 (three) consecutive two months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may Promoter shall cancel the allotment of the Apartment / Unit in favour of the Allottee and forfeit refund the entirety of amount money paid to the Promoter by the allottee after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Such refund shall not include any amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive Allottee on account of any indirect taxes, Taxes paid by the Allottee and/or stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, charges incurred by the Allottee and shall have no claim be made out of any nature whatsoever on the amounts received by the Promoter and/or against sale of the Said Apartment / Unit to any other interested person. The Allottee shall, at his own costs and Appurtenances and expenses, execute all necessary documents required by the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and properthis regard.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee Allottees within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2. In case of Default by Promoter under the conditions listed above, Allottee Allottees is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee Allottees stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any interest; or (ii) The Allottee Allottees shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottees under any head whatsoever towards the purchase transfer of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee Allottees registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee Allottees does not intend to withdraw from the Project 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 Allottees within forty-five days of it becoming due. 9.3. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails Allottees fail to make payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee Allottees shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee Allottees under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment in favour of the Allottee Allottees and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale retransfer of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee Allottees and receipt of the sale total price thereon, the Promoter shall after adjusting the booking amount, refund to the AllotteeAllottees, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee Allottees shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Partnership Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee as herein agreed within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authorityspecified; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.; 9.2. 9.2 In case of the Allottee complies with his obligations under this agreement and there is Default by Promoter under the conditions listed above, the Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to construction milestones, if any, to the Promoter as demanded by the Promoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase acquiring of the apartmentsaid Unit, along with interest at the rate prescribed specified in the Rules (presently being Lowest State Bank of India PLR plus 2% per annum) within forty-forty five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenancesnotice; 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 specified in the RulesRules (presently being Lowest State Bank of India PLR plus 2% per annum), 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 forty-forty five days of it becoming due. 9.3. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payment to payments for demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond 3 (three) consecutive 2 months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may Promoter shall cancel the allotment of the Apartment said Unit in favour of favourof the Allottee and forfeit refund the entirety of amount money paid to the Promoter by the allottee after deducting the booking amount paid for and the allotment. Upon registration interest liabilities and this Agreement shall thereupon stand terminated and such refund shall be subject to transfer of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined said Unit by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon to the termination of this Agreement in new transfereeand the aforesaid circumstances, the Allottee shall amounts have no claim of any nature whatsoever on been received by the Promoter and/or from the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and propernew transferee thereof.

Appears in 1 contract

Sources: Not Specified

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.19.1 Time is expressly declared to be the essence of this agreement. 9.2 Notwithstanding anything herein contained, in case the Purchaser/Allottee commits default in performing and observing covenants/obligations herein including those for payment then and in such an event, a notice for demand shall be issued specifying the time which shall not exceed 60 days from the due date and if the said payment is not received within the time specified in the notice then this agreement shall stand terminated at the discretion of the Vendors/Promoter and in such event all rights and claims of the Purchaser/Allottee against the Vendors/Promoter and/or the said Apartment/Unit shall stand extinguished. In case of termination and/or cancellation of this Agreement, the Vendors/Promoter shall forfeit 10% (Ten percent) of the total purchase price of the said Apartment/Unit if any as liquidated damages and refund to the Purchaser/Allottee the balance amount paid by the Purchaser/Allottee without any interest. 9.3 For the period of late payment or in case the Vendors/Promoter condones the default of the Purchaser/Allottee even for a period more than the stipulated grace period provided in the notice then and in such event, the Purchaser/Allottee shall along with such dues and/or arrears, pay interest @ 2% per annum over and above Prime Lending Rate fixed by State Bank of India for the period of default on all amounts remaining unpaid. Any condonation granted by the Vendors/Promoter shall not amount to waiver of the future defaults or breaches. 9.4 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Vendors/Promoter fails to provide ready to move in possession of the Apartment [Apartment/Plot] to the Purchaser/Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this Clause clause, 'ready to move in possession' shall mean that the Said Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authorityrespects; (ii) Discontinuance of the Vendor’s/Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Vendors/Promoter under the conditions listed above, Purchaser/Allottee is entitled to the followingfollowing : (i) Stop making further payments to Vendors/Promoter as demanded by the Vendors/Promoter. If the Purchaser/Allottee stops making payments payments, the Vendors/Promoter shall correct the situation by completing the construction milestones and only thereafter the Purchaser/Allottee be required to make the next payment without any penal interest; or; (ii) The Purchaser/Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Purchaser/Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed specified in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 eventsnotice: (i) In case the Allottee fails to make payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) 9.5 In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment Delay on part of the Apartment in favour Vendors/Promoter to complete the construction of the Allottee said Apartment/Unit within the stipulated time as stated herein above, then the Vendors/Promoter shall pay interest @ 2% per annum over and forfeit the entirety above Prime Lending Rate fixed by State Bank of the booking amount paid India for the allotment. Upon registration of the deed of cancellation delay in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances construction subject to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and properhowever Force Majeure.

Appears in 1 contract

Sources: Not Specified

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops stop making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) : Promoter fails to provide ready to move in possession of the Apartment [Apartment/Plot] to the Allottee within the time period specified in Clause para 7.1 or fails to complete the Real Estate Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this Clause para, 'ready to move in possession' shall mean that the Said Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as specified in Schedule D of this Agreementagreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) ; Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) : Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) or The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; notice: Provided that where an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Said [Apartment/Plot], which shall be paid by the Promoter promoter to the Allottee allottee within forty-five days of it becoming due. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to Apartmentto the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, ,upon 30 (thirty) days written notice, ,may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.11. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: : (i) Promoter fails to provide ready to move in possession of the Apartment to Apartmentto the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; ; (ii) Discontinuance of the Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 theAllottee fails to make payment to the paymenttothe Promoter as per the Payment thePayment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; ; (ii) In ii)In case of Default by Allottee under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, ,upon 30 (thirty) days written notice, ,may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Partnership Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to Apartmentto the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering allotteeregistering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 theAllottee fails to make payment to paymentto the Promoter as per the Payment thePayment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In I n case of Default by Allottee under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, ,upon 30 (thirty) days written notice, ,may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 payment to paymentto the Promoter as per the Payment thePayment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, ,upon 30 (thirty) days written notice, ,may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale retransfer of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale total price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In I n case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment Said Bungalow to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops stop making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentbungalow, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment Bungalow and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Said ApartmentBungalow, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment Bungalow in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment Bungalow and Appurtenances and upon resale of the Said Apartment Bungalow and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment Bungalow and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment Bungalow and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment Bungalow and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee fails to make payment 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/Owners shall be entitled to issue a Notice to the Promoter as per Allottee calling upon the Payment Plan annexed heretoAllottee to rectify, despite having been issued notice in that regardremedy, 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/Owners within the above time, then the Allottee shall be liable to pay interest to the Promoter on Promoter/Owners compensation and/or damages that may be quantified by the unpaid amount at the rate prescribed Promoter/Owners and in the Rules; (ii) In case default of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regardsuch payment within 30 days, the Promoter, upon 30 (thirty) days written notice, /Owners may cancel terminate the allotment /Agreement of the said Apartment in favour of the Allottee Allottee. In case of termination the provisions under sub-clause 9.3 (ii) shall be applicable regarding the amount that shall be refundable and forfeit the entirety time for the same. (ii) If any act or omission of the booking amount paid for Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the allotment. Upon registration Project or the construction of the deed Building or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of cancellation in respect any Apartment or portion of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereonBuilding, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement then in the aforesaid circumstances, that event the Allottee shall have no claim of any nature whatsoever on also be liable to pay to the Promoter Promoter/Owners compensation and/or damages that may be quantified by the Said Apartment and Appurtenances and Promoter/Owners. (iii) Besides the Promoter aforesaid rights, the Promoter/Owners shall also be entitled to deal with and/or dispose off enforce any other right to which the Said Apartment and Appurtenances Promoter/Owners may be entitled to in law by reason of any default or breach on the manner it deems fit and properpart of the Allottee.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.18.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee Allottees within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.28.2. In case of Default by Promoter under the conditions listed above, Allottee Allottees is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee Allottees stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any interest; or (ii) The Allottee Allottees shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottees under any head whatsoever towards the purchase transfer of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee Allottees registering the deed of cancellation in respect of the Said Apartment and AppurtenancesAppurtenances ; Provided that where an Allottee Allottees does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Said Apartment, which shall be paid by the Promoter to the Allottee Allottees within forty-five days of it becoming due. 9.38.3. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: (i) : In case the Allottee fails Allottees fail to make payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee Allottees shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (iii) In case of Default by Allottee Allottees under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment in favour of the Allottee Allottees and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale retransfer of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee Allottees and receipt of the sale total price thereon, the Promoter shall after adjusting the booking amount, refund to the AllotteeAllottees, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee Allottees shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Partnership 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, default in the following events: (i) Promoter fails to provide ready to move in possession of the said Apartment to the Allottee within the time period specified in Clause Para 7.1 or fails to complete the Real Estate Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this Clause 'Para ready to move in possession' possession shall mean that the Said Apartment apartment shall be in a habitable condition which is complete in all respects respect including the provision of all specifications specification, amenities and facilities, as specified in Schedule D of this Agreementagree to between the parties, and for which occupation certificate and completion certificatecertificate as the case may be, has been issued issues by the competent authority; (ii) Discontinuance of if the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions provision of the Act or the rules or regulations made thereunderthere under. 9.2. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following:following subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non – (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with the interest at the rate prescribed in the Rules rules within forty-five 45 days of receiving the termination notice subject or within such further time as may be agreed between the parties. The fees and expenses relating to allottee registering the deed Agreement for sale including stamp duty, registration fees, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. The GST paid by the Allottee shall be refunded only if the Promoter receives refund/credit for the same from the concerned authorities. Such refund, if any, shall be made within 30 days of cancellation in respect receipt/credit of GST. If however the Allottee does not terminate the Agreement within 3 months of the Said Apartment date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to terminate the Agreement and Appurtenancesthis 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 promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due.the 9.3. 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following eventsevents :- (i) In case the Allottee fails to make payment to payments for consecutive demands made by the Promoter as per the Payment Plan annexed heretoas mentioned in Schedule “C” mentioned herein below, despite having been issued notice in that regard, regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules;rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three2(two) consecutive months after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, Promter may cancel the allotment allotment/Agreement of the said Apartment in favour of the Allottee and forfeit refund the entirety of money paid to the Promoter by the Allottee and refund the money paid to the Promoter by the Allottee by deducting the booking amount paid for and the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment interest liabilities and Appurtenances this Agreement shall thereupon stand terminated and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting free to deal with, dispose of and/or sell the booking amount, refund said Apartment Unit to anyone else without any reference to the AllotteeAllottee which right and/or entitlement (iii) In case of there being a failure, refusal, neglect, breach, violation, non-compliance or default on the balance amount, if part of the Allottee to reform or comply with any of the paid- up Total Price and after also deducting interest on any overdue paymentsterms, brokerage/referral feesconditions, administrative charges as determined by the Promoter and exclusive of any indirect taxesconvents, stamp duty and registration charges. Furtherundertaking, upon the termination of stipulations, restrictions, prohibitions and/or obligations under this Agreement in the aforesaid circumstancesor otherwise under law, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and then the Promoter shall be entitled to deal issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter within the above time, then the Allottee shall be liable to pay the Promoter compensation and/or dispose off damages that may be quantified by the Said Promoter in default of such payment within 30 days, the Promoter may terminate the allotment/ Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3 (ii) shall be applicable regarding the amount that shall be refundable and Appurtenances 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 manner it deems fit and properProject or the construction of the Buildings or any portion thereof (v) Besides the Aforesaid rights the Promoter shall also be entitled to enforce any other right to which the Promoter may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:; (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee Allottees within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this Clause 'clause, ‘ready to move in possession' shall mean that the Said Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authorityrespect; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is Allotteesis entitled to the following:; (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee Allottees stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any penal interest; or (ii) The Allottee Allottees shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottees under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed specified in the Rules within forty-forty- five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenancesnotice; Provided that where an Allottee Allottees does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails Allottees fail to make payment to payments for 3 (three) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall regard the Allottees Will be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by Allottee Allottees under the condition listed above continues for a period beyond 3 (three) consecutive months month after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may Promoter shall cancel the allotment of the Apartment in favour of the Allottee Allottees and forfeit refund the entirety of amount money paid to him by the Allottees by deducting the booking amount paid for and the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment interest liabilities and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and properthereupon stand terminated.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee Allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 payment to paymentto the Promoter as per the Payment thePayment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, ,upon 30 (thirty) days written notice, ,may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale reTransfer of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee Allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Draft Agreement for Sredpl Allocation

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment / Unit to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this Clause 'clause, ‘ready to move in possession' shall mean that the Said Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authorityother provisions hereof; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. 9.2 In case of the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones, if any, to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment / Unit, along with interest at the rate prescribed specified in the Rules within forty-five days of receiving the termination notice subject to allottee registering period mentioned in the deed of cancellation in respect of the Said Apartment and AppurtenancesRules; 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 specified 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 forty-five days of it becoming dueApartment / Unit. 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 payment to payments for two consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months 15 days after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may Promoter shall cancel the allotment of the Apartment / Unit in favour of the Allottee and forfeit refund the entirety of amount money paid to the Promoter by the allottee after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Such refund shall not include any amount paid for by the allotment. Upon Allottee on account of Legal Charges, Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be subject to sale of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined / Unit by the Promoter and exclusive the amount have been received by the Promoter from the new Transferee thereof. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. (iii) In case the Allottee fails to execute and register the Deed of any indirect taxesCancellation, stamp duty as aforesaid, the Sale Agreement shall be deemed to have been cancelled and registration charges. Furtherthe payment due, upon the termination of this Agreement in the aforesaid circumstances, to the Allottee shall have no claim of any nature whatsoever on be held by the Promoter and/or and upon the Said Apartment Allottee executing and Appurtenances registering the Deed of Cancellation, the payment shall be released in favour the Allottee and such payment when withheld by the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and propernot carry any interest thereof.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to Apartmentto the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering allotteeregistering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 theAllottee fails to make payment to paymentto the Promoter as per the Payment thePayment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, ,upon 30 (thirty) days written notice, ,may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the 9.1 Except for occu rrence of a Force Majeure clauseMa jeure e ven t, the Promoter shall be considered conside red under a condition condi tion of defa ult (“Default”), in the following eventsfollowi ng e ven ts : (i) Promoter fails to provide pro vide ready to move in possession of the Apartment to the Allottee within wi thin the time period specified speci fied in Clause 7.1 or fails fa ils to complete the Real Estate Project Proje ct within the stipulated time disclosed at the time ti me of registration re gi stra tion of the Project Proje ct with the AuthorityAu thority. For the purpose pu rpose of this Clause clause 'ready to move mo ve in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision p rovision of all specifications specifications, a meni ties a nd fa ci lities, as specified in Schedule D of this Agreementagreed to between the Pa rties, and a nd for which completion certificateoccupation certificate and completi on certifica te, as the case may be, has been issued by the competent authoritycompe tent autho ri ty; (iii i) Discontinuance Discontinuan ce of the Promoter's business as a developer on account accoun t of suspension or revocation re voca tion of his registration re gi stration under the provisions of the Act or the rules Rules or regulations Re gulations made thereunder. 9.2. 9.2 In case of Default De fa ul t by Promoter Promote r under the conditions listed above, Allottee is entitled to the following: (i) Stop making makin g further payments pa ymen ts to Promoter as demanded by b y the Promoter. If the Allottee stops making payments payments, the Promoter Promote r shall correct the situation situa tion by completing the construction milestones and only thereafter the reafter the Allottee be required requi red to make the next payment pa ymen t without any interestinte rest; or (iii i) The Allottee shall have ha ve the option of terminating te rminati ng the Agreement in which case the Promoter shall be liable to refund refund, subje ct to the entire money second proviso below, the en ti re mone y paid by b y the Allottee under any head whatsoever whatsoe ver towards the purchase sale of the apartmentApartment, along with interest in terest at the rate prescribed pres cribed in the Rules within 45 (forty-five days fi ve) da ys of receiving re cei ving the termination notice subject to allottee registering termina ti on notice: Provi ded that whe re the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee Allo ttee does not intend in tend to withdraw withd raw from the Project Proje ct or terminate the Agreement, he shall be paid, by the promoterPromote r, interest inte rest at the rate prescribed ra te p res cri bed in the Rules, for every month fo r e very mon th of delay till the handing over o ver of the possession of the Said ApartmentApa rtmen t, which shall be paid pa id by the Promoter Promote r to the Allottee within fortywi thin 45 (fo rty-five days fi ve) da ys of it becoming be coming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessmen ts and imposi tions a nd deposited with the approp riate a utho riti es concerned shall not be re turned by the Promote r and the Allottee shall be free to approach the authorities con cerned for refund of su ch taxes, charges, le vies, cess, assessmen ts and i mpositions. 9.3. 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence occu rrence of the following events: (i) In case the Allottee fails to make payment ma ke any of the pa ymen ts wi thin the due da tes as pe r the Pa ymen t Pla n a nnexed he reto, despi te ha vin g been issued noti ce in tha t rega rd the Allottee sha ll be l ia ble to pa y in terest to the Promoter Promo ter on the unpai d amoun t at the rate p rescribed in the Rules. The pa rties agree and acknowl edge that in addition to the inte rest, in case of e very second instan ce of dela yed pa ymen t, the Allottee in all fairness shall be responsible fo r su ch dela yed pa ymen ts , all costs associated with the administra ti ve a cti ons related to follow-up and reco very of such dela yed payments , which are estimated to be 2% pe r instance of the dela yed payment in the cu rren t financial yea r and shall be revised on 1st April of ea ch yea r as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; of Reserve Ban k of India ’s consumer price inde x) (iii i) In case of Default defa ult by Allottee under Allo ttee unde r the condition listed above continues a bo ve ▇▇▇▇▇ nues for a period beyond 3 pe riod be yond 1 (threeone) consecutive months mon th after notice from fro m the Promoter Promote r in this regard, the Promoter, upon 30 (thirty) days written notice, Promoter may cancel can cel the allotment of the Apartment in favour fa vour of the Allottee and forfeit an amoun t equal to the entirety Can cellation Charges and the applicable GST pa yable on such Can cellation Charges. The balance a mount of mone y paid by the booking amount paid for Allottee shall, subject to second p roviso below, be returned by the allotment. Upon registration Promoter to the Allottee within 12 (twel ve ) mon ths of the deed of cancellation in respect such can cellation or on transfe r of the Said Apartment and Appurtenances and upon resale to any other Apa rtment Acquire r, whicheve r is ea rlier. Howeve r may it be cla rified that the balance a mount shall be pa ya ble sub ject to the exe cuti on of the Said Apartment Deed of Can ▇▇▇▇▇ tion and Appurtenances i.e. upon this Agree men t shall the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, reupon stand terminated : Provided that the Promoter shall after adjusting inti mate the booking amountAllottee about su ch termination at least 30 (thirty) da ys prior to su ch termina tion. Provided further that all amounts collected as taxes, refund to charges, levies, cess, assessmen ts and imposi tions a nd deposited with the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined approp riate a utho riti es concerned shall not be re turned by the Promoter Promote r and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim be free to approach the authorities con cerned for refund of any nature whatsoever on the Promoter and/or the Said Apartment su ch taxes, charges, le vies, cess, assessmen ts and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and properi mpositions.

Appears in 1 contract

Sources: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment / Unit to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this Clause 'clause, ‘ready to move in possession' shall mean that the Said Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authorityother provisions hereof; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. 9.2 In case of the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones, if any, to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment / Unit, along with interest at the rate prescribed specified in the Rules within forty-five days of receiving the termination notice subject to allottee registering period mentioned in the deed of cancellation in respect of the Said Apartment and AppurtenancesRules; 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 specified 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 forty-five days of it becoming dueApartment / Unit. 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 payment to payments for two consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months 15 days after notice from the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may Promoter shall cancel the allotment of the Apartment / Unit in favour of the Allottee and forfeit refund the entirety of amount money paid to the Promoter by the allottee after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Such refund shall not include any amount paid for by the allotment. Upon Allottee on account of Legal Charges, Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be subject to sale of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined / Unit by the Promoter and exclusive the amount have been received by the Promoter from the new Transferee thereof. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. (iii) In case the Allottee fails to execute and register the Deed of any indirect taxesCancellation, stamp duty as aforesaid, the Deed of Conveyance shall be deemed to have been cancelled and registration charges. Furtherthe payment due, upon the termination of this Agreement in the aforesaid circumstances, to the Allottee shall have no claim of any nature whatsoever on be held by the Promoter and/or and upon the Said Apartment Allottee executing and Appurtenances registering the Deed of Cancellation, the payment shall be released in favour the Allottee and such payment when withheld by the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and propernot carry any interest thereof.

Appears in 1 contract

Sources: Deed of Conveyance

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject DEVELOPER 1) It is specifically made clear to the Force Majeure clauseAPARTMENT ALLOTTEE(S) that the APARTMENT ALLOTTEE(S) shall perform and comply with all covenants and obligations required to be performed or complied with under this Agreement and any default, breach of covenants, or non-compliance of any of the Promoter terms and conditions of this Agreement shall be considered under a condition deemed to be events of Default, in defaults and the following events: (iAPARTMENT ALLOTTEE(s) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund for consequences stipulated in this agreement. 2) Upon the entire money paid by the Allottee under occurrence of any head whatsoever towards the purchase event(s) of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation default in respect of the Said Apartment covenants and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project obligations under this Agreement or terminate the Maintenance Agreement, he shall or any violation of house rules as may be paid, by prescribed 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 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 eventsDeveloper may: (ia) In case the Allottee fails to make payment possession has not been handed over to the Promoter APARTMENT ALLOTTEE(S): The Developer may at its sole discretion decide, by notice to the APARTMENT ALLOTTEE(S), to cancel this Agreement due to COLLABORATOR /LAND OWNER defects committed by the ALLOTTEE(s). If the Developer elects to cancel this Agreement, the APARTMENT ALLOTTEE(S) shall have thirty (30) days from the date of issue of notice of cancellation by the Developer to cure/rectify the default as per the Payment Plan annexed hereto, despite having been issued notice specified in that regardnotice. Unless and until the APARTMENT ALLOTTEE(S) rectifies the event of default, the Allottee Developer shall not be obliged to execute the Conveyance Deed and that the APARTMENT ALLOTTEE(S) shall be liable to pay Holding Charges as provided herein this Agreement. The APARTMENT ALLOTTEE(S) agrees that if the default is not cured/rectified within such thirty (30) days, this Agreement shall be automatically cancelled without any further notice and the Developer shall have the right to retain the entire ▇▇▇▇▇▇▇ Money as specified in this Agreement along with the processing fee, interest on delayed payments, any interest paid, brokerage, Service Tax deducted due or payable, any other amount of a non-refundable nature. DEVELOPER COLLABORATOR /LAND OWNER The APARTMENT ALLOTTEE(S) agrees that upon such cancellation of this Agreement, the Developer will be released and discharged from all liabilities and obligation under this Agreement and the APARTMENT ALLOTTEE(S) hereby authorises the Developer that the said APARTMENT may be sold to any other person(s) by the Developer or dealt in any other manner as the Developer may in its sole discretion deem fit as if this Agreement had never been executed and without accounting to the Promoter APARTMENT ALLOTTEE(S) for any of the proceeds of such sale. In the event of the Developer electing to cancel this Agreement, the Developer will refund the amount received from the APARTMENT ALLOTTEE(S) after deducting ▇▇▇▇▇▇▇ money, outstanding interest, brokerage, Service Tax deducted, penalties etc. from the payments made by the APARTMENT ALLOTTEE(S), but the refund will only be made after realizing such refundable amount on further sale/resale to any other person(s). It is clarified here that after refund of the unpaid amount at amount, the rate prescribed APARTMENT ALLOTTEE(S) shall be left with no right, title, interest or lien over the said APARTMENT and the parking space in the Rules;any manner whatsoever. (iib) In case of Default by Allottee under the condition listed above continues for possession has been handed over to the APARTMENT ALLOTTEE(S): The Developer may send a notice to the APARTMENT ALLOTTEE(S) to cure/rectify the default as specified in that notice within a period beyond 3 of fifteen (three15) consecutive months after days. In COLLABORATOR /LAND OWNER case the default as stated in the notice from is not cured/rectified by the Promoter in this regardAPARTMENT ALLOTTEE(S), within fifteen(15) days, the Promoter, upon 30 APARTMENT ALLOTTEE(S) shall be required to pay penalty @ 2/- (thirtyRupees Two only) days written notice, may cancel per square ft. per day to the allotment Developer till the default is not cured/rectified. The Developer will also be entitled to disconnect the electricity and water connection of the Apartment defaulting APARTMENT ALLOTTEE(S) in favour of case the Allottee default is not cured by the APARTMENT ALLOTTEE(S) within 15 days. The APARTMENT ALLOTTEE(S) also agrees and forfeit understands that the entirety of Developer shall have first charge/lien on the booking amount paid for the allotment. Upon registration of the deed of cancellation said APARTMENT in respect of any such non-payment of penalty/damages as stated above. The exercise of above remedies is without prejudice to the Said Apartment and Appurtenances and upon resale other rights of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and properDeveloper.

Appears in 1 contract

Sources: Apartment Buyer’s Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Apartment to Apartmentto the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this Clause 'ready to move in possession' shall mean that the Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the Project 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 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 payment to paymentto the Promoter as per the Payment thePayment Plan annexed hereto, despite having been issued notice in that regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 beyond3 (three) consecutive three)consecutive months after notice from the Promoter in this regard, the Promoter, ,upon 30 (thirty) days written notice, ,may cancel the allotment of the Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale reTransfer of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Sources: Transfer Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the said Apartment / Unit to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authorityspecified. For the purpose of this Clause 'clause, ‘ready to move in possession' shall mean that the Said said Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authorityother provisions hereof; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. 9.2 In case of the Allottee complies with his obligations under this agreement and there is Default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones, if any, to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase sub-lease of the apartmentsaid Apartment / Unit, along with interest at the rate prescribed specified in the Rules (presently being State Bank of India PLR plus 2% per annum) within forty-five days of receiving the termination notice subject to allottee registering period mentioned in the deed of cancellation in respect of the Said Apartment and AppurtenancesRules; 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 specified in the RulesRules (presently being State Bank of India PLR plus 2% per annum), for every month of delay till the handing over of the possession of the Said Apartmentsaid Apartment / Unit, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duethe period mentioned in the Rules. 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 payment to payments for consecutively two times ondemands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues of making payment bythe Allotteeconsecutively for a period beyond 3 (three) consecutive months after notice from two occasions,then the Promoter in this regard, the Promoter, upon 30 (thirty) days written notice, may ,shall cancel the allotment of the said Apartment / Unit in favour of the Allottee and forfeit refund the entirety of amount money paid to the Promoter by the allotteeafter deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Such refund shall not include any amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive Allottee on account of any indirect taxes, Taxes paid by the Allottee and/or stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, charges incurred by the Allottee and shall have no claim be made out of any nature whatsoever on the amounts received by the Promoter and/or against sub-lease of the Said said Apartment / Unit to any other interested person. The Allottee shall, at his own costs and Appurtenances and expenses, execute all necessary documents required by the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and properthis regard.

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Sources: Sub Lease Agreement