Common use of OWNERSHIP ACT (OR THE RELEVANT STATE ACT Clause in Contracts

OWNERSHIP ACT (OR THE RELEVANT STATE ACT. The Owner/Vendor/Promoter has assured the Allottee(s) that the said Project in its entirety is in accordance with the provisions of the HIRA. The Owner/Vendor/Promoter showing compliance of various laws/ regulations as applicable in HIRA. • BINDING EFFECT : Forwarding this Agreement to the Allottee(s) by the Owner/Vendor/ Promoter does not create a binding obligation on the part of the Owner/Vendor/Promoter or the Allottee(s) until, firstly, the Allottee(s) signs and delivers this Agreement with all the Schedules along with disbursement of all the payments due as stipulated in this payment plan within thirty days from the date of receipt by the Allottee(s) and secondly, appears for registration of the same before the concerned Sub-Registrar of DURGAPUR as and when intimated by the Owner/Vendor/Promoter. If the Allottee(s) fails to execute and deliver to the Owner/Vendor/ Promoter this Agreement within 30 (thirty) days from the date of its receipt by the Allottee(s) and/or appear before the Sub-Registrar of DURGAPUR for its registration as and when intimated by the Owner/ Vendor/Promoter, then the Owner/Vendor/Promoter shall serve a notice to the Allottee(s) for rectifying the default, which if not rectified within 30 (thirty) days from the date of its receipt by the Allottee(s), application of the Allottee(s) shall be treated as cancelled and all sums deposited by the Allottee(s) in connection therewith including the booking amount shall be returned to the Allottee(s) without any interest or compensation whatsoever by deducting all taxes, charges, levies, cess, assessments and impositions and the interest and liabilities as applicable under this Agreement and the Allottee(s) shall wave his/her/theirs all right, title and interest from the said Apartment forever and absolutely. However, Processing Fees of Rs.50,000/- as agreed shall be deducted. If Agreement is cancelled after signing by the Allottee(s) deduction will be as per the terms contained herein. • ENTIRE AGREEMENT: This Agreement, along with its schedules, constitutes the entire Agreement between the Parties with respect to the subject matter hereof and supersedes any and all understandings, any other agreements, allotment letter, correspondences, arrangements whether written or oral, if any, between the Parties in regard to the said Apartment/ Building /Project, as the case may be.

OWNERSHIP ACT (OR THE RELEVANT STATE ACT. i) The Owner/Vendor/Promoter has assured the Allottee(s) Allottees that the said Project project in its entirety is in accordance with the provisions of the HIRAWest Bengal Apartment Ownership Act, 1972. The Owner/Vendor/Promoter showing compliance of various laws/ laws/regulations as applicable in HIRA. • BINDING EFFECT : Forwarding this Agreement said Act; ii) The Promoter shall, in accordance with Applicable Laws, call upon the respective apartment owners to form an association (“ASSOCIATION”), and it shall be incumbent upon the Allottee(s) to join the Association as a member and for this purpose also from time to time sign and execute the application for registration and/or membership and the other papers and documents necessary for the same. The Allottee shall pay the necessary subscription and/or membership amounts, together with the proportionate costs and expenses for (i) formation of the Association, and (ii) transfer of the Common Areas to the Association, including but not limited to stamp duty and registration costs, if any. The Allottee(s) hereby authorizes the Promoter to take all necessary steps in this connection on his/her/their/its behalf, and further the Allottee(s) agrees to comply with and/or adhere to all the Applicable Laws and all the rules, regulations, guidelines, etc. formulated from time to time by the Association. iii) Each Apartment in the Project shall represent one (1) share, irrespective of the number of persons owning such Apartment. Further, in the event an Apartment is owned by more than one person, then the Allottee whose name first appears in this Agreement shall only be entitled to become a member of the Association. In the event that the Allottee is a minor, the local guardian of such minor shall become a member of the Association during the minority of the Allottee. A tenant or licensee of the Allottee(s) shall not be entitled to become a member of the Association. iv) Upon formation of the Association, the Promoter shall hand over the Common Areas, Amenities and Facilities together with the relevant documents and plans pertaining thereto, to the Association within such time period and in such manner as prescribed under Applicable Laws (hereinafter referred to as the “Handover Date”). Save as provided herein, on and from the Handover Date, the Association shall, inter alia, become liable and responsible for the compliance, subsistence and renewal of all licenses, insurances, annual maintenance contracts and other contracts, guarantees, warranties, obligations etc., as may from time to time have been procured / obtained / entered into by the Promoter and the Association shall be responsible for proper safety and maintenance of the Project and of upkeep of all fixtures, equipment and machinery provided by the Promoter, and the Promoter shall upon such hand over stand automatically discharged of any liability and/or responsibility in respect thereof and the Allottee(s) and the Association shall keep Owner/Vendor/ Promoter does fully saved, harmless and indemnified in respect thereof. v) The Allottee(s) agrees and undertakes to deposit a non-interest bearing security deposit (as specified in the Payment Plan) with the Promoter, which deposit shall be treated as Sinking Fund (“Sinking Fund”). The Allottee agrees and acknowledges that such Sinking Fund shall be handed over to the Association by the Promoter, without any interest, after adjusting/deducting therefrom all amounts then remaining due and payable by the Allottee or the several other allottees of the Project on account of outstanding maintenance and Common Charges and Expenses to the Promoter, together with interest thereon. Such amount(s), if any, thus transferred shall be held by the Association on behalf of and on account of the Allottee and the other allottees of the Project. The Allottee(s) undertakes to make good and pay to the Association all such amounts that may be deducted/adjusted as aforesaid by the Promoter as due and payable by the Allottee(s) and/or to replenish any shortfalls caused on account of the Allottee(s). The Promoter shall not create be held liable, in any manner whatsoever, for any shortfall in the Sinking Fund due to the above adjustments or otherwise after the handover of the Sinking Fund by the Promoter to the Association and the Allottee and the Association shall jointly and severally keep the Promoter indemnified for the same. vi) The Allottee(s) acknowledges and agrees to allow the Promoter to adjust any receivables and/ or dues towards Common Charges and Expenses from the Sinking Fund before the same is handed over to the Association. The Allottee(s) hereby agrees and undertakes to bear all taxes that may be levied on the Promoter on account of making such adjustments and/or on account of the Promoter transferring/handing over the Sinking Fund to the Association. On any such adjustments being made from the Sinking Fund, the Allottee(s) hereby undertakes to make good the resultant shortfall in the Sinking Fund within 15 (fifteen) days of a binding demand made by the Association with respect thereto. vii) The Promoter and/or the Association, as the case may be, shall be entitled to invest the Sinking Fund in such securities and in such manner as the Promoter and/or Association, as the case may be, may think fit and apply the income for the purpose of repairs, maintenance, security and upkeep of the Project. Such payment towards the Sinking Fund shall not absolve the Allottee(s) of its obligation to pay the applicable maintenance charges in terms of this Agreement. viii) The Allottee(s) acknowledges that it/he/she shall be bound by the rules and regulations which may be framed in relation to maintenance and management of the Building and/or the Project by the Promoter or the Association, as the case may be, and in any event, by way of negative covenants, agrees not to act contrary to such rules and regulations which may be framed and/or be made applicable to all the apartment owners or occupiers of the Building and/or the Project. ix) The Allottee(s) expressly agrees and acknowledges that it is obligatory on the part of the Owner/Vendor/Promoter or the Allottee(s) untilto regularly and punctually make payment of the proportionate share of the Common Charges and Expenses and further acknowledges that non-payment of the same is likely to affect the maintenance and rendition of the common services, firstlythus affecting the right of the co-buyers and/or co-occupiers in the Project. x) Further, the Allottee(s) signs agrees and delivers this Agreement with undertakes to pay all necessary deposits/charges to the Schedules along with disbursement of all Promoter or the payments due Association, as stipulated in this payment plan within thirty days from the date of receipt case may be, including the interest free security deposit(s) payable to the concerned statutory bodies/ authorities or other entities, each as may be determined by the Allottee(s) and secondlyPromoter or the Association, appears for registration of as the same before the concerned Sub-Registrar of DURGAPUR case may be, each within such timelines as and when intimated may be prescribed by the Owner/Vendor/Promoter. If Promoter or the Allottee(s) fails to execute and deliver to the Owner/Vendor/ Promoter this Agreement within 30 (thirty) days from the date of its receipt by the Allottee(s) and/or appear before the Sub-Registrar of DURGAPUR for its registration as and when intimated by the Owner/ Vendor/Promoter, then the Owner/Vendor/Promoter shall serve a notice to the Allottee(s) for rectifying the default, which if not rectified within 30 (thirty) days from the date of its receipt by the Allottee(s), application of the Allottee(s) shall be treated as cancelled and all sums deposited by the Allottee(s) in connection therewith including the booking amount shall be returned to the Allottee(s) without any interest or compensation whatsoever by deducting all taxes, charges, levies, cess, assessments and impositions and the interest and liabilities as applicable under this Agreement and the Allottee(s) shall wave his/her/theirs all right, title and interest from the said Apartment forever and absolutely. However, Processing Fees of Rs.50,000/- as agreed shall be deducted. If Agreement is cancelled after signing by the Allottee(s) deduction will be as per the terms contained herein. • ENTIRE AGREEMENT: This Agreement, along with its schedules, constitutes the entire Agreement between the Parties with respect to the subject matter hereof and supersedes any and all understandings, any other agreements, allotment letter, correspondences, arrangements whether written or oral, if any, between the Parties in regard to the said Apartment/ Building /ProjectAssociation, as the case may be. xi) Without prejudice to the rights available under this Agreement, in the event that any amount payable to the Promoter or the Association is not paid within 2 (two) months from the date of the notice in this regard, the Promoter or the Association, as the case may be, shall also be entitled to take such further steps as it may reasonably determine for recovery of the said amounts. xii) It has been agreed by the parties that the Association(s) of all the Allottees of all the buildings in the Project as and when the Project is completed in its entirety shall own in common all common areas, amenities and facilities of the Project together with all easement rights and appurtenances belonging thereto;