Common use of POSSESSION OF THE PLOT Clause in Contracts

POSSESSION OF THE PLOT. 7.1 Schedule for possession of the said Plot - The Promoter states that the Project is completed in all aspect and they have received the release letter from the Competent Authority. The Allottee agrees and confirms that, in the event it becomes impossible for the Promoter to continue with the project due to Force Majeure conditions, then this allotment shall stand terminated and the Promoter shall refund to the Allottee the entire amount received by the Promoter except such statutory dues that have already been deposited by the Promoter with the exchequer as per applicable laws, from the allotment within sixty (60) days from that date. The Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. After refund of the money paid by the Allottee, the Allottee agrees that he/she shall not have any rights, claims etc. against the Promoter and that the Promoter shall be released and discharged from all its obligations and liabilities under this Agreement. 7.2 Procedure for taking possession – As the Promoter has obtained the release letter from the competent authority the Plots are readily available for the Possession. However, the Promoter shall make an offer in writing the possession of the Plot, as per Clause 10 below, to the Allottee in terms of this Agreement. The Allottee, simultaneously to taking the possession, agree(s) to pay the maintenance charges as determined by the Promoter.