POSSESSION OF THE UNIT Clause Samples
The 'Possession of the Unit' clause defines when and under what conditions a tenant or buyer is entitled to take physical control of a property or unit. Typically, this clause outlines the specific date or event that triggers possession, such as the completion of payment, signing of the lease, or fulfillment of certain obligations. It may also address the responsibilities of both parties at the time of possession, such as the condition of the unit or the transfer of keys. The core function of this clause is to clearly establish the moment when rights and responsibilities over the unit shift, thereby preventing disputes over access and use.
POSSESSION OF THE UNIT. 7.1 Schedule for possession of the said Unit : The Promoter agrees and understands that timely delivery of possession of the Unit to the Allottee and the Common Areas to the Association of the Allottees , is the essence of the Agreement. The Promoter assures to hand over possession of the Unit with all specifications, in place on 31st March, 2028 with a grace period of six months (Completion date) . Similarly, the Common areas will be handed over progressively on completion of each phase unless there is a delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity, order, rule, notification of the government and/or other public or competent authority/court and/or caused by nature affecting the regular development of the real estate project (“Force Majeure”). The Common Areas of the entire Project shall be completed on the completion of the entire Project and not with completion of the respective phases, However such Common Areas of the Project will get connected on the completion of all the phases of the Project. If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Allottee agrees that the Promoter shall be entitled to the extension of time for delivery of possession of the Unit and the same shall not include the period of extension given by the Authority for registration, Provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. Promoter will be entitled to give block-wise and phase-wise possession upon obtaining the Completion Certificate/ Partial Completion Certificate of a building block or a particular phase as the case may be irrespective of the fact that construction of other Blocks and/or other phases and/or provision of facilities /Amenities may be incomplete. The Allottee agrees and confirms that, in the event it becomes impossible for the Promoter to implement 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 from the allotment within 45 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 obli...
POSSESSION OF THE UNIT. Schedule for possession of the said Unit. – The Promoter agrees and understands that timely delivery of possession of the Unit is the essence of the Agreement. The Promoter, based on the approved plans, assures to hand over possession of the Unit on or before 12 months from the date of execution of the Buyer Agreement Or on the execution of Conveyance Deed wherein the title of the unit and possession will stand conferred in favour of the Allottee, unless there is delay failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project (“Force Majeure”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then theAllottee agrees that the Promoter shall be entitled to the extension of time for delivery of possession of the Unit, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Allottee agrees and confirms that, in the event it becomes impossible for the Promoter to implement 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 from the allotment within ninety days from the date of termination of allotment. 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.
POSSESSION OF THE UNIT. 7.1 Schedule for possession of the said Unit: The Promoter agrees and understands that timely delivery of possession of the said Unitis the essence of the Agreement. The Promoter, based on the approved plans and specifications, assures to hand over possession of the said Unit on or before December, 2023, with an additional grace period of 06 (Six) months, unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake pandemic / epidemic or any other calamity caused by nature affecting the regular development of the real estate project (“Force Majeure”). If, however, the completion of the Project is delayed due to the Force Majeure conditions (as defined in the Act) then the Allottee agrees that the Promoter shall be entitled to the extension of time for delivery of possession of the said Unit. Provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Allottee agrees and confirms that, in the event it becomes impossible for the Promoter to implement 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 from the allotment within 45 days from that date. After refund of the money paid by 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.
POSSESSION OF THE UNIT. 7.1 Schedule for possession of the said [UNIT] – The Promoter agrees and understands that timely delivery of possession of the [Unit] to the Allottee and the common areas to the Association of allottees or the competent authority, as the case may be, is the essence of the Agreement. The Promoter assures to handover possession of the [Unit] along with ready and complete common areas with all specifications, amenities and facilities of the Project in place on unless there is delay or
POSSESSION OF THE UNIT. 20.1 As and when the Unit is ready for occupation and the Tower Occupation (Part/Full)/Completion Certificate shall have been obtained from the Collector, Pune Metropolitan Regional Development Authority, Pune, or any other Authority or Body of the said project, the Owner/Lessor will endeavour to hand over possession of the Unit to the Lessee which is presently anticipated by with a grace period of six months, as human element shall be involved as well as various permissions from the State are required to be renewed in completing the construction of the building/tower, provided all the amounts payable by the Lessee under this Agreement are fully paid to the Owner/Lessor and the Lessee has complied with all the terms and conditions hereof to the extent applicable. If for any reasons beyond its control, the Owner/Lessor is unable to give possession of the said Unit by the said date, then in that event the Owner/Lessor shall pay interest as per State Bank of India Marginal Cost of Lending Rate plus two percent over the amounts till then received from the Lessee. Provided that in case the State Bank of India Marginal Cost of Lending Rate is not in use it would be replaced by such benchmark lending rates which the state Bank of India may fix from time to time for lending to the general public. PROVIDED ALWAYS that the Owner/Lessor shall be entitled to reasonable extension of time for giving delivery of the Unit on the aforesaid date, the extended date (or any further date or dates agreed to by and between the parties hereto) and applying to the Maharashtra Real Estate Regulatory Authority for the extension of registration of project, if the completion of the Tower is delayed on account of :
(i) Non-availability of steel, cement and other building materials or due to labour problems or reasons beyond control which could not be reasonably foreseen. and the Owner/Lessor shall not be liable for any loss, damage or delay due to any cause beyond the reasonable control including strikes or other agitation by the workers, employees or labourers of the Owner/Lessor or other Contractors or Suppliers, lock out, fire, accident, explosion, riots, power shortage, power cut, road transporter’s strike, go slow, bandhs, etc;
(ii) Force majeure circumstances or conditions including strikes or other agitation by the workers, employees or labourers of the Owner/Lessor or other Contractors or Suppliers.
(iii) war (declared / undeclared), acts of the enemies of the States, act of te...
POSSESSION OF THE UNIT. The Promoter herein shall complete the construction of the said unit in all respects on or before and obtain the occupancy certificate. The Promoter shall offer the possession to the Allottee/s in writing within 7 days of receiving the occupancy certificate of the project. The Allottee/s shall take possession of the unit within 15 days of the written notice from the Promoter to the Allottee/s intimating the said unit is ready for use and occupancy. On receipt of such notice the Allottee/s herein shall inspect the said unit in all respects and get satisfied according to the terms and conditions of this agreement. After ▇▇▇▇▇▇▇▇/s has/have satisfied himself/ herself/ themselves as aforesaid, at his/ her/their request the Promoter herein shall give the possession of the said unit to the Allottee/s on payment of all dues payable by the Allottee/s, and the Allottee/s herein has/have not committed any default in payment of consideration in installment on due date to the Promoter in pursuance of these presents. If the Promoter fails or neglects to give possession of the said unit to the Allottee/s on account of reasons beyond his control, by the aforesaid date, then the Promoter shall be liable on demand to refund to the unit Allottee/s the amounts already received by him in respect of the unit with interest at the same rate as mentioned in clause-10 hereinabove from the date the Promoter received the sum till the date the amounts and interest thereon is repaid. Provided that the Promoter herein shall be entitled to reasonable extension of time for completing the construction of the said unit in all respects on the aforesaid date, if the completion of the construction of the building in which the unit is situated is delayed on account of--
POSSESSION OF THE UNIT. Schedule for possession of the said Unit– the Promoter agrees and understands that timely delivery of possession of the Unit to the allottee and the common areas to the association of allottees or the competent authority, as the case may be, is the essence of the Agreement. The Promoter assures to hand over possession of the Unit along with ready and complete common areas with all specifications, amenities and facilities of the project in place on or before
POSSESSION OF THE UNIT. 5.1 Schedule for possession of the said UNIT – The SUB LESSOR / PROMOTER agrees and understands that timely delivery of possession of the UNIT to the Allottee(s) and the common areas to the commercial association or society of the Allottee(s) or the competent authority, as the case may be, is the essence of the Agreement. The SUB LESSOR / PROMOTER assures to hand over possession of the UNIT along with ready and complete common areas with all specifications, amenities and facilities of the project in place on/by the month of with the grace period of 6 months or any other extended date granted by the competent authority, save and except there is delay or failure due to war, flood, drought, fire, cyclone, earthquake, any other calamity caused by nature or any other factor beyond the control of the SUB LESSOR / PROMOTER affecting the regular development of the Project (“Force Majeure”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Allottee(s) agrees and consents that the SUB LESSOR / PROMOTER shall be entitled to the extension of time for delivery of possession of the UNIT. The Allottee(s) agrees and confirms that, in the event it becomes impossible for the SUB LESSOR / PROMOTER to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the SUB LESSOR / PROMOTER shall refund to the Allottee(s) the entire amount received by the SUB LESSOR / PROMOTER from the allotment within 45 days from that date. The SUB LESSOR / PROMOTER shall intimate the Allottee(s) about such termination at least thirty days prior to such termination. After refund of the money paid by the Allottee(s), the Allottee(s) agrees that he/she shall not have any rights, claims etc. against the SUB LESSOR / PROMOTER and that the SUB
POSSESSION OF THE UNIT. 7.1 Unless prevented by circumstances beyond the control of the Developer, the said Unit shall be completed by JUNE, 2021 with a grace period of 6 months (hereinafter referred to as the COMPLETION DATE).
7.2 Time for completion is and shall always remain as the essence of the contract subject to what is herein agreed.
7.3 Upon completion of the said Project and/or Unit the Developer shall apply to Kolkata Municipal Corporation for grant of occupancy certificate and upon payment of the total purchase price and all other amounts payable in terms of this agreement by the Purchaser to the Vendors the Purchaser shall be entitled to take over possession of the said Unit along with ready and complete common areas with all specifications, amenities and facilities
7.4 In the event of any delay in making over possession consequent to force majeuere conditions then and in that event the time for completion shall stand automatically extended
7.5 For the purposes of force majeure the following shall be deemed to be force majeure conditions: i) War
POSSESSION OF THE UNIT. I/We understand and acknowledge that the commencement, construction, and completion of the Project shall be based on the estimated dates, unless further extended by reason of force majeure. Force majeure shall mean acts of God, fire, flood, storm, earthquake or seismic disturbances, acts of war (whether declared or not), acts of public enemies of the Philippines, sabotage, rebellion, revolution, civil commotion, economic malaise, hyperinflation, severe peso devaluation, political upheaval, strikes, lockouts, shortage of construction materials such as cement and steel, boycotts or other industrial or labor disputes, or any other cause or causes similar to the foregoing, beyond the reasonable control of the party, and/or any other conditions, event and cause. In the event of force majeure, the DEVELOPER shall be given additional time to complete the construction of the Project.
I/ We hereby agree that I/we may only take physical possession of the Unit upon official turnover by the DEVELOPER which will take place after the full payment of the Contract Price, other penalties, surcharges, interest due and outstanding and other charges Within thirty (30) days upon receipt of the Notice of Completion, I/We shall schedule the viewing and inspection of the Reserved Property. Otherwise, the Reserved Property shall be deemed accepted on an “as is, where is basis”. Failure or refusal on my/our part to accept the Reserved Property within the thirty (30) day period shall release the Developer of any responsibility or liability for any damages or pilferage to the Reserve Property and waive my/our right for any repairs. I/We hereby acknowledge that the construction of the amenities of the project will be phased. Not all amenities will be built and be ready for the first few properties of the Project.