Common use of Transfer of Property Rights Clause in Contracts

Transfer of Property Rights. 18.1 The transfer of the Unit in the project to the Allottee shall be on Lease-hold basis with the condition that any future increase in FAR and development rights these of shall vest with RLDA to be used strictly in the manner permitted under applicable laws. 18.2 Till the execution of ▇▇▇▇▇ ▇▇▇▇, on specific request of the Allottee, NBCC/RLDA, at its sole discretion, may transfer the allotment of the Unit in favour such third party, as requested by the Allottee. 18.3 Such transfer, if allowed, shall be subject to the payment of 2% of the lease value / consideration (as sold to the Allottee) of the Unit as transfer charges. Upon payment of the transfer charges, NBCC/RLDA shall enter upon fresh agreement to Lease with such third party, which shall undertake to abide by all terms & conditions agreed to by the Allottee. 18.4 Any such transfer shall also be subject to payment of all outstanding dues, charges, interest and any other amount under the earlier Agreement to Lease with the Allottee, as shall be payable to NBCC/RLDA. 18.5 The Allottee shall indemnify NBCC/RLDA and keep it indemnified against any claim made by the third party as a result of any court order which may arise from such transfer including expenses borne by NBCC in defending any such claim. 18.6 The Allottee agrees and acknowledges that it shall have no claim against NBCC/RLDA, in the event of such request for transfer being declined, for any reason, including but not limited to the dubious financial situation of the third party.