Common use of Allottee to Mutate and Pay Rates & Taxes Clause in Contracts

Allottee to Mutate and Pay Rates & Taxes. The Allottee shall (1) pay the Rates & Taxes (proportionately for the Said Block and wholly for the Said Apartment, from the Date Of Possession and until the Said Apartment is separately assessed in the name of the Allottee), on the basis of the bills to be raised by the Promoter or the Association (upon formation), such bills being conclusive proof of the liability of the Allottee in respect thereof and (2) have mutation completed at the earliest. The Allottee further admit and accept that the Allottee shall not claim any deduction or abatement in the bills of the Promoter or the Association (upon formation). If the Allottee delay in paying the Rates & Taxes, the Allottee shall pay compound interest @ 2% (two percent) per month or part thereof (compoundable monthly), from the date of default till the date of payment.

Allottee to Mutate and Pay Rates & Taxes. The Allottee shall (1) pay the Rates & Taxes (proportionately for the Said Block Building and wholly for the Said Apartment, from the Date Of Possession and until the Said Apartment is separately assessed in the name of the Allottee), on the basis of the bills to be raised by the Promoter or the Association (upon formation), such bills being conclusive proof of the liability of the Allottee in respect thereof and (2) have mutation completed at the earliest. The Allottee further admit and accept that the Allottee shall not claim any deduction or abatement in the bills of the Promoter or the Association (upon formation). If the Allottee delay in paying the Rates & Taxes, the Allottee shall pay compound interest @ 2% (two percent) per percent)per month or part thereof (compoundable monthly), from the date of default till the date of payment.