Breach of Terms and Its Remedy. (a) ALLOTTEE'S COVENANT:
1. In the event of the Allottee(s) failing to pay the balance construction cost with tax and other charges, if any, provided in this agreement or cancel/withdraw from the Project except for the default of the Promoter, then the Promoter at their discretion after due notice of 15 days to the Allottee(s) is entitled to cancel this Agreement and re-allot the Apartment, to the another party and the Allottee(s) shall thereafter have no right, interest or claim over the Apartment. Consequent to such termination, subject to deduction of the 10% of total consideration along with applicable taxes, the Promoter shall refund the monies collected from the Allottee(s) within 90 days of such cancellation without interest, simultaneous to the Allottee(s) executing necessary cancellation and registration of the Agreement and/or sale deed by the Allottee(s);
2. The Allottee(s) xxxxxx agrees that the assignment of the Allottee's right under this agreement to any third party is subject to the prior written permission of the Promoter and further agrees to pay to the Promoter an Assignment fee of 10% of Construction Cost (“Assignment Fee”) in the event the promoter provides consent;
3. The Parties hereby confirm that this Agreement and the Agreement for Sale of even date entered into by the Allottee(s) shall co-exist or co-terminate;
4. It is specifically agreed by the Allottee(s) that the Allottee(s) shall bear all statutory charges from the date of intimating the readiness of the Apartment for handover by the Promoter;
5. If the payment as agreed and as provided in this agreement remains to be paid and the Allottee(s) defaults thereof, the Allottee(s) undertakes and agrees to pay the interest which shall be the State Bank of India highest Marginal Cost of Lending Rate plus two percent as prescribed under Puducherry Real Estate (Regulation and Development) Rules, 2017, on the payments as agreed and fallen due from the date of default till the date of payment along with applicable taxes to the Promoter.
Breach of Terms and Its Remedy
