Consideration for The Proprietor and The Developer Sample Clauses

Consideration for The Proprietor and The Developer. In consideration of the Proprietor entering into the DRA to grant to the Developer the development rights to the Apartment Units, the Proprietor shall be entitled to a sum of Ringgit Malaysia Twenty Four Million (RM24,000,000.00) only (hereinafter referred to as ‘the Proprietor’s Entitlement’ or “Entitlement Consideration”) and shall be settled and paid in the manner provided hereinafter. The Developer shall pay to the Proprietor the Proprietor’s Entitlement in the following manner: - RM2,400,000.00 upon the execution of the DRA (‘1st Payment’); and - RM10,800,000.00 by 30.09.2018 or within 30 days from the date of receipt by the Developer of the unconditional Kebenaran Merancang Xxxxx Susunatur, whichever later (‘2nd Payment’); and - RM10,800,000.00 by 31.12.2018 or within 30 days from the date of receipt by the Developer of the unconditional Kebenaran Merancang Xxxxx Susunatur, whichever later (‘3rd Payment’). The Proprietor hereby undertakes and agrees that upon receipt of the Proprietor’s Entitlement, all the Proprietor’s estate, right, title, benefit, interest, advantage, property, claim and demand whatsoever of, in or to the Land and the Project shall be deemed to have been absolutely assigned to the Developer and the Proprietor shall hold the Land as bare trustee for and on behalf of the Developer.
Sample 1
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Related to Consideration for The Proprietor and The Developer

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