Common use of Deemed Transfer Clause in Contracts

Deemed Transfer. 22.10.1 Notwithstanding anything contained in this Agreement, failure of the "DEVELOPER" to; a) handover the physical possession of the Project, Project Facilities, all Premises and any other Assets created by the "DEVELOPER" on the land; and b) execute a relinquishment deed stating that the "DEVELOPER" shall have no claim on the Project along with the Project and Project Facilities, if any, created by the "DEVELOPER" on the Project Site; shall not adversely affect the transfer of the Project and Project Facilities created by the "DEVELOPER". 22.10.2 Notwithstanding anything contained above, on the end of the Project Period, the Project along with the Project and Project Facilities created by the "DEVELOPER" shall deemed to have reverted to "RWS" on the expiry of the Project Period or to “OWNERS” on the date of termination of this Agreement, as the case may be, and from such date, the "RWS/OWNERS" shall be deemed to have assumed full ownership / charge over the Project and Project Facilities without any liability and / or Encumbrance, whatsoever.