Common use of Default by the Developer Clause in Contracts

Default by the Developer. Subject to the Force Majeure Events, the Developer shall be considered under a condition of default, if it fails to deliver on any of the following milestones: 15.8.1 Developer delays the construction and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or 15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or 15.8.3 Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects. (i) Stop making any more payments to Developer. If the Allottee stops making payments, the Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty) days notice to the Developer; in which case the Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; or (iii) Where the Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified and the Allottee does not exercise termination option, the Developer shall pay to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the Allottee.

Default by the Developer. Subject 21.1 In the event the Municipality is of the view that the Developer is in default in the observance and performance of any of the terms, covenants or conditions of this Agreement, the Municipality may give the Developer thirty (30) days’ notice in writing of such claimed default and requiring the Developer to rectify same within the said period of thirty (30) days. 21.2 If the Developer denies that it is in default as claimed in the notice provided pursuant to paragraph 21.1, the Developer shall, within fourteen (14) days of receipt of such notice, request a reference to arbitration pursuant to the Force Majeure Eventsprovisions of Section 22 hereof. If the Arbitrator confirms the claimed default, the Developer shall, notwithstanding the provisions of paragraph 21.1, have a period of thirty (30) days from the receipt of the arbitration ruling within which to rectify such default. 21.3 The Developer agrees that in the event the Municipality has given the Developer written notice of default and the Developer does not, within fourteen (14) days of receipt of the written notice, dispute that it is in default, then the Developer shall conclusively be deemed to have acknowledged the default. 21.4 In the event that the Developer has failed to rectify such default within the period of thirty (30) days from the receipt of the notice of Default provided by the Municipality pursuant to paragraph 21.1 and no arbitration been requested by the Developer or from confirmation of the default by the Arbitrator pursuant to paragraph 21.2, the Municipality may, but shall not be obligated to, undertake any work it considers necessary in order to remedy such default and any costs or liability incurred by the Municipality in respect thereof shall be at the Developer’s sole cost and expense. The Developer shall pay such costs to the Municipality within thirty (30) days of receiving demand for payment from the Municipality. 21.5 Notwithstanding anything to the contrary herein, in the event that the Municipality, in its discretion, considers it necessary to undertake any immediate work in connection with the construction, installation or repair of the Local Improvements in a situation which the Municipality considers to be an emergency, the Municipality shall immediately notify the Developer of such situation and shall be entitled to then cause such work to be done provided that upon completion of said emergency work, the Municipality shall give notice in writing to the Developer if the Municipality claims that such repair work was made necessary by reason of a default on the part of the Developer in the observance or performance of the terms, covenants and conditions of this Agreement, and if the Developer denies the claimed default, it shall, within fourteen (14) days, request a reference to arbitration pursuant to the provisions of Section 22 hereof. 21.6 The Developer agrees that the Municipality shall, for purposes of undertaking any emergency work or work to rectify a default, have free and uninterrupted access to all portions of the Development Area and any other areas under the control of the Developer and that the Municipality shall not be hindered nor restricted in any manner whatsoever in obtaining or exercising such right of access. 21.7 The decision of the Arbitrator in any reference respecting a claimed default on the part of the Developer shall be considered under a condition of default, if it fails to deliver on final and binding upon the Municipality and the Developer. 20 -DA- 21.8 The Municipality and the Developer agree that any of the following milestones: 15.8.1 Developer delays the construction rights and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or 15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or 15.8.3 Developer fails to provide ready to move in possession of the Apartment remedies available to the Allottee within Municipality whether specified in this Agreement or otherwise available at law, are cumulative and not alternative and the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment Municipality shall be entitled to enforce any right or remedy in a habitable condition which is complete any manner the Municipality deems appropriate in all respects. (i) Stop making its discretion without prejudicing or waiving any more payments to Developer. If the Allottee stops making payments, the Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty) days notice other right or remedy otherwise available to the Developer; in which case the Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; or (iii) Where the Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified and the Allottee does not exercise termination option, the Developer shall pay to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the AllotteeMunicipality.

Default by the Developer. Subject ‌ 19.1 In the event that the Town claims that the Developer is in default in the observance and performance of any of the terms, covenants or conditions of this Agreement, the Town shall give the Developer FIFTEEN (15) days’ notice in writing of such claimed default and require the Developer to rectify same within the Force Majeure Eventssaid period of FIFTEEN (15) days. 19.2 If the Developer denies that it is in default as claimed in such notice, the Developer shall be considered under within TEN (10) days of receipt of such notice request a condition of default, if it fails reference to deliver on any of the following milestones: 15.8.1 Developer delays the construction and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or 15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or 15.8.3 Developer fails to provide ready to move in possession of the Apartment arbitration pursuant to the Allottee within the time period specified. For the purpose provisions of this clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects. (i) Stop making any more payments to DeveloperSection 20 hereof. If the Allottee stops making paymentsArbitrator confirms the claimed default, the Developer shall correct shall, notwithstanding the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or provisions of Paragraph 19.1, have a period of THIRTY (ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty30) days from the receipt of the arbitration ruling within which to rectify such default. 19.3 The Developer agrees that in the event that the Town has given the Developer written notice of default and the Developer does not, within TEN (10) days of receipt of the written notice, dispute that it is in default, then the Developer shall conclusively be deemed to have acknowledged the default. 19.4 Notwithstanding anything to the Developercontrary herein, in the event that the Town, in its discretion, considers it necessary to undertake any immediate work in connection with the construction, installation or repair of the Municipal Improvements in a situation which the Town considers to be an emergency, the Town shall notify the Developer of such situation and shall be entitled to then cause such work to be done; PROVIDED, that upon completion of said emergency work, the Town shall give notice in which case writing to the Developer if the Town claims that such repair work was made necessary by reason of a default on the part of the Developer in the observance or performance of the terms, covenants and conditions of this Agreement, and if the Developer denies the claimed default, it shall within TEN (10) days request a reference to arbitration pursuant to the provisions of Section 20 hereof. 19.5 The Developer agrees that the Town shall, for purposes of undertaking any emergency work, have free and uninterrupted access to all portions of the Development Area and any other areas under the control of the Developer and that the Town shall not be hindered nor restricted in any manner whatsoever in obtaining or exercising such right of access. 19.6 The decision of the Arbitrator in any reference respecting a claimed default on the part of the Developer shall be liable to refund final and binding upon the entire money paid by Town and the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; orDeveloper. (iii) Where 19.7 The Town and the Developer fails to provide ready to move in possession of the Apartment agree that any rights and remedies available to the Allottee within the time period Town whether specified in this Agreement or otherwise available at law, are cumulative and not alternative and the Allottee does not exercise termination option, Town shall be entitled to enforce any right or remedy in any manner the Developer shall pay Town deems appropriate in its discretion without prejudicing or waiving any other right or remedy otherwise available to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the AllotteeTown.

Default by the Developer. Subject In the event that the Municipality claims that the Developer is in default in the observance and performance of any of the terms, covenants or conditions of this Agreement, the Municipality may give the Developer Thirty (30) days notice in writing of such claimed default and requiring the Developer to rectify same within the Force Majeure Eventssaid period of Thirty (30) days. If the Developer denies that it is in default as claimed in such notice, the Developer shall be considered under within Ten (10) days of receipt of such notice request a condition of default, if it fails reference to deliver on any of the following milestones: 15.8.1 Developer delays the construction and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or 15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or 15.8.3 Developer fails to provide ready to move in possession of the Apartment arbitration pursuant to the Allottee within the time period specified. For the purpose provisions of this clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects. (i) Stop making any more payments to DeveloperSection 21 hereof. If the Allottee stops making paymentsArbitrator confirms the claimed default, the Developer shall correct shall, notwithstanding the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or provisions of Section 20.1, have a period of Thirty (ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty30) days from the receipt of the arbitration ruling within which to rectify such default. The Developer agrees that in the event that the Municipality has given the Developer written notice of default and the Developer does not, within Ten (10) days of receipt of the written notice, dispute that it is in default, then the Developer shall conclusively be deemed to have acknowledged the default. In the event that the Developer has failed to rectify such default within the period of Thirty (30) days from the receipt of the notice of Default provided by the Municipality pursuant to Section 20.1 and no arbitration been requested by the Developer or from confirmation of the default by the Arbitrator pursuant to Section 20.2, the Municipality may, but shall not be obligated to, undertake any work it considers necessary in order to remedy such default and any costs or liability incurred by the Municipality in respect thereof shall be at the Developer’s sole cost and expense. The Developer shall pay such costs to the DeveloperMunicipality within Thirty (30) days of receiving demand for payment from the Municipality. Notwithstanding anything to the contrary herein, in the event that the Municipality, in its discretion, considers it necessary to undertake any immediate work in connection with the construction, installation or repair of the Municipal Improvements in a situation which the Municipality considers to be an emergency, the Municipality shall immediately notify the Developer of such situation and shall be entitled to then cause such work to be done; PROVIDED, that upon completion of said emergency work, the Municipality shall give notice in which case writing to the Developer if the Municipality claims that such repair work was made necessary by reason of a default on the part of the Developer in the observance or performance of the terms, covenants and conditions of this Agreement, and if the Developer denies the claimed default, it shall within Ten (10) days request a reference to arbitration pursuant to the provisions of Section 21 hereof. The Developer agrees that the Municipality shall, for purposes of undertaking any work under this Section, have free and uninterrupted access to all portions of the Development Area and any other areas under the control of the Developer and that the Municipality shall not be hindered nor restricted in any manner whatsoever in obtaining or exercising such right of access. The decision of the Arbitrator in any reference respecting a claimed default on the part of the Developer shall be liable to refund final and binding upon the entire money paid by Municipality and the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; or (iii) Where Developer. The Municipality and the Developer fails to provide ready to move in possession of the Apartment agree that any rights and remedies available to the Allottee within the time period Municipality whether specified in this Agreement or otherwise available at law, are cumulative and not alternative and the Allottee does not exercise termination option, Municipality shall be entitled to enforce any right or remedy in any manner the Developer shall pay Municipality deems appropriate in its discretion without prejudicing or waiving any other right or remedy otherwise available to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the AllotteeMunicipality.

Default by the Developer. Subject ‌ 20.1 In the event that the Town claims that the Developer is in default in the observance and performance of any of the terms, covenants or conditions of this Agreement, the Town may give the Developer FIFTEEN (15) days’ notice in writing of such claimed default and require the Developer to rectify same within the Force Majeure Eventssaid period of FIFTEEN (15) days. 20.2 If the Developer denies that it is in default as claimed in such notice, the Developer shall be considered under within TEN (10) days of receipt of such notice request a condition of default, if it fails reference to deliver on any of the following milestones: 15.8.1 Developer delays the construction and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or 15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or 15.8.3 Developer fails to provide ready to move in possession of the Apartment arbitration pursuant to the Allottee within the time period specified. For the purpose provisions of this clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects. (i) Stop making any more payments to DeveloperSection 21 hereof. If the Allottee stops making paymentsArbitrator confirms the claimed default, the Developer shall correct shall, notwithstanding the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or provisions of paragraph 20.1, have a period of THIRTY (ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty30) days from the receipt of the arbitration ruling within which to rectify such default. 20.3 The Developer agrees that in the event that the Town has given the Developer written notice of default and the Developer does not, within TEN (10) days of receipt of the written notice, dispute that it is in default, then the Developer shall conclusively be deemed to have acknowledged the default. 20.4 Notwithstanding anything to the Developercontrary herein, in the event that the Town, in its discretion, considers it necessary to undertake any immediate work in connection with the construction, installation or repair of the Municipal Improvements in a situation which the Town considers to be an emergency, the Town shall notify the Developer of such situation and shall be entitled to then cause such work to be done; PROVIDED, that upon completion of said emergency work, the Town shall give notice in which case writing to the Developer if the Town claims that such repair work was made necessary by reason of a default on the part of the Developer in the observance or performance of the terms, covenants and conditions of this Agreement, and if the Developer denies the claimed default, it shall within TEN (10) days request a reference to arbitration pursuant to the provisions of Section 21 hereof. 20.5 The Developer agrees that the Town shall, for purposes of undertaking any emergency work, have free and uninterrupted access to all portions of the Development Area and any other areas under the control of the Developer and that the Town shall not be hindered nor restricted in any manner whatsoever in obtaining or exercising such right of access. 20.6 The decision of the Arbitrator in any reference respecting a claimed default on the part of the Developer shall be liable to refund final and binding upon the entire money paid by Town and the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; orDeveloper. (iii) Where 20.7 The Town and the Developer fails to provide ready to move in possession of the Apartment agree that any rights and remedies available to the Allottee within the time period Town whether specified in this Agreement or otherwise available at law, are cumulative and not alternative and the Allottee does not exercise termination option, Town shall be entitled to enforce any right or remedy in any manner the Developer shall pay Town deems appropriate in its discretion without prejudicing or waiving any other right or remedy otherwise available to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the AllotteeTown.

Default by the Developer. Subject 20.1 In the event that the Town claims that the Developer is in default in the observance and performance of any of the terms, covenants or conditions of this Agreement, the Town may give the Developer THIRTY (30) days’ notice in writing of such claimed default and requiring the Developer to rectify same within the Force Majeure Eventssaid period of THIRTY (30) days. 20.2 If the Developer denies that it is in default as claimed in such notice, the Developer shall be considered under within TEN (10) days of receipt of such notice request a condition of default, if it fails reference to deliver on any of the following milestones: 15.8.1 Developer delays the construction and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or 15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or 15.8.3 Developer fails to provide ready to move in possession of the Apartment arbitration pursuant to the Allottee within the time period specified. For the purpose provisions of this clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects. (i) Stop making any more payments to DeveloperSection 22-- hereof. If the Allottee stops making paymentsArbitrator confirms the claimed default, the Developer shall correct shall, notwithstanding the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or provisions of paragraph 20.1, have a period of THIRTY (ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty30) days from the receipt of the arbitration ruling within which to rectify such default. 20.3 The Developer agrees that in the event that the Town has given the Developer written notice of default and the Developer does not, within TEN (10) days of receipt of the written notice, dispute that it is in default, then the Developer shall conclusively be deemed to have acknowledged the default. 20.4 Notwithstanding anything to the Developercontrary herein, in the event that the Town, in its discretion, considers it necessary to undertake any immediate work in connection with the construction, installation or repair of the Municipal Improvements in a situation which the Town considers to be an emergency, the Town shall notify the Developer of such situation and shall be entitled to then cause such work to be done; PROVIDED, that upon completion of said emergency work, the Town shall give notice in which case writing to the Developer if the Town claims that such repair work was made necessary by reason of a default on the part of the Developer in the observance or performance of the terms, covenants and conditions of this Agreement, and if the Developer denies the claimed default, it shall within TEN (10) days request a reference to arbitration pursuant to the provisions of Section _22_ hereof. 20.5 The Developer agrees that the Town shall, for purposes of undertaking any emergency work, have free and uninterrupted access to all portions of the Development Area and any other areas under the control of the Developer and that the Town shall not be hindered nor restricted in any manner whatsoever in obtaining or exercising such right of access. 20.6 The decision of the Arbitrator in any reference respecting a claimed default on the part of the Developer shall be liable to refund final and binding upon the entire money paid by Town and the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; orDeveloper. (iii) Where 20.7 The Town and the Developer fails to provide ready to move in possession of the Apartment agree that any rights and remedies available to the Allottee within the time period Town whether specified in this Agreement or otherwise available at law, are cumulative and not alternative and the Allottee does not exercise termination option, Town shall be entitled to enforce any right or remedy in any manner the Developer shall pay Town deems appropriate in its discretion without prejudicing or waiving any other right or remedy otherwise available to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the AllotteeTown.

Default by the Developer. Subject to the Force Majeure Events, the Developer shall be considered under a condition of default, if it fails to deliver on any of the following milestones: 15.8.1 Developer delays the construction and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or 15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or 15.8.3 Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects. (i) Stop making any more payments to Developer. If the Allottee stops making payments, the Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty) days notice to the Developer; in which case the Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; or (iii) Where the Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified and the Allottee does not exercise termination option, the Developer shall pay to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 31.03.2023 actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the Allottee.

Default by the Developer. Subject to the Force Majeure Events, the Developer shall be considered under a condition of default, if it fails to deliver on any of the following milestones: 15.8.1 Developer delays the construction and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or 15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or 15.8.3 Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects. (i) Stop making any more payments to Developer. If the Allottee stops making payments, the Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty) days notice to the Developer; in which case the Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; or (iii) Where the Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified and the Allottee does not exercise termination option, the Developer shall pay to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 31/10/2021 actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the Allottee.

Default by the Developer. Subject to the Force Majeure Events, the Developer shall be considered under a condition of default, if it fails to deliver on any of the following milestones: 15.8.1 Developer delays the construction and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or 15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or 15.8.3 Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects. (i) Stop making any more payments to Developer. If the Allottee stops making payments, the Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty) days notice to the Developer; in which case the Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; or (iii) Where the Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified and the Allottee does not exercise termination option, the Developer shall pay to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 of 42 (forty two) months from the date the Developer receives the duly countersigned Allotment Letter from the Allottees till the date of actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the Allottee.