Common use of DELAY /DEFAULT IN PAYMENT Clause in Contracts

DELAY /DEFAULT IN PAYMENT. a. The Allottee/s shall make the payments as per the Payment Schedule mentioned Schedule D hereto. In case the payments are not received as per the payment schedule, without prejudice to the Promoter’s other rights under this Agreement and/or under law, the Allottee/s shall be liable to pay interest at the applicable rate as per prevailing law on all the amounts due and payable by the Allottee/s under this Agreement and shall also not be eligible for any discounted rate offered at the time of booking. All Cheque payments shall be subject to realization. b. If more than two instalments remain unpaid, the Promoter shall be entitled to terminate this Agreement and dispose of the Schedule B Property to any person/s of its choice and forfeit the entire Booking Amount as well as the statutory dues already paid to the exchequer and refund the balance sums within such days as are prescribed under the prevailing law from the date of execution of the cancellation agreement without any interest thereon. If the advance amounts paid is less than Booking Amount, then the Promoter shall be entitled to forfeit the entire amounts paid by the Allottee/s. c. Upon termination, the Allottee/s shall cease to have any claims over the Schedule B Property. It is agreed that any notice to be served on the Allottee/s as contemplated under this Agreement shall be deemed to have been duly served after being sent to the Allottee/s under certificate of posting/registered Post acknowledgment due/ courier, at the address given above.

DELAY /DEFAULT IN PAYMENT. a. a) The Allottee/s Borrower shall make pay in full the payments PEMII, EMI and all other amounts without any demur, protest or default and without claiming any set-off or counter claim on the respective Due Dates. No notice, reminder or intimation shall be given to the Borrower regarding his obligation and responsibility to ensure prompt and regular payment of interest, PEMII, EMI and all other amounts payable by the Borrower to the Lender on the respective Due Dates. b) On the happening of any Events of Default as set out in Article 7 of this Agreement such defaulted amount shall carry Default Interest at the rate of interest as mentioned in the Schedule hereto, computed from the respective due dates and shall be compounded on monthly basis. c) Without prejudice to the Lender's other rights, the delay in payment of EMI or PEMII by the Borrower, shall render the Borrower liable to pay additional Interest at the rate mentioned in the Schedule attached hereto (“Additional Interest”) or at such higher rate as per the Payment rules of the Lender in that behalf as in force from time to time and communicated to the Borrower by the Lender in writing. Such additional interest shall be charged/debited to the Borrower's Loan account on the respective Due Dates and shall be deemed to form part of the outstanding Loan. Such interest and other amounts shall accordingly attract Interest at the same rate as applicable to the Loan and as stated in Schedule mentioned Schedule D attached hereto. In case the payments are not received as per the payment schedule, without prejudice to the Promoter’s other rights under this Agreement and/or under lawsuch event, the Allottee/s Borrower shall also be liable to pay interest at the applicable rate as per prevailing law on all the amounts due incidental charges and payable by the Allottee/s under this Agreement and shall also not be eligible for any discounted rate offered at the time of booking. All Cheque payments shall be subject to realization. b. If more than two instalments remain unpaid, the Promoter shall be entitled to terminate this Agreement and dispose of the Schedule B Property to any person/s of its choice and forfeit the entire Booking Amount as well as the statutory dues already paid costs to the exchequer and refund the balance sums within such days as are prescribed under the prevailing law from the date of execution of the cancellation agreement without any interest thereon. If the advance amounts paid is less than Booking Amount, then the Promoter shall be entitled to forfeit the entire amounts paid by the Allottee/s. c. Upon termination, the Allottee/s shall cease to have any claims over the Schedule B Property. It is agreed that any notice to be served on the Allottee/s as contemplated under this Agreement shall be deemed to have been duly served after being sent to the Allottee/s under certificate of posting/registered Post acknowledgment due/ courier, at the address given aboveLender.