Common use of Delay in Commencement of Project Clause in Contracts

Delay in Commencement of Project. Where the lessee does not obtain permission of development and/or building construction and does not commence the construction as set out in this Agreement, the extension in time to commence and complete the development and/or construction may be granted by the Chief Executive Officer, subject to payment of surcharge by the lessee as per the provision of the ''Chhattisgarh Xxxxxxx Kshetra (Xxxxx Xxxxxxxx ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows: — Block of Time Extension Period of Extension Amount of surcharge as Percentage of Land Premium First Twelve Months or parts thereof 20% Second Twelve Months or parts thereof after the first extension of time 25% Third Twelve Months or parts thereof after the second extension of time 30% Fourth Twelve Months or parts thereof after the third extension of time 35% Fifth Twelve Months or parts thereof after the fourth extension of time 40% Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years, failure to commence the development and/or construction even after the extension provided by Authority under this clause shall lead to termination of Lease Agreement.

Delay in Commencement of Project. Where the lessee does not obtain permission of development and/or building construction and does not commence the construction as set out in this Agreement, the extension in time to commence and complete the development and/or construction may be granted by the Chief Executive Officer, subject to payment of surcharge by the lessee as per the provision of the ''Chhattisgarh Xxxxxxx Kshetra (Xxxxx Xxxxxxxx ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows: — Block of Time Extension Period of Extension Amount of surcharge as Percentage of the Land Premium First Twelve Months months or parts part thereof 20% Twenty Second Twelve Months months or parts part thereof after the first First extension of time 25% Twenty-Five Third Twelve Months months or parts part thereof after the second Second extension of time 30% Thirty Fourth Twelve Months months or parts part thereof after the third Third extension of time 35% Thirty-Five Fifth Twelve Months months or parts part thereof after the fourth Fourth extension of time 40% Forty Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years, failure to commence the development and/or construction even after the extension provided by Authority under this clause Article shall lead to termination of Lease License Agreement.

Delay in Commencement of Project. Where the lessee does not obtain permission of development and/or building construction and does not commence the construction as set out in this Agreement, the extension in time to commence and complete the development and/or construction may be granted by the Chief Executive Officer, subject to payment of surcharge by the lessee as per the provision of the ''Chhattisgarh Xxxxxxx Kshetra (Xxxxx Xxxxxxxx ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows: — Block of Time time Extension Period of Extension Amount of surcharge as Percentage Percent of the Land Premium premium First Twelve Months months or parts part thereof 20% Twenty Second Twelve Months months or parts part thereof after the first First extension of time 25% Twenty-five Third Twelve Months months or parts part thereof after the second Second extension of time 30% Thirty Fourth Twelve Months months or parts part thereof after the third Third extension of time 35% Thirty-Five Fifth Twelve Months months or parts part thereof after the fourth Fourth extension of time 40% Forty Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years, failure to commence the development and/or construction even after the extension provided by Authority under this clause article shall lead to termination of Lease Agreement.