Common use of Delay in Completion of Development Milestones Clause in Contracts

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension 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 or part thereof Five Second Twelve months or part thereof after the First extension of time Seven Third Twelve months or part thereof after the Second extension of time Ten

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension 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 or part thereof Five Second Twelve months or part thereof after the First extension of time Seven Third Twelve months or part thereof after the Second extension of time Ten

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee Licensee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension 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 Twenty-four months or part thereof Five Second Twelve Twenty-four months or part thereof after the First extension of time Seven time. Fifteen Third Twelve months or part thereof For such period as decided by the Authority after the Second extension of time TenThirty

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension 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 Xxxxxxx (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 Twenty-four months or part thereof Five Second Twelve Twenty-four months or part thereof after the First extension of time Seven time. Fifteen Third Twelve months or part thereof For such period as decided by the Authority after the Second extension of time TenThirty

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension 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) NiyamXxxxx, 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 or part thereof Five Second Twelve months or part thereof after the First extension of time Seven Third Twelve months or part thereof after the Second extension of time Ten

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension 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 or part thereof Five Second Twelve months or part thereof after the First extension of time Seven Third Twelve months or part thereof after the Second extension of time Ten