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 Percent 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 i. Provided that the extension for any Phase in time shall be granted maximum for 12 months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this clause shall lead to termination of Lease Agreement. ii. The Lessee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges

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 Percent 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 i. Provided that the extension for any Phase in time shall be granted maximum for 12 months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this clause shall lead to termination of Lease Agreement. ii. The Lessee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges

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 licensee 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 Percent 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 i. Provided that the extension for any Phase in time shall be granted maximum for 12 twelve months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this clause Article shall lead to termination of Lease License Agreement. ii. The Lessee Licensee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges

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 licensee 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 Timeline Project Milestone Amount of surcharge as Percent percent of the Land accepted land premium of INR per Sqm First Twelve months month or part thereof Five 5% Second Twelve months or part thereof after the First first extension of time Seven 7% Third Twelve months or part thereof after the Second second extension of time Ten10% i. Provided that the extension for any Phase in time shall be granted maximum for 12 twelve months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this clause shall lead to termination of Lease License Agreement. ii. The Lessee Licensee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges iii. The surcharges applicable for extension of timeline for commencement of the project, for achieving the Development Milestones and delay in payment of Land Premium/ annual License Rental shall be paid by the Licensee in the form of Demand Draft in favour of Chief Executive Officer, Xxxx Raipur Xxxx Nagar Vikas Pradhikaran, payable at Raipur/Xxxx Nagar.

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 Percent 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 i. Provided that the extension for any Phase in time shall be granted maximum for 12 months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this clause Article shall lead to termination of Lease License Agreement. ii. The Lessee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges