Developer’s right to raise finance. The Buyer shall have no objection, before the execution of the Transfer Deed, against the Developer raising finance or loan from any financial institution by way of mortgage or charge or securitization of receivables or in any other mode or manner the property of Complex subject to the condition that the Apartment shall be free from all encumbrances before the execution of the Transfer Deed. The Developer may raise finance/loan on any unsold apartment from any financial institution/bank by way of mortgage or charge or securitization of receivables or in any other mode or manner. However, the Developer or bank or financial institution shall have no right or lien over the sold apartments or the Complex.
Developer’s right to raise finance. The Allottee hereby authorizes and permits the Developer to raise finance/ loan from any Financial Institution/ Bank by way of mortgage/ charge/ securitization of receivables or in any other mode or manner by charge/ mortgage of the said Apartment/ said Building/ said Group Housing Colony/ said Land/ said Portion of the Land subject to the condition that the said Apartment shall be free from all encumbrances at the time of execution of conveyance deed. The Developer/ Financial Institution/ Bank shall always have the first charge on the said Apartment for all their dues and other sums payable by the Allottee or in respect of any loan granted to the Developer for the purpose of the construction of the said Building/ said Group Housing Colony.
Developer’s right to raise finance. The Allottee hereby authorizes and permits the Developer to raise finance / loan from any Financial Institution/ Bank by way of mortgage / charge / securitization of receivables or in any other mode or manner by charge / mortgage of the said Unit / said Complex/ said Land subject to the condition that the said Unit shall be free from all encumbrances at the time of execution of con- veyance deed in respect thereof. The Developer / Financial Institution/ Bank shall always have the first charge on the said Unit for all their dues and other sums payable by the Allottee or in respect of any loan granted to the Developer for the purpose of the construction of the said Complex. The Allottee agrees that no lien or encumbrance shall arise against the said Unit as a result of this Agreement or any money deposited hereunder by the Allottee. In furtherance and not in limitation of the provisions of the preceding sentence the Allottee agrees that the provisions of this Agreement are and shall continue to be subject and subordinate to the lien of any mortgage heretofore or hereafter made / created by the Developer and any payments or expenses already made or incurred or which hereafter may be made or incurred pursuant to the terms thereof or incidental thereto or to protect the security thereof to the fullest extent and such mortgage(s) or encumbrances shall not constitute an objection to the title of the said Unit or excuse the Allottee from completing the payment of the price of the said Unit or performing all other obligations here- under or be the basis of any claim against or liability of the Developer provided that at the time of the execution of the conveyance deed the said Unit shall be free and clear of all encumbrances, lien and charges whatsoever.
Developer’s right to raise finance. (i) As disclosed in Recitals hereof, the Developer has availed of financial assistance under the aforementioned Debenture Trust Deed and Indenture of Mortgage from the Lenders and may avail of further financial assistance from other institutions and other persons against security of the Developer’s Units and/or the construction made on the Property except against the security of the Said Unit.
