Entitlement of Promoter in case of unsold units Sample Clauses

Entitlement of Promoter in case of unsold units. It is agreed and understood between the Parties that after the formation of the Organisation, the PROMOTER shall be absolutely entitled to hold and shall have absolute authority and control as regards the unsold premises, units, un-earmarked areas etc. and all the amenities and facilities in the said Complex. The PROMOTER shall have full right, absolute power and authority, and shall be unconditionally entitled to deal with and to sell, let or otherwise dispose of the unsold flats along with the other amenities in any manner and for such consideration, and on such terms and conditions as it may in its sole and absolute discretion deem fit and proper, to any person or party of its choice without payment of any premium or transfer fees or charges, donation or compensation or costs in any form. The PURCHASER(S) herein, nor the Organisation shall object to or dispute to any such transaction dealing with the unsold units. The PROMOTER upon intimating to the Organisation the name or names of the purchaser/s or acquirer/s of such unsold flats and amenities, the Organisation shall forthwith accept and admit such purchaser/s and acquirer/s as the Flat purchaser/s and shareholder/s and/or members of the Organisation, and shall forthwith issue share certificate/s and other necessary documents in their favour, without raising any dispute or objection to the same, and without charging/ recovering from such purchaser/s and acquirer/s as any premium, fees, donation or any other amount of whatsoever nature in respect thereof. The PROMOTER shall not be liable to pay any Maintenance Charges, etc. in respect of the unsold flats, un- earmarked car parking spaces and other premises save and except the municipal taxes with effect from the date of grant of occupation/completion certificate. The PROMOTER shall be entitled to the refund of the Municipal and other taxes, cesses, assessments and levies on account of the vacancy of the unsold flats, units, premises, if the PROMOTER has paid the same in respect of the flats, units and/or, premises which are not sold and disposed off. Provided however in the event the PROMOTER occupies or permits occupation of any such unsold flats or premises, the PROMOTER or such occupant, as the case may be shall be liable to pay the Maintenance Charges, etc. in respect thereof.
Sample 1
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