Common use of EVENT OF DEFAULTS AND CONSEQUENCES Clause in Contracts

EVENT OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause above, if BIPL fails to provide possession of the plot to the Allottee within the time period specified in Clause 5 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the RERA Authority or in the event of Discontinuance of the business as a developer on account of suspension or revocation of our registration under the provisions of the RERA Act or the rules or regulations made there under. In case of delay due to above mentioned event, Allottee will have the option of terminating the Agreement in which case the BIPL shall be liable to refund the entire money paid by the Allottee towards the purchase of the plot, along with interest specified in Clause 7 within 45 days of receiving the termination notice. Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, BIPL agrees to pay the Allottee interest at the rate specified in Clause 7 for every month of delay, till the handing over of the possession of the plot and which shall be paid by BIPL to the allottee within 45 days from the date of handover/physical possession. Allottee agree that the time of payment of installments as per Clauses2 (C), is the essence of this Allotment Cum Acceptance letter and that it is mandatory on your part to comply with the terms of payments and other terms and conditions mentioned herein. You also agree that in particular and without prejudice to the above right and/or any other right available to the BIPL as mentioned herein or in any agreement to sale if executed in future, you shall be bound to pay the above installments within 15 days from the date of written demand raised or intimation given by the BIPL, in failure whereof a monthly interest at the rate specified in Clause 7 shall be levied and on the defaulted balance amount shall also be payable by you, but in no case shall the period for the payment of installments be extended beyond two months from the date of demand/intimation and if you fail to make the payment within the aforesaid period of two months, then in that case, you shall not be left with any right, title or interest on the said Residential Plot mentioned in the schedule hereto. In such a situation the BIPL shall have the entire lien & charge on the said Residential Plot & shall have a right to cancel this Allotment Cum Acceptance letter unilaterally, with prior intimation to you and BIPL will also have right to sell the said Residential Plot, allotted to you, in favour of any other person/party, as it may deem fit, and you shall not be entitled to question such sale or to claim any amount, whatsoever from the BIPL. You further agree that BIPL shall also be entitled to forfeit the booking amount ; interest and any other Rates and Taxes if paid in this behalf to the authorities of the said plot & the balance amount shall be refunded to you without any interest and any objection if raised by you in this regard shall be deemed to be null, void and inoperative.

EVENT OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause above, if BIPL VRHPL fails to provide ready to move in possession of the plot to the Allottee within the time period specified in Clause para 5 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the RERA Authority or in the event of Discontinuance of the business as a developer on account of suspension or revocation of our registration under the provisions of the RERA Act or the rules or regulations made there underthereunder. In case of delay due to above mentioned event, Allottee will have the option of terminating the Agreement in which case the BIPL VRHPL shall be liable to refund the entire money paid by the Allottee towards the purchase of the plot, along with interest specified in Clause para 7 within 45 days of receiving the termination notice. Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, BIPL VRHPL agrees to pay the Allottee interest at the rate specified in Clause para 7 for every month of delay, till the handing over of the possession of the plot and which shall be paid by BIPL VRHPL to the allottee within 45 days from the date of handover/physical possession. Allottee agree that the time of payment of installments as per Clauses2 (C)para 2, is the essence of this Allotment Cum Acceptance letter and that it is mandatory on your part to comply with the terms of payments and other terms and conditions mentioned herein. You also agree that in particular and without prejudice to the above right and/or any other right available to the BIPL VRHPL as mentioned herein or in any agreement to sale if executed in future, you shall be bound to pay the above installments within 15 days from the date of written demand raised or intimation given by the BIPLVRHPL, in failure whereof a monthly interest at the rate specified in Clause para 7 shall be levied and on the defaulted balance amount shall also be payable by you, but in no case shall the period for the payment of installments be extended beyond two months from the date of demand/intimation and if you fail to make the payment within the aforesaid period of two months, then in that case, you shall not be left with any right, title or interest on the said Residential Plot mentioned in the schedule hereto. In such a situation the BIPL VRHPL shall have the entire lien & charge on the said Residential Plot & shall have a right to cancel this Allotment Cum Acceptance letter unilaterally, with prior intimation to you and BIPL VRHPL will also have right to sell the said Residential Plot, allotted to you, in favour of any other person/party, as it may deem fit, and you shall not be entitled to question such sale or to claim any amount, whatsoever from the BIPLVRHPL. You further agree that BIPL VRHPL shall also be entitled to forfeit the booking amount ; interest and any other Rates and Taxes if paid in this behalf to the authorities of the said plot & the balance amount shall be refunded to you without any interest and any objection if raised by you in this regard shall be deemed to be null, void and inoperative.

EVENT OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause above, if BIPL NAKSHATRA DEVCON LLP fails to provide to complete or is unable to give possession of the plot to the Allottee within the time period specified in Clause clause No. 5 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the RERA Authority or in the event of Discontinuance of the business as a developer on account of suspension or revocation of our registration under the provisions of the RERA Act or the rules or regulations made there under. In case of delay due to above mentioned event, ; Allottee will have the option of terminating the Agreement in which case the BIPL NAKSHATRA DEVCON LLP shall be liable to refund the entire money paid by the Allottee towards the purchase of the plot, along with interest specified in Clause clause No. 7 within 45 days of receiving the termination notice. Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, BIPL XXXXXXXXX DEVCON LLP agrees to pay the Allottee interest at the rate specified in Clause clause No. 7 for every month of delay, till the handing over of the possession of the plot and which shall be paid by BIPL XXXXXXXXX DEVCON LLP to the allottee within 45 days from the date of handover/physical possession. Allottee agree that the time of payment of installments as per Clauses2 (C)clause No. 2, is the essence of this Allotment Cum Acceptance letter Agreement to Sale and that it is mandatory on your allottee’s part to comply with the terms of payments and other terms and conditions mentioned herein. You The Allottee also agree that in particular and without prejudice to the above right and/or any other right available to the BIPL NAKSHATRA DEVCON LLP as mentioned herein or in any agreement to sale if executed in future, you the Allottee shall be bound to pay the above installments within 15 days from the date of written demand raised or intimation given by the BIPLNAKSHATRA DEVCON LLP, in failure whereof a monthly interest at the rate specified in Clause clause No. 7 shall be levied and on the defaulted balance amount shall also be payable by youthe Allottee, but in no case shall the period for the payment of installments be extended beyond two months from the date of demand/intimation and if you the Allottee fail to make the payment within the aforesaid period of two months, then in that case, you the Allottee shall not be left with any right, title or interest on the said Residential Plot mentioned in the schedule hereto. In such a situation the BIPL NAKSHATRA DEVCON LLP shall have the entire lien & charge on the said Residential Plot & shall have a right to cancel this Allotment Cum Acceptance letter Agreement to Sale unilaterally, with prior intimation to you the Allottee and BIPL NAKSHATRA DEVCON LLP will also have right to sell the said Residential Plot, allotted to youthe Allottee, in favour of any other person/party, as it may deem fit, and you the Allottee shall not be entitled to question such sale or to claim any amount, whatsoever from the BIPLNAKSHATRA DEVCON LLP. You the Allottee further agree that BIPL XXXXXXXXX DEVCON LLP shall also be entitled to forfeit the booking amount ; interest and any other Rates and Taxes if paid in this behalf to the authorities of the said plot & the balance amount shall be refunded to you the Allottee without any interest and any objection if raised by you the Allottee in this regard shall be deemed to be null, void and inoperative.

EVENT OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause above, if BIPL NAKSHATRA DEVCON LLP fails to provide to complete or is unable to give possession of the plot to the Allottee within the time period specified in Clause clause No. 5 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the RERA Authority or in the event of Discontinuance of the business as a developer on account of suspension or revocation of our registration under the provisions of the RERA Act or the rules or regulations made there under. In case of delay due to above mentioned event, ; Allottee will have the option of terminating the Agreement in which case the BIPL NAKSHATRA DEVCON LLP shall be liable to refund the entire money paid by the Allottee towards the purchase of the plot, along with interest specified in Clause clause No. 7 within 45 days of receiving the termination notice. Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, BIPL NAKSHATRA DEVCON LLP agrees to pay the Allottee interest at the rate specified in Clause clause No. 7 for every month of delay, till the handing over of the possession of the plot and which shall be paid by BIPL NAKSHATRA DEVCON LLP to the allottee within 45 days from the date of handover/physical possession. Allottee agree that the time of payment of installments as per Clauses2 (C)clause No. 2, is the essence of this Allotment Cum Acceptance letter Agreement to Sale and that it is mandatory on your allottee’s part to comply with the terms of payments and other terms and conditions mentioned herein. You The Allottee also agree that in particular and without prejudice to the above right and/or any other right available to the BIPL NAKSHATRA DEVCON LLP as mentioned herein or in any agreement to sale if executed in future, you the Allottee shall be bound to pay the above installments within 15 days from the date of written demand raised or intimation given by the BIPLNAKSHATRA DEVCON LLP, in failure whereof a monthly interest at the rate specified in Clause clause No. 7 shall be levied and on the defaulted balance amount shall also be payable by youthe Allottee, but in no case shall the period for the payment of installments be extended beyond two months from the date of demand/intimation and if you the Allottee fail to make the payment within the aforesaid period of two months, then in that case, you the Allottee shall not be left with any right, title or interest on the said Residential Plot mentioned in the schedule hereto. In such a situation the BIPL NAKSHATRA DEVCON LLP shall have the entire lien & charge on the said Residential Plot & shall have a right to cancel this Allotment Cum Acceptance letter Agreement to Sale unilaterally, with prior intimation to you the Allottee and BIPL NAKSHATRA DEVCON LLP will also have right to sell the said Residential Plot, allotted to youthe Allottee, in favour of any other person/party, as it may deem fit, and you the Allottee shall not be entitled to question such sale or to claim any amount, whatsoever from the BIPLNAKSHATRA DEVCON LLP. You the Allottee further agree that BIPL NAKSHATRA DEVCON LLP shall also be entitled to forfeit the booking amount ; interest and any other Rates and Taxes if paid in this behalf to the authorities of the said plot & the balance amount shall be refunded to you the Allottee without any interest and any objection if raised by you the Allottee in this regard shall be deemed to be null, void and inoperative.