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Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 304 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. ] The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 57 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 39 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events:; (i) Promoter If the Developer fails to provide ready to move in possession of the [Apartment/Plot] unit to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respectsrespect; (ii) Discontinuance of the Promoter's Developer’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter Developer under the conditions listed above, Allottee allottee is entitled to the following:; (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee after deducting the tax which was already paid to the government under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules apartment within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, Agreement he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]can do so. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that the regard the allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and tax which was already paid to the government and this Agreement shall thereupon stand terminated.

Appears in 28 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force force Majeure clause, clause the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide provides ready to move in possession of the [(Apartment/Plot] ) to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;. (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. , If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The the Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing handing, over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for for_ consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 20 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones miles tones and only thereafter there after the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 19 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. ] The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.the

Appears in 17 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. ] The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for _ consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 13 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. specified For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (ia) Stop making further payments to Promoter Xxxxxxxx as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (iib) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. ] The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (ia) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (iib) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [[ Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 11 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall Shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Apartment/Plot] in favour of the Allottee and refund the amount money paid Paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 9 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for _ consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 7 contracts

Samples: Agreement for Sale, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedspecified in para 7.1 of this agreement or fails to complete the project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'para ‘ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority. (ii) Discontinuance of the Promoter's ’s business as a developer Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; , or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-forty five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee , which shall be considered under a condition of Default, on paid by the occurrence of the following events: (i) In case promoter to the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Ruleswithin forty-five days of it becoming due. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 7 contracts

Samples: Deed of Conveyance, Sale Agreement, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the inthe following events: (i) 1. Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) 2. Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving ofreceiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of monthof delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of allotmentof the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand thereuponstand terminated.

Appears in 6 contracts

Samples: Sale Agreement, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Apartment to the Allottee within the time period specifiedspecified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this clause, 'para ‘ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Designated Apartment/Plot]. , which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 6 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules.for (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 6 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 10.1 Subject to the Force force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Apartment to the Allottee within the time period specifiedspecified in clause7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this clause, 'ready clause‘ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 10.2 In case of the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Designated Apartment/Plot]. , which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 10.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 5 contracts

Samples: Sale Agreement, Sale Agreement, Wbhira Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsfollowingevents: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period timeperiod specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall apartmentshall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration hisregistration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making paymentsmakingpayments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the thereafterthe Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund torefund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, ,along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall heshall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing thehanding over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as Promoteras per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable beliable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months consecutivemonths after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking thebooking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 5 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Unit to the Allottee ALLOTTEE/ALLOTTEES within the time period specifiedspecified in para 7. For the purpose of this clause, 'clause ‘ready to move in possession' shall mean that the apartment Designated Unit shall be in a habitable condition which is complete in all respects;. (ii) Discontinuance of the Promoter's ’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act law or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee ALLOTTEE/ALLOTTEES is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee ALLOTTEE stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee ALLOTTEE be required to make the next payment without any penal interest; or (ii) The Allottee ALLOTTEE/ALLOTTEES shall have the option of terminating to terminate the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee ALLOTTEE/ALLOTTEES under any head whatsoever head, whatsoever, towards the purchase of the apartmentDesignated Unit, along with interest at the rate specified in the Rules within forty-five 45 days of receiving the termination notice: Provided that where an Allottee any ALLOTTEE does not intend to withdraw from the project or terminate the Agreement, he they shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Unit. The Allottee ALLOTTEE/ALLOTTEES shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails ALLOTTEE/ALLOTTEES fail to make payments for 2 consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued prior notice in that regard regard, the allottee ALLOTTEE shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified Prescribed in the Rules. (ii) In case of Default by Allottee ALLOTTEE/ALLOTTEES under the condition listed above above, continues for a period beyond 2 (Two) consecutive months months, after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Unit in favour of the Allottee ALLOTTEE and refund the amount money paid to him by the allottee ALLOTTEE by deducting the booking amount i.e. 10% of the total sale price of the Unit plus G.S.T. charges as applicable and the interest liabilities and the cost incurred for registration and of Cancellation Deed, this Agreement shall thereupon stand terminated. (iii) The Promoter shall have the option to terminate the Agreement or Allotment in which case the Promoter shall be liable to refund the entire money paid by the ALLOTTEE/ALLOTTEES under any head, whatsoever, towards the purchase of the Designated Unit, along with interest at the rate specified in the Rules within 45 days of giving the termination notice.

Appears in 5 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseClause, the Promoter Promoters shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails The Promoters fail to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedmentioned in Recital F above or fails to complete the Said Phase within the stipulated time disclosed at the time of registering it with the Authority. For the purpose of this clause, para 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which occupancy certificate, the completion certificate, the partial occupancy certificate or the partial completion certificate, as the case may be, has been issued by the Competent Authority; (ii) Discontinuance of the Promoter's Promoters' business as a developer developers on account of suspension or revocation of his their registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder. . 9.2 In case of Default by Promoter the Promoters under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to Promoter the Developer as demanded by the Promoterit. If the Allottee stops making payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee shall be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Promoter Promoters shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate specified prescribed in the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. ; 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, mentioned in Schedule-U despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate specified prescribed in the Rules.; (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond consecutive months after 90 days from the date of the notice from the Promoter Developer in this regard, the Promoter shall Developer may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him it by the allottee Allottee by deducting the booking amount and Booking Amount, less the interest liabilities interests for delayed payments, taxes paid on the amounts paid to the Developer and/or taxes payable on the Booking Amount, if any, and this Agreement shall thereupon stand terminatedterminated provided that the Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. For the refunf of taxes, if any, the Allottee shall have to apply directly to the concerned authorities.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 11.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) In spite of due observance of the terms and obligations of the Allottee under this agreement, the Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the Completion Date or fails to complete the Project within the stipulated time period specifieddisclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;respects including the provision of all specifications as agreed to between the parties as certified by the Architect and for which full or partial Completion / Occupancy Certificate has been issued by the Competent Authority. (ii) Discontinuance of the Promoter's promoters’ business as a developer developers on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 11.2 In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with alongwith interest at the rate specified in the Rules rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in Clause 8 of this Agreement; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due or adjusted from future installments payable by the Allottee. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 11.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) In case the Allottee fails to make payments for consecutive more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rulesherein. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter promoter in this regard, the Promoter promoter shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such termination. The remaining balance amount of money refundable (if any) shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events:events:- (i) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment /Flat to the Allottee Allottee(s) within the time period specifiedspecified in Para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority or extended by the Authority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the apartment said Apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been applied/issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default default by the Promoter under the conditions listed aboveabove provided the Allottee complies with his obligation under this Agreement, Allottee Allottee(s) is entitled to the following:following:- (i) Stop making further payments linked to construction milestones to the Promoter as demanded by the Promoter. If the Allottee Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any penal interest; orinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate specified as prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Allottee(s) does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Apartment/ Flat, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3. The Allottee Allottee(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee Allottee(s) fails to make payments for two consecutive demands made by the Promoter as per the Payment Plan payment plan annexed heretothereto, despite having been issued notice in that regard regard, the allottee Allottee(s) shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified prescribed in the Rules. (ii) In case of Default default by Allottee under the condition conditions listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Flat in favour of the Allottee Allottee(s) and refund the amount money paid to him by the allottee Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Such refund shall not included any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty, registration charges, legal expenses incurred by the allottee and shall be made out of the amounts received by the Promoter against Sale of said Flat to any other interested persons. The allottee shall at his/its own costs and expenses, execute all necessary documents required by the promoter in this regard : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 8.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 8.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentPlot, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. , which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 8.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.beyond

Appears in 4 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:; (i) If the Promoter fails to provide ready to move in possession of the [Apartment/Plot] unit to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respectsrespect; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee allottee is entitled to the following:; (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee after deducting the tax which was already paid to the government under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules apartment within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, Agreement he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]can do so. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that the regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months month after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ PlotApartment] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and tax which was already paid to the government and this Agreement shall thereupon stand terminated.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for two consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within and also all the components of Total Price as defined in Clause1.2within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond three consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events:events:- (i) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottee(s) within the time period specifiedspecified in Para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the following:following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any penal interest; or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: notice subject to the allottee shall prior to receipt of refund on the above account from the Promoter, at his own costs and expenses, execute all necessary cancellation related documents required by the Promoter; Provided that where an Allottee Allottee(s) does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. , which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee Allottee(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee Allottee(s) fails to make payments for two consecutive demands made by the Promoter as per the Payment Plan payment plan annexed heretothereto, despite having been issued notice in that regard regard, the allottee Allottee(s) shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified prescribed in the Rules. (ii) In case of Default default by Allottee under the condition conditions listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter shall upon 30 days written notice may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated., subject to compliance of clause 34.10;

Appears in 3 contracts

Samples: Lease Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events:events:- (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] residential unit to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;respects and as per the completion/occupancy certificate issued by the competent authority; or (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following:following:- (i) Stop stop making further payments to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter thereafter, the Allottee will be required to make the next payment without any penal interest; or (ii) The the Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentresidential unit, along with interest at the rate specified in the Rules within forty-five ninety days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. residential unit. 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:events:- (i) In in case the Allottee fails to make payments for three consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules.; (ii) In in case of Default by Allottee under the condition listed above continues for a period beyond three consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] residential unit in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest and liabilities and this Agreement shall thereupon stand terminated.

Appears in 3 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Designated Unit to the Allottee ALLOTTEE/ALLOTTEES within the time period specifiedspecified in para 7. For the purpose of this clause, 'clause ‘ready to move in possession' shall mean that the apartment Designated Unit shall be in a habitable condition which is complete in all respects;. (ii) Discontinuance of the Promoter's ’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act law or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee ALLOTTEE/ALLOTTEES is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee ALLOTTEE stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee ALLOTTEE be required to make the next payment without any penal interest; or (ii) The Allottee ALLOTTEE/ALLOTTEES shall have the option of terminating to terminate the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee ALLOTTEE/ALLOTTEES under any head whatsoever head, whatsoever, towards the purchase of the apartmentDesignated Unit, along with interest at the rate specified in the Rules within forty-five 45 days of receiving the termination notice: Provided that where an Allottee any ALLOTTEE does not intend to withdraw from the project or terminate the Agreement, he they shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Unit. The Allottee ALLOTTEE/ALLOTTEES shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails ALLOTTEE/ALLOTTEES fail to make payments for 2 consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued prior notice in that regard regard, the allottee ALLOTTEE shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified Prescribed in the Rules. (ii) In case of Default by Allottee ALLOTTEE/ALLOTTEES under the condition listed above above, continues for a period beyond 2 (Two) consecutive months months, after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Unit in favour of the Allottee ALLOTTEE and refund the amount money paid to him by the allottee ALLOTTEE by deducting the booking amount i.e. 10% of the total sale price of the Unit and Car Parking Space plus G.S.T. charges as applicable and the interest liabilities and the cost incurred for registration and of Cancellation Deed, this Agreement shall thereupon stand terminated. (iii) The Promoter shall have the option to terminate the Agreement or Allotment in which case the Promoter shall be liable to refund the entire money paid by the ALLOTTEE/ALLOTTEES under any head, whatsoever, towards the purchase of the Designated Unit, along with interest at the rate specified in the Rules within 45 days of giving the termination notice.

Appears in 3 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events:events:- (i) Promoter promoter fails to provide ready to move in possession of the [Apartment/Plot] Plot to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;respects and as per the completion /occupancy certificate issued by the competent authority; or (ii) Discontinuance discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following:following:- (i) Stop stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter thereafter, the Allottee will be required to make the next payment without any penal interest; or (ii) The the Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment/plot, along with interest at the rate specified in the Rules within forty-five ninety days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Apartment/ Plot]. . 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:events:- (i) In in case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules.; (ii) In in case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 3 contracts

Samples: Agreement for Sale, Agreement for Sale, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Owner/Promoter shall be considered under a condition of Default, in the following events: (i) Owner/Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the PromoterOwner/Xxxxxxxx's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Owner/Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Owner/Promoter as demanded by the Owner/Promoter. If the Allottee stops making payments, the Owner/Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Owner/Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterOwner/Promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Owner/Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter Owner/Promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Owner/Promoter in this regard, the Owner/Promoter shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 3 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsevents :- (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing :- (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: notice :- Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following eventsevents :- (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.beyond

Appears in 3 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force force Majeure clause, clause the Promoter shall be considered under a condition of Default, ,in the following events: (i) Promoter fails to provide provides ready to move in possession of the [(Apartment/Plot] ) to the Allottee within the time period specified. .For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;. (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. , If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The the Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing handing, over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for for_ consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive beyondconsecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to All defaults, breaches and/ or non-compliance of any of the Force Majeure clause, terms and conditions of this Agreement by the Promoter Allottee shall be considered under a condition deemed to be events of Default, in defaults liable for consequences stipulated herein. Some of the following eventsindicative/ illustrative events of defaults are mentioned below: (i) Promoter fails Failure to provide ready to move in possession of the [Apartment/Plot] to the Allottee make payments within the time period specified. For as stipulated in the purpose Schedule of this clausePayments as given in Annexure-III and failure to pay the stamp duly, 'ready legal, registration any incidental charges, any increases in EDC/IDC or any statutory dues or in security deposits including but not limited to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; Interest Free Maintenance Security Deposit (iiIFMSD) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the PromoterDeveloper, any other charges, deposits for bulk supply of electrical energy, taxes etc. If as may be notified by the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required Developer to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under the terms of this Agreement and all other defaults of similar nature. ii) Failure to perform and observe any head whatsoever towards the purchase or all of the apartment, along with interest at the rate specified Allottee’s obligations as set forth in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project this Agreement or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case if the Allottee fails to make payments execute any other deed/ document/ undertakings/ indemnities etc. or to perform any other obligation, if any set forth in any other Agreement with the Developer in relation to the said Apartment. iii) Failure to take over the said Apartment for consecutive demands made occupation and use within the time stipulated by the Promoter Developer in its notice. iv) Failure to execute the conveyance deed within the time stipulated by the Developer in its notice. v) Failure to execute Maintenance Agreement and/or to pay on or before its due date the maintenance charges, maintenance security deposits, deposits/charges for bulk supply of electrical energy or any increases in respect thereof, as per demanded by the Payment Plan annexed heretoDeveloper, despite having been issued its nominee other Body or Association of Apartment Owners. vi) Failure, pursuant to a request by the Developer, to become a member of the Association of Apartment Owners at the said Building/ said Group Housing Colony or to pay subscription charges etc, as may be required by the Developer or Association of Apartment Owners, as the case may be. vii) Assignment of this Agreement or any part of this Agreement without prior written consent of the Developer. viii) Dishonor of any cheque(s), given by Allottee for any reason whatsoever. ix) Sale/ transfer/ disposal of/dealing with, in any manner, the reserved parking space, if allotted, independent of the Apartment. x) Any other acts, deeds or things which the Allottee may commit, omit or fail to perform in terms of this Agreement, any other undertaking, affidavit / agreement / indemnity etc. or as demanded by the Developer which in the opinion of the Developer amounts to an event of default and the Allottee agrees and confirms that the decision of the Developer in this regard shall be final and binding on the Allottee. Upon the occurrence of any one or more of event(s) of default under this Agreement including but not limited to those specified above, the Developer may, at its sole discretion decide, by notice to the Allottee, to cancel this Agreement. If the Developer elects to cancel this Agreement, the Allottee shall have fifteen (15) days from the date of issue of notice of cancellation by the Developer to rectify the default as specified in that regard notice. The Allottee agrees that if the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. default is not rectified within such 15 (ii15) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regarddays, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminatedbe automatically cancelled without any further notice and the Developer shall have the right to retain, as and for liquidated damages, the entire xxxxxxx money as specified in this Agreement along with other Non-Refundable amounts e.g. the interest on delayed payments, any brokerage paid/ due to payable, service tax, any other tax/ cess paid to statutory authorities etc. The Allottee agrees that upon such cancellation of this Agreement, the Developer will be released and discharged of all liabilities and obligations under this Agreement and the Allottee hereby authorizes the Developer that the said Apartment and the car parking space, if allotted, may be sold to any other party by the Developer or dealt in any other manner as the Developer may in its sole discretion deem fit as if this Agreement had never been executed and without accounting to the Allottee for any of the proceeds of such sale. In the event of the Developer electing to cancel this Agreement any amount which shall prove to be refundable to the Allottee over and above the amounts retained as liquidated damages such as the xxxxxxx money, interest on delayed payments, any brokerage paid, due or payable, any other amount of non-refundable nature, shall be refunded by the Developer without any interest or compensation of whatsoever nature and upon such cancellation and refund by the Developer by registered post, the Allottee shall be left with no right, title, interest or lien over the said Apartment and the car parking space in any manner whatsoever and he shall have to return his/her copy of this Agreement back to the Developer within 15 days of such cancellation.

Appears in 2 contracts

Samples: Builder Buyers Agreement, Apartment Buyers Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter i. Developer fails to provide ready to move in possession of the [Apartment/Plot] flat and Parking Space to the Allottee Purchaser within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment flat and Parking Space shall be in a habitable condition which is complete in all respects;. (ii) . Discontinuance of the Promoter's Developer’s business as a developer on account of suspension or revocation of his his/her/their/its registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of Default by Promoter Developer under the conditions listed above, Allottee Purchaser is entitled to the following: (i) a. Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee Purchaser stops making payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any penal interest; or. (ii) b. The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the purchase of the apartmentflat, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: . Provided that where an Allottee the Purchaser does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterDeveloper, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]flat. iii. The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events: (i) a. In case the Allottee Purchaser fails to make payments for 02 (two) consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Purchaser shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate specified in the Rules. (ii) b. In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond 03 (three) consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer shall cancel the allotment of the [Apartment/ Plot] flat in favour of the Allottee Purchaser and refund the amount money paid to him him/her/them/it by the allottee Purchaser by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter CGEWHO shall be considered under a condition of Default, in the following events: (i) Promoter CGEWHO fails to provide ready to move in possession of the [ApartmentFlat/Plot] Apartment to the Allottee within the time period specifiedspecified in Clause 7.1 or fails to complete the said Residential Complex within the stipulated time disclosed at the time of registration of the Residential Project with the Authority. For the purpose of this clause, clause 'ready to move in possession' shall mean that the apartment said Flat/Apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications as specified in Part-II of the Fourth Schedule of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the PromoterCGEWHO's business as a developer CGEWHO on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default by Promoter CGEWHO under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter CGEWHO as demanded by the PromoterCGEWHO. If the Allottee stops making payments, payments the Promoter CGEWHO shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestInterest; or (ii) The Allottee shall have has the option of terminating the Agreement in which case the Promoter CGEWHO shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the flat/apartment, along with interest at the rate specified in the Rules Interest(as defined hereinafter) within forty-five days of receiving the termination notice: notice subject to Allottee registering the deed of cancellation in respect of the said Flat; Provided that where an Allottee does not intend to withdraw from the project Residential Project or terminate the Agreement, he he/she/they/it shall be paid, by the promoterCGEWHO, interest at the rate specified in the Rules, Interest for every month of delay till the handing over of the possession of the [said Flat/Apartment/Plot], which shall be paid by the CGEWHO to the Allottee within forty-five days of it becoming due. The Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be considered under a condition free to approach the authorities concerned for refund of Defaultsuch taxes, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed heretocharges, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Ruleslevies, cess, assessments and impositions. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 19.1 Subject to the Force Majeure clauseevents and Reasonable Circumstances, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act Applicable Laws or the rules or regulations made thereunder. . 19.2 In case of Default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate specified in the Rules Applicable Interest Rate within forty-five days of receiving the termination notice: Provided that where an the Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified in the RulesApplicable Interest Rate, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The . 19.3 Without prejudice to the rights of the Promoter to charge interest in terms of this Agreement, upon the Allottee committing (i) default in payment of any outstanding amount, due and payable by the Allottee to the Promoter under this Agreement (including his proportionate share of taxes levied by concerned local authority and other outgoings) and such default continues for a period of 60 (sixty) days from the due date of such payment; and/or (ii) breach of any of the other terms of the Agreement, the Promoter shall issue a notice of such default to the Allottee and the Allottee shall be considered under provided with a condition period of Default, on fifteen (15) days from the occurrence date of such notice to cure the following events: (i) said default or breach. In case the event that the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed heretocure such default or breach, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. within fifteen (ii15) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice days from the Promoter in this regarddate of notice (or such default or breach is not capable of being rectified), the Promoter shall have the option to cancel and terminate this Agreement by sending a cancellation letter by Registered/SpeedPost with A/D at the address provided by the Allottee(s) and/or e-mail at the e-mail address provided by the Allottee, intimating him of the specific breach or default of terms and conditions in respect of which the Promoter is cancelling and terminating this Agreement. On such cancellation, the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.immediately cancelled and the Allottee shall have no right whatsoever with respect to the Apartment. Upon cancellation of the allotment and termination of the Agreement, the Promoter shall, within 45 (forty-five) days from such termination, refund by way of cheque/demand draft all amounts paid by the Allottee till the date of cancellation less the Cancellation Charges without interest, being the liquidated damages payable to the Promoter:

Appears in 2 contracts

Samples: Agreement to Sale, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following Following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedspecified in para7.1 or fails to complete the project 0within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this clause, 'para ready to move in possession' shall mean that the apartment shall be in a habitable condition which is completed in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupancy Certificate (partially in respect of few blocks and/or complete in respect of all respects;blocks) , as the case may be has been issued by the Competent Authority. (ii) . Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard regard, the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking Booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the Promoter shall intimate the allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following:. (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:. (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter CGEWHO shall be considered under a condition of Default, in the following events: (i) Promoter CGEWHO fails to provide ready to move in possession of the [Apartment/Plot] dwelling unit to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment dwelling unit shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's CGEWHO’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter CGEWHO under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter CGEWHO as demanded by the PromoterCGEWHO. If the Allottee stops making payments, the Promoter CGEWHO shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter CGEWHO shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentdwelling unit, along with simple interest at @10% p.a. and also all the rate specified components of Total Price excluding GST as defined in the Rules Clause1.2 within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the AgreementAgreement for Sub Lease Deed, he shall be paid, by the promoterCGEWHO, simple interest at the rate specified in the Rules@10% p.a., for every month of delay till the handing over of the possession of the [Apartment/Plot]dwelling unit. Which shall be paid by the CGEWHO to the allottee within Forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made against the demand notice issued by the Promoter CGEWHO as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay simple interest to the promoter CGEWHO on the unpaid amount at the rate specified in the Rules@10% p.a. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter CGEWHO in this regard, the Promoter shall CGEWHO at its sole discretion may cancel the allotment of the [Apartment/ Plot] dwelling unit in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement for Sub Lease Deed shall thereupon stand terminated.

Appears in 2 contracts

Samples: Sub Lease Deed, Sub Lease Deed

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) . Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] flat to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: , Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Flat. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] flat in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseClause, the Promoter Promoters shall be considered to be under a condition of Defaultdefault, in the following events: (i) Promoter fails If the Promoters fail to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedmentioned in Recital F above, or fails to complete the Said Phase within the stipulated time disclosed at the time of registering it with the Authority. For the purpose of this clause, para 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which occupancy certificate, the completion certificate, the partial occupancy certificate or the partial completion certificate, as the case may be, has been issued by the Competent Authority; (ii) Discontinuance of the Promoter's Promoters' business as a developer Promoter on account of suspension or revocation of his their registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder. . 9.2 In case of Default by Promoter the Promoters under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to the Promoter as demanded by the Promoterit. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee shall be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Promoter Promoters shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest which will be the State Bank of India Prime Lending Rate plus 2 (two) percent at the rate specified prescribed in the Rules within 45 (forty-five five) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. ; 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments payment for two consecutive demands made by the Promoter as per the Payment Plan annexed heretomentioned in Schedule-U, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified mentioned in the Rules.proviso to Clause 1.12; (ii) In case of Default by the Allottee under the condition listed above despite receiving a prior 30 days written notice from the Promoter in respect thereof or any Default under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him it by the allottee Allottee by deducting the booking amount Booking Amount and the interest interests liabilities of the Allottee with an option to pay the same directly to the bank account of the Allottee given at the time of application and this Agreement shall thereupon stand terminated. The Allottee expressly acknowledges understands and agrees that in the event of cancellation or termination of the allotment of the Apartment in terms of this Agreement by the Promoter or the Allottee, as the case may be, the Promoter shall be at liberty to act as the constituted attorney of the Allottee and execute, present for registration and register unilaterally a deed of cancellation in the event Allottee fails to do so in spite of several reminders and the Allottee shall cease to have any right title interest whatsoever in the Apartment or Project Land or Project on and from the date of expiry of the period mentioned in the notice of cancellation or termination issued by the Promoter or the Allottee, as the case may be.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Owner / Promoter shall be considered under a condition of Default, in Default if the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit / Apartment to the Allottee / Purchaser within the time period specified. For specified in clause 6.1, the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which Allottee / Purchaser is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is either entitled to the following: (i) Stop stop making further payments to Owner / Promoter as demanded by the Owner / Promoter. If the Allottee / Purchaser stops making paymentspayments the Allottee / Purchaser, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee / Purchaser be required to make the next payment without any penal interest; or (ii) The Allottee shall have . Be it mentioned apart from Force Majeure if the option of terminating Owner / Promoter fails to construct the Agreement Designated Unit / Apartment within the time period specified in which case clause 6.1, then the Owner / Promoter shall be liable to refund pay to the entire money Allottee / Purchaser interest at the rate specified in the Act on the part payment of the consideration until then paid by the Allottee under / Purchaser to the Owner / Promoter for the period of delay PROVIDED THAT if the delay continues for a period of more than 06 (six) months the Allottee / Purchaser shall be entitled at any head whatsoever towards time thereafter to cancel the purchase contract placed hereunder by a notice in writing. In the event of such cancellation, the apartment, along Owner / Promoter shall refund the entire xxxxxxx money until then paid by the Allottee / Purchaser to the Allottee / Purchaser with interest at the rate specified in the Rules Act within forty-five 45 days of receiving such cancellation. For the termination notice: Provided purpose of this para 'ready to move in possession' shall mean that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he Unit / Apartment shall be paidin a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. competent authority; The Allottee / Purchaser shall be considered under a condition of Default, on the occurrence of the following events: (i) In in case the Allottee / Purchaser fails to make payments for consecutive demands made by the Promoter as per the Payment Plan (Schedule B) annexed hereto, despite having been issued or commits any breach of the terms or conditions herein contained, then or in any of such events, the Owner/ Promoter shall give 60 days notice to the Allottee / Purchaser to pay the amounts under default or to rectify the breach. In case the Allottee / Purchaser fails or neglects to make the payments of the said amounts under default with applicable interest or to rectify the breach complained of within the said period of 60 days, the Owner / Promoter may at its sole option and without prejudice to its rights sue the Allottee / Purchaser as provided for hereinafter, or any other right or remedy, provided to the Owner / Promoter herein, terminate and rescind this agreement. In the event of such termination and recession, the rights and claims, if any, of the Allottee / Purchaser against the Owner / Promoter, the Designated Unit / Apartment, shall stand extinguished without the right of the Allottee / Purchaser over and in that regard respect of the allottee same and the Owner / Promoter shall be liable entitled to forfeit a sum equivalent to 10% of the total consideration amount and the interest accrued till the date of recession and termination of this agreement on the delayed payments, if any and as and by way of pre – determined compensation and liquidated damages. The balance amount, if any, remaining with the Owner / Promoter out of the xxxxxxx monies until then received, by the Owner / Promoter from the Allottee / Purchaser without any interest within 45 days from the date of such termination or recession of this Agreement. It is agreed by the parties that the pre – determined compensation and liquidated damages mentioned above has been mutually assessed by the parties to be genuine and reasonable estimate of the damage expected to be suffered by the Owner / Promoter in the event mentioned hereinabove. Consequently, it will not be open to the Allottee / Purchaser, at any time, to contend to the contrary. However in case the Owner / Promoter condones the default of the Allottee / Purchaser then and in such event the Allottee / Purchaser shall, along with such dues, and / or arrears, pay interest to the promoter on the unpaid amount at the rate specified in the RulesAct on all amounts remaining unpaid to the Owner / Promoter. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund torefund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, ,along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall heshall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 02 consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ PlotApartment no. 3B with on covered car parking space] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Apartment The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter i. Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottee/s within the time period specified. For the purpose of this clause, 'para ‘ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respectsrespect; (ii) . Discontinuance of the Promoter's Developer’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter Developer under the conditions listed above, Allottee Allottee/s is entitled to the following: (i) i. Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee Allottee/s stops making payments, payments the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee/s be required to make the next payment without any penal interest; or (ii) . The Allottee Allottee/s shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Allottee/s under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty45(forty-five five) days of receiving the termination notice: ; Provided that where an Allottee Allottee/s does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterDeveloper, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment. 9.3 The Allottee/Plot]. The Allottee s shall be considered under a condition of Default, on the occurrence of the following eventsevents : (i) i. In case the Allottee Allottee/s fails to make payments payment for two consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee/s shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate specified prescribed in the Rules.; (ii) . In case of Default by Allottee Allottee/s under the condition listed above continues for a period beyond consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee Allottee/s and refund the amount money paid to him by the allottee Allottee/s by deducting inter alia the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.;

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Vendors shall be considered under a condition of Default, in the following events: (i) Promoter a. Vendors fails to provide ready to move in possession of the [Apartment/Plot] Shop/ Office / Godown / Commercial / Semi - Commercial Complex to the Allottee Purchaser within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment Shop/ Office / Godown / Commercial / Semi - Commercial Complex shall be in a habitable condition which is complete in all respects;. (ii) b. Discontinuance of the Promoter's Vendor’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default by Promoter Vendors under the conditions listed above, Allottee Purchaser is entitled to the following: (i) a. Stop making further payments to Promoter Vendors as demanded by the PromoterVendors. If the Allottee Purchaser stops making payments, the Promoter Vendors shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any penal interest; or. (ii) b. The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter Vendors shall be liable to refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the purchase of the apartmentShop/ Office / Godown / Commercial / Semi - Commercial Complex, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: . Provided that where an Allottee the Purchaser does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterVendors, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Building. 9.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events: (i) a. In case the Allottee Purchaser fails to make payments for 3 (Three) consecutive demands made by the Promoter Vendors as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Purchaser shall be liable to pay interest to the promoter Vendors on the unpaid amount at the rate specified in the Rules. (ii) b. In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond consecutive 3 (Three) months after notice from the Promoter Vendors in this regard, the Promoter Vendors shall cancel the allotment of the [Apartment/ Plot] Building in favour favor of the Allottee Purchaser and refund the amount money paid to him by the allottee Purchaser by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, para 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case ease of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: ; or Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he he/she/they shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [(Apartment/Plot]). The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails Allottee/s fail/s to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee allottee/s shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) . In case of Default by Allottee Allottee/s under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him him/them by the allottee allottee/s by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.;

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clauseevents and subject to the Allottee having complied with all his/her/their/its obligations under this Agreement, the Promoter Transferors shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails Transferors fail to offer to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedspecified in Clause 7.1. For the purpose of this clause, 'paragraph ‘ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects;. (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of Default default by Promoter the Transferors under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter Transferors as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee shall be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Transferors shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Total Price for sale/transfer of the apartmentApartment, along with interest at the rate specified in Rule 17 of the WBRERA Rules within forty-five 45 (forty five) days of receiving the termination notice: notice or within such further time as may be agreed between the Parties. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not be refundable. If, however, the Allottee does not withdraw from the Project within 45 (forty five) days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he he/her/it shall be paid, by the promoterTransferors, interest at the rate specified in Rule 17 of the WBRERA Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. 9.3. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive of the demands made by the Promoter Transferors as per the Payment Plan annexed under Schedule E hereto and/or timely payment of the Extra Charges and Deposits under Schedule I hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Transferors on the unpaid amount at the rate specified in Rule 17 of the RulesWBRERA Rules for the period of delay. (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter Transferors in this regard, the Promoter shall Transferors may cancel the allotment allotment/Agreement of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him the Transferors by the allottee Allottee towards the Total Price by deducting the booking amount Booking Amount and the interest interest, liabilities and applicable statutory taxes and this Agreement shall thereupon stand terminatedterminated and the Transferors shall be free to deal with, dispose of and/or transfer the Apartment to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage, etc. shall not be refundable. In addition, in the event of cancellation/ termination of this Agreement by the Transferors, the Allottee shall be deemed to have appointed the Transferors as his/ her/ its attorney-in-fact and attorney-in-law authorizing the Transferors to execute and if required, register the Deed of Cancellation on behalf of the Allottee.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] said Plot to the Allottee within the time period specified. For specified in this Agreement or fails to complete the purpose Project within the stipulated time disclosed at the time of this clause, 'ready to move in possession' shall mean that registration of the apartment shall be in a habitable condition which is complete in all respectsProject with the Authority.; (ii) . Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. applicable laws. 9.2 In case of Default by Promoter under the conditions listed as stated above, the Allottee is shall be entitled to the followingto: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction development milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) . The Allottee shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentsaid Plot (subject to deduction of taxes and other outgoing charges already paid by the Promoter and the penalty charges, if any), along with interest at the rate specified in prescribed under the Rules applicable laws within forty-five Forty- Five (45) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/said Plot]. , which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed heretohereto and/or in terms of the demands made by the Promoter, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) . In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive 2 months after notice due date of payment under the Payment Plan and/or the demand notices from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] said Plot in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount Xxxxxxx Money alongwith the deduction of taxes and other outgoings already paid by the Promoter and the penalty charges, if any) and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. The Interest liability accrued till the termination of the said Plot shall remain payable by the Allottee and the Promoter shall be entitled to recover the same from the Allottee through legally permitted means.

Appears in 2 contracts

Samples: Plot Buyer Agreement, Plot Buyer Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter VENDORS/LANDOWNERS/DEVELOPER, shall be considered under a condition of Default, in the following events: (i) Promoter VENDORS/LANDOWNERS/DEVELOPER, fails to provide ready to move in possession of the [Apartment/Plot] Flat and the Covered Car Parking Space (with all fittings and fixtures as specified in the brochure) to the Allottee PURCHASER/S within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment FLAT AND THE COVERED CAR PARKING SPACE (with all fittings and fixtures as specified in the brochure) shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee the PURCHASER/S does not intend to withdraw from the project or terminate the Agreement, he they shall be paid, by the promoterVENDORS/LANDOWNERS/DEVELOPER, interest at the rate specified in the SAID Rules, as mentioned in clause 7 herein above for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on Flat and the occurrence of the following events:Covered Car Parking Space. (iii) In case the Allottee fails PURCHASER fail to make payments for 2(Two) consecutive demands made by the Promoter VENDORS/LANDOWNERS/DEVELOPER, as per the Payment Plan, Additional Payment Plan annexed hereto, despite having been issued notice in that regard the allottee PURCHASER/S shall be liable to pay interest to the promoter VENDORS/LANDOWNERS/DEVELOPER, on the unpaid amount at the rate specified in the Rulessaid Rules as mentioned in clause 7 herein above. (iiiii) In case of Default by Allottee PURCHASER/S under the condition listed above continues for a period beyond consecutive months after notice from the Promoter VENDORS/LANDOWNERS/DEVELOPER, in this regard, the Promoter it shall cancel the allotment of the [Apartment/ Plot] Flat and the Covered Car Parking Spaces in favour of the Allottee PURCHASER/S and refund the amount money paid to him them by the allottee PURCHASER/S by deducting the booking amount and the interest liabilities morefully and particularly described in SIXTH SCHEDULE herein above mentioned and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following events: (i) The Promoter fails to provide ready to move in possession of the [Apartment/PlotApartment /Flat] to the Allottee Allottee(s) within the time period specifiedspecified in Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [said Apartment/Plot]. , which shall be paid by the Promoter to the Allottee within forty-five days of it becoming dueor within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive of the demands made by the Promoter as per the Payment Plan annexed under 3rd Schedule hereto and/or timely payment of the Additional Liabilities and Deposits under 6th Schedule hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2(two) consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] in favour of the Allottee Allottee(s) and refund the amount money paid to him by the allottee Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the inthe following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the withinthe time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving ofreceiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of monthof delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of allotmentof the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand thereuponstand terminated.

Appears in 2 contracts

Samples: Agreement for Sale, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 11.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) In spite of due observance of the terms and obligations of the Allottee under this agreement, the Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the Completion Date or fails to complete the Project within the stipulated time period specifieddisclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;respects including the provision of all specifications as agreed to between the parties as certified by the Architect and for which full or partial Completion / Occupancy Certificate has been issued by the Competent Authority. (ii) Discontinuance of the Promoter's promoters’ business as a developer developers on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 11.2 In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with alongwith interest at the rate specified in the Rules rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in Clause 8 of this Agreement; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due or adjusted from future installments payable by the Allottee. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 11.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) In case the Allottee fails to make payments for consecutive more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rulesherein. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;periodspecified. (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction development milestones and only thereafter thereafter, the Allottee will be required to make the next payment without any penal interest; or (ii) The the Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentunit, along with interest at the rate specified in the Rules within forty-five ninety days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Unit. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In in case the Allottee fails to make payments for 02 consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules.; (ii) In in case of Default by Allottee under the condition listed above continues for a period beyond 02 consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Unit in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 2 contracts

Samples: Buyer Agreement, Buyer Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for for___ consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) . Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing : (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails to make payments for instalment consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (iii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (iii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ PlotApartment] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter Promoter, as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he he/she/they shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive any demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee. The Allottee shall, at his/her/their own costs and expenses, execute all necessary documents required by the Promoter in this regard.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within and also all the components of Total Price as defined in Clause1.2within 45 (forty-five five) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 3(three) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3(Three) consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Apartment) in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) In spite of due observance of the terms and obligations of the Allottee under this agreement, the Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the Completion Date or fails to complete the Project within the stipulated time period specifieddisclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;respects including the provision of all specifications as agreed to between the parties as certified by the Architect and for which full or partial Completion / Occupancy Certificate has been issued by the Competent Authority. (ii) Discontinuance of the Promoter's promoters’ business as a developer developers on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.1 In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as mentioned in this Agreement; Provided that where an the Allottee does not intend to withdraw from the project Project or terminate the Agreementagreement, he shall be paid, by the promoterPromoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due or adjusted from future installments payable by the Allottee. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 9.2 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) In case the Allottee fails to make payments for consecutive more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rulesherein. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter promoter in this regard, the Promoter promoter shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee Allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such termination. The remaining balance amount of money refundable (if any) shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Owner shall be considered under a condition of Default, in the following events: (i) Promoter i. The Owner fails to provide ready to move in possession of the [Apartment/Plot] Commercial Space and the Car Parking Space to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment unit shall be in a habitable condition which is complete in all respectsrespects as per the specifications as mentioned in the Annexure to this Agreement; (ii) . Discontinuance of the PromoterOwner's business as a developer on account of suspension or revocation of his the Owner’s registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter the Owner under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to Promoter Owner as demanded by the PromoterOwner. If the Allottee stops making payments, the Promoter Owner shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Owner shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentsaid Unit, along with interest at the rate specified in the Rules (but after deducting interest at the rate specified in the Rules before making refund of the amounts paid by the Allottee to the Owner towards the Unit) within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he the Allottee shall be paid, by the promoterOwner, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Commercial Space and the Car Parking Space. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 2 (two) consecutive demands made by the Promoter Owner as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter Owner on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter Owner in this regard, the Promoter Owner shall cancel the allotment of the [Apartment/ Plot] said Unit in favour of the Allottee and refund the amount amount/money paid to him the Owner by the allottee Allottee by deducting the booking amount Booking Amount and the interest liabilities within 45 days from the date of the Owner intimating such cancellation of this agreement to the Allottee and upon such refund, this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) . Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund torefund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, ,along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 3(three) consecutive demands made by the Promoter as Promoteras per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or. (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-forty five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond consecutive 2 months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him the Promoter by the allottee by after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminatedterminated and such refund shall be subject to sale of the said Unit / Apartment in the meantime by the Promoter and amounts having been received by the Promoter from the new transferee thereof.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force force Majeure clause, clause the Promoter shall be considered under a condition of DefaultofDefault, in the following events: (i) Promoter fails to provide provides ready to move in possession of the [(Apartment/Plot] ) to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;. (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. , If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The the Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of daysof receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing handing, over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for for_ consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the RulestheRules. (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:; (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee within the stipulated time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respectsperiod; (ii) . Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. ; In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following:; (i) i. Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) . The Allottee shall have the option of terminating the Agreement Agreement, if the promoter, even after giving written notice by the Allottee, does not make efforts to cure such default, in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentUnit, along with interest at the rate specified prescribed in the Rules within forty-five Sixty days of receiving the termination notice: ; iii. Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Unit, which shall be paid by the Promoter to the Allottee within Sixty days of it becoming due. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:; (i) i. In case the Allottee fails to make payments for consecutive demands a demand made by the Promoter within the stipulated time period therein as per the Payment Plan annexed heretohereto or any other non-compliance of the provisions of this agreement by the Allottee, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months one month after notice from the Promoter in this regardregard or any other non-compliance of the provisions of this agreement by the Allottee, the Promoter shall be entitled to cancel the allotment of the [Apartment/ Plot] Unit in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and amount, the interest liabilities at the agreed rate and any other amount borne by the Promoter due to any action on part of the Allottee, and this Agreement shall thereupon stand terminated. It is agreed between both the parties that no separate notice shall be required to be given by the Promoter to the Allottee about the cancellation of the unit, in case when the number of installments due is one or more.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. The Promoter fails to provide ready to move in hand over possession of the [Apartment/Plot] Said Apartment And Properties Appurtenant to the Allottee Allottees within the time period specifiedspecified in Clause 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clauseClause, 'ready to move in hand over possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) . Discontinuance of the Promoter's ’s business as a developer Promoter on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default by the Promoter under the conditions listed above, Allottee is the Allottees are entitled to the following: (i) i. Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee Allottees stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottees are not construction linked; or (ii) . The Allottee Allottees shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottees under any head whatsoever towards the purchase Total Price of the apartment, Said Apartment And Properties Appurtenant along with interest at the rate specified prescribed in the Rules within 45 (forty-five five) days of receiving the termination notice: . It is clarified that all amounts collected as GST deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottees shall be free to approach the authorities concerned for refund of such GST. Provided that where an Allottee does the Allottees do not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Said Apartment And Properties Appurtenant which shall be paid by the Promoter to the Allottees within 45 (forty-five days) of it becoming due. 9.3 The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails Allottees fail to make payments for two consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottees shall be liable to pay interest to the promoter Promoter on the unpaid amount at as the rate specified prescribed in the Rules.; (ii) . In case of Default by Allottee Allottees under the condition listed above continues for a period beyond 2(two) consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Said Apartment And Properties Appurtenant in favour of the Allottee Allottees by issuance of a letter of cancellation and refund the amount money paid to him it by the allottee Allottees by deducting the booking amount and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon there upon stand terminated. Provided that the Promoter shall intimate the Allottees about such termination at least 30(thirty) days prior to such termination. The Allottees shall cease to have any right title interest whatsoever in the Said Apartment And Properties Appurtenant or Land or Project on and from the date of expiry of the period mentioned in the notice of cancellation or termination issued by the Promoter or the Allottees, as the case may be Without prejudice to the above, it being further agreed and the the Allottees expressly acknowledges understands and agrees that in the event of cancellation or termination of the allotment of the Said Apartment And Properties Appurtenant (and this Agreement) in terms of this Agreement by the Promoter or the Allottees, as the case may be, the Promoter shall be at liberty to act as the constituted attorney of the Allottees and execute, present or registration and register unilaterally a deed of cancellation, if required by the Promoter. 9.4 Notwithstanding any contrary provisions, it is expressly agreed that no refund to the Allottees shall, under any circumstances whatsoever, be made of any amount paid by the Allottees on account of Taxes and/or stamp duty and registration charges incurred by the Allottees. The Allottees shall, at their own costs and expenses, execute all necessary documents required by the Promoter in this regard. 9.5 Nothing contained in this Agreement shall affect or prejudice the right of either party to sue the other for specific performance of the contract and/or damages for any default of the other party.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter Developer fails to provide ready to move in possession of the [ApartmentFlat/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment Flat/Apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the PromoterDeveloper's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter Developer under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentFlat/Apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterDeveloper, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Flat/Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer shall cancel the allotment of the [Apartment/ Plot] Flat/Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultofdefault, in the following events: (i) : The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within Allotteewithin the time period specified. specified For the purpose of this clause, 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects; (iii) Discontinuance of the Promoter's ’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the tothe following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of continuing/ terminating the Agreement in which case the Promoter shall be liable to refund refund/pay the entire money paid by the Allottee to the Promoter under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified Apartment as defined in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]RERAAct. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payments payment for 2 (two) consecutive demands made by the Promoter as per the Payment Plan annexed heretoPlan, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard the allottee that Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified in the Rules. . It is further clarified that, reminders and or notices for payment of installments or notice for rectification of default as per the Payment Schedule shall also be considered as demand for the purpose of this clause.. Without prejudice to the right of the Promoter to charge interest in terms of Clause 9.3 (iii) In above, in case of Default default by the Allottee under the condition listed Clause 9.3 (i) above continues for a period beyond consecutive months 60 days after notice for rectification of default from the Promoter in this regard, the Promoter Promoter, shall cancel the allotment of the [Apartment/ Plot] said Apartment in favour of the Allottee and refund the amount money paid to him the Promoter by the allottee by Allottee after deducting the booking amount Booking Amount and the interest liabilities as specified under RERA rules and after deduction of such other tax/levy and GST also as may be applicable at the time of such termination by the Promoter, and this Agreement and any liability of the Promoter shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/PlotFlat] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment [Apartment/Flat] shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment[Apartment/Flat], along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/PlotFlat]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 02 consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ PlotApartment/Flat] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following events: (i) The Promoter fails to provide ready to move in possession of the [Apartment/PlotApartment /Flat] to the Allottee Allottee(s) within the time period specifiedspecified in Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [said Apartment/Plot], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming dueor within such further time as may be agreed between the parties. The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive of the demands made by the Promoter as per the Payment Plan annexed under 3rd Schedule hereto and/or timely payment of the Additional Liabilities and Deposits under 6th Schedule hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2(two) consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] in favour of the Allottee Allottee(s) and refund the amount money paid to him by the allottee Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. specified For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (ia) Stop making further payments pay ments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (iib) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. ] The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (ia) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (iib) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [[ Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Vendor shall be considered under a condition of Default, in the following events: (i) Promoter a. Vendor fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Purchaser within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;. (ii) b. Discontinuance of the Promoter's Vendor’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default by Promoter Vendor under the conditions listed above, Allottee Purchaser is entitled to the following: (i) Stop making a. Stopmaking further payments to Promoter Vendor as demanded by the PromoterVendor. If the Allottee Ifthe Purchaser stops making payments, the Promoter Vendor shall correct the situation by completing bycompleting the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any penal interest; oranypenalinterest. (ii) b. The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: . Provided that where an Allottee the Purchaser does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterVendor, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events:the (i) a. In case the Allottee Purchaser fails to make payments for 3 (Three) consecutive demands made by the Promoter Vendor as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Purchaser shall be liable to pay interest to the promoter Vendor on the unpaid amount at the rate specified in the Rules. (ii) b. In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond consecutive 3 (Three) months after notice from the Promoter Vendor in this regard, the Promoter Vendor shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee Purchaser and refund the amount money paid to him by the allottee Purchaser by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respectsrespects as per specifications prescribed herein and completion certificate issued in respect thereof shall be conclusive proof thereof; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. In case of the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interestinterest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Designated Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified in the Rules.; (ii) In case of Default by Allottee to register the Conveyance Deed or in complying with any other condition mentioned in this Agreement despite receiving a prior 30 days written notice from the Promoter in respect thereof or any Default under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Designated Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by Allottee after deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and the taxes and stamp duty and registration fees of the Allottee with an option to pay the same directly to the bank account of the Allottee given at the time of application form and this Agreement shall thereupon stand terminatedterminated and the same shall be and be deemed to be sufficient discharge of the Promoter in respect of payment of such amount. Such refund to the Allottee by the Promoter shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. Notwithstanding any contrary provisions, it is expressly agreed that no refund to the Allottee shall, under any circumstances whatsoever, be made of any amount paid by the Allottee on account of Taxes and/or stamp duty and registration charges incurred by the Allottee. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Nothing contained in this Agreement shall affect or prejudice the right of either party to sue the other for specific performance of the contract and/or damages for any default of the other party.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following Following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedspecified in para 7.1 or fails to complete the project 0within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this clause, 'para ‘ready to move in possession' shall mean men that the apartment shall be in a habitable condition which is complete in all respects;respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate and Completion Certificate, as the case may be has been issued by the Competent Authority. (ii) . Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of daysof receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard regard, the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking Booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the Promoter shall intimate the allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter i. The Developer fails to provide ready to move in possession of the [Apartment/Plot] Commercial Space and the Car Parking Space to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment unit shall be in a habitable condition which is complete in all respectsrespects as per the specifications as mentioned in the Annexure to this Agreement; (ii) . Discontinuance of the Promoter's Developer’s business as a developer Developer on account of suspension or revocation of his the Developer’s registration under the provisions of the Act or Actor the rules or regulations made thereunder. . 9.2 In case of Default by Promoter the Developer under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next then extra payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentsaid Unit, along with interest at the rate specified in the Rules (but after deducting interest at the rate specified in the Rules before making refund of the amounts paid by the Allottee to the Owner towards the Unit) within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he the Allottee shall be paid, by the promoterDeveloper, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Commercial Space and the Car Parking Space. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 2 (two) consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest @24% p.a. to the promoter Developer on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer shall cancel the allotment of the [Apartment/ Plot] said Unit in favour of the Allottee and refund the amount amount/money paid to him the Developer by the allottee by Allottee after deducting 20% of the booking amount Booking Amount plus Taxes as applicable and the interest liabilities within 45 days from the date of the Owner intimating such cancellation of this agreement to the Allottee and upon such refund, this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 10.1 Subject to the Force Majeure clause, the Vendor/Promoter shall be considered under a condition of Default, in the following events: (i) Vendor/Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, clause 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 10. In 2In case of Default by Vendor/Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Vendor/Promoter as demanded by the PromoterVendor/Promoter . If the Allottee stops making payments, the Vendor/Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterVendor/Promoter , interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseMajeure”, order of any court, Tribunal or Authority, Government policy/guidelines, decisions, the Promoter shall Vendorsshall be considered under a condition of Default, in the following events: (i) Promoter fails Vendors fail to provide ready to move in possession of the [Apartment/Plot] developed Apartmentalongwith parking (if applicable) to the Allottee Vendee within the time period specifiedspecified in clause 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clauseClause, 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which occupation certificate or the part thereof has been issued by the competent authority; (ii) Discontinuance of the Promoter's Vendors’ business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under Vendorsunder the conditions listed above, Allottee Xxxxxx is entitled to the following: (i) Stop making further payments to Promoter the Vendors as demanded by the PromoterVendors. If the Allottee Vendee stops making payments, the Promoter Vendors shall correct the situation by completing the construction construction/development milestones and only thereafter the Allottee Vendee be required to make the next payment without any penal interestinterest for the period of such delay; or (ii) The Allottee Vendee shall have the option of terminating the Agreement Agreement, in which case the Promoter Vendors shall be liable to refund the entire money paid by the Allottee Vendee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate as specified in the Rules within forty-five Ruleswithin 90 (ninety) days of receiving the termination notice: Provided that where an Allottee Vendee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterVendors, interest at the rate as specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Apartmentalongwith parking (if applicable), which shall be paid by the Vendorsto the Vendeewithin the period prescribed under the RERA Rules.. 9.3 The Allottee Vendee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case case, the Allottee Vendee fails to make payments for consecutive 2 (two)consecutive demands made by the Promoter Vendors as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall Vendeeshall be liable to pay interest to the promoter on Vendorson the unpaid amount at the atthe rate as specified in the Rules.; (ii) In case of Default by Allottee Vendee under the condition listed above continues for a period beyond consecutive months 90 (ninety) days after notice from the Promoter Vendors in this regard, the Promoter shall Vendors may cancel the allotment of the [Apartment/ Plot] Apartmentalongwith parking (if applicable) in favour of the Allottee Vendee and refund the amount money paid to him by the allottee by deducting Vendeeby forfeiting the booking amount paid for the allotment and interest component on delayed payment (payable by the Vendee for breach of the Agreement and non-payment of any due payable to the Vendors).The rate of interest liabilities payable by the Vendee to the Vendors shall be at the rate as specified in Rules. The balance amount of money paid by the Vendee shall be returned by the Vendors to the Vendee within 90 (ninety) days of such cancellation. On such default, the Agreement and this Agreement any liability of the Vendors arising out of the same shall thereupon thereupon, stand terminated. Provided that the Vendorsshall intimate the Vendeeabout such termination at least 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseMajeure”, Court orders, Government policy / guidelines, decisions, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Said Independent Floor for residential usage along with parking to the Allottee within the time period specifiedspecified in Para 7.1 or the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the apartment Said Independent Floor for residential usage shall be in a habitable condition which is complete in all respects;respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which occupation certificate or part thereof has been issued by the competent authority. (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction / development milestones and only thereafter thereafter, the Allottee be required to make the next payment payment, without any penal interest, for the period of such delay; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentSaid Independent Floor, along with interest at the rate specified prescribed in the Rules within forty-five ninety (90) days of receiving the termination notice: Provided that where an Allottee Allottee(s) does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Said Independent Floor for residential usage along with parking, which shall be paid by the Promoter to the Allottee within ninety (90) days of it becoming due. 9.3 The Allottee Allottee(s) shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter payment of any instalment due as per the Payment Plan annexed heretohereto as Schedule C, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount from the due date of such instalment at the rate specified prescribed in the Rules.; (ii) In case of Default the default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.ninety

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the inthe following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving ofreceiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of monthof delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the onthe occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter thePromoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of allotmentof the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand thereuponstand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following Following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedspecified in para7.1 or fails to complete the project 0within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this clause, 'para ready to move in possession' shall mean men that the apartment shall be in a habitable condition which is complete completed in all respects;respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate and Completion Certificate, as the case may be has been issued by the Competent Authority. (ii) . Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money with interest as applicable in the Rules, paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard regard, the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking Booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the Promoter shall intimate the allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. (i) Subject to the occurrence of a Force Majeure clauseevent and subject to compliance by the Allottee of its obligations contained herein, the Promoter Vendor shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter 1. Vendor fails to provide ready to move in possession of the [Apartment/Plot] Designated Unit to the Allottee within the time period specifiedspecified under this Agreement. For the purpose of this clause, para 'ready to move in possession' shall mean that the apartment Designated Unit shall be in a habitable condition which is complete in all respects;. (ii) 2. Discontinuance of the PromoterVendor's business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder. there under. (ii) In case of Default there is default by Promoter Vendor under the conditions listed above, Allottee is shall be entitled to the following: (i) 1. Stop making further payments to Promoter Vendor as demanded by the PromoterVendor. If the Allottee stops making payments, the Promoter Vendor shall correct the situation by completing the construction milestones and only thereafter the Allottee shall be required to make the next payment without any penal interest; or (ii) 2. The Allottee shall have the option of terminating the this Agreement in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentDesignated Unit, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: . Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterVendor, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Designated Unit. (iii) The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) 1. In case the Allottee fails to make payments for 2 (two) consecutive demands made by the Promoter Vendor as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Vendor on the unpaid amount amounts at the rate specified prescribed in the Rules.; (ii) 2. In case of Default default by the Allottee under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter Vendor in this regard, the Promoter shall Vendor may cancel the allotment of the [Apartment/ Plot] Designated Unit in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. The balance amount of money paid by the Allottee (other than taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee) shall be returned by the Vendor to the Allottee without interest, out of the amounts received by the Vendor against sale of the Designated Unit to any other interested person. The Allottee shall, at his own costs and expenses, execute all necessary cancellation related documents required by the Vendor.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedspecified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is Allottee/s is/are entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee/s be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment, which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 9.3 The Allottee/Plot]. The Allottee s shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands demand made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 03 consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the inthe following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the withinthe time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his ofhis registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving ofreceiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of monthof delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter thePromoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of allotmentof the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand thereuponstand terminated.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:; (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respectsrespect; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee allottee is entitled to the following:; (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot[ Apartment / Plot ]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that the regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months month after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [[ Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter Promoter/Developer shall be considered under a condition of Default, in the following events:; (i) Promoter Promoter/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottees within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respectsrespect; (ii) Discontinuance of the Promoter's /Developer’s business as a developer Promoter/Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter Promoter/Developer under the conditions listed above, Allottee is Allottees are entitled to the following:; (iiii) Stop making further payments to Promoter Promoter/Developer as demanded by the Promoter/Developer. If the Allottee Allottees stops making payments, the Promoter Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any penal interest; or (iiiv) The Allottee Allottees shall have the option of terminating the Agreement in which case the Promoter Promoter/Developer shall be liable to refund the entire money paid by the Allottee Allottees under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-forty- five days of receiving the termination notice: ; Provided that where an Allottee Allottees does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterPromoter/Developer, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: (iv) In case the Allottee fails Allottees fail to make payments for 3 (three) consecutive demands made by the Promoter Promoter/Developer as per the Payment Plan annexed hereto, despite having been issued notice in that the regard the allottee shall Allottees will be liable to pay interest to the promoter Promoter/Developer on the unpaid amount at the rate specified in the Rules. (iivi) In case of Default by Allottee Allottees under the condition listed above continues for a period beyond consecutive months month after notice from the Promoter Promoter/Developer in this regard, the Promoter Promoter/Developer shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee Allottees and refund the amount money paid to him by the allottee Allottees by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: : (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to Apartmentto the Allottee within the time period specifiedspecified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the apartment Said Apartment shall be in a habitable condition which is complete in all respects; respects including the provision of all specifications as specified in Schedule D of this Agreement, and for which completion certificate, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: notice subject to allottee registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Said Apartment/Plot], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: : (i) In case the Allottee theAllottee fails to make payments for consecutive demands made by the paymenttothe Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified prescribed in the Rules. ; (ii) In ii)In case of Default by Allottee under the condition listed above continues for a period beyond consecutive beyond3 (three)consecutive months after notice from the Promoter in this regard, the Promoter shall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund forfeit the amount money paid to him by the allottee by deducting entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the interest liabilities Promoter shall be entitled to deal with and/or dispose off the Said Apartment and this Agreement shall thereupon stand terminatedAppurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter Vendor/Developer shall be considered under a condition of Default, in the following events: (i) Promoter Vendor/Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottee/s within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the PromoterVendor/Developer's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter Vendor/Developer under the conditions listed above, Allottee Allottee/s is entitled to the following: (i) Stop making further payments to Promoter Vendor/Developer as demanded by the PromoterVendor/Developer. If the Allottee Allottee/s stops making payments, the Promoter Vendor/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee/s be required to make the next payment without any penal interest; or (ii) The Allottee Allottee/s shall have the option of terminating the Agreement in which case the Promoter Vendor/Developer shall be liable to refund the entire money paid by the Allottee Allottee/s under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Allottee/s does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterVendor/Developer, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee Allottee/s shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee Allottee/s fails to make payments for three consecutive demands made by the Promoter Vendor/Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee/s shall be liable to pay interest to the promoter Vendor/Developer on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee Allottee/s under the condition listed above continues for a period beyond consecutive months after notice from the Promoter Vendor/Developer in this regard, the Promoter Vendor/Developer shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee Allottee/s and refund the amount money paid to him Vendor/Developer as the case may be by the allottee Allottee/s by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedspecified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this clause, para 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;. (ii) . Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: notice and further subject to the Allottee prior to receipt of refund on the above account from the Promoter, at his own costs and expenses, execute all necessary cancellation related documents required by the Promoter; It is clarified that all amounts collected as GST deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such GST. Provided that where an if any Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) . In case of Default by Allottee Allottee, condition mentioned in this Agreement despite receiving a prior 30 days written notice from the Promoter in respect thereof or any Default under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by Allottee after deducting the booking amount paid at or before the execution of this agreement and the interest liabilities of the Allottee with an option to pay the same directly to the bank account of the Allottee given at the time of application form and this Agreement shall thereupon stand terminated: Such refund to the Allottee by the Promoter shall be made out of the amounts received by the Promoter against sale of the said Apartment to any other interested person. 9.4 Notwithstanding any contrary provisions, it is expressly agreed that no refund to the Allottee shall, under any circumstances whatsoever, be made of any amount paid by the Allottee on account of Taxes and/or stamp duty and registration charges incurred by the Allottee. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. 9.5 Nothing contained in this Agreement shall affect or prejudice the right of either party to sue the other for specific performance of the contract and/or damages for any default of the other party.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clauseClause, the Promoter Promoter/ Owner shall be considered under a condition of Default, in the following eventsevents :- (i) Promoter Promoter/ Owner fails to provide ready to move in possession of the [Apartment/PlotSchedule - “B” Property] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' possession‟ shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the PromoterPromoter/ Owner's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter Promoter/ Owner under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter Promoter/ Owner as demanded by the PromoterPromoter/ Owner. If the Allottee stops making payments, the Promoter Promoter/ Owner shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Promoter/ Owner shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days 45 (Forty Five) Days of receiving the termination notice: ; (iii) Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he he/ she shall be paid, by the promoterPromoter/Owner, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/PlotSchedule - “B” Property]. The Allottee shall be considered under a condition of Default, on the occurrence of the following eventsevents :- (i) In case the Allottee fails to make payments for 2 (Two) consecutive demands made by the Promoter Promoter/ Owner as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest @ 2% per month to the promoter Promoter/ Owner on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months 1 (One) Month after notice from the Promoter Promoter/ Owner in this regard, the Promoter Promoter/ Owner shall cancel the allotment of the [Apartment/ PlotSchedule - “B” Property] in favour of the Allottee and refund the amount money paid to him by the allottee Allottee by deducting the full booking amount and 10 (Ten) Percent (%) of the interest liabilities balance amount paid and this Agreement shall thereupon stand terminatedterminated but the Allottee shall inform his/ her/ their inability to Purchase the Apartment prior 15 (Fifteen) Days written notice to the Promoter/ Owner who will return the same within 45 (Forty-Five) Days from the date of such cancellation.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter VENDOR/DEVELOPER shall be considered under a condition of Default, in the following events: (i) Promoter VENDOR/DEVELOPER fails to provide ready to move in possession of the [ApartmentFlat/Plot] Parking to the Allottee within the time period specifiedspecified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this clause, para 'ready to move in possession' shall mean that the apartment Flat/Parking shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's VENDOR/DEVELOPER’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2. In case ease of Default by Promoter VENDOR/DEVELOPER under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter VENDOR/DEVELOPER as demanded by the Promoter. If VENDOR/DEVELOPER.1f the Allottee stops making payments, payments the Promoter VENDOR/DEVELOPER shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or; (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter VENDOR/DEVELOPER shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, Flat/Parking along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterVENDOR/DEVELOPER, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [ApartmentFlat/Plot]. The Allottee Parking, which shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made paid by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard VENDOR/DEVELOPER to the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Ruleswithin forty-five days of it becoming due. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 18.1 Subject to the Force Majeure clauseevents and Reasonable Circumstances, the Promoter Promoter/Transferor shall be considered under a condition of Default, in the following events: (i) Promoter Promoter/Transferor fails to provide ready to move in possession of the [Apartment/Plot] Bungalow to the Allottee Allottee/Transferee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment Bungalow shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter/Transferor's business as a developer Promoter/Transferor on account of suspension or revocation of his registration under the provisions of the Act Applicable Laws or the rules or regulations made thereunder. . 18.2 In case of Default by Promoter Promoter/Transferor under the conditions listed above, Allottee the Allottee/Transferee is entitled to the following: (i) Stop making further payments to Promoter Promoter/Transferor as demanded by the Promoter/Transferor. If the Allottee Allottee/Transferee stops making payments, the Promoter Promoter/Transferor shall correct the situation by completing the construction milestones and only thereafter thereinafter the Allottee Allottee/Transferee be required to make the next payment without any penal interest; or (ii) The Allottee Allottee/Transferee shall have the option of terminating the Agreement in which case the Promoter Promoter/Transferor shall be liable to refund the entire money paid by the Allottee Allottee/Transferee under any head whatsoever towards the purchase of the apartmentBungalow, along with interest at the rate specified in the Rules Applicable Interest Rate within forty-five days of receiving the termination notice: Provided that where an Allottee the Allottee/Transferee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter/Transferor, interest at the rate specified in the RulesApplicable Interest Rate, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee Bungalow. 18.3 All defaults, breaches and/or non-compliance of any of the terms and conditions of this Agreement and/or the Allotment Letter shall be considered under a condition deemed to be events of Default, on the occurrence defaults liable for consequences stipulated herein. Some of the following eventsindicative events of defaults are mentioned below which are merely illustrative and not exhaustive: (i) In case the Allottee fails to make payments for consecutive demands made Failure by the Promoter as per Allottee/Transferee to countersign and return the Payment Plan annexed hereto, despite having been issued notice in that regard Promoter/Transferor’s copy of the allottee shall be liable to pay interest Allotment Letter to the promoter on Promoter/Transferor within the unpaid amount at the rate specified time stipulated therefor in the RulesAllotment Letter. (ii) In Failure to make the payments within the date stipulated therefor in the Allotment Letter or in this Agreement of the Sale Price, stamp duty, registration fee, legal expenses, any incidental charges, including, but not limited to, security deposit, lease rent, deposits for bulk supply of electrical energy, taxes, as may be notified by the Promoter/Transferor to the Allottee/Transferee from time to time. (iii) Failure to execute and register the transfer deed or any other deed/ document/ undertakings/ indemnities etc. or to perform any other obligation, if any, set forth in any other agreement with the Promoter/Transferor relating to the Bungalow. Failure to take possession of the Bungalow within the date stipulated by the Promoter/Transferor in its notice for possession. (iv) Failure to execute the Maintenance Agreement and/or to pay on or before its due date the Maintenance Charges, maintenance security deposits, or any increases in respect thereof, as demanded by the Promoter/Transferor, its nominee, other Body or Association of Owners/Association of the Malhar or Renaissance, as the case may be. (v) Failure, pursuant to a demand by the Promoter/Transferor in terms of Default this Agreement, to become a member of the association of owners of Malhar and/or Renaissance or to pay subscription charges etc. as may be required by Allottee the Promoter/Transferor or the association of owners, as the case may be. (vi) Assignment of the Allotment Letter or any interest of the Allottee/Transferee therein without prior written consent of the Promoter/Transferor. (vii) Dishonour of any cheque(s) given by any Allottee/Transferee for any reason whatsoever. (viii) Failure to abide with the Development Control Regulations/Hand Book. (ix) Any other acts, deeds or things which the Allottee/Transferee may commit, omit or fail to perform in terms of this Agreement, any other undertakings, affidavits, indemnities etc. or as demanded by the Promoter/Transferor which in the opinion of the Promoter/Transferor amounts to an event of default and the Allottee/Transferee shall be bound to abide by the decision of the Promoter/Transferor in this regard which shall be final and binding on the Allottee/Transferee. 18.4 Without prejudice to the rights of the Promoter/Transferor to charge interest in terms of this Agreement, upon the occurrence of any one or more of event(s) of default under this Agreement including, but not limited to, those specified above, the condition listed above continues for Promoter/Transferor may at its sole discretion shall issue a notice of such default to the Allottee/Transferee and the Allottee/Transferee shall be provided with a period beyond consecutive months after notice of fifteen (15) days from the Promoter in this regarddate of such notice to cure the said default or breach. In the event that the Allottee/Transferee fails to cure such default or breach, within fifteen (15) days from the date of notice (or such default or breach is not capable of being rectified), the Promoter Promoter/Transferor shall have the option to cancel and terminate this Agreement by sending a cancellation letter by Registered/Speed Post with A/D at the address provided by the Allottee/Transferee(s) and/or e-mail at the e-mail address provided by the Allottee/Transferee, intimating him of the specific breach or default of terms and conditions in respect of which the Promoter/Transferor is cancelling and terminating this Agreement. On such cancellation, the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.immediately cancelled and the Allottee/Transferee shall have no right whatsoever with respect to the Bungalow. Upon cancellation of the allotment and termination of the Agreement, the Promoter/Transferor shall, within 45 (forty-five) days from such termination, refund by way of cheque/demand draft all amounts paid by the Allottee/Transferee till the date of cancellation less the Cancellation Charges without interest, being the liquidated damages payable to the Promoter/Transferor:

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: : (iii) Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Apartment which shall be paid by the Promoter to the allottee within forty- five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and t the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the Promoter shall intimate the allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. a) Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following Following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specifiedspecified in Para 7.1or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this clause, 'Para „ready to move in possession' possession‟ shall mean that the apartment shall be in a habitable condition which is complete in all respects;respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate and Completion Certificate, as the case may be has been issued by the Competent Authority. (ii) . Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. b) In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid deducting the govt. Tax which was already been paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . c) The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan payment plan Schedule “C” annexed hereto, despite having been issued notice in that regard the allottee allotee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter shall may cancel the allotment of the [Apartment/ Plot] Apartment in favour of the Allottee and refund the amount money paid to him by the allottee allotee by deducting the booking amount and the interest liabilities And GST/other government taxes and this Agreement shall thereupon stand terminated, provided that the promoter shall intimate the allotee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 18.1 Subject to the Force Majeure clauseevents and Reasonable Circumstances, the Promoter Promoter/Transferor shall be considered under a condition of Default, in the following events: (i) Promoter Promoter/Transferor fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottee/Transferee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter/Transferor's business as a developer Promoter/Transferor on account of suspension or revocation of his registration under the provisions of the Act Applicable Laws or the rules or regulations made thereunder. . 18.2 In case of Default by Promoter Promoter/Transferor under the conditions listed above, Allottee the Allottee/Transferee is entitled to the following: (i) Stop making further payments to Promoter Promoter/Transferor as demanded by the Promoter/Transferor. If the Allottee Allottee/Transferee stops making payments, the Promoter Promoter/Transferor shall correct the situation by completing the construction milestones and only thereafter thereinafter the Allottee Allottee/Transferee be required to make the next payment without any penal interest; or (ii) The Allottee Allottee/Transferee shall have the option of terminating the Agreement in which case the Promoter Promoter/Transferor shall be liable to refund the entire money paid by the Allottee Allottee/Transferee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate specified in the Rules Applicable Interest Rate within forty-five days of receiving the termination notice: Provided that where an Allottee the Allottee/Transferee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter/Transferor, interest at the rate specified in the RulesApplicable Interest Rate, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee . 18.3 All defaults, breaches and/or non-compliance of any of the terms and conditions of this Agreement and/or the Allotment Letter shall be considered under a condition deemed to be events of Default, on the occurrence defaults liable for consequences stipulated herein. Some of the following eventsindicative events of defaults are mentioned below which are merely illustrative and not exhaustive: (i) In case the Allottee fails to make payments for consecutive demands made Failure by the Promoter as per Allottee/Transferee to countersign and return the Payment Plan annexed hereto, despite having been issued notice in that regard Promoter/Transferor’s copy of the allottee shall be liable to pay interest Allotment Letter to the promoter on Promoter/Transferor within the unpaid amount at the rate specified time stipulated therefor in the RulesAllotment Letter. (ii) In Failure to make the payments within the date stipulated therefor in the Allotment Letter or in this Agreement of the Sale Price, stamp duty, registration fee, legal expenses, any incidental charges, including, but not limited to, security deposit, lease rent, deposits for bulk supply of electrical energy, taxes, as may be notified by the Promoter/Transferor to the Allottee/Transferee from time to time. (iii) Failure to execute and register the transfer deed or any other deed/ document/ undertakings/ indemnities etc. or to perform any other obligation, if any, set forth in any other agreement with the Promoter/Transferor relating to the Apartment. Failure to take possession of the Apartment within the date stipulated by the Promoter/Transferor in its notice for possession. (iv) Failure to execute the Maintenance Agreement and/or to pay on or before its due date the Maintenance Charges, maintenance security deposits, or any increases in respect thereof, as demanded by the Promoter/Transferor, its nominee, other Body or Association of Owners/Association of the Smart Homes Zone or Renaissance, as the case may be. (v) Failure, pursuant to a demand by the Promoter/Transferor in terms of Default this Agreement, to become a member of the association of owners of the Smart Homes Zone and/or Renaissance or to pay subscription charges etc. as may be required by Allottee the Promoter/Transferor or the association of owners, as the case may be. (vi) Assignment of the Allotment Letter or any interest of the Allottee/Transferee therein without prior written consent of the Promoter/Transferor. (vii) Dishonour of any cheque(s) given by any Allottee/Transferee for any reason whatsoever. (viii) Failure to abide with the Development Control Regulations/Hand Book. (ix) Any other acts, deeds or things which the Allottee/Transferee may commit, omit or fail to perform in terms of this Agreement, any other undertakings, affidavits, indemnities etc. or as demanded by the Promoter/Transferor which in the opinion of the Promoter/Transferor amounts to an event of default and the Allottee/Transferee shall be bound to abide by the decision of the Promoter/Transferor in this regard which shall be final and binding on the Allottee/Transferee. 18.4 Without prejudice to the rights of the Promoter/Transferor to charge interest in terms of this Agreement, upon the occurrence of any one or more of event(s) of default under this Agreement including, but not limited to, those specified above, the condition listed above continues for Promoter/Transferor may at its sole discretion shall issue a notice of such default to the Allottee/Transferee and the Allottee/Transferee shall be provided with a period beyond consecutive months after notice of fifteen (15) days from the Promoter in this regarddate of such notice to cure the said default or breach. In the event that the Allottee/Transferee fails to cure such default or breach, within fifteen (15) days from the date of notice (or such default or breach is not capable of being rectified), the Promoter Promoter/Transferor shall have the option to cancel and terminate this Agreement by sending a cancellation letter by Registered/Speed Post with A/D at the address provided by the Allottee/Transferee(s) and/or e-mail at the e-mail address provided by the Allottee/Transferee, intimating him of the specific breach or default of terms and conditions in respect of which the Promoter/Transferor is cancelling and terminating this Agreement. On such cancellation, the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.immediately cancelled and the Allottee/Transferee shall have no right whatsoever with respect to the Apartment. Upon cancellation of the allotment and termination of the Agreement, the Promoter/Transferor shall, within 45 (forty-five) days from such termination, refund by way of cheque/demand draft all amounts paid by the Allottee/Transferee till the date of cancellation less the Cancellation Charges without interest, being the liquidated damages payable to the Promoter/Transferor:

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Developer/ Promoter shall be considered under a condition of Default, in the following events: (i) Developer/ Promoter fails to provide ready to move in possession of the [Apartment/Plot] Flat to the Allottee Purchaser within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which wShK M. RAHAMANich is complete in all respects; (ii) Discontinuance of the Developer/ Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Developer/ Promoter under the conditions listed above, Allottee Purchaser is entitled to the following: (i) Stop making further payments to Developer/ Promoter as demanded by the Developer/ Promoter. If the Allottee Purchaser stops making payments, the Developer/ Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any penal interest; or (ii) The Allottee Purchaser shall have the option of terminating the Agreement in which case the Developer/ Promoter shall be liable to refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee a Purchaser does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterDeveloper/ Promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee Purchaser fails to make payments for consecutive demands made by the Developer/ Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee Purchaser shall be liable to pay interest to the promoter Developer/ Promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond consecutive months after notice from the Developer/ Promoter in this regard, the Developer/ Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee Purchaser and refund the amount money paid to him by the allottee Purchaser by deducting the booking amount and the interest liabilities and this Agreement shall thereupon thereuponSK X. XXXXXXX stand terminated.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide ready to move in possession of the [Apartment/Plot] Unit to the Allottee within the time period specifiedspecified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this clause, 'para ‘ready to move in possession' shall mean that the apartment Unit shall be in a habitable condition which is complete in all respects;. (ii) . Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case ease of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) i. Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; orbe (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentUnit, along with interest at the rate specified prescribed in the Rules within forty-five days of receiving the termination notice: notice and further subject to the allottee prior to receipt of refund on the above account from the Promoter, at his own costs and expenses, execute all necessary cancellation related documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. Unit, which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified prescribed in the Rules.; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter shall upon 30 days written notice may cancel the allotment of the [Apartment/ Plot] Unit in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated, subject to compliance of clause 34.16. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions with the Promoter agreeing to provide the Allottee with such assistance as may be reasonably requested for by the Allottee for the same, provided that if under Applicable Laws, the Promoter be entitled to claim refund of any of the aforestated amounts so deposited, then the Promoter shall apply for such refund and after receipt thereof, hand over the same to the Allottee. The Allottee expressly acknowledges understands and agrees that in the event of cancellation or termination of the allotment of the Apartment in terms of this Agreement by the Promoter or the Allottee, as the case may be, the Promoter shall be at liberty to act as the constituted attorney of the Allottee and execute, present for registration and register unilaterally a deed of cancellation in the event Allottee fails to do so in spite of several reminders and the Allottee shall cease to have any right title interest whatsoever in the Apartment or Project Land or Project on and from the date of expiry of the period mentioned in the notice of cancellation or termination issued by the Promoter or the Allottee, as the case may be.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within and also all the components of Total Price as defined in Clause1.2within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for ____ consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond ____ consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Agreement for Sale