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Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re under. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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 34 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 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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 25 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) The Promoter fails to provide ready to move in possession of the [Apartment/PlotApartment /Flat] to the Allottee Allottee(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 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 the re underthereunder. 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 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 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Apartment/ Plot], which shall be paid by the promoter Promoter to the allottee 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 consecutive demands made by the Promoter as per the Payment Plan payment plan annexed hereto, 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 prescribed in the Rules;. (ii) In case of Default default by Allottee Aloottee under the condition conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Apartment/ Plot] in favour of the Allottee Allottee(s) and refund the 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. terminated : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination.

Appears in 18 contracts

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

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 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 In case ease 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 the Allottee be required to make the next payment without any 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 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 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-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 Incase 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 prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond beyond__ _ consecutive months montis after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking hooking 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 15 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (10.1.) Subject to the Force Majeure clauseconditions, the Promoter shall be considered under a condition of DefaultDefaulter, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Plot to the Allottee within the time period specified in para 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 paraPara, 'ready to move in possession' shall mean that the apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilitiesrespects, 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 the re there under. 9.2 (10.2.) In case of any Default committed 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 thereafter, the Allottee shall be required to make the next payment without any 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 prescribed in the Rules within forty-five days of receiving the termination notice: : (iii) Provided that where when 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot], Plot which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 9.3 (10.3.) The Allottee shall be considered under a condition of DefaultDefaulter, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 3 consecutive demands made by the Promoter as per the Payment Plan [schedule C] annexed hereto, despite having been issued notice in that regard this regard, the allottee Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the [Apartment/Plot] Plot in favour of the Allottee and shall refund the money paid amount to him by the allottee by Allottee after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such terminationtermination of agreement.

Appears in 12 contracts

Samples: Sale Agreement, Agreement for 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 Defaultdefault, in the following events: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 specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 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 the re underthereunder. 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 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 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/PlotApartment/ Unit], which shall be paid by the promoter Promoter to the allottee 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 consecutive after 7 days of demands made by the Promoter as per the Payment Plan payment plan annexed hereto, 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 prescribed in the Rules;. (ii) In case of Default default by Allottee under the condition conditions listed above continues for a period beyond consecutive months thirty days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/PlotApartment/ Unit] in favour of the Allottee Allottee(s) and refund the 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. terminated : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination.

Appears in 11 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/PlotApartment /Flat] to the Allottee Allottee(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 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 the re underthereunder. 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 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 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 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 Promoter to the allottee 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 hereto, 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 prescribed in the Rules;. (ii) In case of Default default by Allottee under the condition conditions listed above continues for a period beyond three consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee Allottee(s) and refund the 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. terminated : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination.

Appears in 10 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. 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 within the time period specified 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 para, 'para ‘ready to move in possession' shall mean that the apartment shall be in 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 competent authority; (ii) Discontinuance of the Promoter’s /Developer's business as a developer on account of accountof suspension or revocation of his registration under the provisions permissions of the Act or the rules or regulations made the re under. 9.2 9.2. In case of Default by Promoter Promoter/Developer under the conditions listed above, Allottee is entitled to the followingfollowing : (i) Stop making further payments to Promoter Promoter/Developer as demanded by the Promoter/Developer. If the Allottee stops making payments, payments the Promoter 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 interest; or (ii) The Allottee 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 under any head whatsoever towards the purchase of the apartment, along with interest at the rate 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/Developer, interest at the rate 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 Promoter/Developer to the allottee within forty-five days of it becoming due. 9.3 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 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 Promoter/Developer on the unpaid amount at the rate prescribed prescribe 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 Promoter/Developer in this regard, the Promoter Promoter/Developer may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. ; Provided that the promoter Promoter/Developer shall intimate the allottee about such termination at least thirty days prior to such termination.

Appears in 9 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 in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project with the Authorityauthority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 prescribed 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 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 Promoter to the allottee 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 prescribed 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 may 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. Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 9 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/PlotApartment /Flat] to the Allottee Allottee(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 competent authority; (ii) Discontinuance of the Promoter’s 's business as a developer developer/promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made the re underthereunder. 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 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 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 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 Promoter to the allottee 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 hereto, 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 prescribed in the Rules;. (ii) In case of Default default by Allottee Allottee(s) under the condition conditions listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment/ Flat in favour of the Allottee Allottee(s) and refund the 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. terminated : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination.

Appears in 8 contracts

Samples: Sale Agreement, Agreement for 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 events: (i) Promoter fails to provide ready to move in possession of the plot [Apartment/Plot] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 plot apartment, along with interest at the rate 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the plot [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 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 prescribed in based on the RulesState Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; (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 may cancel the allotment of the plot [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount or 10% of the total price of the plot, whichever is more 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 7 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 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 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re there under. 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 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 prescribed in the Rules within forty-five days of receiving the termination noticenotice : 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 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 Promoter to the allottee 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 Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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.beyond....

Appears in 7 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 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 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 Authorityspecified. For the purpose of this paraclause, 'ready to move in possession' shall mean that the apartment shall be in 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 competent authorityrespects; (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 the re underthereunder. 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 prescribed 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 prescribed 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. 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 prescribed 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 may 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. Provided that the promoter shall intimate the allottee about such termination at least thirty days prior to such termination.

Appears in 7 contracts

Samples: Agreement for Sale, Agreement for Sale, Draft 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] to the Allottee within the time period specified 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 In case ease 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 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 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 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 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 prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee Allottee 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 6 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 Apartment/ Plot]to the Allottee within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, 'para ‘ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 interest; or (ii) The Allottee shall have the option of terminating termination 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 prescribed 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 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 become 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 may 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 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 may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the money paid to him by the allottee 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 6 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 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 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 para, 'para ‘ready to move moved in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects respect 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, 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 the re underthereunder. 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, 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 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 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 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 Promoter to the allottee Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence occurance of the following eventsevents : (i) In case the Allottee fails to make payments payment 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. ; Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination.

Appears in 6 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 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 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re there under. 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 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 prescribed in the Rules within forty-forty- five days of receiving the termination noticenotice : 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 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 Promoter to the allottee 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 Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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.beyond....

Appears in 6 contracts

Samples: Sale Agreement, Agreement for 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 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 specified in para Para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment Apartment or Flat shall be in 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 competent authority; (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 or the rules or regulations made the re underthereunder. 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 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 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 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 Promoter to the allottee 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 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 may cancel the allotment of the [Apartment/Plot] Apartment/ Flat in favour of the Allottee Allottee(s) and refund the 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. terminated : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination.

Appears in 5 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount, 50% of the balance amount deposited over and above such 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 5 contracts

Samples: Agreement for Sale, Agreement for Sale, Agreement for Sale (Ews)

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the Promoter shall be considered under a condition of default (“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 in para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, clause 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, 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 Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made the re underthereunder. 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the apartmentApartment, along with interest at the rate prescribed in the Rules within 45 (forty-five 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 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 Promoter to the allottee Allottee within 45 (forty-five five) days of it becoming due. 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. 9.3 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 any of the payments for consecutive demands made by within the Promoter due dates 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 prescribed in the Rules;. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow- up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and cenvat claimed and/or 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. (iii) The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Promoter or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Promoter shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. 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 (iv) In the event construction of the wing or floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 months due to Applicable Law, the Promoter shall have the option to terminate this Agreement. In such an event the Promoter shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice. 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

Appears in 5 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 (s) within the time period specified in para Para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 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 the re underthereunder. 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 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 prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an notice subject to the Allottee does not intend shall prior to withdraw receipt of refund on the above account from the project or terminate the AgreementPromoter, he shall be paidat his own costs and expenses, execute all necessary cancellation related documents required by the promoter, interest at the rate 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.Promoter; 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 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 upon 30 days written notice may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount and the interest liabilities togetherwith amount paid towards GST and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the allottee about such termination at least thirty days prior , subject to such termination.compliance of clause 35.10;

Appears in 5 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/PlotApartment /Flat] to the Allottee Allottee(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 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 the re underthereunder. 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 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 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Apartment/ Plot], which shall be paid by the promoter Promoter to the allottee 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 consecutive demands made by the Promoter as per the Payment Plan payment plan annexed hereto, 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 prescribed in the Rules;. (ii) In case of Default default by Allottee Aloottee under the condition conditions listed above continues for a period beyond ----- ------------- consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Apartment/ Plot] in favour of the Allottee Allottee(s) and refund the 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. terminated : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination.

Appears in 5 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the Promoter Prompter 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 lime period specified 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 9.2. In case ease 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 the Allottee be required to make the next payment without any 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 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 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 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 tails 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 prescribed in the RulesRules ; (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 may cancel the allotment of the [[ Apartment/Plot] in favour of the Allottee and refund the money paid to him by (the allottee by deducting the booking hooking 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 4 contracts

Samples: Agreement for Sale, Sale Agreement, 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 eventsevents : (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re there under. 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 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 prescribed in the Rules within forty-five days of receiving the termination noticenotice : 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 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 Promoter to the allottee Allottee within forty-five days of it becoming due. 9.3 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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.beyond....

Appears in 4 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 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 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re under. 9.2 thereunder. In case ease of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (iiii) 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 interest; or (iiiv) 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 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 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 shall be considered under a condition of Default, on the occurrence of the following events: (iv) 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 prescribed in the Rules; (iivi) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee Allottee 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 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] Bungalow to the Allottee ALLOTTEES within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, 'para ‘ready to move in possession' shall mean that the apartment Bungalow shall be in 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 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 the re underthereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee ALLOTTEES is entitled to the following: (i) Stop making further payments 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 interest; or (ii) The Allottee ALLOTTEES shall have the option of terminating termination the 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 of the apartmentBungalow, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Bungalow, which shall be paid by the promoter to the allottee ALLOTTEES within forty-five days of it becoming become due. 9.3 The Allottee ALLOTTEES shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee ALLOTTEES fails to make payments for consecutive demands made may 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 on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee ALLOTTEES under the condition listed above continues for a period beyond 3 (Three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Bungalow in favour of the Allottee ALLOTTEES and refund the money paid to him by the allottee ALLOTTEES by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. ; Provided that the promoter shall intimate the allottee ALLOTTEES about such termination at least thirty days prior to such termination.

Appears in 4 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the Promoter shall be considered under a condition of default (“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 in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, clause 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, 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 Rules or regulations Regulations made the re underthereunder. 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the apartmentApartment, along with interest at the rate prescribed in the Rules within forty-five 45 (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 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 Promoter to the allottee Allottee within 45 (forty-five five) days of it becoming due. 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. 9.3 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 any of the payments for consecutive demands made by within the Promoter due dates 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 prescribed in the Rules;. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. 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. (iii) The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Promoter or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Promoter shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. 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 (iv) In the event construction of the wing or floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Promoter shall have the option to terminate this Agreement. In such an event the Promoter shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice. 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

Appears in 4 contracts

Samples: Agreement for Sale, 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 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 prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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 4 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 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re under. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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 4 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 specified mentioned in para 7.1 Recital F above or fails to complete the project Said Phase within the stipulated time disclosed at the time of registration of the project registering it with the Authority. For the purpose of this para, para 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation occupancy certificate, the completion certificate, the partial occupancy certificate and or the partial completion certificate, as the case may be, has been issued by the competent authorityCompetent 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 the re underthereunder. 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 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 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 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 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 payment of any demand within 15 (fifteen) days from the Promoter date of the demand 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 Developer on the unpaid amount at the rate prescribed mentioned in the Rulesproviso to Clause 1.11; (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 Developer may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the 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 terminated. Provided terminated provided that the promoter Developer shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. For the refund of taxes, if any, the Allottee shall have to apply directly to the concerned authorities.

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] Pent Houses[Apartment/ROW-HOUSE]; to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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/Pent Houses, apartment, ,along with interest at the rate 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment/Pent Houses; [Apartment/PlotROW-HOUSE], which shall be paid by the promoter to the allottee within forty-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 prescribed in based on the RulesState Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; (ii) 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 may cancel the allotment of the Apartment/Pent Houses [Apartment/PlotROW-HOUSE] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount or 10% of the total price of the Apartment/Pent Houses , whichever is more 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 4 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] said Unit to the Allottee within the time period specified in para 7.1 or fails to complete the project said Project within the stipulated time disclosed at the time of registration of the project said Project with the Authority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment said Unit shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, 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 the re underthereunder. 9.2 9.2. 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 milestones and only thereafter the Allottee be required to make the next payment without any 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 to the Promoter, under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate 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 Project or terminate the Agreement, he he/she/they shall be paid, paid by the promoterPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]said Unit, which shall be paid by the promoter Promoter to the allottee Allottee within 45 (forty-five five) days of it becoming due. 9.3 9.3. 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 for consecutive demands made by the Promoter as per the Payment Plan Paln 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 prescribed in the Rules; (ii) 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 in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour favor of the Allottee and refund the money paid to him by the allottee Allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. ; Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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 3 contracts

Samples: Agreement for Sale, Sale Agreement, 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] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 prescribed in based on the RulesState Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; (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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount or 10% of the total price of the apartment, whichever is more 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 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (9.1.) Subject to the Force Majeure clauseconditions, the Promoter shall be considered under a condition of DefaultDefaulter, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Plot to the Allottee within the time period specified in para 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 paraPara, 'ready to move in possession' shall mean that the apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilitiesrespects, 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 the re underthereunder. 9.2 (9.2.) In case of any Default committed 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 thereafter, the Allottee shall be required to make the next payment without any 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 prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where when 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot], Plot which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 9.3 (9.3.) The Allottee shall be considered under a condition of DefaultDefaulter, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 3 consecutive demands made by the Promoter as per the Payment Plan [schedule C] annexed hereto, despite having been issued notice in that regard this regard, the allottee Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the [Apartment/Plot] Plot in favour of the Allottee and shall refund the money paid amount to him by the allottee by Allottee after deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such terminationtermination of agreement.

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 events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Plot to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment Plot/Shop/Flat shall be in 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 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 the re under. 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 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/Shop/Flat, along with interest at the rate 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 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 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 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 prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Plot in favour of the Allottee and refund the money paid to him by the allottee 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 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseclause and Order, direction and decision of Court, 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 prescribed in the Rules within Sixty 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 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 Sixty 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 prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 7 days in the second consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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.to

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 Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Apartment / Plot] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationsspecification, 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 the re underthereunder. 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 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 tntire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five sixty 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Apartment / Plot], ] which shall be paid by the promoter to the allottee within forty-five sixty 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 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 may xxx cancel the allotment of the [Apartment/Apartment / Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter Promoter shall intimate the allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

Samples: Agreement for Sale, Agreement for 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 events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified 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 Authorityauthority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilitiesfacilities(except Broad Infrastructure), 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 the re underthereunder. 9.2 In case of Default by Promoter under the conditions listed above, the Allottee is entitled to the followingfollowing : (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops making paymentspayment, 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 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 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 promoterPromoter, interest at the rate 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 Promoter to the allottee Allottee within forty-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 Promoter on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default by the 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 may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the money paid to him the Promoter by the allottee by Allottee after deducting the booking amount Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

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 events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Duplex / Row House to the Allottee Allottee’s within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment Duplex / Row House shall be in 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 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 the re underthereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee Xxxxxxxx’s is entitled to the following: (i) Stop making further payments to 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 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 apartmentDuplex / Row House, along with interest at the rate prescribed in the Rules within forty-forty- five days of receiving the termination notice: Provided that where an Allottee Xxxxxxxx’s does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Duplex / Row House, which shall be paid by the promoter to the allottee allottee’s within forty-five 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 Allottee’s 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 allottee’s shall be liable to pay interest to the promoter on the unpaid amount at the rate based on the State Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; prescribed in the Rules; (ii) ; In case of Default by Allottee Allottee’s under the condition listed above continues for a period beyond 02 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Duplex / Row House in favour of the Allottee Allottee’s and refund the money paid to him by the allottee allottee’s by deducting the booking amount or 10% of the total price of the Duplex/Row House, whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the allottee allottee’s about such termination at least thirty days prior to such termination.

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) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee (s) within the time period specified in para Para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 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 the re underthereunder. 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 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 prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an notice subject to the Allottee does not intend shall prior to withdraw receipt of refund on the above account from the project or terminate the AgreementPromoter, he shall be paidat his/her/their own costs and expenses, execute all necessary cancellation related documents required by the promoter, interest at the rate 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.Promoter; 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 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 upon 30 days written notice may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount and the interest liabilities togetherwith amount paid towards GST and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the allottee about such termination at least thirty days prior , subject to such termination.compliance of clause 34.10;

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 events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 In case ease 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 the Allottee be required to make the next payment without any 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 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 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-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 Incase 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 prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months montis after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking hooking 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 3 contracts

Samples: Agreement for Sale, Real Estate Development Agreement, 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] to the Allottee within the time period specified 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 Authorityspecified. For the purpose of this paraclause, 'ready to move in possession' shall mean that the apartment shall be in 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 competent authorityrespects; (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 the re underthereunder. 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 prescribed 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 prescribed 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. 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 prescribed 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 may 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 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 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 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re under. 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 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 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 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 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 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 prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the Promoter shall be considered under a condition of default (“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 in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, clause 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, 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 Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made the re underthereunder. 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the apartmentApartment, along with interest at the rate prescribed in the Rules within 45 (forty-five 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 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 Promoter to the allottee Allottee within 45 (forty-five five) days of it becoming due. 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. 9.3 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 any of the payments for consecutive demands made by within the Promoter due dates 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 prescribed in the Rules;. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow- up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and cenvat claimed and/or 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. (iii) The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Promoter or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Promoter shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. 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 (iv) In the event construction of the wing or floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than months due to Applicable Law, the Promoter shall have the option to terminate this Agreement. In such an event the Promoter shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice. 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

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 events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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.beyond

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 Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [ApartmentFlat/Plot/Duplex] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 competent authority; (ii) Discontinuance of the Promoter’s 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 the re underthereunder. 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 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 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [ApartmentFlat/Plot/Duplex], 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that that, the promoter Promoter shall intimate the allottee about such termination at least thirty days prior to such termination. (iii) That, in the event of default by the Allottee, the promoter shall be within his rights to get the Plot allotted to and registered in favour of any other Person/ Party and promoter will also be entitled to recover the losses/damages from Allottee accruing to him as a result of the breach of the terms of this Sale agreement by the Allottee.

Appears in 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the Promoter shall be considered under a condition of default (“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 in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, clause 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, 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 Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made the re underthereunder. 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the apartmentApartment, along with interest at the rate prescribed in the Rules within 45 (forty-five 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 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 Promoter to the allottee Allottee within 45 (forty-five five) days of it becoming due. 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. 9.3 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 any of the payments for consecutive demands made by within the Promoter due dates 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 prescribed in the Rules;. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow- up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and cenvat claimed and/or 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. (iii) The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Promoter or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Promoter shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Allottee, after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. 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 (iv) In the event construction of the wing or floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than months due to Applicable Law, the Promoter shall have the option to terminate this Agreement. In such an event the Promoter shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice. 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

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 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 [Apartment/Plot] Flat to the Allottee Purchasers within the time period specified 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 Authorityspecified. For the purpose of this paraclause, 'ready to move in possession' shall mean that the apartment Flat shall be in 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 competent authorityrespects; (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 the re under. 9.2 thereunder. In case of Default by Promoter Developer under the conditions listed above, Allottee Purchasers is entitled to the following: (i) Stop making further payments to Promoter Developer as demanded by the PromoterDeveloper. If the Allottee Purchasers stops making payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchasers be required to make the next payment without any penal interest; or (ii) The Allottee Purchasers 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 Purchasers under any head whatsoever towards the purchase of the apartmentFlat, along with interest at the rate prescribed specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Purchasers does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoterDeveloper, interest at the rate prescribed 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. 9.3 Flat. The Allottee Purchasers shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee Purchasers fails to make payments 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 Purchasers shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed specified in the Rules;. (ii) In case of Default by Allottee Purchasers under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter Developer in this regard, the Promoter may Developer shall cancel the allotment of the [Apartment/Plot] Flat in favour of the Allottee Purchasers and refund the amount money paid to him by the allottee Purchasers 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 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 events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 In case ease 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 the Allottee be required to make the next payment without any 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 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 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 shall be considered under a condition of Default, on the occurrence of the following events: (i) In case Incase 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 prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months montis after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking hooking 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 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the Promoter shall be considered under a condition of default (“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 in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, clause 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, 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 Rules or regulations Regulations made the re underthereunder. 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the apartmentApartment, along with interest at the rate prescribed in the Rules within 45 (forty-five 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 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 Promoter to the allottee Allottee within forty-five 45 (forty- five) days of it becoming due. 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. 9.3 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 any of the payments for consecutive demands made by within the Promoter due dates 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 prescribed in the Rules;. (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund forfeit an amount equal to the money paid to him by the allottee by deducting the booking amount and Booking Amountand the interest liabilities and this Agreement shall thereupon stand terminated. terminated Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

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 Defaultdefault, in the following events:events:- (i) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Said Unit to the Allottee Allottee(s) within the time period specified in para Para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority or extended by the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Said Unit shall be in 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 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 the re underthereunder. 9.2 In case of Default default by the Promoter under the conditions listed aboveabove PROVIDED the Allottee(s)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 interestinterest provided that this clause shall not be applicable if the payment by the Allottee(s)is not construction linked; 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 apartmentSaid Unit, along with interest at the rate as prescribed in the Rules within forty-five days of receiving the termination noticenotice Subject to Allottee(s)registering the Deed of Cancellation in respect of the Said Unit and Appurtenances: 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Said Unit, which shall be paid by the promoter Promoter to the allottee Allottee(s) 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 prescribed in the Rules;. (ii) In case of Default default by Allottee Allottee(s) under the condition conditions listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Said Unit/ Flat in favour of the Allottee Allottee(s) and refund the money paid to him by the allottee by Allottee(s) after deducting the booking amount (i.e. 10% of the total price with applicable tax) and the interest liabilities and this Agreement shall thereupon stand terminatedterminated and upon registration of the Deed of Cancellation thereof. Provided that Such refund shall not include any amount paid by the Allottee(s) on account of Taxes paid by the Allottee(s) and/or stamp duty, registration charges, legal expenses, brokerage incurred by the Allottee(s)and shall be made out of the amounts received by the Promoter against Sale of Said Unit to any other interested persons. The Allottee(s)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 Allottee(s) 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. 9.1 Subject to the Force Majeure clause, the Developer/Promoter shall be considered under a condition of Defaultdefault, in the following events:events:- (i) The Developer/Promoter fails to provide ready to move in possession of the [Apartment/Plot] said Apartment to the Allottee Purchaser/ Allottee(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project said Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment said Apartment shall be in 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 competent authority; (ii) Discontinuance of the Developer/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 Rules or regulations Regulations made the re underthereunder. 9.2 In case of Default default by the Developer/Promoter under the conditions listed above, Allottee Purchaser/Allottee(s) is entitled to the following:following:- (i) Stop making further payments to the Developer/Promoter as demanded by the Developer/Promoter. If the Allottee Purchaser/Allottee(s) stops making payments, the Developer/Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser/Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee Purchaser/Allottee(s) 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/Allottee(s) under any head whatsoever towards the purchase of the apartmentsaid Apartment, along with a simple interest at as per banking interest rates of the rate prescribed in the Rules State Bank of India within forty-five days of receiving the termination noticenotice : Provided that where an Allottee Purchaser/Allottee(s) does not intend to withdraw from the project said Project or terminate the Agreement, he shall be paid, by the promoterDeveloper/Promoter, a simple interest at as per banking interest rates of the rate prescribed in the RulesState Bank of India, for every month of delay till the handing over of the possession of the [said Apartment/Plot], which shall be paid by the promoter Developer/Promoter to the allottee Purchaser/Allottee(s) within forty-five days of it becoming due. 9.3 The Allottee Purchaser/Allottee(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee Purchaser/Allottee(s) fails to make payments for consecutive demands made by the Developer/Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard regard, the allottee Purchaser/Allottee(s) shall be liable to pay interest to the promoter Developer/Promoter on the unpaid amount at the rate prescribed in the RulesRules ; (ii) In case of Default default by Allottee Purchaser/Allottee(s) under the condition conditions listed above continues for a period beyond 3 consecutive months after notice from the Developer/Promoter in this regard, the Developer/Promoter may cancel the allotment of the [Apartment/Plot] said Apartment in favour of the Allottee Purchaser/Allottee(s) and refund the money paid to him the Developer/ Promoter by the allottee Purchaser/Allottee(s) by deducting the entire booking amount amount, all taxes, charges, levies, cess, assessments and impositions and the interest and liabilities as applicable and this Agreement shall thereupon stand terminated. : Provided that the promoter Developer/Promoter shall intimate the allottee Purchaser/ Allottee(s) 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. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the Promoter shall be considered under a condition of default (“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 in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, clause 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, 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 Rules or regulations Regulations made the re underthereunder. 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the apartmentApartment, along with interest at the rate prescribed in the Rules within 45 (forty-five 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 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 Promoter to the allottee Allottee within 45 (forty-five five) days of it becoming due. 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. 9.3 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 any of the payments for consecutive demands made by within the Promoter due dates 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 prescribed in the Rules;. (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund forfeit an amount equal to the money paid to him by the allottee by deducting the booking amount and Booking Amountand the interest liabilities and this Agreement shall thereupon stand terminated. terminated Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

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) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re under. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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.beyond

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (10.1.) Subject to the Force Majeure clauseconditions, the Promoter shall be considered under a condition of DefaultDefaulter, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Plot to the Allottee within the time period specified in para 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 paraPara, 'ready to move in possession' shall mean that the apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilitiesrespects, 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 the re underthereunder. 9.2 (10.2.) In case of any Default committed 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 thereafter, the Allottee shall be required to make the next payment without any 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 prescribed in the Rules within forty-five days of receiving the termination notice: : (iii) Provided that where when 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot], Plot which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 9.3 (10.3.) The Allottee shall be considered under a condition of DefaultDefaulter, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 3 consecutive demands made by the Promoter as per the Payment Plan Plan[schedule C] annexed hereto, despite having been issued notice in that regard this regard, the allottee Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the [Apartment/Plot] Plot in favour of the Allottee and shall refund the money paid amount to him by the allottee by Allotteeafter deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the allottee Allottee about such termination at least thirty leastthirty days prior to such terminationtermination of agreement.

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) Promoter fails to provide ready to move in possession of the [Apartment/Plot] ‘Said Unit’ to the Allottee within the time period specified in para 7.1 herein or fails to complete the project ‘Said Unit’ within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, para 'ready to move in possession' shall mean that the apartment ‘Said Unit’ shall be in 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 competent authorityrespects; (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 the re underthereunder. 9.2 In case ease 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 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‘Said Unit’, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: ; Provided that where an a Allottee does not intend to withdraw from the project Allotment or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate 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‘Said Unit’. 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 Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate prescribed 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 upon 30 days written notice may cancel the allotment of the [Apartment/Plot] ‘Said Unit’ in favour of the Allottee and refund the money paid to him by the allottee Allottee 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. 9.1 17.1 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] Plot to the Allottee Allottee/Transferee within the time period specified 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 Authorityspecified. For the purpose of this paraclause, 'ready to move in possession' shall mean that the apartment shall be in 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, Plot has been issued made ready by the competent authorityPromoter/Transferor after completing the infrastructures related to and/or surrounding the Plot; (ii) Discontinuance of the Promoter’s /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 the re underthereunder. 9.2 17.2 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 thereafter, 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 apartmentPlot, along with interest at the rate prescribed 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 prescribed in the RulesApplicable Interest Rate, for every month of delay till the handing over of the possession of the [Apartment/Plot]. 17.3 All defaults, which breaches and/or non-compliance of any of the terms and conditions of this Agreement and/or the Allotment Letter shall be paid by the promoter deemed to the allottee within forty-five days be events of it becoming due. 9.3 The Allottee shall be considered under a condition 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 prescribed time stipulated therefor in the Rules;Allotment Letter. (ii) In case Failure to make the payments within the date stipulated therefor in the Allotment Letter or in this Agreement of Default 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 Allottee under the condition listed 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 Plot. Failure to take possession of the Plot within the date stipulated by the Promoter/Transferor in its notice for possession. (iv) Failure to get the plans for construction on the Plot sanctioned from the concerned authorities as per the process mentioned above continues for and commence construction on the Plot within 1 (One) year from the Possession Date (v) Failure to complete the construction on the Plot and have the same fully functional and operational within a period beyond consecutive of 60 (Sixty) months after notice from the Promoter Possession Date. (vi) 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 Project. (vii) Failure, pursuant to a demand by the Promoter/Transferor in terms of this Agreement, to become a member of the association of owners of the Project or to pay subscription charges etc. as may be required by the Promoter/Transferor or the association of owners, as the case may be. (viii) Assignment of the Allotment Letter or any interest of the Allottee/Transferee therein without prior written consent of the Promoter/Transferor. (ix) Dishonour of any cheque(s) given by any Allottee/Transferee for any reasonwhatsoever. (x) Failure to abide with the Development Control Regulations/Hand Book. (xi) 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 regardregard which shall be final and binding on the Allottee/Transferee. 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 Promoter Promoter/Transferor may at its sole discretion issue a notice of such default to the Allottee/Transferee and the Allottee/Transferee shall be provided with a period of 15 (fifteen) days from the date 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 15 (fifteen) days from the date of notice (or such default or breach is not capable of being rectified), the 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 money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminatedimmediately cancelled and the Allottee/Transferee shall have no right whatsoever with respect to the Plot. Provided that Upon cancellation of the promoter shall intimate allotment and termination of the allottee about such termination at least thirty Agreement, the Promoter/Transferor shall, within 45 (forty-five) days prior to 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 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 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 ALLOTTEE within the time period specified 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 Authorityspecified. For the said purpose of this para, 'ready to move in possession' shall mean that the apartment Said Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the partiesspecified in Schedule of this Agreement, 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 /Developer’ 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 the re there under. 9.2 . In case of Default by Promoter Promoter/Developer under the conditions listed above, Allottee ALLOTTEE is entitled to the following: (i) Stop making further payments to Promoter Promoter/Developer as demanded by the Promoter/Developer. If the Allottee stops ALLOTTEE stop making payments, payments the Promoter Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee ALLOTTEE be required to make the next payment without any interest; or (ii) The Allottee ALLOTTEE 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 ALLOTTEE under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-forty- five days of receiving the termination notice: notice subject to ALLOTTEE registering the deed of cancellation in respect of the Said Unit and Appurtenances; Provided that where an Allottee does ALLOTTEE do not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Said Unit, which shall be paid by the promoter Promoter/Developer to the allottee ALLOTTEE within forty-five days of it becoming due. 9.3 . The Allottee ALLOTTEE shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails ALLOTTEE fail to make payments for consecutive demands made by payment to the Promoter Promoter/Developer 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/Developer on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee ALLOTTEE under the condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter Promoter/Developer in this regard, the Promoter Promoter/Developer, upon 30 (thirty) days written notice, may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee ALLOTTEE and refund forfeit the 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 Unit and Appurtenances and upon retransfer of the Said Unit and Appurtenances i.e. upon the Promoter/Developer subsequently transferring the Said Unit and Appurtenances to another ALLOTTEE and receipt of the price thereon, the Promoter/Developer 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/Developer 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/Developer and/or the Said Unit and Appurtenances and the interest liabilities Promoter/Developer shall be entitled to deal with and/or dispose off the Said Unit and this Agreement shall thereupon stand terminated. Provided that Appurtenances in the promoter shall intimate the allottee about such termination at least thirty days prior to such terminationmanner it deems fit and proper.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 a. Subject to the Force Majeure clause, the Promoter Vendor shall be considered under a condition of Default, in the following events: (i) Promoter Vendor fails to provide ready to move in possession of the [Apartment/Plot] Schedule-B Property to the Allottee Purchaser/s within the time period specified in para paragraph 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authorityauthority. For the purpose of this paraparagraph, 'ready to move in possession' possession shall mean that the apartment shall be in 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 applied before the competent authority; (ii) Discontinuance of the Promoter’s Vendor 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 the re underthereunder. 9.2 b. In case of Default by Promoter Vendor under the conditions listed above, Allottee the Purchaser/s is entitled to the followingfollowing : (i) Stop making further payments to Promoter the Vendor as demanded by the PromoterVendor. If the Allottee Purchaser/s stops making paymentspayment, then the Promoter Vendor shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser/s be required to make the next payment without any interest; or. (ii) The Allottee Purchaser/s 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/s under any head whatsoever towards the purchase of the apartmentSchedule-B property, along with interest at the rate prescribed in the Rules within forty-five days 6 (six) months of receiving the termination notice: ; Provided that where an Allottee Purchaser/s does not intend to withdraw from the project or terminate the Agreement, he he/she/they shall be paid, by the promoterVendor, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Schedule-B property, which shall be paid by the promoter Vendor to the allottee Purchaser/s within forty-five days 6 (six) months of it becoming due. 9.3 c. The Allottee Purchaser/s shall be considered under a condition of Default, on the occurrence of the following events: (i) In : That in case of default in payment of balance amount within the Allottee fails stipulated period as aforesaid or non observance and compliance of any of the terms and conditions hereof the Vendor shall be at liberty to make payments for consecutive demands made terminate this agreement and forfeit 10% of the consideration amount together with the proportionate interest liability, GST and other Government Taxes and shall be at liberty to dispose of the Schedule-B property in such manner and to such person as they may think fit and the purchaser shall not be entitled to question or dispute such sale 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 Vendor on the unpaid any ground whatsoever or claim any amount at the rate 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 whatsoever on this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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 terminationaccount.

Appears in 2 contracts

Samples: Sale Agreement, Agreement to Sell

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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re there under. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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. 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 plot [Apartment/Plot] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 Construction Development milestones and only thereafter the Allottee be required to make the next payment without any 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 plot apartment, along with interest at the rate 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the plot [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 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 prescribed in based on the RulesState Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; (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 may cancel the allotment of the plot [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount or 10% of the total price of the plot, whichever is more 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: 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) 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 specified in para Para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority or extended by the Authority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment said Apartment shall be in 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 competent authority; (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 or the rules or regulations made the re underthereunder. 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 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 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, subject to the provision herein interest at the rate 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 Promoter to the allottee 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 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 may cancel the allotment of the [Apartment/Plot] Apartment/ Flat in favour of the Allottee Allottee(s) and refund the 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 Promoter shall intimate the allottee 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. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following eventsevents :- (i) The Promoter fails to provide ready to move in possession of the [Apartment/PlotFlat] to the Allottee Allottee(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 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 the re underthereunder. 9.2 In case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the followingfollowing :- (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 interestinterest ; 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 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 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 eventsevents : (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 hereto, despite having been issued notice in that regard inthat regard, the allottee Allottee(s) shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate 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 may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Allottee(s) and refund the money paid to him by the allottee Allottee(s) by deducting the 10% booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. terminated : Provided that the promoter Promoter shall intimate the allottee 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. 9.1 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 / Purchaser within the time period specified in para Clause 7.1 or fails to complete the project Real Estate Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, 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 including the provision of all specifications, amenities and facilities, specifications as agreed to between the partiesspecified in Schedule D of this Agreement, 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 Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made the re there under. 9.2 9.2. In case of Default by Promoter under the conditions listed above, Allottee / Purchaser is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee / Purchaser stops making payments, payments 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 interest; or (ii) The Allottee / Purchaser 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 / Purchaser under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice subject to allottee / Purchaser registering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee Allottee/ Purchaser does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate 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 Promoter to the allottee Allottee / Purchaser within forty-five days of it becoming due. 9.3 9.3. 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 payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee / Purchaser shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee / Purchaser under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee / Purchaser. Upon registration of the deed of cancellation in respect of the Said Apartment and refund Appurtenances and upon resale of the money paid Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to him by another allottee / Purchaser and receipt of the allottee by sale price thereon, the Promoter shall after adjusting/deducting the booking amount amount, refund to the Allottee / Purchaser, 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 / Purchaser 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 terminated. Provided that Appurtenances in the promoter shall intimate the allottee about such termination at least thirty days prior to such terminationmanner it deems fit and proper.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (i) Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (ia) Promoter Developer fails to provide ready to move in possession of the [Apartment/Plot] Said Apartment to the Allottee Purchaser/s within the time period specified in para 7.1 Clause (9)(a) or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, 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 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; (iib) Discontinuance of the Promoter’s Developer'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 the re underthereunder. 9.2 (ii) In case of Default by Promoter Developer under the conditions listed above, Allottee the Purchaser/s is entitled to the following: (ia) Stop making further payments to Promoter the Developer as demanded by the PromoterDeveloper. If the Allottee Purchaser/s stops making payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser/s be required to make the next payment without any interest; or (iib) The Allottee Purchaser/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 Purchaser/s under any head whatsoever towards the purchase of the apartmentSaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days 45 (Forty Five) days’ of receiving the termination notice: ; Provided that where an Allottee a Purchaser/s does not intend to withdraw from the project or terminate the Agreement, he he/she shall be paid, by the promoterDeveloper, interest at the rate 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 Developer to the allottee Purchaser/s within forty45 (Forty-five days Five) days’ of it becoming due. 9.3 (iii) The Allottee Purchaser/s shall be considered under a condition of Default, on the occurrence of the following events: (ia) In case the Allottee fails Purchaser/s fail/s to make payments for consecutive demands made by the Promoter Developer as per the Payment Plan annexed detailed in the THIRD SCHEDULE hereto, despite having been issued notice in that regard the allottee Purchaser/s shall be liable to pay interest to the promoter on the unpaid amount Developer, interest at the rate of State Bank of India Prime Lending Rate (SBIPLR) + 2% (Two Percent) per annum or such other rate of interest as may be prescribed in from time to time under Applicable Laws, on all delayed payments which become due and payable by the Rules;Purchaser/s under the terms of this Agreement from the date the amount is payable by the Purchaser/s for the period of delay. (iib) In case of Default by Allottee Purchaser/s under the condition listed above continues for a period beyond 3(Three) consecutive months months’ after notice from the Promoter Developer in this regard, the Promoter Developer may upon 30(Thirty) days’ written notice cancel the allotment of the [Apartment/Plot] Said Apartment in favour of the Allottee Purchaser/s and refund the money paid to him by the allottee Purchaser/s by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated; c) On and from the refund as mentioned above, this Agreement shall stand cancelled automatically without any further act from the Parties and the Purchaser/s shall have no right title and/or interest on the Said Apartment and/or any portion thereof and/or the Said Property and the Purchaser/s shall not be entitled to claim any charge on the Said Apartment and/or any part or portion thereof, in any manner whatsoever. Provided For avoidance of doubt, it is hereby clarified that the promoter Developer shall intimate not be held liable in any manner whatsoever, for any delay in receipt or non- receipt of any refund by the allottee about such termination at least thirty days prior Purchaser/s in accordance with the terms of this Agreement for any reason including but not limited to such terminationany delay by the Indian Postal Authority or due to a change in address of the Purchaser/s (save as provided in this Agreement) or loss during transit.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (10.1.) Subject to the Force Majeure clauseconditions, the Promoter shall be considered under a condition of DefaultDefaulter, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Plot to the Allottee within the time period specified in para 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 paraPara, 'ready to move in possession' shall mean that the apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilitiesrespects, 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 the re underthereunder. 9.2 (10.2.) In case of any Default committed 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 thereafter, the Allottee Allotteeshall be required to make the next payment without any 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 prescribed in the Rules within forty-five days of receiving the termination notice: : (iii) Provided that where when 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot], Plot which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 9.3 (10.3.) The Allottee shall be considered under a condition of DefaultDefaulter, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 3 consecutive demands made by the Promoter as per the Payment Plan Plan[schedule C] annexed hereto, despite having been issued notice in that regard this regard, the allottee Allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the [Apartment/Plot] Plot in favour of the Allottee and shall refund the money paid amount to him by the allottee by Allotteeafter deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the allottee Allottee about such termination at least thirty leastthirty days prior to such terminationtermination of agreement.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the Promoter shall be considered under a condition of default (“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 in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, clause 'ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, 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 Rules or regulations Regulations made the re underthereunder. 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the apartmentApartment, along with interest at the rate prescribed in the Rules within 45 (forty-five 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 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 Promoter to the allottee Allottee within 45 (forty-five five) days of it becoming due. 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. 9.3 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 any of the payments for consecutive demands made by within the Promoter due dates 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 prescribed in the Rules;. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. 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. (iii) The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Promoter or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Promoter shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Promoter to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. 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 (iv) In the event construction of the wing or floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Promoter shall have the option to terminate this Agreement. In such an event the Promoter shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice. 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

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 a. Subject to the Force Majeure clause, the Promoter Vendors / Confirming Party shall be considered under a condition of Default, in the following events: (i) Promoter Vendors / Confirming Party fails to provide ready to move in possession of the [Apartment/Plot] Schedule- A Property to the Allottee Purchaser/s within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 competent authorityparagraph 7.1; (ii) Discontinuance of the Promoter’s Vendors / Confirming Party 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 the re underthereunder. 9.2 b. In case of Default by Promoter Vendors / Confirming Party under the conditions listed above, Allottee the Purchaser/s is entitled to the followingfollowing : (i) Stop making further payments to Promoter the Vendors / Confirming Party as demanded by the PromoterVendors / Confirming Party. If the Allottee Purchaser/s stops making paymentspayment, then the Promoter Vendors / Confirming Party shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser/s be required to make the next payment without any interest; or (ii) The Allottee Purchaser/s shall have the option of terminating the Agreement in which case the Promoter Vendors / Confirming Party shall be liable to refund the entire money paid by the Allottee Purchaser/s under any head whatsoever towards the purchase of the apartmentSchedule-A property, along with interest at the rate prescribed in the Rules within forty-five 45(forty five) days of receiving the termination notice: ; Provided that where an Allottee Purchaser/s does not intend to withdraw from the project or terminate the Agreement, he he/she/they shall be paid, by the promoterVendors / Confirming Party, interest at the rate 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 fortySchedule-five days of it becoming dueA property. 9.3 c. The Allottee Purchaser/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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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, Agreement to Sell

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force force Majeure clause, the Promoter shall be considered under a condition condi- tion 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 specified in para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration registra- tion of the project with the Authority or extended by the Authority. For the purpose pur- pose of this para, 'para ‘ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 followingfol- lowing: (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 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 prescribed in the Rules within forty-five days of receiving receiv- ing 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 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 Promoter to the allottee 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 hav- ing 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 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 may cancel the allotment of the [Apartment/Plot] Designated Apartment in favour of the Allottee and refund the money paid to him by the allottee Allottee by deducting de- ducting 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 docu- ments required by the Promoter in this regard. Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Sale Agreement, 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] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 heretoCheque, 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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.R.T.G.

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] Said Apartment to the Allottee within the time period specified in para Clause 7.1 or fails to complete the project Said Complex within the stipulated time disclosed at the time of registration of the project Said Complex with the Authority. For the purpose of this para, '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 including the provision of all specifications, amenities and facilities, as agreed to by and between the parties, and for which occupation occupancy certificate and and/or 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 the re underthereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) 9.2.1 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 interest; or (ii) 9.2.2 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 Apartment, along with interest at the rate prescribed in the Rules within forty-five 45 (forty five) days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project Said Complex or terminate the Agreement, he shall be paid, by the promoterPromoter, interest at the rate 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 Promoter to the allottee Allottee within forty-five 45 (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) 9.3.1 In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan provided in Schedule C 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 prescribed in the Rules; (ii) 9.3.2 In case of or Default by Allottee under the condition listed above continues for a period beyond consecutive months 60 (sixty) days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Said Apartment in favour of the Allottee and refund the money paid to him it by the allottee Allottee by deducting the booking amount (Apartment and Parking Space, if any) and applicable taxes along with the interest liabilities and this Agreement shall thereupon stand terminated. ; Provided that further that, the promoter Promoter shall intimate the allottee Allottee in writing about such termination at least within thirty days prior from the date of termination. It is further clarified that on and from the date of refund of the amount as mentioned in clause 9.2 and 9.3 above as the case may be this agreement shall stand cancelled automatically without any further act from the Allottee and the Allottee shall have no right, title and/or interest on the Said Apartment, Said Parking Space (if any), said Project/Complex and/or the Said Premises or any part or portion thereof and the Allottee shall further not be entitled to claim any charge on the Said Apartment and/or any part thereof in any manner whatsoever notwithstanding the fact that this agreement is being registered and it is further to confirm and record that the Allottee shall not insist upon registered cancellation or challenge the fact of cancellation on the ground that such terminationcancellation has not been separately recorded in any registered instrument. The effect of such termination shall be binding and conclusive on the Parties. Upon the termination of this Agreement, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances at its discretion as it may deem fit and proper. 9.3.3 For avoidance of doubt, it is hereby clarified that the Promoter shall not be held liable, in any manner whatsoever, for any delay in receipt/non-receipt of any refund by the Allottee in accordance with the terms of this Agreement, for any reason, including but not limited to, any delay by the Indian Postal Authority or due to change in address of the Allottee (save as provided in this agreement) or loss in transit.

Appears in 2 contracts

Samples: Agreement for 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 Defaultdefault, 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 specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 competent authority; (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 or the rules or regulations made the re under. 9.2 thereunder. In case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the 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 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 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 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 Promoter to the allottee 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 hereto, 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 prescribed in the Rules;. (ii) In case of Default default by Allottee under the condition conditions listed above continues for a period beyond three consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee Allottee(s) and refund the 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 Promoter shall intimate the allottee Allottee about such termination at least thirty days prior to such termination.

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] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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: 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] Apartment to the Allottee Allottee’s within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee Xxxxxxxx’s is entitled to the following: (i) Stop making further payments to 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 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 apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Xxxxxxxx’s does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate 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 allottee’s within forty-five 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 Allottee’s 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 allottee’s shall be liable to pay interest to the promoter on the unpaid amount at the rate based on the State Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; prescribed in the Rules; (ii) ; In case of Default by Allottee Xxxxxxxx’s under the condition listed above continues for a period beyond 02 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Allottee’s and refund the money paid to him by the allottee allottee’s by deducting the booking amount or 10% of the total price of the LIG/ EWS flat, whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the allottee allottee’s about such termination at least thirty days prior to such termination.

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] to the Allottee within the time period specified 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 para, 'para „ready to move in possession' possession‟ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, 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 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 the re underthereunder. 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 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 along with interest at the rate 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 prescribed in the Rules, for 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-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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee Allottee by deducting the booking hooking 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. 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 prescribed in the Rules within forty-five days of receiving executing the termination noticenotice agreement: 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 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 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 prescribed in based on the RulesState Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; (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 may cancel the allotment of the [Apartment/Plot] ], in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount or 10% of the total price of the apartment, whichever is more 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: 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] Plot to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment Plot shall be in 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 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 the re underthereunder. 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 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 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 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 allotee 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 2 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 prescribed in the Rules;. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Plot in favour favor of the Allottee and refund the money paid to him by the allottee 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. 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 competent authority; (ii) Discontinuance of the Promoter’s 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 the re underthereunder. 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 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 prescribed in the Rules within forty-five 45 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 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 45 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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: 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 Defaultdefault, in the following events:events:- (i) Promoter The Developer fails to provide ready to move in possession of the [Apartment/Plot] Apartment /Flat to the Allottee Purchaser(s) within the time period specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment Apartment or Flat shall be in 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 competent authority; (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 the re underthereunder. 9.2 In case of Default default by Promoter the Developer under the conditions listed above, Allottee Purchaser(s) is entitled to the following:following:- (i) Stop making further payments to Promoter the Developer as demanded by the PromoterDeveloper. If the Allottee Purchaser(s) stops making payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser(s) be required to make the next payment without any interest; or (ii) The Allottee Purchaser(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 Purchaser(s) under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate prescribed in the Rules within forty-forty- five days of receiving the termination notice: Provided that where an Allottee Purchaser(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 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 Developer to the allottee Purchaser within forty-five days of it becoming due. 9.3 The Allottee Purchaser(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee Purchaser(s) fails to make payments for two consecutive demands made by the Promoter Developer as per the Payment Plan annexed heretopayment plan stated above, despite having been issued notice in that regard regard, the allottee Purchaser(s) shall be liable to pay interest to the promoter Developer on the unpaid amount at the rate prescribed in the Rules;. (ii) In case of Default default by Allottee Purchaser under the condition conditions listed above continues for a period beyond three consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Purchaser(s) and refund the money paid to him by the allottee Purchaser(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. terminated : Provided that the promoter Developer shall intimate the allottee Purchaser about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Agreement for 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 events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Plot to the Allottee Allottee’s within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment Plot shall be in 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 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 the re underthereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee Xxxxxxxx’s is entitled to the following: (i) Stop making further payments to 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 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 apartmentPlot, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee Xxxxxxxx’s does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate 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 allottee’s within forty-forty- five 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 Allottee’s 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 allottee’s shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) ; based on the State Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; In case of Default by Allottee Xxxxxxxx’s under the condition listed above continues for a period beyond 02 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Plot in favour of the Allottee Allottee’s and refund the money paid to him by the allottee allottee’s by deducting the booking amount or 10% of the total price of the plot, whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the promoter shall intimate the allottee allottee’s about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 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] P 1 to the Allottee within the time period specified in para 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 para, Para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re under.thereunder, 9.2 9.2. In case ease 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 Shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any 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 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 prescribed in the Rules, for every month of delay till the handing over of the possession of of’ the [(Apartment/Plot]Shops), which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 9.3 9.3. The Allottee shall be considered under a condition of 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 ply interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond 3 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee Allottee by deducting the booking hooking amount and the interest liabilities and this Agreement shall thereupon stand terminated. ; Provided that the promoter shall intimate the allottee 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. 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee by deducting the booking amount , 50% of the balance amount deposited over and above such 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: 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 eventsevents : (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 prescribed in the Rules within forty-forty- five days of receiving the termination noticenotice : 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 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 Promoter to the allottee Allottee within forty-five days of it becoming due. 9.3 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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.beyond....

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 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/Villa] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 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 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 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot/Villa], which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 9.3 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 prescribed in the Rules, from the date such amounts are due and payable till the date such amounts are fully and finally paid together with the interest thereon at the Interest Rate.; (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 may cancel the allotment of the [Apartment/Plot/Villa] in favour of the Allottee and refund the money paid to him by the allottee 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, Agreement for Sale of Apartment

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/Apartment/ Plot] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re under. 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 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 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/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 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 prescribed 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 may cancel the allotment of the [Apartment/Apartment/ Plot] in favour of the Allottee and refund the money paid to him by the allottee 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: 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) 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 specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 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 the re underthereunder. 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 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 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 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 Promoter to the allottee 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 2 consecutive demands made by the Promoter as per the Payment Plan payment plan annexed hereto, 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 prescribed in the Rules;. (ii) In case of Default default by Allottee Aloottee under the condition conditions listed above continues for a period beyond 3 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Allottee(s) and refund the 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 Promoter shall intimate the allottee 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. 9.1 11.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events:, namely:- (i) The Promoter fails to provide ready to move in possession of the [Apartment/Plot] Flat to the Allottee Allottee(s) within the time period specified in para 7.1 this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraclause, 'ready to move in possession' shall mean that the apartment Flat shall be in 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 competent authority; (ii) Discontinuance of the Promoter’s 's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made the re underthereunder. 9.2 11.2. 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 construction/ development milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any 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 apartmentFlat, along with interest at the rate prescribed in the Rules within forty-five (45) 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 for the rate prescribed in the Rules, for every month period of delay till the handing over of the For Xxxxxx Buildcon possession of the [Apartment/Plot]Flat, which shall be paid by the promoter Promoter to the allottee Allottee within forty-five (45) days of it becoming due. 9.3 11.3. The Allottee Allottee(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case On the Allottee fails occurrence of failure on the part of the Allottee(s) to make payments for consecutive demands made by the Promoter payment of any installment as per the Payment Plan annexed heretoPlan, 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 prescribed in the Rulesregard; (ii) In case of Default delay/default by Allottee under the condition listed Xxxxxxxx(s) (i) above continues for a period beyond 2 consecutive months after demand notice from the Promoter in this regard; (iii) After the issuance of Offer Letter, failure on the part of the Allottee(s) to deposit the stamp duty/registration charges/any other amounts due including interest, if applicable, under this Agreement within the period mentioned in the Offer Letter; (iv) after the issuance of Offer Letter, the delay/failure on the part of the Allottee(s), having paid all the amounts due to the Promoter under this Agreement, in execution and registration of conveyance deed of the Flat and/or taking possession of Flat within the period mentioned in Offer Letter; (v) Breach of any other terms & conditions of this Agreement on the part of the Allottee(s); (vi) Violation of any of the Applicable Laws on the part of the Allottee(s). In such circumstances the Promoter’s rights/remedies are: a) The Allottee(s) shall be liable to pay interest on the overdue amounts computed at the Interest Rate for the period commencing from the date on which such overdue amounts or part thereof were due to be paid by the Allottee(s) to the Promoter and ending on the date of the payment of such overdue amounts by the Allottee(s) to the Promoter; b) The Promoter may cancel the allotment by terminating this Agreement by serving a notice of 30 days to the Allottee(s) in this regard; For Xxxxxx Buildcon c) Further till the time Promoter exercise the option to terminate this Agreement it shall be entitled to (a) recover interest (b) recover maintenance charges with applicable taxes from the date of issuance of Offer Letter; (c) recover holding/ safeguarding charges Rs. 10 for per Sq. Ft. of the [Apartment/Plot] in favour built up area of the Allottee Flat monthly basis; (d) taxes (e); withhold registration of the conveyance deed of the Flat in favor of the Allottee(s); and to refuse possession of Flat to the Allottee(s) till payment of amounts is recovered; d) The rights and remedies of the Promoter under this Clause shall be in addition to other rights and remedies available to the Promoter under Applicable Laws, equity and under this Agreement. Further, acceptance of any payment without interest shall not be deemed to be a waiver by the Promoter of its right of charging such interest or of the other rights mentioned in this Agreement; e) Upon termination of this Agreement by the Promoter as mentioned hereinabove, the Allottee(s) shall not have any lien, right, title, interest, or claim in respect of the Flat. The Promoter shall be entitled to sell the Flat to any other person or otherwise deal with the Flat in any manner whatsoever and the Promoter shall be entitled to forfeit the following amounts out of the amounts paid by the Allottee(s) and refund the money paid balance to him the Allottee(s) without any interest : (i) The Booking Amount; (ii) All taxes, duties, cess, etc. deposited by the allottee Promoter to the concerned department/authority in respect of the Flat; (iii) The interest paid/payable by deducting the booking amount Allottee(s) to the Promoter, any actual loss, brokerage if applicable; Without prejudice to the rights of the Promoter under this Agreement, the Promoter shall be entitled to file/initiate appropriate compliant/proceedings against the Allottee(s) under the Act for default/breach of any of the terms and the interest liabilities and conditions of this Agreement shall thereupon stand terminatedor the provisions of the Act/ Rules /Regulations. Provided that the promoter shall intimate the allottee about such termination at least thirty days prior to such termination.For Xxxxxx Buildcon

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 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 [ApartmentApartment/ flat/Plotshop/garage/commercial space] to the Allottee within the time period specified 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 para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 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 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/ flat/shop/garage/commercial space, along with interest at the rate 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 prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment(Apartment/ flat/Plot]shop/garage/commercial space), which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 9.3 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee Allouee 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 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 may cancel the allotment of the [ApartmentApartment/ flat/Plotshop/garage/commercial space] in favour of the Allottee and refund the money paid to him by the allottee 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. 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] Plot to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment plot shall be in a habitable condition which is complete in all respects including the provision of all electric connection, water connection and other connections, 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 the re underthereunder. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] Plot in favour of the Allottee and refund the money paid to him by the allottee 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: Agreement for 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 events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 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 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 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 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 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 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 prescribed in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond one consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 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 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 puipose of this para, para 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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. 9.1 Subject to the Except for occurrence of a Force Majeure clauseevent, the Promoter shall be considered under a condition of default (“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 in para Clause 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para, 'clause ’ready to move in possession' shall mean that the apartment Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, 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 Rules or regulations Regulations made the re underthereunder. 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 interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the purchase sale of the apartmentApartment, along with interest at the rate prescribed in the Rules within 45 (forty-five 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 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 Promoter to the allottee Allottee within 45 (forty-five five) days of it becoming due. 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. 9.3 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 any of the payments for consecutive demands made by within the Promoter due dates 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 prescribed in the Rules;. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and refund forfeit the Booking amount equal to ten (10) percent of the consideration for the Allotted Apartment and deduct from the balance consideration all interest liabilities of the Allottee accrued till the date of cancellation and brokerage paid to the real estate agent/broker, if any and amount of stamp duty, registration fee and allied expenses to be paid/paid on deed of cancellation of this agreement and the applicable GST payable on such amounts. The balance amount of money paid to him by the allottee Allottee shall, subject to second proviso below, be returned by deducting the booking Promoter to the Allottee within six (6) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount and shall be payable subject to the interest liabilities execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated. : Provided that the promoter Promoter shall intimate the allottee Allottee about such termination at least thirty 30 (thirty) days prior to such termination. 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.

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) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Bungalow to the Allottee ALLOTTEES within the time period specified in para 7.1 or fails to complete the project within with the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para, 'para ‘ready to move in possession' shall mean that the apartment Bungalow shall be in 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 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 the re underthereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee ALLOTTEES is entitled to the following: (i) Stop making further payments 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 interest; or (ii) The Allottee ALLOTTEES shall have the option of terminating termination the 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 of the apartmentBungalow, along with interest at the rate prescribed in the Rules within forty-five sixty days of receiving the termination notice: 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 promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]Bungalow, which shall be paid by the promoter to the allottee ALLOTTEES within forty-five days 60 (Sixty days) of it becoming become due. 9.3 The Allottee ALLOTTEES shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee ALLOTTEES fails to make payments for consecutive demands made may 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 on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee ALLOTTEES under the condition listed above continues for a period beyond 3 (Three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Bungalow in favour of the Allottee ALLOTTEES and refund the money paid to him by the allottee ALLOTTEES by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. ; Provided that the promoter shall intimate the allottee ALLOTTEES about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Agreement for 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 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 specified in para Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this paraPara, 'ready to move in possession' shall mean that the apartment Apartment shall be in 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 competent authority;per specifications prescribed herein. (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 the re there under. 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 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 rates prescribed in the Rules within forty-five days of receiving the termination notice: rules. 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 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 consecutive within 21 days from the date of demands made by the Promoter as per the Payment Plan payment plan annexed hereto, 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 prescribed in the Rules;. (ii) In case of Default default by Allottee under the condition conditions listed above continues for a period beyond 2(two) consecutive months after from the date of notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Allottee(s) and refund the money paid to him by the allottee Allottee(s) by deducting the booking amount (ie. 10% of the Total Price) and the interest liabilities of the Allottee with an option to pay the same directly to the bank account of the Allottee and this Agreement shall thereupon stand terminated. Provided Such refund to the Allottee by the Promoter shall be made out of the amounts received by the Promoter against sale of the Apartment to any other interested person. Notwithstanding any contrary provisions, it is expressly agreed that no refund to the promoter shall intimate Allottee shall, under any circumstances whatsoever, be made of any amount paid by the allottee about such termination Allottee on account of Taxes and/or stamp duty and registration charges incurred by the Allottee. The Allottee shall, at least thirty days prior to such terminationhis own costs and expenses, execute all necessary documents required by the Promoter in this regard.

Appears in 2 contracts

Samples: Sale Agreement, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 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 specified in para 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 paraPara, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition 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 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 the re underthereunder. 9.2 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following:, (i) i. Stop making further 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 interestinterest provided that this clause shall not be applicable if the payment by the Allottee(s)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 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 agreed rate 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 Promoter to the allottee Allottee within forty-five days of it becoming due. 9.3 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 payment for 2 (two) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, 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 regard. It is further clarified that, reminders and or notices for payment of installments or notice for rectification of default as per the allottee Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay interest to the promoter on the unpaid amount Promoter, interest at the rate of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the RulesRules on all unpaid amounts from the date the amount is payable by the Allottee; (ii) In . Without prejudice to the right of the Promoter to charge interest in terms of Clause 9.3.i above, in case of Default default by the Allottee under the condition listed Clause 9.3.i above continues for a period beyond two consecutive months after notice for rectification of default from the Promoter in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee and terminate this Agreement and refund the money paid to him the Promoter by the allottee by Allottee after deducting the booking amount Booking Amount and the interest liabilities and after deduction of such other tax/levy 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. Provided PROVIDED HOWEVER that the promoter shall intimate the allottee about such termination Promoter at least thirty 30 days prior to such terminationcancellation shall issue a Notice for Cancellation (Cancellation Notice) intimating the Allottee about its decision to cancel the allotment. iii. On and from the date of refund of the amount as mentioned in Clauses 9.2 and 9.3.ii above, as the case may be, this Agreement shall stand cancelled automatically without any further act from the Allottee and the Allottee shall have no right, title and/or interest on the said Apartment, the Project and/or the Said Land or any part or portion thereof, and the Allottee shall further not be entitled to claim any charge on the said Apartment and/or any part or portion thereof, in any manner whatsoever. The effect of such termination shall be binding and conclusive on the parties. iv. For the avoidance of doubt, it is hereby clarified that the Promoter shall not be held liable, in any manner whatsoever, for any delay in receipt/non -receipt of any refund by the Allottee in accordance with the terms of this Agreement, for any reason, including but not limited to, any delay by postal authorities or due to a change in address of the Allottee (save as provided in this Agreement) or loss in transit.

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) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee Allottee/s within the time period specified 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re underthereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is Allottee/s is/are exclusively/ jointly entitled to the following: (i) Stop making further payments to 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 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 apartment, along with interest at the rate 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 or terminate the Agreement, he he/she/it/they shall be paid, by the promoter, interest at the rate 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 Allottee/s within forty-five 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 Allottee/s 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/s shall be liable to pay interest to the promoter on the unpaid amount at the rate prescribed in the Rules; (ii) In case of Default by Allottee Allottee/s under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] Apartment in favour of the Allottee Allottee/s and refund the 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 Allottee/s 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. 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 specified in para Para 7.1 or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority or extended by the Authority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment said Apartment shall be in 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 competent authority; (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 or the rules or regulations made the re underthereunder. 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 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 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 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 Promoter to the allottee Allottee within forty-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 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 may cancel the allotment of the [Apartment/Plot] Apartment/ Flat in favour of the Allottee Allottee(s) and refund the 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 Promoter shall intimate the allottee 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. 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 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 para, 'ready to move in possession' shall mean that the apartment shall be in 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 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 the re under. 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 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 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 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 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 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 may cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the allottee 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: 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: (i) If the Promoter fails to provide ready to move in possession of the [Apartment/Plot] said Apartment to the Allottee Allottee(s) within the time period specified in para 7.1 or fails to complete the project said Project within the stipulated time disclosed at the time of registration of the project said Project with the Authority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment said Apartment shall be in a habitable condition 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 certificate/completion certificate, as the case may be, 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 its registration under the provisions of the Act or the rules or regulations made the re underthereunder. 9.2 In case of Default default by Promoter under the conditions listed above, Allottee is the Allottee(s) is/are entitled to the following: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee stops Allottee(s) stop(s) 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 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) to the Promoter under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate prescribed in of the Rules then prime lending rate of the State Bank of India plus two percent thereon per annum within 45 (forty-five five) days of receiving the termination notice: notice subject to the Allottee(s) 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 That where an Allottee does Allottee(s) do(es) not intend to withdraw from the project said Project or terminate the Agreement, he shall be paid, paid by the promoterPromoter, interest at the rate prescribed in of the Rulesthen prime lending rate of the State Bank of India plus two percent thereon per annum, for every month of delay till the handing over of the possession of the [said Apartment/Plot], which shall be paid by the promoter Promoter to the allottee Allottee(s) within 45 (forty-five five) days of it becoming due. 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(s) shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 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 fails Allottee(s) fail(s) to make any of the payments for consecutive demands made by within the Promoter due dates as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee regard. The Allottee(s) shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate prescribed in of the Rulesthen prime lending rate of the State Bank of India plus two percent thereon per annum from the date of default till actual payment is made; (ii) In case of Default default by Allottee Allottee(s) under the condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/Plot] said Apartment in favour of the Allottee Allottee(s) and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the allottee Allottee(s) shall, subject to Clause 7.5 above, be returned by deducting the booking amount and Promoter to the interest liabilities Allottee(s) within 45 (forty-five) days of such cancellation 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