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 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 of the 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 shall be in 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Agreement for Sale

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EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Except for occurrence of a Force Majeure clauseevent, the Promoter Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: (i) Promoter : Vendor/ Developer fails to provide ready to move in possession of the Designated 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 or extended by 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, Completion Certificate has been issued by the competent authority; (ii) ; Discontinuance of the PromoterVendor's/ Developer’s business as a developer Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: (i) : Stop making further payments linked to construction milestones to Promoter Vendor/ Developer as demanded by the PromoterVendor/ Developer. If the Allottee stops making payments payments, the Promoter Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) or The Allottee shall have the option of terminating the Agreement in which case the Promoter Vendor/ Developer 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 PromoterVendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter Vendor/ Developer to the Allottee within 45 (forty-five five) days of it becoming due. 9.3 . 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 Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 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 two demands made by within the Promoter due dates as per the Payment Plan annexed heretoPlan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules ; (iiRules. 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) In case of Default default by Allottee under the condition listed above continues for a period beyond two consecutive months 1 (one) month after notice from the Promoter Vendor/ Developer in this regard, the Promoter Vendor/ Developer may cancel the allotment of the Designated 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 shall, subject to second proviso below, be returned by deducting the Vendor/ Developer 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 paid at or before shall be payable subject to the execution of this agreement and the interest liabilities Deed of Cancellation and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter Vendor/ Developer shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination. 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/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer 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 Vendor/ Developer in this regard, the Vendor/ Developer 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 Vendor/ Developer 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’. In the event construction of the 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 Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer 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.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

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

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure majeure clause, the Promoter promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to the move in possession of the Designated Apartment 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 Authority or extended by 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 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 Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions provision of the Act act or the rules or regulations made thereunderthere under. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter promoter under the conditions listed above, Allottee allottee is entitled to the following: (i) Stop making further payments linked payment to construction milestones to Promoter promoter as demanded by the Promoterpromoter. If the Allottee stops allottee stop making payments payment the Promoter promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee allottee shall have the option of terminating the Agreement agreement in which case the Promoter promoter shall be liable to refund the entire money paid by the Allottee allottee under any head whatsoever towards the purchase of the apartmentagreement, along with interest at the rate prescribed in the Rules rules within forty-forty – five days of receiving the termination notice: notice subject to the allottee shall prior to receipt of refund on the above account from the promoter, at his own costs and expenses, execute all necessary cancellation related document required by the promoter; Provided that where an Allottee allottee does not intend intended to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed in the Rulesrules, for every month of delay till the handing over of the possession of the Designated Apartmentapartment, 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 shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee allottee fails to make payments payment for consecutive two demands demand made by the Promoter promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules rules; (ii) In in case of Default by Allottee allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter promoter in this regard, the Promoter promoter upon 30 days written notice may cancel the allotment of the Designated Apartment apartment in favour favor of the Allottee allottee and the refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 10.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. For the purpose of this para ‘clause, 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, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority;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 thereunder. 9.2 10.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: ; 10.3 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, Apartment which shall be paid by the Promoter to the Allottee within forty-five 45 days of it its 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 10.4 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. 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 more than 15 days from scheduled date and demands made by the Promoter according to the payment plan as per the Payment Plan annexed heretoprovided in Schedule „K‟, 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 specified in the Rules ;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 promoter in this regard, the Promoter may promoter shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the amount of money paid to him by the Allottee by allottee after deducting the booking amount paid at or before the execution 10% of this agreement total consideration whichever is higher and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination. In case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the current Sale Price is less than the Purchase Price. The ultimate balance amount of money refundable shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated: (iii) 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: Agreement for Sale, Agreement for Sale, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure clause“Force Majeure”, the Promoter shall be considered under a condition of DefaultCourt orders, in the following events:Government policy / guidelines, decisions, the (i) Promoter fails to provide ready to move in possession of the Designated Apartment Said Independent Floor for residential usage along with parking 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 Project with the Authority or extended by the Authority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment Said Independent Floor for residential usage shall be in a habitable condition which is complete in all respects 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, or part thereof has been issued by the competent authority;. (ii) Discontinuance of the Promoter’s 's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction / development milestones and only thereafter thereafter, the Allottee be required to make the next payment payment, without any interest provided that this clause shall not be applicable if interest, for the payment by the Allottee is not construction linkedperiod of such delay; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentSaid Independent Floor , along with interest at the rate prescribed in the Rules within forty-five ninety (90) days of receiving the termination notice: Provided that where an Allottee Allottee(s) does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the PromoterPromoter , interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated ApartmentSaid Independent Floor for residential usage along with parking, which shall be paid by the Promoter to the Allottee within forty-five ninety (90) days of it becoming due. 9.3 The Allottee Allottee(s) shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter payment of any instalment due as per the Payment Plan annexed heretohereto as Schedule C, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount from the due date of such instalment at the rate prescribed in the Rules Rules; (ii) In case of Default the default by Allottee under the condition listed above continues for a period beyond two consecutive months ninety (90) days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment Said Independent Floor for residential usage along with parking in favour of the Allottee and refund the money paid to him by the Allottee, by forfeiting the Booking Amount paid for the allotment and interest component on delayed payment (paid / payable by the Allottee for breach of Agreement and non-payment of any due payable to the Promoter ). The rate of interest payable by deducting the Allottee to the Promoter shall be the State Bank of India's highest marginal cost of lending rate plus two percent (2%). The balance 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 money paid by the allottee on account of Taxes paid Allottee(s) shall be returned by the allottee and/or stamp duty Promoter to the Allottee within ninety (90) days of such cancellation. On such default, the Agreement and registration charges incurred by any liability of the allottee and shall be made Promoter arising out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shallsame shall thereupon, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardstand terminated. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. [In case the obligations as above are not complied with either by the Allottee or the Promoter, the authority may issue suitable directions.]

Appears in 3 contracts

Samples: Agreement for Sale, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 of the project with the Authority or extended by the Authorityspecified. For the purpose of this para ‘clause,' 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 's business as a developer on account of suspension or revocation of his registration under the provisions provision of the Act or Actor the rules or regulations made thereunder. 9.2 the re under. In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones payment 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 there after the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal 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 Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing Handing over of the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules ;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 shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment [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 or extended by 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 on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Designated [Apartment], 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 2 consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment [Apartment] in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter promoter shall intimate the Allottee 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 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 Designated Apartment [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 or extended by 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 on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Designated [Apartment], 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 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 Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months 45 days after notice Notice-2 from the Promoter in this regard, the Promoter may provisionally cancel the allotment of the Designated Apartment [Apartment] in favour of the Allottee Allottee. The promoter reserves rights to re-allot the said apartment to any other person and take booking of the same. The promoter after such re- allotment shall make a final cancellation and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (A) Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. For the purpose of this para ‘clause, 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, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 (B) In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; 11.1 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, Apartment which shall be paid by the Promoter to the Allottee within forty-five 45 days of it its 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 11.2 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. 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 more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan annexed heretopayment plan as per Schedule -C, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules ;specified herein. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two 2 consecutive months after the notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardterminated . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such terminationtermination . in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the current Sale Price is less than the Purchase Price. The ultimate balance amount of money refundable shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated: 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: Agreement for Sale, Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment [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 or extended by 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 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, which shall be paid by the Promoter promoter to the Allottee allottee within forty-five days of it becoming become due. 9.3 The Allottee TheAllottee 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 may 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 Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 6 (Six) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter promoter shall intimate the Allottee 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 8.1 Subject to the force Force Majeure clause, the Promoter Seller shall be considered under a condition of Default, in the following events: (i) Promoter Seller fails to provide ready to move in possession of the Designated Apartment Plot to the Allottee Purchaser within the time period specified in para 7.1 6.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this 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 PromoterSeller’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 8.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Seller under the conditions listed above, Allottee Purchaser is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter Seller 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: Provided that where an Allottee Purchaser does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the PromoterSeller, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated ApartmentPlot, which shall be paid by the Promoter Seller to the Allottee Purchaser within forty-five days of it becoming due. 9.3 8.3 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 as per schedule or two consecutive two demands made by the Promoter Seller as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Purchaser shall be liable to pay interest to the Promoter Seller on the unpaid amount at the rate prescribed in the Rules 15% per annum; (ii) In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond two consecutive months then after notice from the Promoter Seller in this regard, the Promoter Seller may cancel the allotment of the Designated Apartment Plot in favour of the Allottee Purchaser and refund the money paid to him by the Allottee Purchaser by deducting 15% of amount from the deposited amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter Seller shall intimate the Allottee Purchaser 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 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 Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project said Phase within the stipulated time disclosed at the time of registration of the project said Phase with the Authority or extended by 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 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, be has been issued by the competent authority;: (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to the 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; 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 equivalent to the Rules prevailing Prime Lending Rate of the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice: . Provided that That where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, paid by the Promoter, interest at the rate prescribed in equivalent to the Rulesprevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five five) days of it becoming due. 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 payment for two consecutive two demands made by the Promoter as per the Payment Plan annexed heretoPlan, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard regard. It is further clarified that, reminders and or notices for payment of instalments or notice for rectification of default as per the 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 Rules ;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 Designated Apartment in favour of the Allottee and terminate this Agreement and refund the money paid to him the Promoter by the Allottee by after deducting the amount paid at or before the execution of this agreement 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: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided PROVIDED HOWEVER that the Promoter shall intimate the Allottee about such termination 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

Appears in 3 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsevents : (i) Promoter fails to provide ready to move in possession of the Designated Apartment 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 or extended by 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 authorityauthority ; (ii) Discontinuance of the Promoter’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 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, which shall be paid by the Promoter promoter to the Allottee allottee within forty-five days of it becoming become due. 9.3 The Allottee TheAllottee shall be considered under a condition of Default, on the occurrence of the following eventsevents : (i) In case the Allottee fails to make payments for consecutive two demands made may 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 Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 6 (Six) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. terminated ; Provided that the Promoter promoter shall intimate the Allottee 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 Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:; (i) If the Promoter fails to provide ready to move in possession of the Designated Apartment Apartment/unit 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 or extended by the Authorityspecified. For the purpose of this para clause, ‘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 authorityrespect; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee allottee is entitled to the following:; (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee after deducting the tax which was already paid to the government under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules apartment within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, Agreement he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 can do so. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that the regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules ;Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months month after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the Designated Apartment [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and tax which was already paid to the government and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsevents : (i) Promoter fails to provide ready to move in possession of the 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 of the 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 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 PromoterPromoter ’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the PromoterPromoter . If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 buy the PromoterPromoter , interest at the rate prescribed in the Rules, for every month of delay till the handing over the possession of the Designated Apartmentposeession of the [Apartment ], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following eventsevents : (i) In case the Allottee fails to make payments for consecutive two 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 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminatedterminated : Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the force 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 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 of the 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 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 permissions of the Act or the rules or regulations made thereunderthe under. 9.2 9.2. In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Promoter/Developer under the conditions listed above, Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to construction milestones to Promoter Promoter/Developer as demanded by the Promoter/Developer. If the Allottee stops making 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Promoter/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter Promoter/Developer 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) In case the Allottee fails to make payments for consecutive two demands made by the Promoter Promoter/Developer 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/Developer on the unpaid amount at the rate prescribed prescribe in the Rules 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 Promoter/Developer in this regard, the Promoter Promoter/Developer may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter Promoter/Developer 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 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 of the 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 shall be in 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 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 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 of the 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 shall be in 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two 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 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 11.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. For the purpose of this para ‘clause, 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, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 11.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 8 of this Agreement.; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, . which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duedue Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. 11.3 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. 9.3 11.4 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - 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 more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules ;specified herein. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement 10% of total consideration and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardterminated . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.termination . in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the current Sale Price is less than the Purchase Price. The ultimate balance amount of money refundable shall be returned by the Promoter to the Allottee within 45 (forty- five) days of such cancellation and this Agreement shall thereupon stand terminated

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityand/or extensions thereof. 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;Corporation. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties .The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. The GST paid by the Allottee shall be refundable only if the Promoter receives refund/credit for the same from the concerned authorities. Such refund, if any, shall be made within 30 days of receipt/credit of GST. If however the Allottee does not terminate the Agreement within 3 months of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to terminate the Agreement and this Clause shall no longer be applicable and/or shall cease to have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount be refundable. The GST paid by the allottee on account of Taxes paid by Allottee shall be refundable only if the allottee and/or stamp duty and registration charges incurred by Promoter receives refund/credit for the allottee and same from the concerned authorities. Such refund, if any, shall be made out within 30 days of the amounts received by the Promoter against sale receipt/credit of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardGST. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter within the above time, then the Allottee shall be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter and in default of such payment within 30 days, the Promoter may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3(ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Buildings or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment or portion of the Buildings, then in that event the Allottee shall also be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter. (v) Besides the aforesaid rights the Promoter shall also be entitled to enforce any other right to which the Promoter may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 of the 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 shall be in 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five days days) of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the 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 Allottee on account of Taxes paid by the allottee Allottee and/or stamp duty and registration charges incurred by the allottee 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 Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty 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 Force Majeure clause, the Promoter Vendors/Developer shall be considered under a condition of Default, in the following events: (i) Promoter 9.1 Vendors/Developer fails to provide ready to move in possession of the Designated Apartment Flat & Parking 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 or extended by the Authorityspecified. For the purpose of this para ‘clause, 'ready to move in possession' shall mean that the apartment Flat & Parking 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) 9.2 Discontinuance of the Promoter’s Vendors/Developer's business as a developer on account of suspension or revocation of his their registration under the provisions of the Act or Actor the rules or regulations made thereunderthere under. 9.2 9.3 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Vendors/Developer under the conditions listed above, Allottee Allottee(s) is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter Vendors/Developer as demanded by the PromoterVendors/Developer. If the Allottee Allottee(s) stops making payments payments, the Promoter Vendors/Developer shall correct the situation by completing the construction milestones and only thereafter there after the Allottee Allottee(s) be required to make the then next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal interest; or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Promoter Vendors/Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever Allottee(s) 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming dueFlat & Parking. 9.3 9.4 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 two 30 Consecutive days after the demands have been made by the Promoter Vendors/Developer as per the Payment Plan annexed heretohere to, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Promoter Vendors/Developer on the unpaid amount at the rate prescribed specified in the Rules ; (ii) Rules. In case of Default by Allottee Allottee(s) under the condition listed above continues for a period beyond consecutive two consecutive months after notice from the Promoter Vendors/Developer in this regard, the Promoter may Vendors/Developer shall cancel the allotment of the Designated Apartment Flat & Parking in favour of the Allottee Allottee(s) and refund the amount money paid to him by the Allottee Allottee(s) by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon there upon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityand/or extensions thereof. 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘F hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter within the above time, then the Allottee shall be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter and in default of such payment within 30 days, the Promoter may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3(ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the said Block / said Complex or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment or portion of the said Block / said Complex, then in that event the Allottee shall also be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter. (v) Besides the aforesaid rights the Promoter shall also be entitled to enforce any other right to which the Promoter may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the force 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 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 of the project with the Authority or extended by the Authority. For the purpose of this para ‘ready 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 thereunderthe under. 9.2 9.2. In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Promoter/Developer under the conditions listed above, Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to construction milestones to Promoter Promoter/Developer as demanded by the Promoter/Developer. If the Allottee stops making 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Promoter/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter Promoter/Developer to the Allottee within allotteewithin forty-five days of it becoming due. 9.3 9.3. The Allottee Allotee 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 mude by the Promoter Promoter/Developer 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/Developer on the unpaid amount at the rate prescribed prescribe in the Rules 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 Promoter/Developer in this regard, the Promoter Promoter/Developer may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter Promoter/Developer 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 Force Majeure clause, the Promoter Developer shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter The Developer fails to provide ready to move in possession of the Designated Apartment 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 or extended by 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 as required by the provision of all specifications, amenities and facilities, as agreed to between the parties, authorities 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 PromoterDeveloper’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter Developer under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter the Developer as demanded by the PromoterDeveloper. If the Allottee stops making payments payments, the Promoter Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; interest: or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee to the Developer 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: Rules. Provided that That where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, 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 Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payments payment for consecutive two demands made by the Promoter Developer as per the Payment Plan annexed heretoPlan, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard regard. It is further clarified that, reminders and or notices for payment of instalments or notice for rectification of default as per the 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 Developer, interest at the rate prescribed in the Rules ;on all unpaid amounts from the date the amount is payable by the Allottee. (ii) In Without prejudice to the right of the Developer 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 Developer in this regard, the Promoter Developer, at its own option, may cancel the allotment of the Designated said Apartment in favour of the Allottee and terminate this Agreement and refund the money paid to him the Developer by the Allottee by after deducting the amount paid at or before the execution of this agreement 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 Developer, and this Agreement and any liability of the Developer shall thereupon stand terminated: Such refund shall not include any amount paid by . PROVIDED THAT the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter Developer shall intimate the Allottee about such termination the Developer’s intention to terminate this Agreement by a written notice (Cancellation Notice) 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 11.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. For the purpose of this para ‘clause, 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, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 11.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 8.10.2 of this Agreement.; 11.3 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, Apartment which shall be paid by the Promoter to the Allottee within forty-five 45 days of it its 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 11.4 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. 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 more than 15 days from scheduled date and 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 ;payment plan as per Schedule (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two 2 consecutive months after the notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardterminated . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such terminationtermination . in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the current Sale Price is less than the Purchase Price. The ultimate balance amount of money refundable shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated: 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: Buyers Agreement, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment to Apartmentto 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 or extended by 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;; Provided however that till that date allottee has made all payments on time and there is no delay. (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 thereunderthereunder and the promoter has not challenged or has taken any action against such revocation before the appellate authority or any Court of Law. 9.2 9.2. In case the Allottee complies with all his obligations including and especially making all payments on time under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 the termination notice: .Subject to the allottee executes at his/her own costs and expenses all necessary cancellation related documents, required by the Promoter, prior to receipt of refund on the above account from the Promoter; (iii) The Promoter will not be considered in default till such time, he lose its appeal against suspension or revocation before appellate authority or Court of Law. (iv) 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, 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) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment thePayment 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 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. . (iii) 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 Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:; (i) If the Promoter fails to provide ready to move in possession of the Designated Apartment Apartment/unit 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 or extended by the Authorityspecified. For the purpose of this para clause, ‘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 authorityrespect; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee allottee is entitled to the following:; (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee after deducting the tax which was already paid to the government under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules apartment within forty-five days of receiving the termination notice: ; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, Agreement he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 can do so. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that the regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules ;Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months month after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and tax which was already paid to the government and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment Duplex/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 or extended by 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 on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Designated Apartment, Duplex/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 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 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 Designated Apartment Duplex/Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter 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 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 Designated Apartment to the Allottee within the time period specified in para 7.1 this agreement or fails to complete the project apartment within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter9.2. 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 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 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules 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 allotment. of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Agreement for Allotment of Apartment, Agreement for Allotment of Apartment

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 of the project with the Authority or extended by the Authorityspecified. For the purpose of this para clause, ‘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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to construction milestones milestones, if any, to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal 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 acquiring of the apartment, along with interest at the rate prescribed specified in the Rules and mutually agreed at 9% per annum (compounded every six months) 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 specified in the Rules, Rules and mutually agreed at 9% per annum (compounded every six months) for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter 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 two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules ;Rules. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond two consecutive 2 months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the amount money paid to him the Promoter by the Allottee by allottee after deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such terminated and such refund shall not include any amount paid be subject to transfer of the Apartment by the allottee on account of Taxes paid by the allottee and/or stamp duty Promoter and registration charges incurred by the allottee and shall be made out of the amounts have been received by the Promoter against sale of from the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationnew transferee thereof.

Appears in 2 contracts

Samples: Development Agreement, Development Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment said Unit 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 or extended by the Authorityspecified. For the purpose of this para clause, ‘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 on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones milestones, if any, to the Promoter as demanded by the Promoterpromoter. If the Allottee stops making payments payment, 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 provided that penal interest; 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 apartmentsaid Unit, along with interest at the rate prescribed specified in the Rules (presently being State Bank of India PLR plus 2% per annum) 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 specified in the RulesRules (presently being State Bank of India PLR plus 2% per annum), for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duesaid 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 two consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules ;Rules. (ii) In case of Default by the 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 promoter shall cancel the allotment of the Designated Apartment said Unit in favour of the Allottee and refund the amount money paid to him the Promoter by the Allottee by allottee after deducting the booking amount 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 Allottee on account of Taxes paid by the allottee Allottee and/or stamp duty and registration charges incurred by the allottee Allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment said Unit to any other interested person. The allottee Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 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 Designated 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 or extended by the Authority. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment shall be in 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided interestprovided 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 the termination notice: Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two 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 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the 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 Allottee on account of Taxes paid by the allottee Allottee and/or stamp duty and registration charges incurred by the allottee 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 Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Except for occurrence of a Force Majeure clauseevent, the Promoter Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: (i) Promoter : Vendor/ Developer fails to provide ready to move in possession of the Designated 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 or extended by 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, Completion Certificate has been issued by the competent authority; (ii) ; Discontinuance of the PromoterVendor's/ Developer’s business as a developer Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: (i) : Stop making further payments linked to construction milestones to Promoter Vendor/ Developer as demanded by the PromoterVendor/ Developer. If the Allottee stops making payments payments, the Promoter Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) or The Allottee shall have the option of terminating the Agreement in which case the Promoter Vendor/ Developer 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 PromoterVendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter Vendor/ Developer to the Allottee within 45 (forty-five five) days of it becoming due. 9.3 . 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 Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 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 two demands made by within the Promoter due dates as per the Payment Plan annexed heretoPlan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules ; (iiRules. 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) In case of Default default by Allottee under the condition listed above continues for a period beyond two consecutive months 1 (one) month after notice from the Promoter Vendor/ Developer in this regard, the Promoter Vendor/ Developer may cancel the allotment of the Designated 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 shall, subject to second proviso below, be returned by deducting the Vendor/ Developer 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 paid at or before shall be payable subject to the execution of this agreement and the interest liabilities Deed of Cancellation and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter Vendor/ Developer shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination. 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/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer 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 Vendor/ Developer in this regard, the Vendor/ Developer 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 Vendor/ Developer 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’. In the event construction of the 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 Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer 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.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 of the project with the Authority or extended by the Authority7. 1. For the purpose of this para ‘clause '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 amenties 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 thereunderthere under. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal 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 Designated Apartment, which shall be paid by the Promoter promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules ;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 shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force 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 Designated 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 or extended by 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 's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is ease of Default by Promoter under the conditions listed above, Allottee is entitled to entitledto the following: (i) Stop making further payments linked to construction milestones 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 the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Designated (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 Incase the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two beyond__ _ consecutive months montis after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment [Apartment/Plot] in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the hooking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 11.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. For the purpose of this para ‘clause, 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, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 11.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: ; 11.3 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 11.4 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 more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules ;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 promoter in this regard, the Promoter may promoter shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement 10% of total consideration and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardterminated . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such terminationtermination . in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh sale of the Apartment to another buyer and the Purchase Price of the Allottee if the current Sale Price is less than the Purchase Price.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘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 or extended by the Authorityand/or extensions thereof. 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Vendors or any of them shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Vendors within the above time, then the Allottee shall be liable to pay to the Vendors compensation and/or damages that may be quantified by the Vendors and in default of such payment within 30 days, the Promoter may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3 (ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Building or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment or portion of the Project, then in that event the Allottee shall also be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter. (v) Besides the aforesaid rights, the Vendors shall also be entitled to enforce any other right to which the Vendors may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 mentioned hereinabove or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityand/or extensions thereof. 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter as per the Payment Plan annexed heretounder Fifth Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Xxxxx Xxxxxxxx hereunder written , despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter within the above time, then the Allottee shall be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter and in default of such payment within 30 days, the Promoter may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3(ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Buildings or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment or Commercial Space or portion of the Buildings, then in that event the Allottee shall also be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter. (v) Besides the aforesaid rights the Promoter shall also be entitled to enforce any other right to which the Promoter may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. The Promoter fails to provide ready to move in hand over possession of the Designated Said Apartment And Properties Appurtenant to the Allottee Allottee(s) 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 or extended by the Authority. For the purpose of this para Clause, ‘ready to move in hand over possession’ shall mean that the apartment shall be Said Apartment And Properties Appurtenant is ready with the provisions as described in habitable condition which is complete in all respects including paragraph (xii) of the provision of all specifications, amenities and facilities, as agreed to between the parties, recitals above and for which occupation the Occupancy Certificate or Completion Certificate or such other certificate and completion certificate, as the case may be, by whatever name called has been issued by the competent authorityauthority as per the Act for the Project; (ii) . Discontinuance of the Promoter’s business as a developer Promoter on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by the Promoter under the conditions listed above, Allottee the Allottee(s) is entitled to the following: (i) 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 payments, the Promoter shall correct the situation by completing the construction milestones development of the Said Apartment And Properties Appurtenant as a greed and only thereafter there after the Allottee Allottee(s) be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii. The Allottee(s) The Allottee shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the purchase Total Price of the apartment, Said Apartment And Properties Appurtenant along with interest at the rate prescribed in the Rules within 45 (forty-five five) days of receiving the termination notice: . It is clarified that all amounts collected as GST deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee(s) shall be free to approach the authorities concerned for refund of such GST. 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 Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, Said Apartment And Properties Appurtenant which shall be paid by the Promoter to the Allottee Allottee(s) within 45 (forty-five days 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) i. In case the Allottee Allottee(s) fails to make payments for two consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount at as the rate prescribed in the Rules Rules; (ii) . In case of Default by Allottee Allottee(s) under the condition listed above continues for a period beyond two 2(two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Said Apartment And Properties Appurtenant in favour of the Allottee Allottee(s) and refund the money paid to him it by the Allottee Allottee(s) by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon there upon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee Allottee(s) about such termination at least thirty 30(thirty) days prior to such termination. iii. The Allottee(s) expressly acknowledges understands and agrees that in the event of cancellation or termination of the allotment of the Said Apartment And Properties Appurtenant (and this Agreement) in terms of this Agreement by the Promoter or the Allottee(s), as the case may be, the Promoter shall be at liberty to execute, present or registration and register unilaterally a deed of cancellation and the Allottee(s) shall cease to have any right title interest whats oever in the Said Apartment And Properties Appurtenant or Land or Project on and from the date of expiry of the period mentioned in the notice of cancellation or termination issued by the Promoter or the Allottee(s), as the case may be.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Except for occurrence of a Force Majeure clauseevent, the Promoter shall be considered under a condition of Defaultdefault (“DEFAULT”), in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Allotted 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 to be disclosed at the time of registration of the project Project with the Authority or extended by 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, Completion Certificate has been issued by the competent authorityKolkata Municipal Corporation; (ii) Discontinuance Discontinuation 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 Rules or regulations Regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to the Promoter as demanded by the Promoterhim. 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 apartment, Apartment 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, paid by the Promoter, Promoter interest at the rate prescribed in the Rules, Rules for every month of delay till until the handing over the possession of the Designated Apartment, which shall be paid by the Promoter to the 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 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 two demands made by within the Promoter due dates as per the Payment Plan annexed mentioned in the Eighth Schedule hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate Applicable Interest Rate prescribed in the Rules ;Rules. (ii) In case of Default default by the Allottee under the condition listed above continues for a period beyond two consecutive months 1 (one) month after the notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated 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 the amount of stamp duty, registration fee and allied expenses and incidentals and legal charges payable on deed of cancellation of this agreement. The balance amount of money paid to him by the Allottee shall, subject to second proviso below, be returned by deducting the Promoter to the Allottee within 45 (forty- five) days of such cancellation. However, may it be clarified that the balance amount paid at or before shall be payable subject to the execution and registration of this agreement and the interest liabilities Deed of Cancellation and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty 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 1 contract

Samples: Real Estate Development Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment Said Flat to the Allottee 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 or extended by the Authority. For the purpose of this para ‘Clause 'ready to move in possession' shall mean that the apartment Said Flat 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 thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops stop 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 apartmentFlat, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice subject to allottee registering the deed of cancellation in respect of the Said Flat and Appurtenances; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated ApartmentSaid Flat, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by payment to the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 3 (three) 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 Designated Apartment Flat in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Flat and Appurtenances and upon resale of the Said Flat and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Flat and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the money paid to him 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 Allottee by deducting the amount paid at or before the execution Promoter and exclusive 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 indirect taxes, stamp duty and registration charges incurred by charges. Further, upon the allottee and termination of this Agreement in the aforesaid circumstances, the Allottee shall be made out have no claim of the amounts received by any nature whatsoever on the Promoter against sale of and/or the Designated Apartment to any other interested person. The allottee shall, at his own costs Said Flat and expenses, execute all necessary documents required by the Promoter in this regard. Provided that Appurtenances and the Promoter shall intimate be entitled to deal with and/or dispose off the Allottee about such termination at least thirty days prior to such terminationSaid Flat and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter Vendors shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails Vendors fail to offer to provide ready to move in possession of the Designated Apartment said Bungalow Unit 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 or extended by the AuthoritySchedule ‘A’. For the purpose of this para ‘ready to move tomove in possession’ shall mean that the apartment said Bungalow 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter the Vendors under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones to Promoter Vendors as demanded by the PromoterVendors. If the Allottee stops making payments payments, the Promoter Vendors shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without paymentwithout any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Vendors shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Total Price/Agreed Consideration for transfer of the apartmentsaid Bungalow Unit, along with interest at the rate prescribed specified in Rule 17 of the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within forty-five days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the PromoterVendors, interest at the rate prescribed specified in Rule 17 of the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duesaid BungalowUnit. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence theoccurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter Vendors as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter Vendors on the unpaid amount at the rate prescribed specified in Rule 17 of the Rules for the period of delay; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2(two) consecutive months after notice from the Promoter Vendors in this regard, the Promoter Vendors may cancel the allotment allotment/Agreement of the Designated Apartment said Bungalow Unit in favour of the Allottee and refund the money paid to him the Vendors by the Allottee towards the Total Price/Agreed Consideration by deducting the amount paid at or before the execution of this agreement Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Vendors shall be free to deal with, dispose of and/or transfer the said Bungalow Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination and the Allottee hereby consents to the same. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationrefundable.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 of the project with the Authority or extended by the Authority. For the purpose of this para ready to move in possession’ possession‟ shall mean that the apartment shall be in 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 and the First Owner shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate 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 every month of delay till the handing over the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two 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 Designated Apartment in favour of the Allottee and refund the money paid to him and the First Owner by the Allottee by deducting the 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 and the First Vendor against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure Force Manure 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 Designated Apartment Unit 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 or extended by the Authorityspecified. For the purpose of this para 'ready to move in possession' shall mean that the apartment 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 's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is ease of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal 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 apartmentUnit, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice and further subject to the Allottee prior to receipt of refund on the above account from the Promoter, at his own costs and expenses, execute all necessary cancellation related documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the 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, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming dueUnit. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules 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 shall cancel the allotment of the Designated Apartment Unit in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment Row House or the Town House Unit 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. For the purpose of this para ‘clause, ready to move in possession’ shall mean that the apartment 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 parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion/Partial Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) I. Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) II. The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentUnit, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 7 of this Agreement.; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, Row House or the Unit which shall be paid by the Promoter to the Allottee within forty-five 45 days of it its becoming due. 9.3 ... 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. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 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 more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan annexed heretopayment plan as per Schedule - C, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules ;specified herein. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the Designated Apartment Row House or the Town House Unit in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardterminated . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter Promoter/Owners shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails Promoter/Owners fail(s) to offer to provide ready to move in possession of the Designated said 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 or extended by the AuthoritySchedule ‘A’. 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 as per the specifications as mentioned 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;Agreement (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter the Promoter/Owners under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones to Promoter the Promoter/Owners as demanded by the Promoter/Owners. If the Allottee stops making payments the Promoter Promoter/Owners shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Promoter/Owners shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Total Price/Agreed Consideration for transfer of the apartmentsaid Apartment, along with interest at the rate prescribed specified in Rule 17 of the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within forty-five days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the Promoter/Owners, interest at the rate prescribed specified in Rule 17 of the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter Promoter/Owners to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter Promoter/Owners as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter Promoter/Owners on the unpaid amount at the rate prescribed specified in Rule 17 of the Rules for the period of delay; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter Promoter/Owners in this regard, the Promoter Promoter/Owners may cancel the allotment allotment/Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter/Owners by the Allottee towards the Total Price/Agreed Consideration by deducting the amount paid at or before the execution of this agreement Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter/Owners shall be free to deal with, dispose of, sell and/or transfer the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter Promoter/Owners shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force 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 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 of the project with the Authority or extended by the Authorityspecified. 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;respects. (ii) Discontinuance of the Promoter’s 's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is ease of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal 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: notice and further subject to the Allottee prior to receipt of refund on the above account from the Promoter, at his own costs and expenses, execute all necessary cancellation related documents required by the Promoter; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the 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, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules 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 upon 30 days written notice may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account , subject to compliance of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationclause 34.10.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment [Bungalow] 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 or extended by the Authority. For the purpose of this 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 thereunderthere under. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 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 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 ApartmentBungalow, which shall be paid by the Promoter promoter to the Allottee 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 two demands made may 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 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 Designated Apartment Bungalow in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) The Promoter fails to provide ready to move in possession of the 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 of the project with the Authority or extended by the Authorityspecified. For the purpose of this para ‘clause, '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 's business as a developer on account of suspension or revocation of his the Promoter’s registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal 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 apartmentsaid 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due.: 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for two consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules ;Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the Designated Said Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the amount paid at or before the execution of this agreement Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsevents : (i) Promoter fails to provide ready to move in possession of the Designated Apartment 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 or extended by 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 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, which shall be paid by the Promoter promoter to the Allottee allottee within forty-five days of it becoming become due. 9.3 The Allottee TheAllottee shall be considered under a condition of Default, on the occurrence of the following eventsevents : (i) In case the Allottee fails to make payments for consecutive two demands made may 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 Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 6 (Six) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days (30 days) prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsevents : (i) Promoter fails to provide ready to move in possession of the Designated 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 or extended by 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 's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Promoter, 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 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 onthe occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.beyond....

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. The Promoter fails to provide ready to move in handover possession of the Designated Said Apartment And Properties Appurtenant 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 or extended by the Authority. For the purpose of this para Clause, ‘ready to move in handover possession’ shall mean that the apartment shall be Said Apartment And Properties Appurtenant is ready with the provisions as described in habitable condition which is complete in all respects including paragraph (xii) of the provision of all specifications, amenities and facilities, as agreed to between the parties, recitals above and for which occupation the Occupancy Certificate or Completion Certificate or such other certificate and completion certificate, as the case may be, by whatever name called has been issued by the competent authorityauthority as per the Act for the Project; (ii) . Discontinuance of the Promoter’s business as a developer on account of suspension or revocation orrevocation of his its registration under the provisions of the ofthe Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (i) i. Stop making further payments linked to construction milestones to the Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones development of the Said Apartment And Properties Appurtenant as agreed and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) . The Allottee shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Total Price of the apartment, Said Apartment And Properties Appurtenant along with interest at the rate prescribed in the Rules within 45 (forty-five five) days of receiving the termination notice: . It is clarified that all amounts collected as GST deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such GST. Provided that where an Allottee does not intend to withdraw from the project 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 Designated Apartment, Said Apartment And Properties Appurtenant which shall be paid by the Promoter to the Allottee within 45 (forty-five days 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 i. IncasetheAllotteefailstomakepaymentsfortwoconsecutivedemands 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 as the rate prescribed in the Rules Rules; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after monthsafter notice from the Promoter in this regard, inthisregard,the Promoter may cancel the allotment of the Designated Said Apartment And Properties Appurtenant in favour of the Allottee and refund the money paid to him it by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty terminationatleast 30 (thirty) days prior to such termination. The Allottee expressly acknowledges understands and agrees that in the eventof cancellation or termination of the allotment of the Said Apartment And Properties Appurtenant (and this Agreement) in terms of this Agreement by the Promoter or the Allottee, as the case may be, the Promoter shall be at liberty to execute, present for registration and register unilaterally adeedofcancellation and the Allottee shall cease to have any right title interest whatsoever in the Said Apartment And Properties Appurtenant or Land or Project on and from the date of expiry of the period mentioned in the notice of cancellation or termination issued by the Promoter or the Allottee, as the case may be.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventseventssubject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreementand there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated Apartment to said Apartmentto the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityand/or extensions thereof. 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 theTotal Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination noticenoticeor within such further time as may be agreed between the parties [Note : Supplementary Letter to provide for 6 months].The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect. Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duedueor within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter as per the Payment Plan annexed under Schedule C heretoand/or timely payment of the additional liabilities and deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2(two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter within the above time, then the Allottee shall be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter and in default of such payment within 30 days, the Promoter may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3(ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Buildings or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment or portion of the Buildings, then in that event the Allottee shall also be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (i) Subject to the force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (iii) Promoter fails to provide ready to move in possession of the 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 of the 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 shall be in 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 becasemaybe, has been issued beenissued by the competent authority; (iiiii) 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 thereundermadethereunder. 9.2 (iv) In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (iv) Stop making further payments linked to construction milestones 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 berequired to make the next payment without any interest provided makethenextpaymentwithoutanyinterestprovided that this clause shall not be applicable if the payment by the Allottee is not construction linked; or (iivi) 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 (vii) The Allottee shall be considered under a condition of Default, on the occurrence of the ofthe following events: (iviii) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules ; (iiix) 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardthisregard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Row House or the Town House or Apartment Unit 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. For the purpose of this para ‘clause, ready to move in possession’ shall mean that the apartment 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 parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion/Partial Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 apartmentUnit, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 7 of this Agreement.; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, Row House or the Unit which shall be paid by the Promoter to the Allottee within forty-five 45 days of it its 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 pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 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 more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan annexed heretopayment plan as per Schedule - C, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules ;specified herein. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the Designated Apartment Row House or the Town House Unit in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardterminated . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project within the stipulated time disclosed at the time of registration of the project Owners’ Area with the Authority or extended by the Authorityand/or extensions thereof. For the purpose of this para 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones to Promoter Owners as demanded by the PromoterOwners. 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 provided that this clause Provided That nothing contained herein shall not be in any manner affect the liability and obligation of the Promoter to make payment of interest and/or compensation and/or damages to the Owners under the Development Agreement and/or under applicable if the payment by the Allottee is not construction linkedlaws; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Owners shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter Owners as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Deposits and Charges under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter Owners on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter Owners in this regard, the Promoter Owners may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Owners by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Owners shall be free to deal with, dispose of and/or transfer the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter Owners shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force 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 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 of the project with the Authority or extended by the Authority7. 1. For the purpose of this para ‘clause '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 amenties and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal 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 Designated Apartment, which shall be paid by the Promoter promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules ;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 shall cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 8.1. Subject to the force 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 Designated Apartment to the Allottee within the time period specified in para 7.1 para7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this 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 thereunderthe under. 9.2 8.2. In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Promoter/Developer under the conditions listed above, Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to construction milestones to Promoter Promoter/Developer as demanded by the Promoter/Developer. If the Allottee stops making 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Promoter/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter Promoter/Developer to the Allottee within allotteewithin forty-five days of it becoming due. 9.3 8.3. The Allottee shall Allotteeshall 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 Promoter/Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall allotteeshall be liable to pay interest to the Promoter Promoter/Developer on the unpaid amount at the rate prescribed prescribe in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months times according to the Payment Plan mention in [Schedule ‘D’] after notice from the Promoter Promoter/Developer in this regard, the Promoter Promoter/Developer may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the amount paid at or before the execution of this agreement Booking Amount amounting to Rs /- (Rupees ………………………. only) and GST (as applicable) accrued thereupon and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter Promoter/Developer shall intimate the Allottee about Allotteeabout such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 2nd Schedule or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityand/or extensions thereof. 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duedueor within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter as per the Payment Plan annexed under 3rd Schedule hereto and/or timely payment of the Additional Liabilities and Deposits under 6th Schedule hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2(two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter within the above time, then the Allottee shall be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter and in default of such payment within 30 days, the Promoter may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3(ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Buildings or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment or portion of the Buildings, then in that event the Allottee shall also be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter. (v) Besides the aforesaid rights the Promoter shall also be entitled to enforce any other right to which the Promoter may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 1 contract

Samples: Sale Agreement

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EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force 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 Designated Apartment to the Allottee Allottees 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 or extended by 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 thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee Allottees is entitled to the following: (i) : Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee Allottees stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) or The Allottee Allottees 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 Allottees 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 Allottee the Allottees does not intend to withdraw from the project 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 Designated Apartment, which shall be paid by the Promoter to the Allottee Allottees within 45 (forty-five five) days of it becoming due. 9.3 . 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 Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee Allottees shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) : In case the Allottee Allottees fails to make any of the payments for consecutive two 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 Allottees shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules ; (iiRules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottees 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) In case of Default default by Allottee Allottees under the condition listed above continues for a period beyond two consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment in favour of the Allottee Allottees 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 Allottees shall, subject to second proviso below, be returned by deducting the Promoter to the Allottees 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 paid at or before shall be payable subject to the execution of this agreement and the interest liabilities Deed of Cancellation and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee Allottees 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 Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 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 Allottees, after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottees 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 Allottees shall be, subject to proviso below, be returned by the Promoter to the Allottees 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 Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions 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 Allottees 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 Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions The Promoter, on receipt of Total Consideration of Apartment, Total Tax and The Total Extras and Deposits as mentioned in clause 1.2.1, 1.2.2 and 1.2.3 under the Agreement from the Allottees, shall execute a deed of conveyance and convey the ownership rights of the Apartment together with the right to use the proportionate indivisible undivided share in the Common Areas within the time period as stated in local laws, to the Allottees. Provided that, in the absence of local law, the deed of conveyance in favour of the Allottees shall be carried out by the Promoter within 3 (three) months from the date of issue of completion/occupancy certificate. However, in case the Allottees fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottees authorizes the Promoter to withhold registration of the deed of conveyance in his/her favour till payment of stamp duty and registration charges to the Promoter is made by the Allottees. The deed of conveyance shall be drafted by the Solicitors/Advocates of the Promoter and shall be in such form and contain such particulars as may be approved by the Promoter. No request for any changes whatsoever in the deed of conveyance will be entertained by the Promoter unless such changes are required to cure any gross mistake or typographical or arithmetical error. The Promoter shall be responsible to provide and maintain essential services in the Project till the taking over of the maintenance of the project by the Association upon the issuance of the completion certificate

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Except for occurrence of a Force Majeure clauseevent, the Promoter Co-owners / Developer shall be considered under a condition of default (“Default”), in the following events: (i) Promoter : Co-owners / Developer fails to provide ready to move in possession of the Designated 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 or extended by 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, Completion Certificate has been issued by the competent authority; (ii) ; Discontinuance of the PromoterCo-owners 's/ Developer’s business as a developer Co-owners / Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Co-owners / Developer under the conditions listed above, Allottee is entitled to the following: (i) : Stop making further payments linked to construction milestones to Promoter Co-owners / Developer as demanded by the PromoterCo-owners / Developer. If the Allottee stops making payments payments, the Promoter Co-owners / 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) or The Allottee shall have the option of terminating the Agreement in which case the Promoter Co-owners / Developer 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 PromoterCo-owners / Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter Co-owners / Developer to the Allottee within 45 (forty-five five) days of it becoming due. 9.3 . 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 Co-owners / Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 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 two demands made by within the Promoter due dates as per the Payment Plan annexed heretoPlan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter Co-owners / Developer on the unpaid amount at the rate prescribed in the Rules ; (iiRules. 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) In case of Default default by Allottee under the condition listed above continues for a period beyond two consecutive months 1 (one) month after notice from the Promoter Co-owners / Developer in this regard, the Promoter Co-owners / Developer may cancel the allotment of the Designated 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 shall, subject to second proviso below, be returned by deducting the Co-owners / Developer 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 paid at or before shall be payable subject to the execution of this agreement and the interest liabilities Deed of Cancellation and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter Co-owners / Developer shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination. 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/ Co-owners / Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Co-owners / Developer 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 Co-owners / Developer in this regard, the Co-owners / Developer 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 Co-owners / Developer to the Allottee within 45 (Fourty Five) days 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’. In the event construction of the 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 Co-owners / Developer shall have the option to terminate this Agreement. In such an event, the Co-owners / Developer 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.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force 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 Designated Apartment to the Allottee Allottees 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 or extended by 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 thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee Allottees is entitled to the following: (i) : Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee Allottees stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) or The Allottee Allottees 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 Allottees 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 Allottee the Allottees does not intend to withdraw from the project 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 Designated Apartment, which shall be paid by the Promoter to the Allottee Allottees within 45 (forty-five five) days of it becoming due. 9.3 . 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 Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee Allottees shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) : In case the Allottee Allottees fails to make any of the payments for consecutive two 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 Allottees shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules ; (iiRules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottees 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) In case of Default default by Allottee Allottees under the condition listed above continues for a period beyond two consecutive months 1 (one) month after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment in favour of the Allottee Allottees 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 Allottees shall, subject to second proviso below, be returned by deducting the Promoter to the Allottees within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However mayit be clarified that the balance amount paid at or before shall be payable subject to the execution of this agreement and the interest liabilities Deed of Cancellation and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee Allottees 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 Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 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 Allottees, after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottees 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 Allottees shall be, subject to proviso below, be returned by the Promoter to the Allottees 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 Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions 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 Allottees 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 Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions The Promoter, on receipt of Total Consideration of Apartment, Total Tax and The Total Extras and Deposits as mentioned hereinabove under the Agreement from the Allottees, shall execute a deed of conveyance and convey the ownership rights of the Apartment together with the right to use the proportionate indivisible undivided share in the Common Areas within the time period as stated in local laws, to the Allottees. Provided that, in the absence of local law, the deed of conveyance in favour of the Allottees shall be carried out by the Promoter within 3 (three) months from the date of issue of completion/occupancy certificate. However, in case the Allottees fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottees authorizes the Promoter to withhold registration of the deed of conveyance in his/her favour till payment of stamp duty and registration charges to the Promoter is made by the Allottees. The deed of conveyance shall be drafted by the Solicitors/Advocates of the Promoter and shall be in such form and contain such particulars as may be approved by the Promoter. No request for any changes whatsoever in the deed of conveyance will be entertained by the Promoter unless such changes are required to cure any gross mistake or typographical or arithmetical error. The Promoter shall be responsible to provide and maintain essential services in the Project till the taking over of the maintenance of the project by the Association upon the issuance of the completion certificate of the Project. The cost of such maintenance has been included in the Total Extras and Deposits as mentioned hereinabove for the Apartment. In case the formation of the Association is delayed due no fault of the Promoter; the Promoter shall provide and maintain the essential services in the said Project till the Association is formed and the said Project is handed over to the Association and the Allottees shall be liable to pay to the Promoter or facility management company, the charges for such maintenance as fixed by the Promoter at actual.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure clausemajeure”, Court orders, Government policy/guidelines, decisions, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated developed Plot/ Unit/Apartment for Residential/Commercial/Industrial/IT/any other usage alongwith parking (if applicable) 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 or extended by the Authority. For the purpose of this para para, ‘ready to move in possession’ shall mean that the apartment Unit/Apartment for Residential/Commercial/Industrial/IT/any other usage 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 or part thereof has been issued by competent authority. For the purposes of developed plot, it shall mean the plot, having provision of water supply, sewerage, electricity, roads or any other amenities approved in the demarcation-cum- zoning plan, essential for habitable environment (as per guidelines of the competent authority) and for the same the promoter has obtained demarcation-cum-zoning plan/part completion/completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction construction/development milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if for the payment by the Allottee is not construction linkedperiod of such delay; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the plot/unit/apartment, along with interest at the rate prescribed in the Rules within forty-five ninety days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated ApartmentPlot/Unit/Apartment for Residential/Commercial/Industrial/IT/any other usage alongwith parking (if applicable), which shall be paid by the Promoter promoter to the Allottee allottee within forty-five ninety 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 two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months ninety days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Plot/Unit/Apartment for Residential/ Commercial/Industrial/IT/any other usage alongwith parking (if applicable) in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting forfeiting the booking amount paid at or before for the execution allotment and interest component on delayed payment (payable by the customer for breach of this agreement and non payment of any due payable to the promoter). The rate of interest liabilities and this Agreement payable by the allottee to the promoter shall thereupon stand terminated: Such refund shall not include any be the State Bank of India highest marginal cost of lending rate plus two percent. The balance amount of money paid by the allottee on account of Taxes paid shall be returned by the allottee and/or stamp duty and registration charges incurred by promoter to the allottee within ninety days of such cancellation. On such default, the Agreement and shall be made any liability of the promoter arising out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shallsame shall thereupon, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardstand terminated. Provided that that, the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter PROMOTER/ DEVELOPER shall be considered under a condition of Default, in the following events: (i) Promoter The PROMOTER/ DEVELOPER fails to provide ready to move in possession of the Designated Apartment Country Home 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 or extended by the Authority. For the purpose of this para para, ‘ready to move in possession’ shall mean that the apartment Country Home shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be completed on completion of the entire Complex), as agreed to between the parties, and for which occupation certificate and completion certificateCompletion Certificate or Partial Completion Certificate, as the case may be, has been issued by the competent authorityCompetent Authority; (ii) Discontinuance of the PromoterPROMOTER/ 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 thereunderthere under. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter the PROMOTER/ DEVELOPER under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter the PROMOTER/ DEVELOPER as demanded by the Promoter. 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Promoter PROMOTER/ DEVELOPER shall be liable to refund the entire money paid by the Allottee under any head heads whatsoever towards the purchase of the apartmentCountry Home, 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 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 Designated ApartmentCountry Home, which shall be paid by the Promoter PROMOTER/ DEVELOPER to the Allottee within 45 (forty-five days 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 two 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 as the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter PROMOTER/ DEVELOPER in this regard, the Promoter PROMOTER/ DEVELOPER may cancel the allotment of the Designated Apartment Country Home in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter PROMOTER/ DEVELOPER shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 2.1. Subject to the force Majeure Force Meajeure clause, the Promoter shall be considered under a condition of Default, Default in the following events:. (i) Promoter fails this to provide prove ready to move in possession of the Designated Apartment (Apartment/Plot) to the Allottee within the time period specified in para 7.1 or fails to complete the project within the stipulated stipulate time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this para ready to move in possession’ possession shall mean that the apartment shall be in a habitable condition which is complete in all respects respect including the provision of all specificationsspecification, amenities and facilities, as agreed to between the parties, parties and for which occupation certificate and completion certificate, certificate as the case may be, be has been issued by the competent authority;: (ii) Discontinuance of the Promoter’s business as a developer Developer on account of suspension Suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 2.2. In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following:; (i) Stop making further payments linked to construction milestones payment to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones milestone and only thereafter the Allottee be required to make the next payment without any interest 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, apartment along with interest at the rate prescribed described 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, Agreement he shall be paid, he paid by the Promoter, promoter interest at the rate prescribed in the Rules, for Rules bar every month of delay till the handing over of the possession of the Designated (Apartment/Plot), which shall be he paid by the Promoter promoter to the Allottee within forty-five days of it its becoming due. 9.3 2.3. 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 two demands made by the Promoter as per the Payment payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be he liable to pay interest to the Promoter promoter on the time unpaid amount at the rate prescribed in the Rules ;Rules. (ii) In case of Default default by Allottee under the condition listed above continues conditions for a period beyond two three consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment (Apartment/Plot) in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior priod to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter PROMOTER/ DEVELOPER shall be considered under a condition of Default, in the following events: (i) Promoter The PROMOTER/ DEVELOPER fails to provide ready to move in possession of the Designated Apartment Country Home 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 or extended by the Authority. For the purpose of this para para, ‘ready to move in possession’ shall mean that the apartment Country Home shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities (except the Club facilities, which will be completed on completion of the entire Complex), as agreed to between the parties, and for which occupation certificate and completion certificateCompletion Certificate or Partial Completion Certificate, as the case may be, has been issued by the competent authorityCompetent Authority; (ii) Discontinuance of the PromoterPROMOTER/ 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 thereunderthere under. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter the PROMOTER/ DEVELOPER under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter the PROMOTER/ DEVELOPER as demanded by the Promoter. 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Promoter PROMOTER/ DEVELOPER shall be liable to refund the entire money paid by the Allottee under any head heads whatsoever towards the purchase of the apartmentCountry Home, 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 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 Designated ApartmentCountry Home, which shall be paid by the Promoter PROMOTER/ DEVELOPER to the Allottee within 45 (forty-five days 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 two 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 as the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter PROMOTER/ DEVELOPER in this regard, the Promoter PROMOTER/ DEVELOPER may cancel the allotment of the Designated Apartment Country Home in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and applicable statutory taxes, if any, this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter PROMOTER/ DEVELOPER shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 a. Subject to the force Force Majeure clause, the Promoter Vendors/Confirming Party shall be considered under a condition of Default, in the following events: (i) Promoter fails Vendors/Confirming Party fail to provide ready to move in possession of the Designated Apartment Schedule-A 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 Authority or extended by the Authorityauthority. For the purpose of this para ‘paragraph, 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 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 thereunder. 9.2 b. In case the Allottee complies with his obligations under this Agreement and there is 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 linked to construction milestones to Promoter the Vendors/Confirming Party as demanded by the PromoterVendors/Confirming Party. If the Allottee Purchaser/s stops making payments payment, 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 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 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 Designated ApartmentSchedule-A property, which shall be paid by the Promoter Vendors/Confirming Party 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 to make payments for consecutive two demands made by stipulated period as aforesaid or non observance and compliance of any of the Promoter as per terms and conditions hereof the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Vendors/Confirming Party shall be liable at liberty 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of terminate this agreement and forfeit 10% of the consideration amount together with the proportionate interest liabilities liability, GST and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of other Government Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out at liberty to dispose of the amounts received Schedule-A 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 against sale of the Designated Apartment to Vendors/Confirming Party on any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in ground whatsoever or claim any amount whatsoever on this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationaccount.

Appears in 1 contract

Samples: 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 of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. 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, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion /Partial Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In the above context, the term “Complete in all respects” shall mean that the Unit will be deemed to be complete upon grant of CC/Partial CC and/or Architect’s certificate notwithstanding the fact there may be minor deficiencies resulting from structural defect or workmanship since construction is man made and not machine made and there may be minor defects which will keep coming and the same will remain the responsibility of the Promoter to rectify upto 5 Years without further charge as provided in Clause 12 hereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 , alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 7 of this Agreement.; Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five 45 days of it its 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 pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment, is situated. 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 more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan annexed heretopayment plan as per Schedule - C, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules ;specified herein. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the Promoter promoter in this regardregard and/or refusal or failure to register the Agreement, the Promoter may promoter shall cancel the allotment of the Designated Apartment Apartment, in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement 10% of total consideration and interest liabilities and the interest liabilities applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardterminated . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter Promoter/Owner shall be considered under a condition of Default, in the following eventseventssubject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreementand there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter Promoter/Owner fails to offer to provide ready to move in possession of the Designated Apartment to said Apartmentto the Allottee within the time period specified in para 7.1 or inSchedule ‘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 or extended by the Authorityand/or extensions thereof. 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Promoter/Owner under the conditions listed above, Allottee is entitled to the followingfollowingsubject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreementand there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones to Promoter Promoter/Owner as demanded by the Promoter/Owner. If the Allottee stops making payments the Promoter Promoter/Owner shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Promoter/Owner shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Allotteetowards theTotal Pricefor purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: noticeor within such further time as may be agreed between the parties.The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project andthe option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the AgreementtheAgreement, he shall be paid, by the Promoter/Owner, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter Promoter/Owner to the Allottee within forty-five days of it becoming duedueor within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter Promoter/Owner as per the Payment Plan annexed under Schedule Cheretoand/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter Promoter/Owner on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive beyond2(two)consecutive months after notice from the Promoter Promoter/Owner in this regard, the Promoter Promoter/Owner may cancel the allotment /Agreement of the Designated Apartment in said Apartmentin favour of the Allottee and refund the money paid to him by the Promoter/Ownerby the Allottee by deducting the booking amount paid at or before (which shall be calculated after adding back the execution special discount sum of this agreement Rs. /- offered as a special discount to the Allottee and mentioned in Clause 1.2 (v) above)and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminatedand the Promoter/Owner shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter Promoter/Owner shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter/Owner shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter/Owner within the above time, then the Allottee shall be liable to pay to the Promoter/Owner compensation and/or damages that may be quantified by the Promoter/Owner and in default of such payment within 30 days, the Promoter/Owner may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3(ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Buildings or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment or portion of the Buildings, then in that event the Allottee shall also be liable to pay to the Promoter/Owner compensation and/or damages that may be quantified by the Promoter/Owner. (v) Besides the aforesaid rights, the Promoter/Owner shall also be entitled to enforce any other right to which the Promoter/Owner may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) The Promoter fails to provide ready to move in possession of the Designated Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the project said Phase within the stipulated time disclosed at the time of registration of the project said Phase with the Authority or extended by 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 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, be has been issued by the competent authority;: (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to the 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linked; 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 equivalent to the Rules prevailing Prime Lending Rate of the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice: . Provided that That where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, paid by the Promoter, interest at the rate prescribed in equivalent to the Rulesprevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five five) days of it becoming due. 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 two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at @ 2% plus the rate prescribed in prevailing State Bank of India Prime Lending Rate per annum from the Rules date of default till actual payment is made; (ii) In case of Default default by Allottee under the condition listed above continues for a period beyond two 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement Booking Amount and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. terminated Provided that That the Promoter shall intimate the Allottee about about, such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure 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 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 of the 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 shall be in 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due.the 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment [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 with the Authority or extended by the Authorityauthority. 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 on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 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, ] which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the Designated Apartment [Apartment] in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment [Bungalow] 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 or extended by the Authority. For the purpose of this 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 thereunderthere under. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 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 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 ApartmentBungalow, which shall be paid by the Promoter promoter to the Allottee 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 two demands made may 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 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 Designated Apartment Bungalow in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseClause, the Promoter shall be considered to be under a condition of Defaultdefault, in the following events: (i) If the Promoter fails to provide ready to move in possession of the Designated Apartment to the Allottee within the time period specified in para 7.1 mentioned above, or fails to complete the project Said Project within the stipulated time disclosed at the time of registration of the project registering it with the Authority or extended by 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 partiesParties, and for which occupation certificate and occupancy certificate, the 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 Promoter on account of suspension or revocation of his their registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to the Promoter as demanded by the Promoterit. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee shall be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due.; 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments payment for two consecutive two demands made by the Promoter as per the Payment Plan annexed heretomentioned in Schedule-L, 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 mentioned above; (ii) In case of Default by the Allottee under the condition listed above despite receiving a prior 30 days written notice from the Promoter in respect thereof or any Default under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him it by the Allottee by deducting the amount paid at or before the execution of this agreement Booking Amount and the interest interests liabilities of the Allottee with an option to pay the same directly to the bank account of the Allottee given at the time of application and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by . (iii) The Allottee expressly acknowledges understands and agrees that in the allottee on account event of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out cancellation or termination of the amounts received allotment of the Apartment in terms of this Agreement by the Promoter against sale or the Allottee, as the case may be, the Promoter shall be at liberty to act as the constituted attorney/authorized signatory of the Designated Allottee and execute, present for registration and register unilaterally a deed of cancellation in the event Allottee fails to do so in spite of several reminders and the Allottee shall cease to have any right title interest whatsoever in the Apartment to any other interested person. The allottee shall, at his own costs or Project Land or Project on and expenses, execute all necessary documents required from the date of expiry of the period mentioned in the notice of cancellation or termination issued by the Promoter in this regard. Provided that or the Promoter shall intimate Allottee, as the Allottee about such termination at least thirty days prior to such terminationcase may be.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter Owners/Promoters shall be considered under a condition of Default, in the following events: (i) Promoter fails Owners/Promoters through the Project Attorney fail to provide ready to move in possession of the Designated Said 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 or extended by the Authorityspecified. 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 facilitiesrespects, as agreed to between per the partiesspecifications and amenities as stated herein under, and for based upon which occupation certificate and completion certificate, as the case may be, has been Completion Certificate is issued by the competent authorityCompetent Authority; (ii) Discontinuance of the Promoter’s Owners/Promoters business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Owners/Promoters under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter Owners/Promoters as demanded by the PromoterOwners/Promoters. If the Allottee stops making payments payments, the Promoter Owners/Promoters through the Project Attorney shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Owners/Promoters shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Said 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 PromoterOwners/Promoters, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Designated Said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered as Defaulter 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 payment within 15 days from the date of demand made by the Promoter Owners/Promoters 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 Owners/Promoters on the unpaid amount at the rate prescribed specified in the Rules ;Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter Owners/Promoters in this regard, the Promoter may Owners/Promoters through the Project Attorney shall cancel the allotment of the Designated Said Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided terminated (provided that the Promoter Owners/Promoters through the Project Attorney shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination). Notwithstanding the above, the time period mentioned in this clause shall not include any period covered by Force Xxxxxx conditions including but not limited to pandemic situations.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force 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 Designated Allotted 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 hereunder or to be disclosed at the time of registration of the project Project with the Authority or extended by when the Authoritysame becoming functional, whichever be earlier. 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 parties, and for which occupation certificate/completion 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 thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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, paid by the Promoter, Promoter interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five 45 (forty- five) days of it becoming due. 9.3 . 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. 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 two demands made by within the Promoter due dates as per the Payment Plan annexed hereto, mentioned in the Eighth Schedule hereto or fails to make payment of the Extras & Deposits in terms hereof despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate Applicable Interest Rates prescribed in the Rules ;Rules. (ii) In case of Default default by the 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 and the Ownersmay cancel the allotment of the Designated Apartment in favour of the Allottee and refund in the money event of the cancellation, this agreement shall stand cancelled and the Promoter shall become entitled to and shall forfeit the Booking amount equal to 10% (ten 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 him by the Allottee by deducting real estate agent/broker, if any, legal charges paid to the Promoter and the amount paid at or before the execution of stamp duty, registration fee and allied expenses and incidentals and legal charges payable on deed of cancellation of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any applicable GST payable on such amounts. The balance amount of money 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 Allottee shall, subject to second proviso below, be made out of the amounts received returned by the Promoter against sale to the Allottee without interest within 12 (twelve) months of such cancellation or ontransfer of the Designated Said Apartment to any other interested persona new Apartment Acquirer, whichever is earlier. The allottee shallHowever, at his own costs and expenses, execute all necessary documents required by may it be clarified that upon the Promoter in and the Owners cancelling this regardagreement, the Promoter and the Owners shall become free to enter into agreement for transfer of the same Allotted Apartment to a new prospective Apartment Acquirer and to that the Allottee shall not be entitled to raise any objection or dispute and that the balance amount shall be payable subject to the execution and registration of the Deed of Cancellation. Provided that the Promoter shall and the Ownersshall intimate the 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 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment Office unit 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. For the purpose of this para ‘clause, ready to move in possession’ shall mean that the apartment Office 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 parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones milestones, if violated/delayed and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal 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 in the manner aforesaid but without deducting/forfeiting any head whatsoever towards the purchase of the apartment, along with amountalongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: Provided notice;Provided further that where an Allottee does all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall 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 the possession of the Designated Apartment, which shall be paid returned by the Promoter to and the Allottee within forty-five days shall be free to approach the authorities concerned for refund of it becoming duesuch taxes, charges, levies, cess, assessments and impositions. 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of any of the following events:event;- (i) i. The Allotteefails to pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other services connection to the Block/Phase in which the Office unit is situated. ii. In case the Allottee fails to make payments for consecutive two more than 15 days from scheduled date and demands made by the Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard regard, the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules ;Rules. (ii) iii. In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter promoter in this regard, the Promoter promoter may at its sole option may cancel the allotment of the Designated Apartment in favour Office unit of the Allottee and refund the claim of the Allottee shall confined to the amount of money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account 10% of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardtotal consideration. Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such terminationtermination .in case of a falling market the amount repayable will be further reduced by the extent of the difference in amount receivable on a fresh transfer of the Office unit to another buyer and the Purchase Price of the Allottee if the current Transfer Price is less than the Purchase Price. The ultimate balance amount of money refundable shall be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation.

Appears in 1 contract

Samples: Sub Lease 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 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 of the 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 shall be in 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 thereunderthere under. 9.2 In case the Allottee complies with his his/ her/ their obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he he/she / they shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two 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 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 of the 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 shall be in 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two 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 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment to Apartmentto the Allottee 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 or extended by 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 on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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: notice subject to allotteeregistering the deed of cancellation in respect of the Said Apartment and Appurtenances; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee theAllottee fails to make payments for consecutive two demands made by paymentto the Promoter as per the Payment thePayment Plan annexed hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive beyond3 (three)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 Designated Apartment in favour of the Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall after adjusting the booking amount, refund to the money paid to him 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 Allottee by deducting the amount paid at or before the execution Promoter and exclusive 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 indirect taxes, stamp duty and registration charges incurred by charges. Further, upon the allottee and termination of this Agreement in the aforesaid circumstances, the Allottee shall be made out have no claim of the amounts received by any nature whatsoever on the Promoter against sale of and/or the Designated Said Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that Appurtenances and the Promoter shall intimate be entitled to deal with and/or dispose off the Allottee about such termination at least thirty days prior to such terminationSaid Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsevents : (i) Promoter fails to provide ready to move in possession of the Designated 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 or extended by 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 's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Promoter, 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 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 onthe occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in the Rules 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 Designated [Apartment Plot] in favour of the Allottee and refund the money paid to him by the Allottee by deducting the hooking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminatedterminated : Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) : Promoter fails to provide ready to move in possession of the Designated 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 or extended by the Authoritytime. 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 by and between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) 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 interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have . In case of delay being beyond the option of terminating the Agreement stipulated time as mentioned in which case Para 7.1 above, 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 pay 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 the possession of the Designated Apartment, which shall be paid by the Promoter @ SBI Prime Lending Rate + 2% p.a. to the Allottee within forty-five days of it becoming dueon the total amount paid for the delayed period. 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 two 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 @SBI Prime Lending Rate + 2% per annum to the Promoter on the unpaid amount at for the rate prescribed in the Rules ;delayed period. (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 upon 30 days written notice may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and thereafter this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account , subject to compliance of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationclause 33.8.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter Promoter/Owner shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter Promoter/Owner fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityand/or extensions thereof. 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Promoter/Owner under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones to Promoter Promoter/Owner as demanded by the Promoter/Owner. If the Allottee stops making payments the Promoter Promoter/Owner shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Promoter/Owner shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter/Owner, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter Promoter/Owner to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter Promoter/Owner as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter Promoter/Owner on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive beyond2(two)consecutive months after notice from the Promoter Promoter/Owner in this regard, the Promoter Promoter/Owner may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter/Owner by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter/Owner shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter Promoter/Owner shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter/Owner shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter/Owner within the above time, then the Allottee shall be liable to pay to the Promoter/Owner compensation and/or damages that may be quantified by the Promoter/Owner and in default of such payment within 30 days, the Promoter/Owner may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3(ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Building or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment or portion of the Building, then in that event the Allottee shall also be liable to pay to the Promoter/Owner compensation and/or damages that may be quantified by the Promoter/Owner. (v) Besides the aforesaid rights, the Promoter/Owner shall also be entitled to enforce any other right to which the Promoter/Owner may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment to the Allottee within the time period specified in para 7.1 clause7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this para ‘ready clause‘ready to move in possession’ shall mean that the apartment shall be in 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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 Allotte e 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two 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 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 Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting the amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter Promoter/Owners shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails Promoter/Owners fail(s) to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityand/or extensions thereof. 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Promoter/Owners under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones to Promoter Promoter/Owners as demanded by the Promoter/Owners. If the Allottee stops making payments the Promoter Promoter/Owners shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Promoter/Owners shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter/Owners, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter Promoter/Owners to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter Promoter/Owners as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter Promoter/Owners on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter Promoter/Owners in this regard, the Promoter Promoter/Owners may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter/Owners by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter/Owners shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter Promoter/Owners shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter/Owners shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter/Owners within the above time, then the Allottee shall be liable to pay to the Promoter/Owners compensation and/or damages that may be quantified by the Promoter/Owners and in default of such payment within 30 days, the Promoter/Owners may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) i. Promoter fails to provide ready to move in possession of the Designated Apartment 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 or extended by the Authority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment plot shall be in habitable condition which is complete in all respects including the provision of all specificationselectric connection, 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;water (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 thereunderhereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) 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 interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 House 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails to make payments for two consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules ;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 Designated Apartment House/Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force 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 Designated Apartment Unit 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 or extended by the Authorityspecified. For the purpose of this para ‘clause, '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 its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 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 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 the possession of the Designated Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two 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 Rules; (ii) In case of Default by Allottee to register the Conveyance Deed or in complying with any other condition mentioned in this Agreement despite receiving a prior 30 days written notice from the Promoter in respect thereof or any Default under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee by after deducting the amount paid at or before the execution of this agreement and the interest liabilities of the Allottee with an option to pay the same directly to the bank account of the Allottee given at the time of application form and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid to the Allottee by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and Promoter shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. 9.4 Notwithstanding any contrary provisions, it is expressly agreed that no refund to the Allottee shall, under any circumstances whatsoever, be made of any amount paid by the Allottee on account of Taxes and/or stamp duty and registration charges incurred by the Allottee. The allottee Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that . 9.5 Nothing contained in this Agreement shall affect or prejudice the Promoter shall intimate right of either party to sue the Allottee about such termination at least thirty days prior to such terminationother for specific performance of the contract and/or damages for any default of the other party.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 8.1. Subject to the force 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 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 of the 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 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 permissions of the Act or the rules or regulations made thereunderthe under. 9.2 8.2. In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Promoter/Developer under the conditions listed above, Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to construction milestones to Promoter Promoter/Developer as demanded by the Promoter/Developer. If the Allottee stops making 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Promoter/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter Promoter/Developer to the Allottee within theallotteewithin forty-five days of it becoming due. 9.3 8.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter Promoter/Developer as per the Payment Plan annexed hereto, within 15 days from the date of the demand notice there shall be a grace period of 5 days and despite having been issued notice that if the Allottee fails to make payments within the said grace period in that regard the Allottee allottee shall be liable to pay interest to the Promoter Promoter/Developer on the unpaid amount at the rate of interest per annum as prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months times according to the Payment Plan mention in [Schedule ‘D’] after notice from the Promoter Promoter/Developer in this regard, the Promoter Promoter/Developer may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the amount paid at or before the execution of this agreement Booking Amount amounting to Rs. /- (Rupees ………………………. only) and GST (as applicable) accrued thereupon and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter Promoter/Developer shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 10.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated 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 Registration of the project Project with the Authority or extended by the AuthorityAuthorities. For the purpose of this para ‘clause, 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, specifications as agreed to between the parties, parties and for which occupation certificate and completion certificate, as the case may be, Completion Certificate has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoterpromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 10.2 In case the Allottee complies with his obligations under this Agreement and there is Default of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with alongwith interest at the rate prescribed specified in the Rules rules within forty-five days of receiving the termination notice: . 10.3 Provided that where an Allottee allottee does not intend to withdraw from the project or terminate the Agreementagreement, he shall be paid, by the Promoterpromoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over the possession of the Designated Apartment, Apartment which shall be paid by the Promoter to the Allottee within forty-five 45 days of it its becoming due. 9.3 10.4 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 more than 21 days from scheduled date and demands made by the Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified in the Rules ;Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 6 consecutive months after the notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the Designated Apartment in favour favor of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the amount paid at or before the execution 5% of this agreement total consideration plus applicable taxes and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 of the 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 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 thereunder. 9.2 there under. In case the Allottee complies with his obligations under this Agreement and there is ease of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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: notice subject to the allottee shall prior to receipt of refund on the above account from the Promoter, at his own costs and expenses, execute all necessary cancellation related documents required by the Promoter; Provided that where an Allottee 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, 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 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 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 upon 30 days written notice may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account , subject to compliance of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationclause 34.8.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Majeure clauseForce Majeure, court orders, Government Policy/ guidelines, policy / guidelines of competent authorities, decisions affecting the regular development of the Project or any other event / reason of delay recognized or allowed in this regard by the Authority, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) the Promoter fails to provide offer ready to move in possession (as per specifications) of the Designated developed Apartment for residential usage along with Parking (if applicable) 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 or extended by 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 certificate and completion certificate, as the case may be, or part thereof has been issued by the competent authority;. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to the Promoter as demanded by the Promoter. If the Allottee stops making payments 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 provided that this clause shall not be applicable if for the payment by the Allottee is not construction linkedperiod of such delay; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartmentApartment, along with interest at the rate prescribed in the Rules within forty-five 90 (ninety) days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated ApartmentApartment for residential usage along with Parking (if applicable), which shall be paid by the Promoter to the Allottee within forty-five 90 (ninety) days of it becoming due. 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 2 (two) consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the regard. The Allottee shall be liable to pay interest to the Promoter on the unpaid amount, as and when the amount becomes due as per payment plan, at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months 90 (ninety) days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment for residential usage along with Parking (if applicable) in favour of the Allottee and refund the money paid to him by the Allottee by deducting after forfeiting the amount Booking Amount, interest 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 and/or due to be paid by the allottee Allottee on account of Taxes delayed payment and any brokerage incentive paid by the allottee and/or stamp duty Promoter to the broker/channel partner, if any, along with amount paid towards GST and registration charges incurred which is non- recoverable by the allottee and Company The rate of interest payable by the Allottee to the Promoter shall be made the State Bank of India highest marginal cost of lending rate plus 2% (two percent). The balance amount of money (if any) paid by the Allottee shall be returned by the Promoter to the Allottee without interest or compensation within 90 (ninety) days of such cancellation. On such default, the Agreement and any liability of the Promoter arising out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shallsame shall thereupon, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardstand terminated. Provided that that, the Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination. (iii) Further, additionally the Allottee shall be considered under a condition of Default, in case the Allottee fails to comply with the conditions under the notice for offer of possession, including taking over of possession of the Apartment, providing necessary indemnities, undertakings, maintenance agreement and other documentation; and such failure continues for a period of more than 90 (ninety) days after receipt of a notice from the Promoter in this regard then the Promoter may cancel the allotment of the Apartment along with the Parking (if applicable) if any, and refund the money paid by the Allottee by forfeiting the Booking Amount, interest paid and/or due to be paid by the Allottee on delayed payment and any brokerage incentive paid by the Promoter to the broker/channel partner, if any, along with amount paid towards GST and which is non-recoverable by the Company. The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee, without interest or compensation within 90 (ninety) days of such cancellation. On such default, the Agreement and any liability of the Promoter arising out of the same shall thereupon, stand terminated. Provided that, the Promoter shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment said Unit 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 or extended by the Authority. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment shall be in 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 after obtaining occupancy certificate/completion certificate and completion certificate, as the case may be, has been issued by from the competent authority; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 apartmentUnit, along with interest at the rate prescribed in the Rules within forty-five forty 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 Designated ApartmentUnit, which shall be paid by the Promoter promoter to the Allottee allottee within forty-five forty 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 (two) consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment Unit in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the force 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 Designated Apartment to the Allottee within the time period specified in para 7.1 8.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authority. For the purpose of this 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 suspension or revocation of his registration under the provisions permissions of the Act or the rules or regulations made thereunderthe under. 9.2 9.2. In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter Promoter/Developer under the conditions listed above, Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to construction milestones to Promoter Promoter/Developer as demanded by the Promoter/Developer. If the Allottee stops making 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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-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/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated Apartment, which shall be paid by the Promoter Promoter/Developer 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) In case the Allottee fails to make payments for consecutive two demands made by the Promoter Promoter/Developer 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/Developer on the unpaid amount at the rate prescribed prescribe in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months times according to the Payment Plan mention in Schedule ‘D’ after notice from the Promoter Promoter/Developer in this regard, the Promoter Promoter/Developer may cancel the allotment of the Designated Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the amount paid at or before the execution of this agreement Booking Amount amounting to Rs.…………………/-(Rupees ………………………. only)and GST (as applicable) accrued thereupon and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter Promoter/Developer shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityand/or extensions thereof. 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 as per the specifications mentioned 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;Agreement. (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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price/Agreed Consideration for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in Rule 17 of the Rules within 45 (forty-five five) days of receiving the termination notice: notice or within such further time as may be agreed between the Parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within 45 (forty-five) of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he the Allottee shall be paid, by the Promoter, interest at the rate prescribed in Rule 17 of the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice demand in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed in Rule 17 of the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice demand from the Promoter in this regard, the Promoter may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee towards the Total Price/Agreed Consideration by deducting the amount paid at or before as an expression of interest, brokerage paid by the execution of this agreement Promoter, if any and the interest liabilities and liabilities/ this Agreement shall thereupon stand terminated: Such refund terminated and the Promoter shall be free to deal with, dispose of and/or sell and/or transfer the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not include be refundable. Provided that the Promoter shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee shall cease to have any right title interest whatsoever in the said Apartment Unit or said Land or Premises or Project on and from the date of expiry of the period mentioned in the notice of cancellation or termination issued by the Promoter. Without prejudice to the above, it being further agreed and the Allottee expressly acknowledges understands and agrees that in the event of cancellation or termination of the allotment of the said Apartment Unit (and this Agreement) in terms of this Agreement by the Promoter or the Allottee, as the case may be, the Promoter shall be at liberty to act as the constitute attorney of the Allottee and execute, present or registration and registrar unilaterally a deed of cancellation, if required by the Promoter. Notwithstanding anything to the contrary contained herein, it is expressly agreed that no refund to the Allottee shall, under any circumstances whatsoever, be made of any amount paid by the allottee Allottee on account of Taxes paid by the allottee taxes 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 personAllottee. The allottee shall, Allottee shall at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that . (iii) In case of there being a failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter shall intimate be entitled to issue a Notice to the Allottee about calling upon the Allottee to rectify, remedy, make good or set right the same within 1 (one) month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter within the above time, then the Allottee shall be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter and in default of such payment within 30 (thirty) days, the Promoter may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination at least thirty days prior the provisions under sub-clause 9.3(ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Buildings or any portion thereof including further constructions, additions and/or alterations from time to such terminationtime and/or in the transfer, sale or disposal of any Apartment or portion of the Buildings, then in that event the Allottee shall also be liable to pay to the Promoter compensation and/or damages that may be quantified by the Promoter. (v) Besides the aforesaid rights the Promoter shall also be entitled to enforce any other right to which the Promoter may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseclauses and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityand/or extensions thereof. 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;condition. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones to Promoter Vendors as demanded by the PromoterVendors. 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the Total Price for purchase of the apartmentsaid Apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: notice or within such further time as may be agreed between the parties. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. If however the Allottee does not withdraw from the Project within 45 days of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect. Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duedue or within such further time as may be agreed between the parties. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter Vendors as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Security Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter Vendors on the unpaid amount at the rate prescribed in the Rules Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2(two) consecutive months after notice from the Promoter Vendors in this regard, the Promoter Vendors may cancel the allotment /Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Vendors by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund terminated and the Vendors shall be free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee whose rights and/or entitlements shall come to an end forthwith upon termination. The fees and expenses relating to the Agreement for Sale including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, etc. shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regardrefundable. Provided that the Promoter Vendors shall intimate the Allottee about such termination at least thirty days prior to such termination. (iii) In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Vendors shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Vendors within the above time, then the Allottee shall be liable to pay to the Vendors compensation and/or damages that may be quantified by the Vendors and in default of such payment within 30 days, the Vendors may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3 (ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Buildings or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the transfer, sale or disposal of any Apartment / Commercial Space or portion of the Buildings, then in that event the Allottee shall also be liable to pay to the Vendors compensation and/or damages that may be quantified by the Vendors. (v) Besides the aforesaid rights the Vendors shall also be entitled to enforce any other right to which the Vendors may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clauseconditions and reasons beyond control, the Promoter shall be considered under a condition of Default, in the following eventsevents subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Promoter fails to offer to provide ready to move in possession of the Designated said Apartment to the Allottee within the time period specified in para 7.1 Schedule ‘A’ or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority or extended by the Authorityany extension thereof. 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 as per the Specifications as mentioned 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;Agreement. (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 thereunder. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by the Promoter under the conditions listed above, Allottee is entitled to the followingfollowing subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Allottee to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law: (i) Stop making further payments linked to construction milestones 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 provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; 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 Total Price/Agreed Consideration for transfer of the apartmentsaid Apartment, along with interest at the rate prescribed specified in Rule 17 of the Rules within forty-five days of receiving the termination notice or within such further time as may be agreed between the parties. The liability of the Promoter to refund any amount to the Allottee shall arise only upon execution and registration of a Cancellation Agreement at the costs of the Allottee. The fees and expenses relating to this Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage etc. shall not be refundable. If, however the Allottee does not withdraw from the Project within forty-five days of the termination notice: , then it shall be deemed that the Allottee has voluntarily opted not to withdraw from the Project and thereafter the option of withdrawal shall not be applicable and/or shall cease to be valid or have effect; Provided that where an Allottee does not intend to withdraw from the project Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed specified in Rule 17 of the Rules, for every month of delay till the handing over of the possession of the Designated said Apartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of inter alia the following events: (i) In case the Allottee fails to make payments for consecutive two of the demands made by the Promoter as per the Payment Plan annexed under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under Schedule ‘G’ hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed specified in Rule 17 of the Rules for the period of delay; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment allotment/Agreement of the Designated said Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by towards the Total Price/Agreed Consideration after deducting the amount Booking Amount, brokerage paid at or before by the execution of this agreement Promoter, if any, 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 terminated and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter shall intimate be free to deal with, dispose of, sell and/or transfer the said Apartment Unit to anyone else without any reference to the Allottee about such termination whose rights and/or entitlements shall come to an end forthwith upon termination. The liability of the Promoter to refund any amount to the Allottee shall arise only upon execution and registration of a Cancellation Agreement at least thirty days prior the costs of the Allottee. The fees and expenses relating to such terminationthis Agreement including stamp duty, registration fees, GST, Advocate fees, incidental and other expenses for registration, brokerage, etc. shall not be refundable.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Designated Apartment Row House/ Bungalow 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 or extended by the Authority. For the purpose of this para ‘para, 'ready to move in possession' shall mean that the apartment Row House/ 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 on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedinterest; orOr (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 except taxes paid to the govt. authority and expenses incurred by the promoter for the convenience/ benefit of allotee whatsoever towards the purchase of the apartmentRow House/Bungalow, along with interest at the rate prescribed in the Rules of 11% p.a. 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 Designated ApartmentRow House/Bungalow, which shall be paid by the Promoter 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 01 consecutive two 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 of 11% p.a. Provided further that since the entire proportionate common area is being transferred to the Association of the Allottees by operation and in compliance of the Rules ; (ii) provisions of the Act, without any consideration to be paid to the Promoter, therefore the transfer of the proportionate common area to the Association of Allottees, shall always be deemed to be without payment of any consideration to the Promoter so as not to add any amount to the Capital Gain or consequent Income Tax to the account of the Promoter and it shall always be deemed to be a transfer by operation of law. In case of Default by Allottee under the condition listed above continues for a period beyond two 01 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Designated Apartment Row House/ Bungalow in favour of the Allottee and refund the money paid to him by the Allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the force Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the 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 of the 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 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 occupancy 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 WBHIRA Act or the rules or regulations made thereunder. 9.2 9.2. In case the Allottee complies with his obligations under this Agreement and there is of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments linked to construction milestones to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest provided that this clause shall not be applicable if the payment by the Allottee is not construction linkedpenal 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 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 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, 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 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive two demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed in the Rules 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 Designated Apartment in favour of the Allottee and refund the amount money paid to him by the Allottee allottee by deducting the booking amount paid at or before the execution of this agreement and the interest liabilities and this Agreement shall thereupon stand terminated: Such refund shall not include any amount paid by the allottee on account of Taxes paid by the allottee and/or stamp duty and registration charges incurred by the allottee and shall be made out of the amounts received by the Promoter against sale of the Designated Apartment to any other interested person. The allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. ; Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

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