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Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 6 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a undera condition of default, in the following events, ,namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authoritycompetentauthority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereundermadethereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:-thefollowing:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; orinterest;or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination noticeterminationnotice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duebecomingdue. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following eventsfollowingevents: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountunpaidamount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the 45 Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 . The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive -------------------consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 3 contracts

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

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:-events:‐ (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:-following:‐ (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five forty‐five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five forty‐five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountamount at the rate prescribed in the Rules. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.‐‐‐‐‐

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- two consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest interest(i.e. define in the definition of intrest rate) to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- two consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest interest(i.e. define in the definition of intrest rate) to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Xxxxxxxx under the conditions listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:-events:- (i) The Promoter fails to provide ready to move in possession of the [Apartment /Flat /Flat] to the Allottee(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-forty- five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the [Apartment/ Plot], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated aboveannexed hereto, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountamount at the rate prescribed in the Rules. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/ Plot Plot] in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Agreement for Sale, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:-events:- (i) The Promoter fails to provide ready to move in possession of the [Apartment /Flat /Flat] to the Allottee(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the [Apartment/ Plot], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- three consecutive demands made by the Promoter as per the payment plan stated aboveannexed hereto, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountamount at the rate prescribed in the Rules. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/ Plot Plot] in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:-events:- XXXXXXX XXXXXXXX BUILDCON LLP = 15 = (i) The Promoter fails to provide ready to move in possession of the [Apartment /Flat /Flat] to the Allottee(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: notice or within such further time frame 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 forty five days of the date specified in Para 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(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- two consecutive demands made by the Promoter as per the payment plan stated aboveannexed hereto, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountamount at the rate prescribed in the Rules. (a) In case the Allottee fails to make payments of the demands made by the Promoter as per the Payment Plan under Part II of Fourth Schedule hereto and/or timely payment of the Additional Liabilities and Deposits under Part I of Seventh Schedule hereto, despite XXXXXXX XXXXXXXX BUILDCON LLP = 16 = 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 Aloottee Allottee under the conditions listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Apartment in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount or 10 % of the Agreement value whichever is higher and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least atleast thirty days prior to such termination.

Appears in 1 contract

Samples: Deed of Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events, namely:-: (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Shops/Offices/Halls [Apartment/ROW-HOUSE] to the Allottee(s) Allottee within the time period specified in Term No. para 7.1 above in this Agreement or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Apartment or Flat SHOPS/OFFICES/HALLS [Apartment/ROW-HOUSE] shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, . and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's ’s business as a developer promoter on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default Default by the Promoter under the conditions listed above, Allottee(s) Allottee is entitled to the following:-following: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) Allottee stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) Allottee be required to make the next payment without any interest; or (ii) The Allottee(s) 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(s) Allottee under any head whatsoever towards the purchase of the Shops/Offices/Halls, [Apartment/ROW-HOUSE], along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee(s) 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 the period every month of delay till the handing over of the possession of the Apartment/ PlotShops/Offices/Halls; [Apartment/ROW-HOUSE], 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(s) Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: (i) In case the Allottee(s) Allottee fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated abovePayment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee(s) allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount.amount at the rate based on the State Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; (ii) In case of default Default by Aloottee Allottee under the conditions condition listed above continues for a period beyond 02 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Shops/Offices/Halls [Apartment/ROW-HOUSE] in favour of the Allottee(s) Allottee and refund the money paid to him by the Allottee(s) allottee by deducting the booking amount or 10% of the total price of the Shops/Offices/Halls [Apartment/ROW-HOUSE], whichever is more and the interest liabilities and this Agreement shall thereupon stand terminated : terminated. Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Vendor shall be considered under a condition of default, in the following events, namely:-events:- (i) The Promoter Vendor fails to provide ready to move in possession of the Apartment /Flat [Commercial/office unit /Commercial/office unit] to the Allottee(sPurchaser(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Apartment or Flat Commercial/office unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the PromoterVendor's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter Vendor under the conditions listed above, Allottee(sPurchaser(s) is entitled to the following:- (i) Stop making further payments to the Promoter Vendor as demanded by the PromoterVendor. If the Allottee(sPurchaser(s) stops making payments, the Promoter Vendor shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(sPurchaser(s) be required to make the next payment without any interest; or (ii) The Allottee(sPurchaser(s) shall have the option of terminating the Agreement in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee(sPurchaser(s) under any head whatsoever towards the purchase of the ApartmentCommercial/office unit, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(sa Purchaser(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the PromoterVendor, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ Plot[Commercial/office unit], which shall be paid by the Promoter Vendor to the Allottee Purchaser within forty-five days of it becoming due. 9.3 The Allottee(s) Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: (i) In case the Allottee(s) Allottee fails to make payments for -------------- consecutive demands made by payment to the Promoter as per the payment plan stated abovePayment Plan annexed hereto, despite having been issued notice in that regard, the Allottee(s) Allottee shall be liable to pay interest to the Promoter on the unpaid amount.amount at the rate prescribed in the Rules; (ii) In case of default Default by Aloottee Allottee under the conditions condition listed above continues for a period beyond 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 Apartment/ Plot Commercial/office unit in favour of the Allottee(s) Allottee and refund forfeit the money paid to him by the Allottee(s) by deducting entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Commercial/office unit and Appurtenances and upon resale of the interest liabilities Said Commercial/office unit and this Agreement shall thereupon stand terminated : Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Commercial/office unit and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least thirty days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Commercial/office unit and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Commercial/office unit and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 18.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of defaultDefault, in the following Following events, namely:-: (i) The Promoter If the Developer fails to provide ready to move in possession of the said designated Flat/Unit/Apartment /Flat to the Allottee(sPurchaser(s) within the time period specified in Term Clause No. 7.1 above in this Agreement 10.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the said Building/Project with the Authority. For the purpose of this clause, 'Clause ‘ready to move in possession' shall mean that the said designated Flat/Unit/Apartment or Flat shall be in a habitable condition which is complete completed in all respects including the provision of all specifications, amenities and facilities, facilities as agreed to between the parties, Parties and for which occupation certificate and completion certificatethe Occupation Certificate and/or Completion Certificate, as the case may be, has been issued by the competent authority;Competent Authority. (ii) Discontinuance of the Promoter's Developer’s business as a developer Developer on account of suspension or revocation or expiry of his its registration under the provisions of the Act or and/or the rules or regulations made thereunder. 9.2 18.2 In case of default Default by the Promoter Developer under the conditions listed above, Allottee(sthe Purchaser(s) is entitled to the following:-following: (i) Stop making further payments to the Promoter Developer as demanded by the PromoterDeveloper. If the Allottee(sPurchaser(s) stops stop/s making payments, payments the Promoter Developer shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(sPurchaser(s) be required to make the next payment without any interest; or. (ii) The Allottee(sPurchaser(s) shall have the option of terminating the Agreement for Sale and in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee(sPurchaser(s) under any head whatsoever towards the purchase of the Apartment, along with interest said designated Flat/Unit/Apartment within forty-five 45 (Forty Five) days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming dueNotice. 9.3 18.3 The Allottee(sPurchaser(s) shall be considered under a condition of defaultDefault, on the occurrence of the following events: (i) In case the Allottee(sPurchaser(s) fails fail/s to make payments for -------------- consecutive demands made by the Promoter Developer as per the payment plan stated above, Payment Plan of the Eighth Schedule hereunder written and despite having been issued notice Notice in that regard, regard the Allottee(sPurchaser(s) shall be liable to pay interest to the Promoter Developer on the unpaid amountamount at the rate prescribed in the Rules. (ii) In case of default Default by Aloottee Purchaser(s) under the conditions condition listed above continues for a period beyond 3 (Three) consecutive months after notice given Notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment/ Plot said designated Flat/Unit/Apartment in favour of the Allottee(sPurchaser(s) and refund the money paid to him it by the Allottee(sPurchaser(s) by deducting the booking amount and the interest liabilities and this Agreement for Sale shall thereupon stand terminated : Provided that the Promoter Developer shall intimate the Allottee Purchaser(s) 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond consecutive -------------------consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Vendor shall be considered under a condition of default, in the following events, namely:-events:- (i) The Promoter Vendor fails to provide ready to move in possession of the Apartment /Flat [Flat /Flat] to the Allottee(sPurchaser(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the PromoterVendor's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter Vendor under the conditions listed above, Allottee(sPurchaser(s) is entitled to the following:- (i) Stop making further payments to the Promoter Vendor as demanded by the PromoterVendor. If the Allottee(sPurchaser(s) stops making payments, the Promoter Vendor shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(sPurchaser(s) be required to make the next payment without any interest; or (ii) The Allottee(sPurchaser(s) shall have the option of terminating the Agreement in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee(sPurchaser(s) under any head whatsoever towards the purchase of the ApartmentFlat, along with interest within forty-forty- five days of receiving the termination notice: Provided that where an Allottee(sa Purchaser(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the PromoterVendor, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ Plot[Flat], which shall be paid by the Promoter Vendor to the Allottee Purchaser within forty-five days of it becoming due. 9.3 The Allottee(s) Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: (i) In case the Allottee(s) Allottee fails to make payments for -------------- consecutive demands made by payment to the Promoter Vendor as per the payment plan stated abovePayment Plan annexed hereto, despite having been issued notice in that regard, the Allottee(s) Allottee shall be liable to pay interest to the Promoter Vendor on the unpaid amount.amount at the rate prescribed in the Rules; (ii) In case of default Default by Aloottee Allottee under the conditions condition listed above continues for a period beyond consecutive beyond3 (three)consecutive months after notice from the Promoter Vendor in this regard, the Promoter Vendor,upon 30 (thirty) days written notice,may cancel the allotment of the Apartment/ Plot Flat in favour of the Allottee(s) Allottee and refund forfeit the money paid to him by the Allottee(s) by deducting 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 Vendor subsequently selling and transferring the Said Flat and Appurtenances to another allottee and receipt of the sale price thereon, the Vendor shall after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Vendor and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee shall have no claim of any nature whatsoever on the Vendor and/or the Said Flat and Appurtenances and the interest liabilities Vendor shall be entitled to deal with and/or dispose off the Said Flat and this Agreement shall thereupon stand terminated : Provided that Appurtenances in the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationmanner it deems fit and proper.

Appears in 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:-events:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat [Residential Unit/ Commercial Space] to the Allottee(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Apartment or Flat Residential Unit/ Commercial Space 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 or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentResidential Unit/ Commercial Space, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ Plot[Residential Unit/ Commercial Space], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- 2 consecutive demands made by the Promoter as per the payment plan stated aboveannexed hereto, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountamount at the rate prescribed in the Rules. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot [Residential Unit/ Commercial Space] in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the inthe following events, namely:-events:- XXXXXXX XXXXXXXX BUILDCON LLP = 15 = (i) The Promoter fails to provide ready to move in possession of the [Apartment /Flat /Flat] to the Allottee(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: notice or within such further time frame 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 forty five days of the date specified in Para 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(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 . The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- two consecutive demands made by the Promoter as per the payment plan stated aboveannexed hereto, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount.amount at the rate prescribed in the Rules. XXXXXXX XXXXXXXX BUILDCON LLP (a) In case the Allottee fails to make payments of the demands made by the Promoter as per the Payment Plan under Part II of Fourth Schedule hereto and/or timely payment of the Additional Liabilities and Deposits under Part I of Seventh Schedule hereto, despite = 16 = 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 Aloottee Allottee under the conditions listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Apartment in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount or 10 % of the Agreement value whichever is higher and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least atleast thirty days prior to such termination.

Appears in 1 contract

Samples: Deed of 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Plot/Villa to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat Plot/Villa 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 or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing situationbycompleting the construction/ development milestones and only thereafter the Allottee(stheAllottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentPlot / Villa, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the forthe period of delay till the handing over of the possession of the Apartment/ PlotPlot / Villa, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months 15 days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot / Villa in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat plot to the Allottee(s) ), without any default on the part of the Allottee(s), within the time period specified in Term No. clause 7.1 above in this Agreement or fails fail to complete completes the Project within the stipulated time disclosed (as extended as per the Act) at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority;. (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled entitled, subject to the following:-condition that there is no default on the part of the Allottee(s) to the following: - (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation Situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentUnit, along with interest calculated at Interest Rate within forty-five (45) days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall shalI be paid, by the Promoter, interest calculated at Interest Rate for the period of delay till the handing over of the possession of the Apartment/ PlotUnit, which shall be paid by the Promoter to the Allottee Allottee(s) within forty-forty- five (45) days of it becoming due. 9.3 The Allottee(s) shall be considered under having committed a condition of default, on the occurrence of any one or more of the following events: (i) In case Failure on the part of the Allottee(s) fails to make payments for -------------- consecutive demands made payment of any installment within 7 days from date of demand by the Promoter as per the payment plan stated abovePromoter, despite having been issued notice in that regard, regard the Allottee(s) allot tee shall be liable to pay interest to the Promoter promoter on the unpaid amount. (ii) In case of Delay/default by Aloottee under the conditions listed above continues Allottee(s) for a period beyond consecutive months 30 days after notice from the Promoter in this regard, the Promoter promoter may cancel cancel/terminate the allotment of the Apartment/ Plot unit in favour favor of the Allottee(s) allottees and refund the money paid to him by the Allottee(sallot tee(s) by without any interest after deducting the booking earnesh money amount and the interest liabilities and this Agreement shall thereupon stand terminated : with in 30 days of allotment/ sale of unit to a new buyer or as amount received from new buyer. Provided that the Promoter promoter shall intimate the Allottee allot tee(s) about such termination at least thirty days 30 Days prior to such termination. 9.4 The Promoter's rights upon occurrence of any of event of default on the part of the Allottee(s) as mentioned in Clause 9.3 above shall be as follows: (i) Upon occurrence of event of default mentioned in Clause 9.3(i) the Allottee(s) shall be liable to pay interest on the overdue amounts computed at the Interest Rate for the period commencing from the date on which such overdue amounts or part thereof were due to be paid by the Allottee(s) to the Promoter and ending on the date of the payment of such overdue amounts by the Allottee(s) to the Promoter; (ii) Upon occurrence of event of default mentioned in Clause 9.3(ii) the Promoter may cancel the allotment by terminating this Agreement by serving a notice of 30 days to the Allottee(s) in this regard; (iii) Upon occurrence of event of default mentioned in Clause 7.3(jii), (iv), (v) and (vi), the Promoter shall have the option to terminate this Agreement as mentioned in Clause 9.4 (ii); Further in case of event of default under Clause 9.3(iii), till the time Promoter exercises the option to terminate this Agreement. it shall be entitled to (a) recover interest as per Clause 9.4 (i) and (b) recover maintenance charges from the date of issuance of Offer Letter and (c) recover holding/ safe guarding charges @ Rs.20,000/- per month on the Total Payable Amount of the Unit; and (d) taxes mentioned in Clause 7.6 withhold registration of the Conveyance Deed of the Unit in favour of the Allottee(s) and to refuse possession of Unit to the Allottee(s) till payment of amounts mentioned Clause

Appears in 1 contract

Samples: Sale/Sub Lease Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a undera condition of default, in the following events, ,namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authoritycompetentauthority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 madethereunder. In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:-thefollowing:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; orinterest;or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination noticeterminationnotice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 becomingdue. The Allottee(s) shall be considered under a condition of default, on the occurrence of the following eventsfollowingevents: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountunpaidamount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond periodbeyond consecutive months after notice from the Promoter in Promoterin this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the Promoter promoter shall be considered under a condition of default, in the following events, namely:-: (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Apartment/flat to the Allottee(s) Allottee within the time period specified in Term No. para 7.1 above in this Agreement or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For Authority .For the purpose of this clause, 'ready to move in possession' possession shall mean that the Apartment or Flat apartment shall be in a habitable condition which is complete in all respects respect including the provision of all specifications, ,amenities and facilities, facilities ,as agreed to between the parties, ,and for which occupation occupancy certificate and completion certificate, certificate ,as the case may be, be has been issued by the competent authority;. (ii) Discontinuance discontinuance of the Promoter's ’s business as a developer adeveloper on account of suspension or revocation or expiry of his this registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunder. 9.2 9.2. In case of default by the Promoter under Promoter’s undr the conditions condition listed aboveabove , Allottee(s) is Allottee entitled to the following:-following: (i) Stop making further payments to the Promoter promoter as demanded by the Promoter. If Promoter .if the Allottee(s) Allottee stops making payments, the Promoter payments to promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) allottee be required to make the next payment without any interestinterest ; or (ii) The Allottee(s) 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(s) Allottee under any head whatsoever towards the purchase of the Apartment, flat ,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(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.;

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following eventsfollowingevents, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Unit to the Allottee(s) within the time period specified in Term Nothis Agreement as per clause no. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment Unit or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesParties, and for which occupation certificate and completion certificateCompletion 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 or expiry of his registration Authorised Signatory under the provisions of the Act or the rules or regulations made thereunder. 9.2 9.2. In case of default by the Promoter under the conditions listed aboveabove and subject to the condition that there is no default on part of Allottee, Allottee(s) is Allottee(s)is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ construction / development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under Allottee(s)under any head whatsoever towards the purchase of the ApartmentUnit, along with interest within forty-five days fivedays of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotUnit, which shall be paid by the Promoter to the Allottee within forty-five days fivedays of it becoming due. 9.3 9.3. The Allottee(s) shall be considered under a condition of default, on the occurrence of the following eventsfollowingevents: (i) In case the Allottee(s) fails to make payments for -------------- 2 consecutive demands made by the Promoter as per the payment plan Payment Plan stated above, despite having been issued notice in that regard; (ii) delay/default by Xxxxxxxx(s)(i) above continues for a period beyond 2 consecutive months after demand notice from the Promoter in this regard; (iii) After the issuance of Offer Letter as per clause 7.2, failure on the part of the Allottee(s) to deposit the stamp duty /registration charges/any other amounts due including interest, if applicable, under this Agreement within the period mentioned in the Offer Letter; (iv) after the issuance of Offer Letter as per clause no 7.2, the delay/ failure on the part of the Allottee(s), having paid all the amounts due to the Promoter under this Agreement, in execution I Pi 1 ,l~ c;j .'ar .~l-mBuild Developers Ltd. 25 ~ Authorised Signatory and registration of conveyance deed of the Unit and/ or taking possession of Unit within the period mentioned in Offer Letter; (v) Breach of any other terms & conditions of this Agreement on the part of the Allottee(s); (vi) Violation of any of the Applicable Laws on the part of the Allottee(s). In such circumstances, the Promoter's rights/remedies are: a) In case of default mentioned in (i) above, the Allottee(s) shall be liable to pay interest on the overdue amounts computed at the Interest Rate for the period commencing from the date on which such overdue amounts or part thereof were due to be paid by the Allottee(s) to the Promoter and ending on the unpaid amount.date of the payment of such overdue amounts by the Allottee(s)to the Promoter; (iib) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter mentioned in this regard(ii)above, the Promoter may cancel the allotment by terminating this Agreement by serving a notice of the Apartment/ Plot in favour of 30 days to the Allottee(s) and refund in this regard; c) Further till the money paid time Promoter exercise the option to him by terminate this Agreement, it shall be entitled to (a) recover interest (b) recover maintenance charges with applicable taxes from the Allottee(sdate of issuance of Offer Letter; (c) by deducting recover holding/ safeguarding charges Rs. 10 for per Sq. Ft. of the booking amount and super built up area of the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.Unit on monthly basis;

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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Plot to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment Plot or Flat Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentPlot, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot/Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Promoters shall be considered under a condition of default, in the following events, namely:- (i) i. The Promoter fails Promoters fail to provide ready to move in possession of the Apartment /Flat Unit to the Allottee(s) ), without any default on the part of the Allottee(s), within the time period timeperiod specified in Term No. clause 7.1 above in this Agreement or fails fail to complete the Project within the stipulated time disclosed (as extended as per the Act) at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat 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, certificate as the case may be, has been issued by the competent authority; (ii) . Discontinuance of the Promoter's Promoter business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder.there under 9.2 In case of default by the Promoter Sellers under the conditions listed above, Allottee(s) is entitled entitled, subject to the condition that there is no default on the part of the Allottee(s) to the following:- (i) i. Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development Development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) . The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentUnit, along with interest within forty-five 180 days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due.: 9.3 The Allottee(s) shall be considered under having committed a condition of default, on the occurrence of anyone or more of the following events:, (Allottee's Event of Default): (i) In case i. failure on the part of the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter entire payment /any instalment as per the payment plan stated abovePayment Plan, or additional charges mentioned herein on the expiry of period granted for making such payments despite having been issued notice in that regard; ii. delay/default by Allottee(s) under Clause 9.3 (i) above continues for a period beyond months after demand notice from the Promoter in this regard; iii. after the issuance of Offer Letter as per Clause 7.2 failure on the part of the Allottee(s) to deposit the stamp duty/registration charges/any other amounts due including but not limited to interest if applicable under this Agreement, documentation, printing, other miscellaneous expenditure that may be required within sixty (60) days from the after the date of expiry of Offer Letter; iv. after the issuance of Offer Letter as per Clause 7.2 the delay/failure on the part of the Allottee(s), having paid all the amounts due to the Promoter under this Agreement, in execution and registration of Conveyance Deed of the Unit and/or taking possession of Unit within the period mentioned in Offer Letter; v. breach of any other terms & conditions of this Agreement on the part of the Allottee(s); vi. violation of any of the Applicable Laws on the part of the Allottee(s). 9.4 The Promoters' rights/remedies upon occurrence of any of event of default on the part of the Allottee(s) as mentioned Clause 9.3 above shall be as follows: i. Upon occurrence of event of default mentioned in Clause 9.3(i) the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under overdue amounts computed at the conditions listed above continues Interest Rate for a the period beyond consecutive months after notice commencing from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money date on which such overdue amounts or part thereof were due to be paid to him by the Allottee(s) to the Promoter and ending on the date of the payment of such overdue amounts by deducting the booking amount and Allottee(s) to the interest liabilities and Promoter; ii. Upon occurrence of event of default mentioned in Clause 9.3(ii) the Promotersmay cancel the allotment by terminating this Agreement by serving a notice of 30 days to the Allottee(s) in this regard; iii. Upon occurrence of event of default mentioned in Clause 9.3(iii), (iv), (v), (vi) the Promoters shall thereupon stand terminated : Provided that have the Promoter option to terminate this Agreement as mentioned in Clause 9.4 (i); Further, in case of event of default under Clause 9.3(iii), till the time Promoters exercise the option to terminate this Agreement they shall intimate the Allottee about such termination at least thirty days prior be entitled to such termination.(a) recover interest as per Clause 9.4 (i) and

Appears in 1 contract

Samples: Conveyance Deed

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 8.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Plot to the Allottee(s) within the time period specified in Term No. 7.1 6.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 8.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 8.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Xxxxxxxx under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated terminated: Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Unit to the Allottee(s) without any default on the part of the Allottee(s), within the time period specified in Term No. Clause 7.1 above in this Agreement or fails to complete the Said Project within the stipulated time disclosed (as extended as per the Act) at the time of registration of the Said Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat 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, parties and as specified in Schedule F 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 Developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled entitled, subject to the condition that there is no default on the part of the Allottee(s) to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interestdelay payment charges; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentUnit, along with interest calculated at Interest Rate within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 8.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 8.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 8.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter of due installment/amount as per the payment plan stated abovePayment Plan, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest Interest to the Promoter on the unpaid amount. (ii) In case the delay in making payment of default by Aloottee under the conditions listed above continues for a period beyond consecutive months due installment/amounts exceeds 90 days after notice from the Promoter in this regard, the Promoter may cancel cancel/terminate the allotment of the Apartment/ Plot Apartment in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by without any interest after deducting the booking amount Xxxxxxx Amount and the interest liabilities and this Agreement shall thereupon stand terminated : liabilities, within 15 days of allotment/sale of Apartment to a new buyer. Provided that the Promoter shall intimate the Allottee Allottee(s) about such termination at least thirty (30) days prior to such termination. (iii) Assignment of this Agreement or any interest of the Allottee(s) in this Agreement without prior written consent of the Promoter or not executing documents as may be required under the law for such transfer (iv) Dishonor/stoppage of payment by any cheque(s) including postdated cheques given by Allottee(s) for any reason whatsoever (v) Sale/transfer/disposal of/dealing with, in any manner, the reserved car parking space independent of the Apartment or selling of the additional allotted parking space to any third party other than occupant of the Building and / or of the project.

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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; oror which case Allottee(s) (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond consecutive -------------------consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 8.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Apartment/Flat to the Allottee(s) within the time period specified in Term No. 7.1 No.7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 8.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee Allottee(s) within forty-five days of it its becoming due. 9.3 8.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- Two consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee(s) under the conditions listed above continues for a period beyond Two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Apartment in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee Allottee(s) about such termination at least thirty days prior to such termination.

Appears in 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Plot to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment Plot or Flat Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentPlot, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot/Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat /Plot to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- 2 consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Plot to the Allottee(s) within the time period specified in Term No. 7.1 6.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated terminated: Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(sAllottee (s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Apartment/ Flat to the Allottee(s) without any default on the part of the Allottee within the time period specified in Term Cl No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the AuthorityAuthority or such time as may be extended by the authority . For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the partiesparties and specified in Schedule 5, 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 Developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: notice Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotApartment , which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- 2 (Two) consecutive demands made by the Promoter as per the payment plan stated aboveannexed herewith in Schedule 7, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed Cl 9.3 (i) above continues for a period beyond 2 (Two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Apartment in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination. Upon termination of this Agreement by the Promoter as mentioned hereinabove, the Allottee(s) shall not have any right, interest, or claim in respect of the Apartment. The Promoter shall be entitled to sell the Apartment to any other person or otherwise deal with the Apartment in any manner whatsoever and the Promoter shall be entitled to deduct the booking amount and the interest liabilities and all other non refundable amounts ( including non refundable taxes, levies, delay payment interest etc), out of the amounts paid by the Allottee(s) and refund the balance to the Allottee(s) without any interest after the sale of said Apartment to a new Allottee/ Buyer from the amounts realized from such Allottee/ Buyer. The refund shall be made by “ACCOUNT PAYEE CHEQUE” only and the cheque will be handed over only to applicant personally subject to the Allottee surrendering the original money receipts, Agreement and any other papers of Allotment. Further in case the Allottee has obtained any financial loan on the said Apartment then under such circumstances, the Allottee shall be liable for any default charges/ penalties/ interest etc. chargeable/ demanded by the Bank/ HFI etc. The Promoter shall refund the amount demanded by Bank/ HFI to the Bank/ HFI and only after satisfying the charge of the Bank/HFI on said Apartment the balance remaining shall be refunded to the Allottee. (iii) It is made clear by the Promoter to the Allottee that the rights and remedies of the Promoter under this Clause shall be in addition to other rights and remedies available to the Promoter under Applicable Laws, equity and under this Agreement. The Promoter, without prejudice to the rights of the Promoter under this Agreement, shall be entitled to file/ initiate appropriate complaint/ proceedings against the Allottee under the Act for default/ breach of any of the terms and conditions of this Agreement or the Act.

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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 there under. In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 . The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour favor of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement to Sell

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) i. The Promoter fails to provide ready to move in possession of the Apartment Apartment/Villa /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment Apartment/Villa or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) . Discontinuance of the Promoter's business as a developer Promoter on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 9.2. In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) i. Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ construction/development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) . The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 9.3. The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) i. In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) . In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Apartment in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat /FlatUnit to the Allottee(s) ), without any default on the part of the Allottee(s), within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the said Apartment or Flat FlatUnit 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 partiesPparties, and for which occupation certificate and and/ partial completion certificate/completion certificate, as the case may be, has been issued by the competent authorityauthority or Project is deemed to be completed; (ii) Discontinuance of the Promoter's '’s business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, and subject to the condition that there is no default on part of Allottee(s), Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentApartmentsaid Unit, along with interest within forty-five (45) days of receiving the termination notice: Provided , subject to execution and registration of cancellation agreement by Allottee(s). Further, it is clarified that where an Allottee(s) does not intend to withdraw the interest on the said payment shall be calculated from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period date of delay till the handing over of the possession of the Apartment/ Plot, which shall be last installment paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.):

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Xxxxxxxx under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) i. The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) . Discontinuance of the Promoter's business as a developer promoter on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 9.2. In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) i. Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) . The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the forthe period of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 9.3. The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) i. In case the Allottee(s) fails to make payments for -------------- 2 consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) . In case of default by Aloottee under the conditions listed above continues for a period beyond 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Apartment in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseEvents, the Promoter shall be considered under a condition of defaultdefault of the Promoter, in the following events, namely:-: (i) The 9.1.1 If the Promoter fails to provide ready to move in possession of the Apartment /Flat Unit to the Allottee(s) within by the time period specified in Term No. 7.1 above in this Agreement Date of Offer of Possession or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the AuthorityAuthority or such extension as may be granted under the Act. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Apartment or Flat Unit shall be in a habitable condition or ready to use, 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) 9.1.2 Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules Rules or regulations Regulations made thereunderthere under. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of defaultDefaults, on the occurrence of the following events: (i) 9.2.1 In case the Allottee(s) fails to make payments for -------------- 2 (two) consecutive demands made by the Promoter as per the payment plan stated abovePayment Plan mentioned in this agreement, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest Interest at the rate specified in Rule 17 of the Rules to the Promoter on the unpaid amount. (ii) 9.2.2 In case of default by Aloottee Xxxxxxxx(s) under the conditions condition listed above continues for a period beyond 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Unit in favour of the Allottee(s) and refund the money paid to him him/her/it/them by the Allottee(s) by deducting the booking amount and (10% of the interest liabilities and this Agreement Total Price), all taxes, duties, cess etc. deposited by the Promoter to the concerned department in respect of the Unit shall thereupon stand terminated : terminated. Provided that the Promoter shall intimate the Allottee Allottee(s) about such termination at least thirty 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 Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Unit to the Allottee(s) without any default on the part of the Allottee(s), within the time period specified in Term No. Clause 7.1 above in this Agreement or fails to complete the Said Project within the stipulated time disclosed (as extended as per the Act) at the time of registration of the Said Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat 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, parties and as specified in Schedule F and for which occupation completion 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 Developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled entitled, subject to the condition that there is no default on the part of the Allottee(s) to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interestdelay payment charges; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentUnit, along with interest calculated at Interest Rate within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest calculated at Interest Rate for the period of delay till the handing over of the possession of the Apartment/ PlotUnit, which shall be paid by the Promoter to the Allottee Allottee(s) within forty-five (45) days of it becoming due. 9.3 The Allottee(s) shall be considered under having committed a condition of default, on the occurrence of any one or more of the following events: (i) In case failure on the part of the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter payment of any installment as per the payment plan stated abovePayment Plan, despite having been issued notice in that regard; (ii) delay/default by Xxxxxxxx(s) under Clause 9.3 (i) above continues for a period beyond 2 consecutive months after demand notice from the Promoter in this regard; (iii) after the issuance of Offer Letter as per Clause 7.2 failure on the part of the Allottee(s) to deposit the stamp duty/registration charges/any other amounts due including Delay Payment Charges, if applicable, under this Agreement within the period mentioned in the Offer Letter; (iv) after the issuance of Offer Letter as per Clause 7.2 the delay/failure on the part of the Allottee(s), having paid all the amounts due to the Promoter under this Agreement, in execution and registration of conveyance deed of the Unit and/or taking possession of Unit within the period mentioned in Offer Letter; (v) breach of any other terms & conditions of this Agreement on the part of the Allottee(s); (vi) violation of any of the Applicable Laws on the part of the Allottee(s). 9.4 The Promoter’s rights/remedies upon occurrence of any of event of default on the part of the Allottee(s) as mentioned (i) Upon occurrence of event of default mentioned in Clause 9.3(i) the Allottee(s) shall be liable to pay interest Delay Payment Charges on the overdue amounts for the period commencing from the date on which such overdue amounts or part thereof were due to be paid by the Allottee(s) to the Promoter and ending on the unpaid amount.date of the payment of such overdue amounts by the Allottee(s) to the Promoter; (ii) In case Upon occurrence of event of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter mentioned in this regard, Clause 9.3(ii) the Promoter may cancel the allotment by terminating this Agreement by serving a notice of the Apartment/ Plot in favour of 30 days to the Allottee(s) in this regard; (iii) Upon occurrence of event of default mentioned in Clause 9.3 (iii), (iv), (v) and refund the money paid to him by the Allottee(s(vi) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate have the Allottee about such termination at least thirty days prior option to such termination.terminate this Agreement as mentioned in Clause 9.4 (ii); Further in case of event of default under Clause 9.3(iii), till the time Promoter exercise the option to terminate this Agreement it shall be entitled to (a) recover Delay Payment Charges as per Clause 9.4 (i) and (b) recover maintenance charges from the Deemed Date of Possession; (c) recover holding/ safeguarding charges @ 0.1_% per month on the Total Price of the Unit;

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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate or part thereof 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 or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interestinterest for the period of such delay; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) excluding taxes demanded or paid by Allottee under any head whatsoever towards the purchase of the Apartment, 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(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules for the period of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five 90 (ninety) days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case there is any delay in making timely payment of installments on the Allottee(s) fails to make payments for -------------- consecutive demands made by part of the Promoter as per the payment plan stated aboveAllottee, despite having been issued notice in that regard, event the Allottee(s) Allottee shall be liable to pay an interest on the amount due as provided in rule 15 of Haryana Real Estate (Regulation and Development) Rules, 2017, for the period of delay. In case of payment of delayed installment as per the Payment Plan, the payment so made by the allotee shall first be adjusted towards interest accrued on previous outstanding amounts and only thereafter the balance payment shall be adjusted towards the current outstanding amounts. Subject to the provision for payment of interest in case, the Allottee fails to make the payment of any of the installments of the total price or any other amounts falling due within the stipulated time, in that event the Promoter on may at its own absolute discretion issue a notice to the unpaid Allottee for making the payment of the due amount within a period of 15 (fifteen) days from the date of issuance of such notice. If the Allottee still defaults in making payment of the amount due along with interest within the stipulated period of said 15 (fifteen) days, the Promoter may publish the name of the Allottee in a regional Hindi newspaper in Haryana as a defaulter requiring the payment of the amount due within 15 (fifteen) days from the date of the publication of such notice. Upon the failure of the Allottee to clear/make payment of the entire due amount within the aforesaid additional period of 15 (fifteen)- days, the allotment of the Said Apartment shall stand cancelled without the need for the Promoter to do or undertake any further steps and the booking amount, as mentioned above, shall stand forfeited. Time is the essence of this transaction. (ii) Failure to execute the Agreement, conveyance deed, maintenance agreement and/or any other document required to be executed by the Promoter and in terms of the Agreement/Application. (iii) Assignment of this agreement or any interest of the Allottee(s) in this agreement in any manner. (iv) Dishonor of any cheque(s) including post-dated cheques given by the Allottee(s) for any reason whatsoever. (v) Sale/transfer/disposal of/dealing with, in any manner, the reserved one parking space of two xxxxxxx independent of the said apartment. (vi) If Allottee fails to take possession of the Apartment, within the time stipulated by the Promoter (vii) Failure to pay any taxes, and other charges including stamp duty, legal charges, registration charges, any incidental charges etc. in terms of Agreement for Sale/Application (viii) Any other breach of a provision under this Agreement/Application/Affordable Housing Policy, 2013 and amendments thereto from time to time and/or any breach by allottee being a beneficiary under Pradhan Mantri Aawas Yojna- Housing for All (PMAY). (ix) Any other acts, deeds or things which Allottee(s) may commit, omit or fail to perform in terms of the Allotment Letter, deed of license, any other undertaking, deed etc. or as demanded by the Promoter which in the opinion of the Promoter amounts to an event of default and the Allottee(s) agrees and confirms that the decision of the Promoter in this regards shall be final and binding on the Allottee(s). In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Unit/Apartment for Residential usage alongwith one two xxxxxxx parking space in favour of the Allottee(s) Allottee and refund the money paid to him by the Allottee(s) allottee by forfeiting / deducting the booking amount paid for the allotment plus taxes paid. The balance amount of money paid by the allottee shall be returned by the promoter to the allottee within 90 (ninety) days of such cancellation. On such default, the Agreement and any liability of the interest liabilities and this Agreement promoter arising out of the same shall thereupon thereupon, stand terminated : terminated. Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days (including publication of notice, if applicable) prior to such termination. It is clarified & agreed between the parties that the amount to be refunded would be restricted to the base amount which has been paid by the Allottee. GST(if applicable) or any other taxes, duties, charges, levies or like statutory impositions, if any demanded or paid, would not be refunded by the Promoter and the Allottee agrees to file for refund claim from the Government. The Promoter will provide assistance in so far related to the documentation which may be required for claiming the refund from the government.

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 defaultDefault, in the following events, namely:-: (i) The Promoter fails to provide ready to move in hand over possession of the Apartment /Flat Said Unit to the Allottee(s) within the time period specified in Term No. clause 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in hand over possession' shall mean that Said Unit the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authorityrespects; (ii) Discontinuance of the Promoter's ’s business as a Promoter as a developer on account of suspension or revocation or expiry of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default Default by the Promoter under the conditions listed above, the Allottee(s) is is/are entitled to the following:-following: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones of the Said Unit as agreed and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) 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(s) under any head whatsoever towards the purchase Total Price of the Apartment, Said Unit 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(s) does not intend to withdraw from the Project or terminate the Agreement, he he/she/they/its shall be paid, paid by the Promoter, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ Plot, Said Unit which shall be paid by the Promoter to the Allottee Allottee(s) within 45 (forty-five five) days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of defaultDefault, on the occurrence of the following events: (i) The Allottee(s) fails to make timely payments of the outstanding, amounts due and payable (including the Allottee(s)’s proportionate share of taxes levied by concerned local authority, Extra Charges and Deposits and Extra Charge taxes, provisional Common Area Maintenance charges etc.) payable by him/her/them/it and meeting the other obligations under this Agreement. Time is the essence, with respect to the Allottee(s)’s/s’ obligations to pay all such amounts as mentioned in this Agreement and also to perform or observe all the other obligations of the Allottee(s) under this Agreement. The Allottee(s) agree/s that 10% (ten percent) of the Said Unit Price (“Booking Amount”) shall be treated as xxxxxxx money to ensure fulfilment by the Allottee(s) of the terms and conditions, as contained herein; (ii) Payment of outstanding amounts due and payable shall have to be paid by the Allottee(s) within fifteen (15) days from the Promoter’s Demand Letter, failing which the Promoter shall be entitled to charge interest as per applicable law on all delayed payments. Payment within time would be deemed to be essence of the terms of these presents. Part payments shall not be accepted and in any event not treated as part discharge of the obligation. The Allottee(s) agree/s to pay to the Promoter the outstanding amounts including interest as mentioned hereinabove, from the due date till the date of receipt of amounts or realization of the cheque by the Promoter, whichever is later. 9.4 Without prejudice to the rights of the Promoter to charge interest in terms of the clauses herein, upon the Allottee(s) committing breach of any of the terms of the Agreement including default in payment of any outstanding amount, due and payable by the Allottee(s) to the Promoter under this Agreement (including his/her/their/its proportionate share of taxes levied by concerned local authority and other outgoings), the Promoter shall issue a notice of such default to the Allottee(s) and the Allottee(s) shall be provided with a period of thirty (30) days from the date of such notice to cure the said default or breach. In case the event that the Allottee(s) fails to make payments for -------------- consecutive demands made cure such default or breach, within thirty (30) days from the date of notice (or such default or breach is not capable of being rectified), the Promoter shall have the option to cancel and terminate this Agreement by sending a cancellation letter by Registered Post with AD at the address provided by the Allottee(s) and/or mail at the e-mail address provided by the Allottee(s), intimating him/her/them/it of the specific breach/default or breaches/defaults of terms and conditions in respect of which the Promoter is cancelling and/or terminating this Agreement. 9.5 On such cancellation, the allotment/booking/agreement for the Said Unit shall stand immediately cancelled and the Allottee(s) shall have no right whatsoever with respect to the same. 9.6 Upon cancellation of the allotment and/or termination of the Agreement (as the case may be), the Promoter shall refund all such amounts paid by the Allottee(s) till the date of cancellation without interest subject to forfeiture of the following amounts as detailed hereunder being the liquidated damages payable to the Promoter. 9.6.1. Booking Amount subject to a maximum of 10% of the Said Unit Price. Taxes, cess, levies, charges, stamp duty, registration charges etc. (including on any cancellation deed) paid on all such amounts shall not be refunded to the Allottee(s). 0.0.0. Xxxxx interest accrued on account of the delay/default in payment of any Installment/s and other charges as per the Payment Plan calculated till the date of the cancellation/ termination letter. 9.6.3. Amount of penalty (including taxes) for dishonor of cheque (if any) by the Allottee(s) under this Application/Agreement. 9.6.4. All amounts collected as taxes, charges, levies, cess, assessments and all other impositions which may be levied by any appropriate authorities including but not limited to GST, value added tax, works contract tax, service tax or any other tax of any nature. 9.7 The Promoter shall have the first lien and charge on the Said Unit for all its dues and other sums unpaid due and payable by the Allottee(s) to the Promoter. The Allottee(s) shall not transfer its rights under this Agreement, in any manner whatsoever, without making full payment plan stated aboveof all amounts payable by the Allottee(s) under this Agreement, despite having been issued notice to the Promoter. It is hereby clarified that for the purposes of this Agreement payment shall mean the date of credit of the amount in the account of the Promoter. 9.8 The Allottee(s) further agrees that regardthe Promoter shall refund the 9.9 Upon the cancellation and termination of the allotment of the Said Unit, the Allottee(s) shall be liable to pay not have any right title or interest with respect to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from same and the Promoter shall be at a liberty to sell or otherwise dispose off the same to any other person/party whomsoever, at such price, in such manner and on such terms and conditions as the Promoter may in its sole, absolute and unfettered discretion think fit and proper and the Allottee(s) waive their right to raise any objection or dispute in this regard. The Allottee(s) shall, as a precondition to be entitled to obtain refund, be required to, at its own cost, execute and register a cancellation deed of this Agreement, in the manner as may be required by the Promoter. 9.10 The Allottee(s) hereby also covenant/s to observe and perform all the terms and conditions of the booking and/or allotment and/or this Agreement to keep the Promoter may cancel and its agents and representatives, estates and effects indemnified and harmless against the allotment of the Apartment/ Plot in favour rights, responsibilities and obligations of the Allottee(s) and refund to the money paid to him by Promoter under this Agreement. Further, the Allottee(s) by deducting shall indemnify the booking Promoter also against any loss or damages that Promoter may suffer as a result of non- payment of any amount herein including the Total Price, non-observance or non-performance of the terms and the interest liabilities and this Agreement shall thereupon stand terminated : Provided conditions mentioned herein. The Allottee(s) confirms that the Promoter shall intimate have a right of first lien on the Allottee about such termination at least thirty days prior Said Unit in the event any amounts are outstanding to such terminationthe Promoter. The Allottee(s) further confirms that this clause be applicable even post possession being handed over to the Allottee(s). 9.11 In the event of dishonour of any payment instruments or any payment instructions by or on behalf of the Allottee(s) for any reason whatsoever,

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clauseMajeure”, epidemic, pandemic and lockdown, Court orders, Government policy / guidelines, decisions, the Promoter shall be considered under a condition of defaultDefault, in the following events, namely:-: (i) The Promoter fails to provide offer ready to move in possession of the Apartment /Flat Said Independent Floor for residential usage along with parking to the Allottee(s) Allottee within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authorityauthority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Apartment or Flat 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 business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default Default by the Promoter under the conditions listed above, Allottee(s) Allottee is entitled to the following:-following: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) Allottee stops making payments, the Promoter shall correct the situation by completing the construction/ construction / development milestones and only thereafter thereafter, the Allottee(s) Allottee be required to make the next payment payment, without any interest, for the period of such delay; or (ii) The Allottee(s) 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(s) 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(s) 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 the period every month of delay till the offer of handing over of the possession of the Apartment/ PlotSaid 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(s) Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: (i) In case the Allottee(s) Allottee fails to make payments for -------------- consecutive demands made by the Promoter payment of any instalment due as per the payment plan stated above, despite having been issued notice in that regardPayment Plan annexed hereto as Schedule C, the Allottee(s) Allottee shall be liable to pay interest to the Promoter on the unpaid amount.amount from the due date of such instalment at the rate prescribed in the Rules; (ii) In case of the default by Aloottee Allottee under the conditions condition listed above continues for a period beyond consecutive months ninety (90) days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Said Independent Floor for residential usage along with parking in favour of the Allottee(s) Allottee and refund the money paid to him by the Allottee(sAllottee, 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 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 of money paid by the Allottee shall be returned by the Promoter to the Allottee within ninety (90) by deducting days of such cancellation. On such default, the booking amount Agreement and any liability of the interest liabilities and this Agreement Promoter arising out of the same shall thereupon thereupon, stand terminated : 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 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- 03 consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Xxxxxxx under the conditions listed above continues for a period beyond Two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 13.1 Subject to the Force Majeure clauseprovisions of this Agreement and subject to the Allottee making timely payments hereunder and save and except for the events specified in (a) and (b) of Clause 6.1.1 above, the Promoter shall be considered under a condition of default, default in the following events, namely:-: (i) The 13.1.1 the Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) Allottee within the time period specified in Term No. 7.1 above in this Agreement Clause 6.1.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authoritycompetent authority under the Act. For the purpose of this clauseClause, 'ready to move in possession' shall mean that the Apartment or Flat 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 completion certificate and completion or the occupancy certificate, as the case may be, has been issued by the competent authority;; or (ii) Discontinuance 13.1.2 discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation or expiry of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 13.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is the Allottee shall be entitled to the following:-following: (i) Stop 13.2.1 stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) Allottee stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter shall the Allottee(s) Allottee be required to make the next payment without any interest; or (ii) The Allottee(s) shall 13.2.2 the Allottee have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) Allottee under any head whatsoever towards the purchase lease of the Apartment, along with interest at the rate prescribed in Rule 18 of the Rules within forty-five 45 (forty five) days of receiving the termination notice: . Provided that that, where an Allottee(s) the Allottee does not intend to withdraw from the Project or terminate the Agreement, he he/she/it shall be paid, by the Promoter, interest at the rate prescribed in Rule 18 of the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five 45 (forty five) days of it the same becoming due. 9.3 13.3 The Allottee(s) Allottee shall be considered to be under a condition of default, on the occurrence of the following events: (i) In in case the Allottee(s) Allottee fails to make payments payment for -------------- two (2) consecutive demands made by the Promoter as per the payment plan stated abovePayment Plan, 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, . In such event the Allottee(s) Allottee shall be liable to pay interest to the Promoter Promoter, interest at the rate prescribed in Rule 18 of the Rules, on all unpaid amounts from the unpaid amountdate the amount is payable by the Allottee. (ii) In 13.4 Without prejudice to the right of the Promoter to charge interest in terms of Clause 13.3 above, in case of the default by Aloottee the Allottee under the conditions listed Clause 13.3 above continues for a period beyond three (3) consecutive months after first notice from the Promoter in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) terminate this Agreement and refund the money paid to him the Promoter by the Allottee(s) by Allottee after deducting the booking amount Booking Amount and the interest liabilities and after deduction of such other tax/levy as may be applicable at the time of such termination by the Promoter, and this Agreement and any liability of the Promoter shall thereupon stand terminated : terminated. Provided that that, the Promoter shall intimate the Allottee about such termination the Promoter’s intention to terminate this Agreement by a written notice of at least thirty 30 (thirty) days prior to such termination. 13.5 On and from the date of refund of the amount as mentioned in Clauses 13.2 and 13.4 above, as the case may be, this Agreement shall stand cancelled automatically without any further act from the Allottee and the Allottee shall have no right, title and/or interest on the said Apartment, the Project and/or the Said Land or any part or portion thereof, and the Allottee shall further not be entitled to claim any charge on the said Apartment and/or any part or portion thereof, in any manner whatsoever. The effect of such termination shall be binding and conclusive on the Parties. 13.6 Notwithstanding anything to the contrary stated herein, it is hereby clarified that upon termination or cancellation of this Agreement for any reason whatsoever, the Allottee shall execute such documentation, as may be reasonably requested by the Promoter, at the Allottee’s cost and expense. 13.7 For the avoidance of doubt, it is hereby clarified that the Promoter shall not be held liable, in any manner whatsoever, for any delay in receipt/non-receipt of any refund by the Allottee in accordance with the terms of this Agreement, for any reason, including but not limited to, any delay by the Indian postal authority or due to a change in address of the Allottee (save as provided in this Agreement) or loss in transit.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Plot to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment Plot or Flat Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentPlot, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot/Plot, which shall be paid by the Promoter to the Allottee within forty-forty- five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) i. The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) . Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) i. Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) . The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due.: 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) i. In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) . In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.the

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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond ------- ----------- consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 8.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 8.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 8.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter of due installment/amount as per the payment plan stated abovePayment Plan, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest Interest to the Promoter on the unpaid amount. (ii) In case the delay in making payment of default by Aloottee under the conditions listed above continues for a period beyond consecutive months due installment/amounts exceeds 90 days after notice from the Promoter in this regard, the Promoter may cancel cancel/terminate the allotment of the Apartment/ Plot Apartment in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by without any interest after deducting the booking amount Xxxxxxx Amount and the interest liabilities and this Agreement shall thereupon stand terminated : liabilities, within 15 days of allotment/sale of Apartment to a new buyer. Provided that the Promoter shall intimate the Allottee Allottee(s) about such termination at least thirty (30) days prior to such termination. (iii) Assignment of this Agreement or any interest of the Allottee(s) in this Agreement without prior written consent of the Promoter or not executing documents as may be required under the law for such transfer (iv) Dishonor/stoppage of payment by any cheque(s) including postdated cheques given by Xxxxxxxx(s) for any reason whatsoever (v) Sale/transfer/disposal of/dealing with, in any manner, the reserved car parking space independent of the Apartment or selling of the additional allotted parking space to any third party other than occupant of the Building and / or of the project.

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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Promoters shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails Promoters fail to provide ready to move in possession of the Apartment /Flat Unit to the Allottee(s) Allottee( s), without any default on the part of the Allottee( s), within the time period specified in Term No. clause 7.1 above in this Agreement or fails fail to complete the Project within the stipulated time disclosed (as extended as per the Act) at the time of registration ofregistration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat 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 the' parties, and aild for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the PromoterPromoter No. 2's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default by the Promoter Sellers under the conditions listed above, Allottee( s) is entitled, subject to the condition that there is no default on the part of the Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter No. 2 as demanded by the PromoterPromoter NO.2. If the Allottee(s) stops making payments, the Promoter No. 2 shall correct the situation by completing the construction/ construction! development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter NO.2 shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentUnit, along with interest within forty-five 180 days of receiving the termination notice: Page 24 of 53 ~_ Provided that where an Allottee(sAllottee( s) does not intend to withdraw from the Project or terminate the Agreement, he the Promoter NO.2 shall be paid, by liable to pay to the Promoter, Allottee(s) interest for the period of delay till the handing over of the possession of the Apartment/ PlotUnit, which shall be paid by the Promoter NO.2 to the Allottee Allottee(s) within forty-five 180 days of it becoming duedue .. Such compensation shall be payable to the Buyer only in case Buyer is not in default of making timely payments. 9.3 The Allottee(s) shall be considered under having committed a condition of default, on the occurrence of anyone or more of the following events:, (Allottee's Event of Default): (i) In case failure on the part of the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter entire payment /any installment as per the payment plan stated abovePayment Plan, or additional charges mentioned herein on the expiry of period granted for making such payments despite having been issued notice in that regard; (ii) delay/default by Allottee(s) under Clause 9.3 (i) above continues for a period beyond months after demand notice from the Promoter NO.2 (iii) after the issuance of Offer Letter as per Clause 7.2 failure on the part of the Allottee(s) to deposit the stamp duty/registration charges/any other amounts due including but not limited to interest if applicable under this Agreement, documentation, printing, other miscellaneous expenditure that may be required within sixty (60) days from the after the date of expiry of Offer Letter; (iv) after the issuance of Offer Letter as per Clause 7.2 the delay/failure on the part of the Allottee(s), having paid all the amounts due to the Promoter NO.2 under this Agreement, in execution and registration of Conveyance Deed of the Unit and/or taking possession of Unit within the period mentioned in Offer Letter; (v) breach of any other terms & conditions of this Agreement on the part of the Allottee( s); (vi) violation of any of the Applicable Laws on the part of the Allottee(s). 9.4 The Promoters' rights/remedies upon occurrence of any of event of default on the part of the Allottee(s) as mentioned Clause 9.3 above shall be as follows: (i) Upon occurrence of event of default mentioned in Clause 9.3(i) the Allottee(s) shall be liable to pay interest on the overdue amounts computed at the Interest Rate for the period commencing from the date on which such overdue amounts or part thereof were due to be paid by the Allottee(s) to the Promoter NO.2 and ending on the unpaid amount.date of the payment of such overdue amounts by the . Allottee(s) to the PromoterNo.2; (ii) In case Upon occurrence of event of default mentioned in Clause 9.3(ii) the Pro~otersmay cancel the allotment by Aloottee under terminating this Agreement by serving a notIce 000 days to the conditions listed above continues for a period beyond consecutive months after notice from the Promoter Allottee(s) in this regard; (iii) Upon occurrence of event of default mentioned in Clause 9.3(iii), (iv), (v), (vi) the Promoter may cancel Promoters shall have the allotment option to terminate this Agreement as mentioned in C:ause 9.4 (i); Further, in case of event of default under Clause 9.3(iii), till the tIme Promoters exercise the option to terminate this Agreement they shall be entitled to (a) recover interest as per Clause 9.4 (i) and (b) recover maintenance charges from the date of issuance of Offer Letter and (c) recover holding! safeguarding charges @ Rs. 51-per sq. ft. per month and (d) taxes mentioned in Clause 7.6; (e) withhold registration of the Apartment/ Plot Conveyance Deed of the Unit in favour of the Allottee(s) and refund to refuse possession of Unit to the money Allottee(s) till payment of amounts mentioned Clause 9.3(iii) and Allottee(s) hereby authorizes the Promoters for the same. The rights and remedies of the Promoters under this Clause shall be in addition to other rights and remedies available to the Promoters under Applicable Laws, equity and under this Agreement. Further, acceptance of any payment without interest shall not be deemed to be a waiver by the Promoters of its right of charging such interest or of the other rights mentioned in this Agreement. (iv) Upon termination of this Agreement by the Promoters as mentioned . hereinabove, the Allottee(s) shall not have any lien, right, title, interest, or claim in respect of the Unit. The Promoters shall be entitled to sell the Unit to any other person or otherwise deal with the Unit in any manner whatsoever and the Promoter NO.2 shall be entitled to forfeit the following amounts out of the amounts paid to him by the Allottee(s) and refund the balance to the Allottee(s) without any interest after the sale of Unit to a new allottee/buyer, from the amounts realised from the such new allottee/buyer. (i) The Xxxxxxx. Money (ii) All taxes, duties, cess, etc. deposited by deducting the booking amount and Promoters to the concerned department/authority in respect of the Unit; . (iii) The interest liabilities and this Agreement shall thereupon stand terminated : Provided that paid/payable by the Allottee(s) to the Promoter shall intimate NO.2 as per Clause 9.4(i) and/or 9.4 (iii), ifapPlica1fllfUniqUe~an XxxxxXxx.xxx. Page 26 of 53 Directo' \ Agreement, irrespective of whether the Allottee about such termination at least thirty days prior to such terminationAllottee(s) accepts/encashes the said cheque/demand draft or not.

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, namely:- (i) The Promoter fails fail to provide ready to move in possession of the Apartment /Flat Unit to the Allottee(s) ), without any default on the part of the Allottee(s), within the time period specified in Term No. clause 7.1 above in this Agreement or fails fail to complete the Project within the stipulated time disclosed (as extended as per the Act) at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat 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;; ForShree~.qut Westj<le HomesPvt. LIlI. DRAFT AGREEMENT FOR SALE (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default by the Promoter Sellers under the conditions listed above, Allottee(s) is entitled entitled, subject to the condition that there is no default on the part of the Allottee(s) to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentUnit, along with interest within forty-five 180 days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he the Promoter shall be paid, by liable to pay to the Promoter, Allottee(s) interest for the period of delay till the handing over of the possession of the Apartment/ PlotUnit, which shall be paid by the Promoter to the Allottee Allottee(s) within forty-five 180 days of it becoming due.. Such compensation shall be payable to the Buyer only in case Buyer is not in default of making timely payments. 9.3 The Allottee(s) shall be considered under having committed a condition of default, on the occurrence of anyone or more of the following events:, (Allottee's Event of Default): (i) In case failure on the part of the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter entire payment /any installment as per the payment plan stated abovePayment Plan, or additional charges mentioned herein on the expiry of period granted for making such payments despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount.; (ii) In case of delay/default by Aloottee Allottee(s) under the conditions listed Clause 9.3 (i) above continues for a period beyond consecutive regard; months after demand notice from the Promoter in this regard, (iii) after the Promoter may cancel issuance of Offer Letter as per Clause 7.2 failure on the allotment of the Apartment/ Plot in favour part of the Allottee(s) and refund to deposit the money paid stamp duty/registration charges/any other amounts due including but not limited to him by interest if applicable under this Agreement, documentation, printing, other miscellaneous expenditure that may be required within sixty (60) days from the Allottee(s) by deducting after the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.date of expiry of Offer Letter;

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 defaultDefault, in the following events, namely:-: (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Residential Cum Commercial Plot [Apartment/Residential Cum Commercial Plot] to the Allottee(s) Allottee within the time period specified in Term No. para 7.1 above in this Agreement or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Apartment or Flat apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, . and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's Promoter‟s business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default Default by the Promoter under the conditions listed above, Allottee(s) Allottee is entitled to the following:-following: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) Allottee stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) Allottee be required to make the next payment without any interest; or (ii) The Allottee(s) 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(s) Allottee under any head whatsoever towards the purchase of the ApartmentResidential Cum Commercial Plot apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee(s) 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 the period every month of delay till the handing over of the possession of the Apartment/ Residential Cum Commercial Plot [Apartment/Residential Cum Commercial 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(s) Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: (i) In case the Allottee(s) Allottee fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated abovePayment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee(s) allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount. (ii) In case amount at the rate based on the State Bank of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice India highest marginal cost of lending rate plus two percent from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.their respective due dates;

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, namely:-events:- (i) The Promoter fails to provide ready to move in possession of the [Apartment /Flat /Flat] to the Allottee(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Apartment or Flat Apartment/ flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentApartment/ flat, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the [Apartment/ Plotflat], which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- Two consecutive demands made by the Promoter as per the payment plan stated aboveannexed hereto, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountamount at the rate prescribed in the Rules. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond Two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the [Apartment/ Plot flat] in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Alloottee under the conditions listed above continues for a period beyond ------------------ consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Promoter/Developer shall be considered under a condition of default, in the following events, namely:- (i) i. The Promoter Promoter/Developer fails to provide ready to move in possession of the Apartment /Flat /Flat/Unit to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in bein 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 or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter Promoter/Developer under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter Promoter/Developer as demanded by the Promoter/Developer. If the Allottee(s) stops making payments, the Promoter Promoter/Developer shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) 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(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter/Developer, interest for the period of delay till the handing over of the possession of the Apartment/ PlotApartment/Flat/Unit, which shall be paid by the Promoter Promoter/Developer to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter Promoter/Developer as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter Promoter/Developer on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter Promoter/Developer in this regard, the Promoter Promoter/Developer may cancel the allotment of the Apartment/ Plot Apartment/Flat/Unit in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated terminated: Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:-namely:- For Multy Realtors Sd/- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clauseclause or delay in any reasonable circumstances, the Promoter shall be considered under a condition of default, in the following events, namely:- (i) 9.1.1. The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the AuthorityAuthority which includes extension of the project registration. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) 9.1.2. Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 9.2. In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) 9.2.1. Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) 9.2.2. The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest but after deducting the taxes, cesses thereon paid by the Promoter to the Government Authorities , within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 9.3. The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) 9.3.1. In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) 9.3.2. In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond consecutive beyondconsecutive months after notice from the Promoter in this regard. 9.3.3. After the issuance of possession offer letter, failure on the part of the Allottee(s) to deposit the stamp duty/registration charges/any other amounts due including interest, if applicable, under this Agreement within the period mentioned in the possession offer letter; 9.3.4. After the issuance of possession offer letter, the delay/failure on the part of the Allottee(s), having paid all the amounts due to the Promoter under this Agreement, in execution and registration of conveyance deed of the Apartment and/or taking possession of Apartment within the period mentioned in possession offer letter; 9.3.5. Breach of any other terms & conditions of this Agreement on the part of the Allottee(s); 9.3.6. Violation of any of the Applicable Laws on the part of the Allottee(s). In such circumstances the Promoter‟s rights/remedies are: a. In case of default mentioned in clause 9.3(i) above, the Allottee(s) shall be liable to pay interest on the overdue amounts computed at the Interest Rate for the period commencing from the date on which such overdue amounts or part thereof were due to be paid by the Allottee(s) to the Promoter and ending on the date of the payment of such overdue amounts by the Allottee(s) to the Promoter; b. In case of default mentioned in clause 9.3 (ii) above, the Promoter may shall be entitled to cancel the allotment by terminating this Agreement by serving a notice of 30 days prior to such termination to the Allottee(s) in this regard; c. Further till the time Promoter exercise the right to terminate this Agreement it shall be entitled to (a) recover interest (b) recover maintenance charges with applicable taxes from the date of issuance of possession offer letter; (c) recover holding/ safeguarding charges Rs. 10 for per Sq. Ft. of the Apartment/ Plot built up area of the Apartment on monthly basis; (d) taxes (e); withhold registration of the conveyance deed of the Apartment in favour of the Allottee(s); and to refuse possession of Apartment to the Allottee(s) till payment of amounts is recovered; d. The rights and remedies of the Promoter under this clause shall be in addition to other rights and remedies available to the Promoter under applicable laws, equity and under this Agreement. Further, acceptance of any payment without interest shall not be deemed to be a waiver by the Promoter of its right of charging such interest or of the other rights mentioned in this Agreement; e. Upon termination of this Agreement by the Promoter as mentioned hereinabove, the Allottee(s) shall not have any lien, right, title, interest, or claim in respect of the Apartment. The Promoter shall be entitled to sell the Apartment to any other person or otherwise deal with the Apartment in any manner whatsoever and the Promoter shall be entitled to forfeit the following amounts out of the amounts paid by the Allottee(s) and refund the money paid balance to him the Allottee(s) without any interest : 1. The Booking Amount; 2. The interest paid/payable by the Allottee(s) by deducting to the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that Promoter, any actual loss, brokerage, if applicable; 3. Further, the Promoter shall intimate not be liable to repay the Allottee about such termination at least thirty days prior taxes, duties, cess, etc. deposited by the Promoter to such terminationthe concerned department/authority in respect of the Apartment, however, the Allottee(s) shall be free to claim refund from concerned department; f. Without prejudice to the rights of the Promoter under this Agreement, the Promoter shall be entitled to file/initiate appropriate compliant/proceedings against the Allottee(s) under the Act for default/breach of any of the terms and conditions of this Agreement or the provisions of the Act/ Rules /Regulations.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 13.1. Subject to the Force Majeure clauseprovisions of this Agreement and subject to the Allottee making timely payments hereunder and save and except for the events specified in (a) and (b) of Clause 6.1.1 above, the Promoter shall be considered under a condition of default, default in the following events, namely:-: (i) The 13.1.1. the Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) Allottee within the time period specified in Term No. 7.1 above in this Agreement Clause 6.1.1 or fails to complete the Project Phase IA within the stipulated time disclosed at the time of registration of the Project Phase IA with the Authoritycompetent authority under the Act. For the purpose of this clauseClause, 'ready to move in possession' shall mean that the Apartment or Flat 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 completion certificate and completion certificate, as the case may be, has been issued by the competent authority;; or (ii) Discontinuance 13.1.2. discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation or expiry of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 13.2. In case of default by the Promoter under the conditions listed in Clause 13.1 above, Allottee(s) is the Allottee shall be entitled to the following:-following: (i) Stop 13.2.1. stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) Allottee stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter shall the Allottee(s) Allottee be required to make the next payment without any interest; or (ii) The Allottee(s) 13.2.2. the Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) Allottee under any head whatsoever towards the purchase of the Apartment, along with interest at the rate prescribed in Rule 18 of the Rules within forty-five 45 (forty five) days of receiving the termination notice: . Provided that that, where an Allottee(s) the Allottee does not intend to withdraw from the Project or terminate the Agreement, he he/she/it shall be paid, by the Promoter, interest at the rate prescribed in Rule 18 of the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ PlotApartment, which shall be paid by the Promoter to the Allottee within forty-five 45 (forty five) days of it the same becoming due. 9.3 13.3. The Allottee(s) Allottee shall be considered to be under a condition of default, on the occurrence of the following events: : (ia) In in case the Allottee(s) Allottee fails to make payments payment for -------------- consecutive two (2) demands made by the Promoter as per the payment plan stated abovePayment Plan, 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; or (b) in the event that Allottee is in breach of its covenants, obligations, representations or warranties under this Agreement, which breach has not been remedied despite having been issued notice in that regard. In the event of (a) above, the Allottee(s) Allottee shall be liable to pay interest to the Promoter Promoter, interest at the rate prescribed in Rule 18 of the Rules, on all unpaid amounts from the unpaid amountdate the amount is payable by the Allottee. (ii) In 13.4. Without prejudice to the right of the Promoter to charge interest in terms of Clause 13.3 above, in case of the default by Aloottee the Allottee under the conditions listed Clause 13.3 above continues for a period beyond consecutive months 30 (thirty) days after notice from the Promoter in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) terminate this Agreement and refund the money paid to him the Promoter by the Allottee(s) Allottee after deducting therefrom the Booking Amount, along with interest liabilities, and together with deduction of such other tax/levy as may be applicable at the time of such termination by deducting the booking amount and the interest liabilities Promoter, and this Agreement and any liability of the Promoter shall thereupon stand terminated : terminated. Provided that that, the Promoter shall intimate the Allottee about such termination the Promoter’s intention to terminate this Agreement by a written notice of at least thirty 30 (thirty) days prior to such termination. 13.5. On and from the date of refund of the amount as mentioned in Clauses 13.2 and 13.4 above, as the case may be, this Agreement shall stand cancelled automatically without any further act from the Allottee and the Allottee shall have no right, title and/or interest on the said Apartment, the Project and/or the Said Land or any part or portion thereof, and the Allottee shall further not be entitled to claim any charge on the said Apartment and/or any part or portion thereof, in any manner whatsoever. The effect of such termination shall be binding and conclusive on the Parties. 13.6. Notwithstanding anything to the contrary stated herein, it is hereby clarified that upon termination or cancellation of this Agreement for any reason whatsoever, the Parties hereto shall execute and register a deed of cancellation for the same before the concerned Sub- Registrar, as and when intimated by the Promoter, at the Allottee’s cost and expense. In the event that the Allottee fails or refuses to execute and/or register such deed of cancellation for any reason whatsoever, the Allottee shall be liable to pay to the Promoter an amount equivalent to 9.99% (nine decimal nine nine percent) of the Unit Price as damages, which amount is a reasonable pre-estimate of losses and not a penalty. In such event, the Allottee hereby agrees that the Promoter shall have the right to forfeit an amount equivalent to such damages, prior to making a refund to the Allottee under this Agreement. The Allottee hereby agrees do all such acts or execute all such other documents, including but not limited to, executing and registering powers of attorney in favour of the Promoter or its nominees, in such form and in such manner as the Promoter may specify, at the cost and expense of the Allottee. 13.7. For the avoidance of doubt, it is hereby clarified that the Promoter shall not be held liable, in any manner whatsoever, for any delay in receipt/non-receipt of any refund by the Allottee in accordance with the terms of this Agreement, for any reason, including but not limited to, any delay by the Indian postal authority or due to a change in address of the Allottee (save as provided in this Agreement) or loss in transit.

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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat /Flat/Unit or villa to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat or unit or villa 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 or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentApartment or villa, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotApartment or villa, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- two consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Apartment or villa in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : terminated. Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter No.2 shall be considered under a condition of defaultDefault, in the following events, namely:-: (i) The Promoter No.2 (i.e. Developer) fails to provide ready to move in possession of the Apartment /Flat Schedule-C Property to the Allottee(s) Allottee/s within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the AuthorityPara.7. 1. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat Villament 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 Promoter No.2’s business as a developer on account of suspension or revocation or expiry of his its registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default Default by the Promoter No.2 under the conditions listed above, Allottee(s) Allottee/s is entitled to the following:-following: (i) Stop making further payments to the Promoter No.2 as demanded by the PromoterPromoter No.2, with prior notice in this regard in writing. If the Allottee(s) Allottee/s stops making payments, payments the Promoter No.2 shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) Allottee/s be required to make the next payment without any penal interest; or (ii) The Allottee(s) Allottee/s shall have the option of terminating the Agreement in which case the Promoter No.2 shall be liable to refund the entire money paid by the Allottee(s) Allottee/s under any head whatsoever towards the purchase of the ApartmentVillament, along with interest at the rate specified in the Rules within forty-five ninety days of receiving the termination notice: Provided that where an Allottee(s) Allottee/s does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the PromoterPromoter No.2, interest at the rate specified in the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within fortySchedule-five days of it becoming dueC Property. 9.3 The Allottee(s) Allottee/s shall be considered under a condition of defaultDefault, on the occurrence of the following events: (i) In case the Allottee(s) Allottee/s fails to make payments for -------------- two (2) consecutive demands made by the Promoter No.2 as per the payment plan stated abovePayment Plan annexed hereto, despite having been issued notice in that regard, regard the Allottee(s) Allottee/s shall be liable to pay interest to the Promoter No.2 on the unpaid amountamount at the rate specified in the Rules. (ii) In case of default Default by Aloottee Allottee/s under the conditions condition listed above continues for a period beyond two (2) consecutive months after notice from the Promoter No.2 in this regard, the Promoter may No.2 shall cancel the allotment of the Apartment/ Plot Schedule-C Property in favour of the Allottee(s) Allottee/s and refund the amount money paid to him him/her/itself by the Allottee(s) Allottee/s by deducting the booking amount and the interest liabilities and expenses, if any, incurred in this regard and this Agreement shall thereupon shall stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationterminated, without requirement of any further notice.

Appears in 1 contract

Samples: Agreement of 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat Flat /Unit to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment Flat or Flat Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the ApartmentFlat, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ PlotFlat/ Unit, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee Allottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot Flat/ Unit in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the 45 Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a undera condition of default, in the following events, ,namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authoritycompetentauthority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereundermadethereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:-thefollowing:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; orinterest;or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination noticeterminationnotice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest for the period of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming duebecomingdue. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following eventsfollowingevents: (i) In case the Allottee(s) fails to make payments for -------------- consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountunpaidamount. (ii) In case of default by Aloottee under the conditions listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the 45 Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: 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, namely:-events:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee(s) within the time period specified in Term No. Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled to the following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment, along with interest within forty-five days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest at the rate prescribed in the Rules, for the period every month of delay till the handing over of the possession of the Apartment/ Plot, which shall be paid by the Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails to make payments for -------------- two consecutive demands made by the Promoter as per the payment plan stated above, despite having been issued notice in that regard, the Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amountamount at the rate prescribed in the Rules. (ii) In case of default by Aloottee Xxxxxxxx under the conditions listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot in favour of the Allottee(s) and refund the money paid to him by the Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events, namely:-: (i) The If the Promoter fails to provide ready to move in possession of the Apartment /Flat said Flat/Unit to the Allottee(s) within the time period specified in Term No. para 7.1 above in this Agreement or fails to complete the Project said Building within the stipulated time disclosed at the time of registration of the Project said Building with the Authority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Apartment or Flat said Flat/Unit shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and certificate/completion certificate, as the case may be, be has been issued by the competent authority;. (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation or expiry of his its registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of default by the Promoter under the conditions listed above, the Allottee(s) is is/are entitled to the following:-following: (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops stop(s) making payments, the Promoter shall correct the situation by completing the construction/ development construction milestones and only thereafter the Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) to the Promoter under any head whatsoever towards the purchase of the ApartmentFlat/Unit, along with interest at the rate of the then prime lending rate of the State Bank of India plus two percent thereon per annum within 45 (forty-five five) days of receiving the termination notice: notice subject to the Allottee(s) shall prior to receipt of refund on the above account from the Promoter, at his own costs and expenses, execute all necessary cancellation related documents required by the Promoter. Provided that That where an Allottee(s) does do(es) not intend to withdraw from the Project said Building or terminate the Agreement, he shall be paid, paid by the Promoter, interest at the rate of the then prime lending rate of the State Bank of India plus two percent thereon per annum, for the period every month of delay till the handing over of the possession of the Apartment/ Plotsaid Flat/Unit, which shall be paid by the Promoter to the Allottee Allottee(s) within 45 (forty-five five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee(s) shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 9.3 The Allottee(s) shall be considered under a condition of default, on the occurrence of the following events: (i) In case the Allottee(s) fails fail(s) to make any of the payments for -------------- consecutive demands made by within the Promoter due dates as per the payment plan stated abovePayment Plan annexed hereto, despite having been issued notice in that regard, the . The Allottee(s) shall be liable to pay interest to the Promoter on the unpaid amount.amount at the rate of the then prime lending rate of the State Bank of India plus two percent thereon per annum from the date of default till actual payment is made; (ii) In case of default by Aloottee Allottee(s) under the conditions condition listed above continues for a period beyond 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment/ Plot said Flat/Unit in favour of the Allottee(s) and refund forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the Allottee(s) shall, subject to Clause 7.5 above, be returned by deducting the booking amount and Promoter to the interest liabilities Allottee(s) within 45 (forty-five) days of such cancellation and this Agreement shall thereupon stand terminated : Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationterminated.

Appears in 1 contract

Samples: Sale Agreement