We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move possession of the Row House/Bungalow to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Row House/Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalow, along with interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein; (ii) In case Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges 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 Defaultdefault, in the following events: (i) Promoter fails to provide ready to move possession of the Row House/Bungalow Unit, to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Row House/Bungalow Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion /Partial Completion Certificate has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In the above context, the term “Complete in all respects” shall mean that the Unit will be deemed to be complete upon grant of CC/Partial CC and/or Architect’s certificate notwithstanding the fact there may be minor deficiencies resulting from structural defect or workmanship since construction is man made and not machine made and there may be minor defects which will keep coming and the same will remain the responsibility of the Promoter to rectify upto 5 Years without further charge as provided in Clause 12 hereunder. 9.2 In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with , alongwith interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 7 of this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow Unit, which shall be paid by the Promoter to the Allottee within 45 days of its becoming due.... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein; (ii) In case Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment within fifteen days of the Apartment in favour of the Allottee and refund the money paid to him demand by the Allottee Promoter, his share of security deposit demanded by deducting 10% of total consideration and the interest liabilities and concerned local authority or Government for giving water, electricity or any other service connection to the applicable GST payable on such Cancellation charges and this agreement shall thereupon stand terminated: Provided that building in which the Promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.Unit, is

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: (i) The Promoter fails to provide ready to move in possession of the Row House/Bungalow said Unit to the Allottee within the time period specified in para 7.1 or fails to complete the said Project within the stipulated time disclosed at the time of Registration registration of the said Project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ possession‟ shall mean that the Row House/Bungalow said Unit shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority. (ii) Discontinuance of the promoter’s Promoters business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or; (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee to the Promoter, under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified in equivalent to the rules prevailing Prime Lending Rate of the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice. Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he he/she/they shall be paid, paid by the promoterPromoter, interest at the rate specified in equivalent to the Rulesprevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five) days of its it becoming due... 9.3 . The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan plan annexed hereto, despite having been issued notice in that regard the that Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein;in the Rules. In case the Allottee fails to make payment of demands as and when raised by the Promoter as per the Payment 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. It is further clarified that, reminders and or notices for payment of installments or notice for rectification of default as per the Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay to the Promoter, interest at the rate of Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum, as prescribed in the Rules on all unpaid amounts from the date the amount is payable by the Allottee. (ii) In case Default by Allottee under the condition listed above continues IncaseofdefaultbytheAllotteeundertheconditionlistedabovecontinues for a period beyond two consecutive 2 (two) months after notice from the Promoter in this regard, the Promoter may cancel the allotment Allotment of the Apartment in favour favor of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and/or taxes and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: ; Provided that the Promoter shall intimate to the Allottee about such termination at least thirty 30 (thirty) days prior to such termination. Without prejudice to the right of the Promoter to charge interest in terms of Clause 9.3 (i) above, in case of default by the Allottee under Clause 9.3 (i) above continues for a period beyond 2 (two) consecutive months, even after several reminders from the side of the Promoter for rectification of default, in this regard, the Promoter, at its own option, may cancel the allotment of the Apartment in favor of the Allottee and terminate this Agreement and refund the money paid to the Promoter by the Allottee after deducting the booking amount out of the Total Price and after deduction of such other tax/levy as may be applicable at the time of such termination by the Promoter, and this Agreement and any liability of the Promoter shall thereupon stand terminated. PROVIDED HOWEVER that the Promoter at least 30 days prior to such cancellation shall issue a Notice for Cancellation (Cancellation Notice) intimating the Allottee about its decision to cancel the allotment. (iii) On and from the date of refund of the amount as mentioned in Clauses 9.2 and 9.3 (ii) above, as the case may be, this Agreement shall stand cancelled automatically without any further act from the Allottee and the Allottee shall have no right, title and/or interest on the said Apartment, the Project and/or the Said Property 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. 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 and refund by the Allottee in accordance with the terms of this Agreement, for any reason, including but not limited to, any delay by postal authorities or due to a change in address of the Allottee (save as provided in this Agreement) or loss in transit.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Plot to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, para ‘ready to move in possession’ shall mean that the Row House/Bungalow Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalow, Plot along with interest at the rate specified prescribed in the rules Rules within forty-forty five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for For every month of delay till the handing over of the possession of the Row House/Bungalow Plot, which shall be paid by the Promoter promoter to the Allottee within 45 forty five days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the hooking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:; (i) i. Promoter fails to provide ready to move in possession of the Row House/Bungalow Unit to the Allottee within the time period specified or fails to complete the Project Allotteewithinthe stipulated Timeperiodorfailstocompletetheproject within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ possession shall mean that the Row House/Bungalow Unit shall be in a habitable condition which is complete in all respects respect including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate or completion certificate, has been issued by the Competent Authority.competent authority; (ii) . Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 ; In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following:; (i) i. Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with interest at the rate specified prescribed in the rules Rules within forty-five Sixty days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice; iii. Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Unit, which shall be paid by the Promoter promoter to the Allottee allottee within 45 forty-five days of its it becoming due... 9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of the following events:; (i) i. In case the Allottee fails to make payments for more than 15 days from scheduled date of two (2) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the agree rate prescribed herein; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond two (2) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Unit in favour of the favourofthe Allottee and refund the money paid to him by the Allottee allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow (Duplex) to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, ready to move in possession’ shall mean that the Row House/Bungalow duplex shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authorityrespect. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default default by Promoter promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoterpromoter. If the Allottee stops making paymentspayment, the Promoters promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or (ii) The Allottee shall have the option of terminating the Agreement agreement in which case the Promoter promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowduplex, along with interest at the rate specified in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreementnotice.; (iii) Provided that that where an allottee Allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow (Duplex), which shall be paid by the Promoter to the Allottee within 45 (Forty Five) days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events:; (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of 2 consecutive demands made by the Promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed herein;specified in the Rules,i.e.,@10% (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 consecutive months after notice from the Promoter in this regard, the Promoter may shall cancel the allotment of the Apartment [Duplex] in favour of the Allottee and refund the amount money paid to him by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: Provided . (iii) provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, para ready to move in possession’ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterPromoter’s business as a developer Developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 there under. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules within forty-forty five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter promoter to the Allottee within 45 forty-five days of its it becoming due... 9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of any of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of 2(two) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2(two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: ; Provided that the Promoter shall intimate the Allottee theAllottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Plot to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, ready para”ready to move in possessionshall mean that the Row House/Bungalow Plot shall be in a habitable good condition which is complete in all respects including the provision of all specifications specification, amenities and facilities, as agreed to between the parties Parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority. (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowPlot, along with interest at the rate specified prescribed in the rules Rules within forty-five sixty days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow Plot which shall be paid by the Promoter to the Allottee within 45 sixty days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of any of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of 2 consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed hereinin terms of Para 5; (ii) In case Default of default by Allottee under the condition listed above continues for a period beyond two 2 consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the Booking Amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon there upon stand terminated: , provided that the refund will be subject to the Allottee having executed and registered a cancellation deed in respect of cancellation/termination of this Agreement if required by the Promoter. 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 clauseMajeure, court orders, Government Policy/ guidelines, policy / guidelines of competent authorities, decisions affecting the regular development of the Project or any other event / reason of delay recognized or allowed in this regard by the Authority, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) the Promoter fails to provide offer ready to move in possession (as per specifications) of the Row House/Bungalow developed Apartment for residential usage along with Parking (if applicable) to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Row House/Bungalow Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties Parties, and for which Completion Certificate occupation certificate or part thereof has been issued by the Competent Authoritycompetent authority. (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction construction/ development milestones and only thereafter the Allottee be required to make the next payment without any interestinterest for the period of such delay; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified prescribed in the rules Rules within forty-five 90 (ninety) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment for residential usage along with Parking (if applicable), which shall be paid by the Promoter to the Allottee within 45 90 (ninety) days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of 2 (two) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the regard. The Allottee shall be liable to pay interest to the Promoter on the unpaid amount, as and when the amount becomes due as per payment plan, at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months 90 (ninety) days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment for residential usage along with Parking (if applicable) in favour of the Allottee and refund the money paid to him by the Allottee after forfeiting the Booking Amount, interest paid and/or due to be paid by deducting 10the Allottee on delayed payment and any brokerage incentive paid by the Promoter to the broker/channel partner, if any, along with amount paid towards GST and which is non- recoverable by the Company The rate of interest payable by the Allottee to the Promoter shall be the State Bank of India highest marginal cost of lending rate plus 2% (two percent). The balance amount of total consideration money (if any) paid by the Allottee shall be returned by the Promoter to the Allottee without interest or compensation within 90 (ninety) days of such cancellation. On such default, the Agreement and any liability of the interest liabilities and Promoter arising out of the applicable GST payable on such Cancellation charges and this agreement same shall thereupon thereupon, stand terminated: . Provided that that, the Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination. (iii) Further, additionally the Allottee shall be considered under a condition of Default, in case the Allottee fails to comply with the conditions under the notice for offer of possession, including taking over of possession of the Apartment, providing necessary indemnities, undertakings, maintenance agreement and other documentation; and such failure continues for a period of more than 90 (ninety) days after receipt of a notice from the Promoter in this regard then the Promoter may cancel the allotment of the Apartment along with the Parking (if applicable) if any, and refund the money paid by the Allottee by forfeiting the Booking Amount, interest paid and/or due to be paid by the Allottee on delayed payment and any brokerage incentive paid by the Promoter to the broker/channel partner, if any, along with amount paid towards GST and which is non-recoverable by the Company. The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee, without interest or compensation within 90 (ninety) days of such cancellation. On such default, the Agreement and any liability of the Promoter arising out of the same shall thereupon, stand terminated. Provided that, the Promoter shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in paragraph 7.1, or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clauseparagraph, ready to move in possession’ shall mean that the Row House/Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authority.in (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act Act, or the rules or regulations made thereunderthere under. 9.2 In case of Default default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee shall be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified prescribed in the rules Rules, within forty-five 45 (forty five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow which shall be paid by the Promoter to the Allottee within 45 days of its becoming due...notice; 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount amount, at the rate prescribed hereinin the Rules; (ii) In case Default of default by the Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him it by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement 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 10.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following eventsevents : (i) Promoter Developer fails to provide ready to move in possession of the Row House/Bungalow designated unit to the Allottee Purchaser within the time period specified in paragraph 8.1 or fails to complete the Project complex within the stipulated time disclosed at the time of Registration registration of the Project complex with the AuthoritiesAuthority. For the purpose of this clause, para ‘ready to move in possession’ shall mean that the Row House/Bungalow designated unit shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterDeveloper’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 10.2 In case of Default by Promoter Developer under the conditions listed above, Allottee Purchaser is entitled to the followingfollowing : (i) Stop making further payments to promoter Xxxxxxxxx as demanded by the Promoter by the PromoterDeveloper. If the Allottee Purchaser stops making payments, payments the Promoters Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any interestinterest ; or (ii) The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the purchase of the Row House/Bungalowdesignated unit, along with interest at the rate specified prescribed in the rules Rules within forty-forty five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided that where an allottee Purchaser does not intend to withdraw from the project complex or terminate the agreementAgreement, he shall be paid, by the promoterDeveloper, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow designated unit, which shall be paid by the Promoter Developer to the Allottee Purchaser within 45 forty five days of its it becoming due.... 9.3 10.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee Purchaser fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Purchaser shall be liable to pay interest to the Promoter Developer on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment designated unit in favour of the Allottee Purchaser and refund the money paid to him by the Allottee Purchaser by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter Developer shall intimate the Allottee Purchaser 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 Defaultdefault, in the following eventsevents : (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Row House/Bungalow Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default default by the Promoter under the conditions listed above, Allottee is entitled to the following:following:- (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified in the rules within forty-five (45) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice, Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following eventsevents : (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case Default of default by Allottee under the condition conditions listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount (i.e. the Cancellation Charges, brokerage, GST) and the interest liabilities and (of the applicable GST payable on such Cancellation charges Allottee) and this agreement 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: (i) Promoter fails to provide ready to move possession of the Row House/Bungalow to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ shall mean that the Row House/Bungalow Country Home shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities), as agreed to between the parties parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterPROMOTER’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default by Promoter PROMOTER under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head heads whatsoever towards the purchase of the Row House/BungalowCountry Home, along with interest at the rate specified prescribed in the rules Rules within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Country Home, which shall be paid by the Promoter PROMOTER to the Allottee within 45 (forty-five) days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of two consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at as the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Country Home in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and statutory taxes, if any, this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) The Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the said Project within the stipulated time disclosed at the time of Registration registration of the said Project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ shall mean that the Row House/Bungalow Apartment shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority. (ii) Discontinuance of the promoterPromoter’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or; (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee to the Promoter, under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified in equivalent to the rules prevailing Prime Lending Rate of the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice. Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he he/she/they shall be paid, paid by the promoterPromoter, interest at the rate specified in equivalent to the Rulesprevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five) days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date payment of demands made as and when raised by the Promoter as per the Payment Plan annexed heretoPlan, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard regard. It is further clarified that, reminders and or notices for payment of instalments or notice for rectification of default as per the Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay interest to the Promoter on the unpaid amount Promoter, interest at the rate of Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum, as prescribed herein;in the Rules on all unpaid amounts from the date the amount is payable by the Allottee. (ii) In case Default by Allottee under Without prejudice to the condition listed above continues for a period beyond two consecutive months after notice from right of the Promoter to charge interest in this regard, the Promoter may cancel the allotment terms of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges 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.Clause

Appears in 1 contract

Samples: Partnership Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events:; (i) Promoter Developer fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, paragraph ‘ready to move in possession’ shall mean that the Row House/Bungalow Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the cause may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterDeveloper’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter Developer under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Developer as demanded by the Promoter by the PromoterDeveloper. If the Allottee stops making payments, payments the Promoters Developer shall correct the situation by completing completion the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; interest or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice. Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, paid by the promoterDeveloper, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter Developer to the Allottee within 45 forty-five days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter Developer as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter Developer on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two _________ consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter Developer shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsgevents: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow plot to the Allottee within the time period specified in Para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clauseWith all specifications, ready to move in possession’ shall mean that the Row House/Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications amenities and facilities, as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authority.parties; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is Allotteeis entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; interest ;or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowplot, along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow plot, which shall be paid by the Promoter promoter to the Allottee allottee within 45 forty-five days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following eventsgevents: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed hereinbased 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 by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting the booking amount or 10% of the total consideration price of the plot, whichever is more and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, Covid Pandemic Situations and Scarcity of labours, the Promoter Developer shall be considered under a condition of Default, in the following Following events: (i) Promoter Developer fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee Buyer within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, para ‘ready to move in possession’ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authorityparties. (ii) Discontinuance of the promoter‘Developer’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default by Promoter Developer under the conditions listed above, Allottee is Xxxxxxxxx entitled to the following: (i) Stop making further payments to promoter Xxxxxxxxx as demanded by the Promoter by the PromoterDeveloper. If the Allottee stops Buyers stop making payments, payments the Promoters Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Buyers be required to make the next payment without any interest; or (ii) The Allottee Buyers shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Buyers as per the terms and conditions under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee does Buyers do not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, paid by the promoterDeveloper, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter Developer to the Allottee Buyer within 45 forty-five days of its it becoming due.... 9.3 The Allottee Buyer shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails Buyers fail to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter Developer as per the Payment Plan payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard the Allottee Buyers shall be liable to pay interest to the Promoter Developer on the unpaid amount at the rate prescribed herein;in the Rules. (ii) In case of Default by Allottee Buyers under the condition listed above continues for a period beyond two 3 (three) consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment in favour of the Allottee Buyers and refund the money paid to him by the Allottee Buyer by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges / other government taxes and this agreement Agreement shall thereupon stand terminated: Provided that the Promoter Developer shall intimate the Allottee Buyers 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 Owner/Developer shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter 9.1.1. The Owners/Developer fails to provide ready to move possession of the Row House/Bungalow Apartment to the Allottee within the time period Committed Completion Date as specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the Authoritiesconcerned Authority. For the purpose of this clausepara, ready to move in possession’ „possession‟ shall mean that the Row House/Bungalow Apartment shall be in a habitable condition which is complete in all respects including the provision as per specifications of all specifications as agreed to between the parties this agreement and for which Completion Certificate has been completion certificate will be issued by the Competent Authoritycompetent authority. (ii) 9.1.2. Discontinuance of the promoter’s Owners/Developer‟s business as a developer at any stage of the Project on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 9.1.3. In case of Default default by Promoter the Owners/Developer at any stage under the conditions listed above, the Allottee is entitled to the following: (i) 9.1.4. Stop making further payments to promoter the Owner/Developer as demanded by the Promoter by the PromoterOwners/Developer. If the Allottee stops making payments, the Promoters Owners/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest, Provided That nothing herein contained shall entitle the Allottee to stop payment of the amounts payable for the previous stages or previous milestones as per the Payment Plan; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalow, along with interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... 9.3 9.1.5. The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) 9.1.5.1. In case the Allottee fails to make payments for more than 15 days from scheduled date of in accordance with the demands made by the Promoter Owner/Developer from time to time as per the Payment Plan annexed mentioned in Part III of the FOURTH SCHEDULE hereto, despite having been issued Demand notice in that regard the regard. The Allottee shall be liable to pay interest to the Promoter Owner/Developer on the unpaid amount at the rate prescribed hereinin the Rules from the date of default till actual payment is made; (ii) 9.1.5.2. In case Default of default by Allottee under the condition listed above continues for a period beyond two 3 (three) consecutive months after notice from the Promoter in this regardmonths, the Promoter Owner/Developer may cancel the allotment of the Apartment which is in favour of the Allottee and refund the balance money paid to him Owner/Developer by the Allottee by after deducting 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges Fees as mentioned in clause no. 7.5 hereinabove and this agreement Agreement shall thereupon stand terminated: Provided terminated and the Owner/Developer shall be eligible to allot the said Apartment to other intending Allottee. 9.1.5.3. The Allottee hereto agree that all information, documents etc. exchanged to date and which may be exchanged including but not limited to the Promoter contents of this agreement and any documents executed in pursuance thereof (confidential information) is confidential and proprietary and shall intimate not be disclosed, reproduced, copied, disclosed to any third party without the written consent of the Owner/Developer. The confidentiality obligation under this clause shall survive even after the handing over of the unit and is legally binding on the Allottee about and shall always be in full force and effect. Allottee shall not make any public announcement regarding this agreement without the prior consent of the Owner/Developer. Nothing contained hereinabove shall apply to any disclosure of confidential information if such termination at least thirty days prior to such terminationdisclosure is required by law or by any statutory authority or has entered public domain in connection with any litigation.

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: (i) The Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the said Project within the stipulated time disclosed at the time of Registration registration of the said Project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ shall mean that the Row House/Bungalow Apartment shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority. (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or; (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee to the Promoter, under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified in equivalent to the rules prevailing Prime Lending Rate of the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice. Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he he/she/they shall be paid, paid by the promoterPromoter, interest at the rate specified in equivalent to the Rulesprevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five) days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date payment of demands made as and when raised by the Promoter as per the Payment Plan annexed heretoPlan, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard regard. It is further clarified that, reminders and or notices for payment of instalments or notice for rectification of default as per the Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay interest to the Promoter on the unpaid amount Promoter, interest at the rate of Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum, as prescribed herein;in the Rules on all unpaid amounts from the date the amount is payable by the Allottee. (ii) In Without prejudice to the right of the Promoter to charge interest in terms of Clause 9.3 (i) above, in case Default of default by the Allottee under the condition listed Clause 9.3 (i) above continues for a period beyond two 2 (two) consecutive months months, even after notice several reminders from the side of the Promoter for rectification of default, in this regard, the Promoter Promoter, at its own option, may cancel the allotment of the Apartment in favour favor of the Allottee and terminate this Agreement and refund the money paid to him the Promoter by the Allottee after deducting the booking amount out of the Total Price and after deduction of such other tax/levy as may be applicable at the time of such termination by deducting 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges Promoter, and this agreement Agreement and any liability of the Promoter shall thereupon stand terminated: Provided . PROVIDED HOWEVER that the Promoter at least 30 days prior to such cancellation shall issue a Notice for Cancellation (Cancellation Notice) intimating the Allottee about its decision to cancel the allotment. (iii) On and from the date of refund of the amount as mentioned in Clauses 9.2 and 9.3 (ii) above, as the case may be, this Agreement shall stand cancelled automatically without any further act from the Allottee and the Allottee shall have no right, title and/or interest on the said Apartment, the Project and/or the Said Property 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. For the avoidance of doubt, it is hereby clarified that the Promoter shall intimate not be held liable, in any manner whatsoever, for any delay in receipt/ non- receipt of and refund by the Allottee about such termination at least thirty days prior in accordance with the terms of this Agreement, for any reason, including but not limited to, any delay by postal authorities or due to such terminationa change in address of the Allottee (save as provided in this Agreement) or loss in transit.

Appears in 1 contract

Samples: Not Specified

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 1. Subject to the Force Majeure clause, the Promoter Seller shall be considered under a condition of Defaultdefault, in If the following events: (i) Promoter Seller fails to provide ready to move in possession of the Row House/Bungalow to the Allottee Unit within the time period specified or fails to complete the Project within the as stipulated time disclosed at the time of Registration of the Project with the Authorities. above (For the purpose purposes of this clause, agreement the expression ‘ready to move in possession’ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including In the provision of all specifications as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case event of Default by Promoter under the conditions listed Seller as mentioned above, Allottee the Purchaser is entitled to receive interest from the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalow, along with interest Seller at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, 15% per annum for every month of delay till the handing over the possession of the Row House/Bungalow Unit which shall be paid by the Promoter to the Allottee within 45 days of its from the same becoming due...due and payable 9.3 The Allottee 2. If for any reason the Purchaser shall be considered under a condition of Default, on the occurrence fail to make payment of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date amount of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice consideration and other amounts payable in terms of this agreement then and in that regard event the Allottee Purchaser shall be liable and agrees to pay make payment of interest to the Promoter on the unpaid amount at the rate prescribed herein; (ii) In case Default by Allottee under of 15% per annum until such time the condition listed above continues amounts in arrears together with interest thereon is fully paid and/or liquidated PROVIDED HOWEVER if such default shall continue for a period beyond two consecutive months after notice of 60 days from the Promoter in this regard, the Promoter may cancel the allotment date of the Apartment same becoming due and payable then and in favour that event without prejudice to any other right which the Seller may have the Seller shall be entitled to cancel and/or rescind this agreement and forfeit a sum equivalent to 10% of the Allottee amount of consideration out of the moneys paid by the Purchaser till then as and by way of predetermined liquidated damages and refund the money paid balance amount to him the purchaser. Such refund to take place within a period of six months from the date of cancellation or upon the Seller entering into an agreement for sale and transfer of the said Unit with any other intending purchaser, which ever event shall happen first. 3. Upon such termination and/or cancellation as above by the Allottee Seller the Purchaser shall cease to have any right under this agreement or in respect of the said unit and the properties appurtenant thereto excepting the right to claim refund of the amount of consideration paid till then by deducting the Purchaser less ten percent of the total amount of consideration. 4. The Purchaser shall have the right to cancel/ withdraw his allotment in the Project as provided in the Act: provided that subject to clause 5 below, where the Purchaser proposes to cancel/withdraw from the project without any fault of the Seller, the Purchaser shall serve a 1 (one) months’ notice in writing on the Seller and on the expiry of the said period the allotment shall stand cancelled and the Seller herein shall be entitled to forfeit an amount equal to the Cancellation Charges of 10% of the total consideration and the interest liabilities amount and the applicable GST payable on such Cancellation charges and this agreement shall thereupon stand terminated: Provided Charges. The balance amount of money paid by the Purchaser shall, subject to clause 6 below, be returned by the Seller to the Purchaser within 45 (forty- five) days of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is later. However may it be clarified that the Promoter balance amount shall intimate be payable subject to the Allottee about execution of the Deed of Cancellation. The total expenses of the Deed of Cancellation shall be borne by the Purchaser. 5. Where the Purchaser proposes to cancel/withdraw from the Project without any fault of the Seller then in such event the Purchaser shall be entitled to exercise such right of termination at least thirty days prior only if on the date when the Purchaser so expresses his intent to terminate this Agreement, the Total consideration of Apartment then prevailing for transfer of an Apartment in the Project is not less than the Total consideration of Apartment payable by the Purchaser under this Agreement, and the Purchaser agree(s) and undertake(s) that the decision of the Seller in this regard shall be final and binding on the Purchaser. 6. It is clarified 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 Seller and the Purchaser shall be free to approach the authorities concerned for refund of such terminationtaxes, charges, levies, cess, assessments and impositions. 7. The Seller shall compensate the Purchaser in case of any loss caused to him due to defective title of the Land, on which the Project is being developed or has been developed, in the manner as provided under the Act and the claim for interest and compensation under this provision shall not be barred by limitation provided under any law for the time being in force.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the Authoritiesauthority. For the purpose of this clausepara, ready to move in possession’ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects repects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter promoter under the conditions listed above, Allottee allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoterpromoter. If the Allottee allottee stops making payments, the Promoters promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee allottee be required to make the next payment without any interest; or (ii) The Allottee allottee shall have the option of terminating the Agreement agreement in which case the Promoter promoter shall be liable to refund the entire money paid by the Allottee allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided notice: Providing that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rulesrules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter promoter to the Allottee allotte within 45 forty-five days of its it becoming due.... 9.3 The Allottee allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate based on the State Bank of India highest marginal cost of lending rate plus two percent from their respective due dates; prescribed hereinin the Rules; (ii) In case Default of default by Allottee allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter promoter in this regard, the Promoter promoter may cancel the allotment of the Apartment in favour of the Allottee allottee and refund the money paid to by him by the Allottee allottee by deducting the booking amount or 10% of the total consideration price of the apartment, whichever is more and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement shall thereupon stand terminated: . Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following eventsevents : (i) Promoter Developer fails to provide ready to move in possession of the Row House/Bungalow [Apartment] to the Allottee within the time period specified in Para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, para ‘ready to move in possession’ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterDeveloper’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter Developer under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Developer as demanded by the Promoter by the PromoterDeveloper. If the Allottee stops making payments, payments the Promoters Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by buy the promoterDeveloper, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter Developer to the Allottee within 45 forty-five days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following eventsevents : (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter Developer on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminatedterminated : Provided that the Promoter Developer shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 8.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in Default if the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Unit / Apartment to the Allottee / Purchaser within the time period specified or in clause 6.1, the Allottee / Purchaser is either entitled to stop making further payments to Promoter as demanded by the Promoter. If the Allottee / Purchaser stops making payments the Allottee / Purchaser, shall correct the situation by completing the construction milestones and only thereafter the Allottee / Purchaser be required to make the next payment without any interest. Be it mentioned apart from Force Majeure if the Promoter fails to complete construct the Project Designated Unit / Apartment within the stipulated time disclosed period specified in clause 6.1, then the Promoter shall be liable to pay to the Allottee / Purchaser interest at the time of Registration rate specified in the Act on the part payment of the Project consideration until then paid by the Allottee / Purchaser to the Promoter for the period of delay PROVIDED THAT if the delay continues for a period of more than 06 (six) months the Allottee / Purchaser shall be entitled at any time thereafter to cancel the contract placed hereunder by a notice in writing. In the event of such cancellation, the Promoter shall refund the entire xxxxxxx money until then paid by the Allottee / Purchaser to the Allottee / Purchaser with interest at the Authoritiesrate specified in the Act within 45 days of such cancellation. For the purpose of this clause, para 'ready to move in possession' shall mean that the Row House/Bungalow Unit / Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalow, along with interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed hereincompetent authority; (ii) In case Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges 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 Defaultdefault, in the following events: (i) Promoter fails to provide ready to move possession of the Row House/Bungalow House or the Town House or Apartment Unit to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Row House/Bungalow Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with alongwith interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 7 of this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due.... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 9.3 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of and demands made by the Promoter as per the Payment Plan annexed heretopayment plan as per Schedule - C, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified herein;. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the Apartment Row House or the Town House Unit in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: terminated . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: : (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Unit to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Row House/Bungalow Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority. competent authority; (ii) Discontinuance of the promoterPromoter’s business as a developer deve xxxxx on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: : (iii) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or (iiiii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Unit, which shall be paid by the Promoter promoter to the Allottee within 45 forty-five days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: : (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed herein; in the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Unit in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter promoter shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) The Promoter fails to provide ready to move in possession of the Row House/Bungalow Unit to the Allottee within the time period specified in Clause7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clauseClause, ready to move in possession’ shall mean that the Row House/Bungalow Bare Shell Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authority.; (ii) Discontinuance of the promoterPromoter’s business as a developer Developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by the Promoter under the conditions listed above, the Allottee is entitled to the following: (i) i. Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head heads whatsoever towards the purchase of the Row House/BungalowCommercial Unit, along with interest at the rate specified prescribed in the rules Rules (which is currently equivalent to the prevailing Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum) within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Commercial Unit, which shall be paid by the Promoter to the Allottee within 45 days (forty-five days) of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) i. In case the Allottee fails to make payments for more than 15 days from scheduled date of 2 (two) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard . It is further clarified that, reminders and or notices for payment of instalments or notice for rectification of default as per the Payment Schedule shall also be considered as Demand for the purpose of this clause. In such event the Allottee shall be liable to pay interest to the Promoter on the all unpaid amount at from the date the amount is payable by the Allottee as the rate prescribed hereinin the Rules (which is currently equivalent to the prevailing Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum); ii. Without prejudice to the right of the Promoter to charge interest in terms of Clause 9.3 (iii) In above,in case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Commercial Unit in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and applicable statutory taxes, as may be applicable at the applicable GST payable on time of such Cancellation charges termination by the Promoter and this agreement Agreement and any liability of the Promoter shall thereupon stand terminated: . Provided 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.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Defaultdefault, in the following events:, namely:- (i) Promoter The Developer fails to provide ready to move in possession of the Row House/Bungalow Unit /Flat to the Allottee Allottee(s) within the time period specified in Term No. 6.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, 'ready to move in possession' shall mean that the Row House/Bungalow Unit or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and 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 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 Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter the Developer as demanded by the Promoter by the PromoterDeveloper. If the Allottee Allottee(s) stops making payments, the Promoters Developer shall correct the situation by completing the construction construction/ development milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following eventsnotice: (i) In case the Allottee Allottee(s) fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein;consecutive (ii) In case Default of default by Allottee under the condition conditions listed above continues for a period beyond two ………………. consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment Unit/ Flat in favour of the Allottee Allottee(s) and refund the money paid to him by the Allottee Allottee(s) by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement 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: Flat Buyer's Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the Authoritiesauthority or as extended by the authority. For the purpose of this clausepara, ready to move in possession’ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate completion certificate (may be partial) has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to promoter construction milestones, if any, to the Promoter as demanded by the Promoter by the Promoterpromoter. If the Allottee stops making paymentspayment, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules (presently being State Bank of India PLR plus 2% per annum) within forty-forty five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the RulesRules (presently being State Bank of India PLR plus 2% per annum), for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter promoter to the Allottee within 45 forty five days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed herein;in the Rules. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by allottee after deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Such refund shall not include any amount paid by the Allottee on account of Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be made out of the amounts received by the Promoter against sale of the Apartment to any other interested person. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. Provided that the Promoter promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 a. Subject to the Force Majeure clause, the Promoter Vendors / Confirming Party shall be considered under a condition of Default, in the following events: (i) Promoter Vendors / Confirming Party fails to provide ready to move in possession of the Row House/Bungalow Schedule-B Property to the Allottee Purchaser/s within the time period specified in paragraph 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the Authoritiesauthority. For the purpose of this clauseparagraph, ready to move in possession’ possession shall mean that the Row House/Bungalow flats / units/ premises/ parking spaces shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by applied before the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Confirming Party business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 b. In case of Default by Promoter Vendors / Confirming Party under the conditions listed above, Allottee the Purchaser/s is entitled to the followingfollowing : (i) Stop making further payments to promoter the Vendors / Confirming Party as demanded by the Promoter by the PromoterVendors / Confirming Party. If the Allottee Purchaser/s stops making paymentspayment, then the Promoters Vendors / Confirming Party shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser/s be required to make the next payment without any interest; or. (ii) The Allottee Purchaser/s shall have the option of terminating the Agreement in which case the Promoter Vendors / Confirming Party shall be liable to refund the entire money paid by the Allottee Purchaser/s under any head whatsoever towards the purchase of the Row House/BungalowSchedule-B property, along with interest at the rate specified prescribed in the rules Rules within forty-five days 6 (six) months of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee Purchaser/s does not intend to withdraw from the project or terminate the agreementAgreement, he he/she/they shall be paid, by the promoterVendors / Confirming Party, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Schedule-B property, which shall be paid by the Promoter Vendors / Confirming Party to the Allottee Purchaser/s within 45 days 6 (six) months of its it becoming due.... 9.3 c. The Allottee Purchaser/s shall be considered under a condition of Default, on the occurrence of the following events: (i) In : That in case of default in payment of balance amount within the Allottee fails to make payments for more than 15 days from scheduled date stipulated period as aforesaid or non observance and compliance of demands made by any of the Promoter as per terms and conditions hereof the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Vendors / Confirming Party shall be liable at liberty to pay interest to the Promoter on the unpaid amount at the rate prescribed herein; (ii) In case Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in terminate this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee agreement and refund the money paid to him by the Allottee by deducting forfeit 10% of total the consideration amount together with the proportionate interest liability, GST and other Government Taxes and shall be at liberty to dispose of the Schedule-B property in such manner and to such person as they may think fit and the interest liabilities and purchaser shall not be entitled to question or dispute such sale by the applicable GST payable Vendors / Confirming Party on such Cancellation charges and any ground whatsoever or claim any amount whatsoever on this agreement shall thereupon stand terminated: Provided that the Promoter shall intimate the Allottee about such termination at least thirty days prior to such terminationaccount.

Appears in 1 contract

Samples: Agreement to Sell

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 Developer shall be considered under a condition of Default, default in the following events: (i) Promoter 13.1.1 the Developer fails to provide ready to move in possession of the Row House/Bungalow Unit to the Allottee within the time period specified in Clause 6.1.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the Authoritiescompetent authority under the Act. For the purpose of this clauseClause, 'ready to move in possession' shall mean that the Row House/Bungalow unit shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties Parties, and for which Completion Certificate completion certificate has been issued by the Competent Authority.competent authority; or (ii) Discontinuance 13.1.2 discontinuance of the promoterDeveloper’s business as a developer on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 13.2 In case of Default default by Promoter the Developer under the conditions listed in Clause 13.1 above, the Allottee is shall be entitled to the following: (i) Stop 13.2.1 stop making further payments to promoter Developer as demanded by the Promoter by the PromoterDeveloper. If the Allottee stops making payments, the Promoters Developer shall correct the situation by completing the construction milestones and only thereafter shall the Allottee be required to make the next payment without any interest; or (ii) The 13.2.2 the Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with interest at the rate specified prescribed in Rule 18 of the rules Rules within forty-five 45 (forty five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice. Provided that that, where an allottee the Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he he/she/it shall be paid, by the promoterDeveloper, interest at the rate specified prescribed in Rule 18 of the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Unit, which shall be paid by the Promoter Developer to the Allottee within 45 (forty five) days of its the same becoming due.... 9.3 13.3 The Allottee shall be considered to be under a condition of Default, on the occurrence of the following events: default: (ia) In in case the Allottee fails to make payments payment for more than 15 days from scheduled date of two (2) demands made by the Promoter Developer as per the Payment Plan annexed heretoPlan, of any amount due and payable by the Allottee under this Agreement (including his/her/its proportionate share of taxes, levies and other outgoings) despite having been issued notice in that regard regard; 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 shall be liable to pay interest to the Promoter on the unpaid amount Developer, interest at the rate prescribed herein;in Rule 18 of the Rules, on all unpaid amounts from the date the amount is payable by the Allottee. (ii) In 13.4 Without prejudice to the right of the Developer to charge interest in terms of Clause 13.3 above, in case Default the default by the Allottee under the condition listed Clause 13.3 above continues for a period beyond two consecutive months 30 (thirty) days after notice from the Promoter Developer in this regard, the Promoter Developer, at its own option, may cancel the allotment of the Apartment in favour of the Allottee terminate this Agreement and refund the money paid to him the Developer by the 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 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges Developer, and this agreement Agreement and any liability of the Developer shall thereupon stand terminated: . Provided that that, the Promoter Developer shall intimate the Allottee about such termination the Developer’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 13.2and 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 Unit, 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 Unit 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 Developer, 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 Developer an amount equivalent to 9.99% (nine decimal nine nine percent) of the Total 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 Developer 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 Developer or its nominees, in such form and in such manner as the Developer may specify, at the cost and expense of the Allottee. 13.7 For the avoidance of doubt, it is hereby clarified that the Developer 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 9.1. Subject to the Force Majeure clause, the Promoter Vendor shall be considered under a condition of Default, in the following events: (i) Promoter Vendor fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Purchaser/Allottee within the time period specified in Clause 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Row House/Bungalow Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Seventh Schedule of this Agreement, and for which Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Vendor business as a developer Vendor on account of suspension or revocation 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 Promoter Vendor under the conditions listed above, Purchaser/Allottee is entitled to the following: (i) Stop making further payments to promoter Vendor as demanded by the Promoter by the PromoterVendor. If the Purchaser/Allottee stops making payments, payments the Promoters Vendor shall correct the situation by completing the construction milestones and only thereafter the Purchaser/Allottee be required to make the next payment without any interest; or (ii) The Purchaser/Allottee 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 Purchaser/Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned Purchaser/Allotteeregistering the deed of cancellation in this Agreement.respect of the Said Apartment and Appurtenances; Provided that where an allottee Purchaser/Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoterVendor, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Said Apartment, which shall be paid by the Promoter Vendor to the Purchaser/Allottee within 45 forty-five days of its it becoming due.... 9.3 9.3. The Purchaser/Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Purchaser/Allottee fails to make payments for more than 15 days from scheduled date of demands made by payment to the Promoter Vendor as per the Payment Plan annexed heretomentioned hereunder written, despite having been issued notice in that regard regard, the Purchaser/Allottee shall be liable to pay interest to the Promoter Vendor on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Purchaser/Allottee under the condition listed above continues for a period beyond two 3 (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 in favour of the Purchaser/Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i.e. upon the Vendor subsequently selling and transferring the Said Apartment and Appurtenances to another Purchaser/Allottee and receipt of the sale price thereon, the Vendor shall after adjusting the booking amount, refund to the money paid to him Purchaser/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 Purchaser/Allottee by deducting 10% shall have no claim of total consideration any nature whatsoever on the Vendor and/or the Said Apartment and Appurtenances and the interest liabilities Vendor shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the applicable GST payable on such Cancellation charges manner it deems fit 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 terminationproper.

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: (i) The Promoter fails to provide ready to move in possession of the Row House/Bungalow said Unit to the Allottee within the time period specified in para 7.1 or fails to complete the said Project within the stipulated time disclosed at the time of Registration registration of the said Project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ possession‟ shall mean that the Row House/Bungalow said Unit shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority. (ii) Discontinuance of the promoter’s Promoters business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; , or; (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee to the Promoter, under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified in equivalent to the rules prevailing Prime Lending Rate of the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice. Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he he/she/they shall be paid, paid by the promoterPromoter, interest at the rate specified in equivalent to the Rulesprevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter to the Allottee within 45 (forty-five) days of its it becoming due... 9.3 . The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan plan annexed hereto, despite having been issued notice in that regard the that Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein;in the Rules. In case the Allottee fails to make payment of demands as and when raised by the Promoter as per the Payment 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. It is further clarified that, reminders and or notices for payment of installments or notice for rectification of default as per the Payment Schedule shall also be considered as demand for the purpose of this clause. In such event the Allottee shall be liable to pay to the Promoter, interest at the rate of Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum, as prescribed in the Rules on all unpaid amounts from the date the amount is payable by the Allottee. (ii) In case Default of default by the Allottee under the condition listed above continues for a period beyond two consecutive months 45 (forty-five) days after notice from the Promoter in this regard, the Promoter may cancel the allotment Allotment of the Apartment in favour favor of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and/or taxes and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: ; Provided that the Promoter shall intimate to the Allottee about such termination at least thirty 30 (thirty) days prior to such termination. Without prejudice to the right of the Promoter to charge interest in terms of Clause 9.3 (i) above, in case of default by the Allottee under Clause 9.3 (i) above continues for a period beyond 2 (two) consecutive months, even after several reminders from the side of the Promoter for rectification of default, in this regard, the Promoter, at its own option, may cancel the allotment of the Apartment in favor of the Allottee and terminate this Agreement and refund the money paid to the Promoter by the Allottee after deducting the booking amount out of the Total Price and after deduction of such other tax/levy as may be applicable at the time of such termination by the Promoter, and this Agreement and any liability of the Promoter shall thereupon stand terminated. PROVIDED HOWEVER that the Promoter at least 30 days prior to such cancellation shall issue a Notice for Cancellation (Cancellation Notice) intimating the Allottee about its decision to cancel the allotment. (iii) On and from the date of refund of the amount as mentioned in Clauses 9.2 and 9.3 (ii) above, as the case may be, this Agreement shall stand cancelled automatically without any further act from the Allottee and the Allottee shall have no right, title and/or interest on the said Apartment, the Project and/or the Said Property 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. 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 and refund by the Allottee in accordance with the terms of this Agreement, for any reason, including but not limited to, any delay by postal authorities or due to a change in address of the Allottee (save as provided in this Agreement) or loss in transit.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to The Allottee agrees and understands that all defaults, breaches and/or non-compliance of any of the Force Majeure clause, the Promoter terms and conditions of this Agreement shall be considered under a condition deemed to be events of Default, in defaults liable for consequences stipulated herein below. Some of the following events:indicative events of defaults are mentioned below which are merely illustrative and are not exhaustive. (i) Promoter fails Failure to provide ready to move possession make payments of the Row House/Bungalow to the Allottee Total Price as mentioned within the time period specified as stipulated in the schedule of payments as given in Annexure-II or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Row House/Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter other charges as demanded by the Promoter Company and as mentioned in the Agreement. ii) Failure to perform and observe any or all obligations of the Allottee as set forth in this Agreement or if the Allottee fail to execute Conveyance Deed/ any other deed/ document/ undertakings/ indemnities/Maintenance Agreement etc. or to perform any other obligation set forth in any other agreement with the Company in relation to the Said Plot. iii) Failure to take possession of the Said Plot within the time stipulated by the PromoterCompany in our notice. iv) Failure to become a member of the association of plot owners/ residents of the Said Project or to pay subscription charges etc. as may be required by the Company or association of plot owners, as the case may be. v) Assignment of this Agreement or any of the Allottee's interest in this Agreement without prior written consent of the Company. vi) Dishonour of any cheque(s) given by the Allottee for any reason whatsoever. vii) Any other acts, deeds or things which the Allottee may commit, omit or fail to perform in terms of this Agreement. Unless otherwise provided in this Agreement, upon the occurrence of any one or more of event(s) of default under this Agreement including but not limited to those specified above, the Company may, in its sole discretion decide to cancel allotment of the Said Plot. If the Allottee stops making paymentsCompany elect to cancel this allotment, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have thirty (30) days from the option date of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid issue of notice of cancellation by the Allottee under Company to rectify the default as specified in that notice. If the default is not rectified within such thirty (30) days, this Agreement shall stand cancelled without any head whatsoever towards further notice or intimation and the purchase of Company shall have the Row House/Bungalow, right to retain Xxxxxxx Money along with the interest at the rate specified in the rules within fortyon delayed payments, any interest paid, due or payable, brokerage paid (if any) and any other amount of a non-five days refundable nature. The Allottee acknowledges that upon such cancellation of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall have no right or interest on the Said Plot and the Company shall be liable discharged of all its liabilities and obligations under this Agreement and the Company shall have the right to pay sell or deal with the Said Plot in the manner in which it may deem fit as if this Agreement had never been executed. The refund, if any, shall be refunded by the Company by registered post only after realizing amounts from further sale/resale to any other party and without any interest or compensation whatsoever to the Promoter on the unpaid amount at the rate prescribed herein; (ii) In case Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment Allottee. This will be without prejudice to any other remedies and rights of the Apartment in favour of Company to claim other liquidated damages which the Allottee and refund the money paid Company might have suffered due to him such breached committed by the Allottee by deducting 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges 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 terminationAllottee.

Appears in 1 contract

Samples: Plot Buyer's Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following events: (i) Promoter Developer fails to provide ready to move in possession of the Row House/Bungalow [Apartment] to the Allottee within the time period specified in Para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, para „ready to move in possession’ possession‟ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and 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 of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter Developer under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Developer as demanded by the Promoter by the PromoterDeveloper. If the Allottee stops making payments, payments the Promoters Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by buy the promoterDeveloper, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter Developer to the Allottee within 45 forty-five days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter Developer on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminatedterminated : Provided that the Promoter Developer shall intimate the Allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) The Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ shall mean that the Row House/Bungalow Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate or Partial Completion Certificate, as the case may be, has been issued by the Competent Authority.; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his its 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, the Allottee is entitled to the following: (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head heads whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified prescribed in the rules Rules within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter to the Allottee within 45 days (forty-five days) of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of 2 (two) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at as the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and statutory taxes, if any, this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Vendor shall be considered under a condition of Default, in the following events: (i) Promoter 9.1 Vendor fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee Allottee(s) within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, 'ready to move in possession’ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authority.respects; (ii) 9.2 Discontinuance of the promoterVendor’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or Actor the rules or regulations made thereunderthere under. 9.2 9.3 In case of Default by Promoter Vendor under the conditions listed above, Allottee Allottee(s) is entitled to the following: (i) Stop making further payments to promoter Vendor as demanded by the Promoter by the PromoterVendor. If the Allottee Allottee(s) stops making payments, the Promoters Vendor shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any penal interest; or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee(s) does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterVendor, interest at the rate specified in the Rules, Rules for every month of delay till the handing over of the possession of the Row House/Bungalow which shall be paid by the Promoter to the Allottee within 45 days of its becoming due...Apartment. 9.3 9.4 The Allottee Allottee(s) shall be considered under a condition of Default, Default on the occurrence of the following events: (i) : In case the Allottee Allottee(s) fails to make payments for more than 15 30 consecutive days from scheduled date of after the demands have been made by the Promoter Vendor as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Promoter Vendor on the unpaid amount at the rate prescribed herein; (ii) rates specified in the Rules. In case of Default by Allottee Allottee(s) under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter Vendor in this regard, the Promoter may Vendor shall cancel the allotment of the Apartment in favour of the Allottee Allottee(s) and refund the amount money paid to him by the Allottee Allottee(s) by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon there upon 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“force majeure”, pandemic/epidemic, Court orders, Government policy/guidelines, decisions, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move offer possession of the Row House/Bungalow developed Said Commercial Plot for commercial usage to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose purposes of this clausedeveloped plot, ready to move in possession’ it shall mean that the Row House/Bungalow shall be in a habitable condition which is complete in all respects including the Said Commercial Plot, having provision of all specifications water supply, sewerage, electricity, roads or any other amenities approved in the demarcation-cum-zoning plan, essential for habitable environment (as agreed to between per guidelines of the parties competent authority) and for which Completion Certificate the same the Promoter has been issued by obtained demarcation-cum-zoning plan/ part completion/ completion certificate, as the Competent Authority.case may be; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction development milestones and only thereafter the Allottee be required to make the next payment without any interestinterest for the period of such delay; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowSaid Commercial Plot, along with interest at the rate specified prescribed in the rules Rules within forty-five ninety days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the offer of handing over of the possession of the Row House/Bungalow Said Commercial Plot for commercial usage, which shall be paid by the Promoter to the Allottee allottee within 45 ninety days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of demands made by the Promoter any instalment due as per the Payment Plan annexed heretohere as Schedule C, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount from the due date of such instalment at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months ninety days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Said Commercial Plot for commercial usage in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% forfeiting the Booking Amount paid for the allotment and interest component on delayed payment (payable by the customer for breach of total consideration Agreement and non-payment of any due payable to the Promoter). The rate of interest liabilities payable by the Allottee to the Promoter shall be the State Bank of India highest marginal cost of lending rate plus two percent. The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee within ninety days of such cancellation. On such default, the Agreement and any liability of the applicable GST payable on such Cancellation charges and this agreement Promoter arising out of the same shall thereupon thereupon, stand terminated: . Provided that 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: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the Authoritiesauthority. For the purpose of this clausepara, ready to move in possession’ possession‟ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities (except Broad Infrastructure), as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter‟s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, the Allottee is entitled to the followingfollowing : (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making paymentspayment, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or. (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules within forty-five 90 days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter to the Allottee within 45 90 days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein;in the Rules. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond two consecutive 2 (Two)consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by after deducting 10% of total consideration the Cancellation Charges and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (A) Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move possession of the Row House/Bungalow Apartment to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 (B) In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with alongwith interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreementnotice.; ; 9.1 Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow Apartment which shall be paid by the Promoter to the Allottee within 45 days of daysof its becoming due... 9.3 9.2 The Allottee shall be considered under a condition of undera conditionof Default, on the occurrence of the following events:: - (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of and demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein;payment plan as per Schedule (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two 2 consecutive months after the notice from the Promoter promoter in this regard, the Promoter may promoter shall cancel the allotment of the Apartment in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement andthis 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 Except for occu rrence of a Force Majeure clauseMa jeure e ven t, the Promoter shall be considered conside red under a condition condi tion of defa ult (“Default”), in the following eventsfollowi ng e ven ts : (i) Promoter fails to provide pro vide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within wi thin the time period specified speci fied in Clause 7.1 or fails fa ils to complete the Project Proje ct within the stipulated time disclosed at the time ti me of Registration re gi stra tion of the Project Proje ct with the AuthoritiesAu thority. For the purpose pu rpose of this clause, clause 'ready to move mo ve in possession' shall mean that the Row House/Bungalow Apartment shall be in a habitable condition which is complete in all respects including the provision p rovision of all specifications specifications, a meni ties a nd fa ci lities, as agreed to between the parties and Pa rties, a nd for which Completion Certificate occupation certificate and completi on certifica te, as the case may be, has been issued by the Competent Authority.compe tent autho ri ty; (iii i) Discontinuance Discontinuan ce of the promoter’s Promoter's business as a developer on account accoun t of suspension or revocation re voca tion of his registration re gi stration under the provisions of the Act or the rules Rules or regulations Re gulations made thereunder. 9.2 In case of Default De fa ul t by Promoter Promote r under the conditions listed above, Allottee is entitled to the following: (i) Stop making makin g further payments pa ymen ts to promoter Promoter as demanded by the Promoter by b y the Promoter. If the Allottee stops making payments, the Promoters Promote r shall correct the situation situa tion by completing the construction milestones and only thereafter the reafter the Allottee be required requi red to make the next payment pa ymen t without any interestinte rest; or (iii i) The Allottee shall have ha ve the option of terminating te rminati ng the Agreement in which case the Promoter shall be liable to refund refund, subje ct to the entire money second proviso below, the en ti re mone y paid by b y the Allottee under any head whatsoever whatsoe ver towards the purchase sale of the Row House/BungalowApartment, along with interest in terest at the rate specified pres cribed in the rules Rules within 45 (forty-five days fi ve) da ys of receiving re cei ving the termination notice subject to allottee fulfilling all formalities termina ti on its part as more fully mentioned in this Agreement.; Provided notice: Provi ded that where an allottee whe re the Allo ttee does not intend in tend to withdraw withd raw from the project Proje ct or terminate the agreementAgreement, he shall be paid, by the promoterPromote r, interest inte rest at the rate specified ra te p res cri bed in the Rules, for every month fo r e very mon th of delay till the handing over o ver of the possession of the Row House/Bungalow Apa rtmen t, which shall be paid pa id by the Promoter Promote r to the Allottee within wi thin 45 days (fo rty-fi ve) da ys of its becoming it be coming due.... Provided further that all amounts collected as taxes, charges, levies, cess, assessmen ts and imposi tions a nd deposited with the approp riate a utho riti es concerned shall not be re turned by the Promote r and the Allottee shall be free to approach the authorities con cerned for refund of su ch taxes, charges, le vies, cess, assessmen ts and i mpositions. 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence occu rrence of the following events: (i) In case the Allottee fails to make ma ke any of the pa ymen ts wi thin the due da tes as pe r the Pa ymen t Pla n a nnexed he reto, despi te ha vin g been issued noti ce in tha t rega rd the Allottee sha ll be l ia ble to pa y in terest to the Promo ter on the unpai d amoun t at the rate p rescribed in the Rules. The pa rties agree and acknowl edge that in addition to the inte rest, in case of e very second instan ce of dela yed pa ymen t, the Allottee in all fairness shall be responsible fo r su ch dela yed pa ymen ts , all costs associated with the administra ti ve a cti ons related to follow-up and reco very of such dela yed payments for more than 15 days from scheduled date , which are estimated to be 2% pe r instance of demands made by the Promoter dela yed payment in the cu rren t financial yea r and shall be revised on 1st April of ea ch yea r as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein; of Reserve Ban k of India ’s consumer price inde x) (iii i) In case Default of defa ult by Allottee under Allo ttee unde r the condition listed above continues a bo ve xxxxx nues for a period beyond two consecutive months pe riod be yond 1 (one) mon th after notice from fro m the Promoter Promote r in this regard, the Promoter may cancel can cel the allotment of the Apartment in favour fa vour of the Allottee and refund forfeit an amoun t equal to the money paid to him by the Allottee by deducting 10% of total consideration and the interest liabilities Can cellation Charges and the applicable GST payable pa yable on such Cancellation charges Can cellation Charges. The balance a mount of mone y paid by the Allottee shall, subject to second p roviso below, be returned by the Promoter to the Allottee within 12 (twel ve ) mon ths of such can cellation or on transfe r of the Said Apartment to any other Apa rtment Acquire r, whicheve r is ea rlier. Howeve r may it be cla rified that the balance a mount shall be pa ya ble sub ject to the exe cuti on of the Deed of Can xxxxx tion and this agreement Agree men t shall thereupon the reupon stand terminatedterminated : Provided that the Promoter shall intimate inti mate the Allottee about such su ch termination at least thirty days 30 (thirty) da ys prior to such terminationsu ch termina tion. Provided further that all amounts collected as taxes, charges, levies, cess, assessmen ts and imposi tions a nd deposited with the approp riate a utho riti es concerned shall not be re turned by the Promote r and the Allottee shall be free to approach the authorities con cerned for refund of su ch taxes, charges, le vies, cess, assessmen ts and i mpositions.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 11.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) 11.1.1. Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in Clause 9.2.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, para 'ready to move in possession' shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects as per Schedule –D including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) 11.1.2. Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 11.2. In case ease of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) 11.2.1. Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) 11.2.2. The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice; 11.2.3. Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter promoter to the Allottee allottee within 45 forty-five days of its it becoming due.... 9.3 11.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) 11.3.1. In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein;been (ii) 11.3.2. In case of Default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting 10% of total consideration the hooking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: ; 11.3.3. Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following Following events: (i) i. Promoter fails to provide ready to move in possession of the Row House/Bungalow Unit to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, para ‘ready to move in possession’ shall mean men that the Row House/Bungalow Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties 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 promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) i. Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) . The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreementnotice.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan payment plan Schedule ‘C’ annexed hereto, despite having been issued notice in that regard regard, the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed herein;in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Unit in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration the Booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 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: (i) The Promoter fails to provide ready to move in possession of the Row House/Bungalow UNIT to the Allottee within the time period specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ shall mean that the Row House/Bungalow UNIT shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be has been issued by the Competent Authority.competent authority: (ii) Discontinuance of the promoterPromoter’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; . However, the allottee(s) is/are not entitled to stop the payment on not receiving any satisfactory answer from the promoter against any queries being raised from time to time by the allottee himself/themselves or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee to the Promoter under any head whatsoever towards the purchase of the Row House/BungalowUNIT, along with interest at the rate specified in of the rules then prime lending rate of the State Bank of India plus two percent thereon per annum within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice. Provided that That where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, paid by the promoterPromoter, interest at the rate specified in of the Rulesthen prime lending rate of the State Bank of India plus two percent thereon per annum, for every month of delay till the handing over of the possession of the Row House/Bungalow UNIT, which shall be paid by the Promoter to the Allottee within 45 (forty-five) days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make any payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed hereinof the then prime lending rate of the State Bank of India plus two percent thereon per annumfrom the date of default till actual payment is made; (ii) In case Default of default by Allottee under the condition listed above continues for a period beyond two 2 (two) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment UNIT in favour of the Allottee and the refund the money paid to him by the Allottee by deducting 10% of the total consideration price of the UNIT as mentioned in clause 1.2 hereinabove and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: Promoter shall, within 12 (twelve) months from such termination or until such time the promoter has entered in another agreement with any other person, which ever event shall happen later, refund by way of cheque/demand draft all amounts after forfeiting 10% of the total price being the Xxxxxxx Money paid for the allotment plus applicable taxes without interest, being the liquidated damages payable to the Promoter. The Allottee shall be entitled to claim applicable taxes from the concerned authorities. Provided that That the Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move possession of the Row House/Bungalow Unit, to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Row House/Bungalow Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion /Partial Completion Certificate has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In the above context, the term “Complete in all respects” shall mean that the Unit will be deemed to be complete upon grant of CC/Partial CC and/or Architect’s certificate notwithstanding the fact there may be minor deficiencies resulting from structural defect or workmanship since construction is man made and not machine made and there may be minor defects which will keep coming and the same will remain the responsibility of the Promoter to rectify upto 5 Years without further charge as provided in Clause 12 hereunder. 9.2 In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with , alongwith interest at the rate specified in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 7 of this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow Unit, which shall be paid by the Promoter to the Allottee within 45 days of its becoming due.... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. 9.3 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Unit, is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of and demands made by the Promoter as per the Payment Plan annexed heretopayment plan as per Schedule -C, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed specified herein;. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the Promoter promoter in this regardregard and/or refusal or failure to register the Agreement, the Promoter may promoter shall cancel the allotment of the Apartment Unit, in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: terminated Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 i. Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter ii. The Developer fails to provide ready to ready-to-move in possession of the Row House/Bungalow said Unit to the Allottee Purchaser within the time period specified in para 7.1 or fails to complete the said Project within the stipulated time disclosed at the time of Registration registration of the said Project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ possession‟ shall mean that the Row House/Bungalow said Unit shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications specifications, amenities, and facilities, as agreed to between the parties and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority. (ii) iii. Discontinuance of the promoter’s Developer business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 iv. In case of Default default by Promoter the Developer under the conditions listed above, the Allottee is entitled to the following: (i) i. Stop making further payments to promoter the Purchaser as demanded by the Promoter by the PromoterDeveloper. If the Allottee Purchaser stops making payments, the Promoters Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any interest; , or; (ii) . The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Purchaser to the Developer, under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified in equivalent to the rules prevailing Prime Lending Rate of the State Bank of India plus two percent per annum within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreementnotice.; iii. Provided that where an allottee a Purchaser does not intend to withdraw from the project Project or terminate the agreementAgreement, he he/she/they shall be paid, paid by the promoterDeveloper, interest at the rate specified in equivalent to the Rulesprevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter to the Allottee Purchaser within 45 (forty-five) days of its it becoming due.... 9.3 iv. The Allottee Purchaser shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) v. In case the Allottee Purchaser fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter Developer as per the Payment Plan plan annexed hereto, despite having been issued a notice in that regard that the Allottee Purchaser shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein;in the Rules. (ii) vi. In case Default the Purchaser fails to make payment of demands as and when raised by the Developer as per the Payment Plan, of any amount due and payable by the Purchaser under this Agreement (including his/her/its proportionate share of taxes, levies, and other outgoings) despite having been issued notice in that regard. It is further clarified that reminders and or notices for payment of installments or notice for rectification of default as per the Payment Schedule shall also be considered as demand for this clause. In such event the Allottee shall be liable to pay to the Developer, interest at the rate of Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum, as prescribed in the Rules on all unpaid amounts from the date the amount is payable by the Purchaser. vii. In case of default by the Purchaser under the condition listed above continues for a period beyond two consecutive months 45 (forty-five) days after notice from the Promoter Developer in this regard, the Promoter Developer may terminate the agreement of the Apartment in favour of the Purchaser and refund the money paid to him by the Purchaser by deducting the booking amount and/or taxes and the interest liabilities and this Agreement shall thereupon stand terminated; viii. Provided that the Developer shall intimate to the Purchaser about such termination at least 30 (thirty) days before such termination. ix. Without prejudice to the right of the Developer to charge interest in terms of Clause as above, in case of default by the Purchaser under Clause above continues for a period beyond 2 (two) consecutive months, even after several reminders from the side of the Developer for rectification of default, in this regard, the Developer, at its own option, may cancel the allotment of the Apartment in favour of the Allottee Purchaser and terminate this Agreement and refund the money paid to him the Developer by the Allottee Purchaser after deducting the booking amount out of the Total Price and after deduction of such other tax/levy as may be applicable at the time of such termination by deducting 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges Developer, and this agreement Agreement and any liability of the Developer shall thereupon stand terminated: Provided . PROVIDED HOWEVER that the Promoter Developer at least 30 days before such cancellation shall intimate issue a Notice for Cancellation (Cancellation Notice) intimating the Allottee Purchaser about its decision to cancel the allotment. x. On and from the date of refund of the amount as mentioned in Clauses above, as the case may be, this Agreement shall stand canceled automatically without any further act from the Purchaser and the Purchaser shall have no right, title and/or interest on the said Apartment, the Project and/or the Said Property or any part or portion thereof, and the Purchaser 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 at least thirty days prior shall be binding and conclusive on the parties. For the avoidance of doubt, it is hereby clarified that the Developer shall not be held liable, in any manner whatsoever, for any delay in receipt/non- receipt of any refund by the Purchaser under the terms of this Agreement, for any reason, including but not limited to, any delay by postal authorities or due to such terminationa change in address of the Purchaser (save as provided in this Agreement) or loss in transit.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter PROMOTER shall be considered under a condition of Default, in the following events: (i) Promoter PROMOTER fails to provide ready to move in possession of the Row House/Bungalow VILLA to the Allottee ALLOTTEE within the time period specified in Para-7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clausePara, 'ready to move in possession' shall mean that the Row House/Bungalow VILLA shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterPROMOTER’s business as a developer PROMOTER on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere-under. 9.2 In case of Default by Promoter PROMOTER under the conditions listed above, Allottee ALLOTTEE is entitled to the following: (i) Stop making further payments to promoter PROMOTER as demanded by the Promoter by the PromoterPROMOTER. If the Allottee ALLOTTEE stops making payments, the Promoters PROMOTER shall correct the situation by completing the construction milestones and only thereafter the Allottee ALLOTTEE be required to make the next payment without any interest; or (ii) The Allottee ALLOTTEE shall have the option of terminating the Agreement in which case the Promoter PROMOTER shall be liable to refund the entire money paid by the Allottee ALLOTTEE under any head whatsoever towards the purchase of the Row House/BungalowVILLAS, along with interest at the rate specified prescribed in the rules Rules within forty-five 45 days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee ALLOTTEE does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterPROMOTER, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow VILLA, which shall be paid by the Promoter PROMOTER to the Allottee ALLOTTEE within 45 days of its it becoming due.... 9.3 The Allottee ALLOTTEE shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee ALLOTTEE fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein; (ii) In case Default by Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee by deducting 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges 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 10.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Default, in the following eventsevents : (i) Promoter Developer fails to provide ready to move in possession of the Row House/Bungalow designated unit to the Allottee Purchaser within the time period specified in paragraph 8.1 or fails to complete the Project complex within the stipulated time disclosed at the time of Registration registration of the Project complex with the AuthoritiesAuthority. For the purpose of this clause, para ‘ready to move in possession’ shall mean that the Row House/Bungalow designated unit shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterDeveloper’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 10.2 In case of Default by Promoter Developer under the conditions listed above, Allottee Purchaser is entitled to the followingfollowing : (i) Stop making further payments to promoter Developer as demanded by the Promoter by the PromoterDeveloper. If the Allottee Purchaser stops making payments, payments the Promoters Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any interestinterest ; or (ii) The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the purchase of the Row House/Bungalowdesignated unit, along with interest at the rate specified prescribed in the rules Rules within forty-forty five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; Provided that where an allottee Purchaser does not intend to withdraw from the project complex or terminate the agreementAgreement, he shall be paid, by the promoterDeveloper, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow designated unit, which shall be paid by the Promoter Developer to the Allottee Purchaser within 45 forty five days of its it becoming due.... 9.3 10.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee Purchaser fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Purchaser shall be liable to pay interest to the Promoter Developer on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment designated unit in favour of the Allottee Purchaser and refund the money paid to him by the Allottee Purchaser by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter Developer shall intimate the Allottee Purchaser 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 Defaultdefault, in the following events: (i) Promoter fails to provide ready to move possession of the Row House/Bungalow Apartment to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration Xxxx xxxxxxxx of the Project with the AuthoritiesAuthorities . For the purpose of this clause, ready to move in possession’ shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed xx xxxx to between the parties and for which Completion / Partial completion Certificate has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the PromoterProm oter. If the Allottee stops making payments, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option opt ion of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with alongwith interest at the rate specified in the rules within forty-five forty -five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/ clause 7 of this Agreement.. ; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow Apartment which shall be paid by the Promoter to the Allottee within 45 days of its becoming becomin g due...... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. 9.3 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local author ity or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:: - (i) In case the Allottee All ottee fails to make payments for more than 15 days from scheduled date of and demands made by the Promoter as per the Payment Plan annexed heretopayment plan as per Schedule - C, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promot er on the unpaid amount at the rate prescribed specified herein;. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the Promoter th e promoter in this regard, the Promoter may promoter shall cancel the allotment of the Apartment in favour of the Allottee and refund the amount of money paid to him by the Allottee allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: terminated . Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified under this agreement or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, para 'ready to move in possession' shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 iii) In case ease of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (ia) Stop making further payments to promoter Xxxxxxxx as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (iib) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow (Apartment), which shall be paid by the Promoter promoter to the Allottee allottee within 45 forty-five days of its it becoming due... 9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 3 (three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting 10% of total consideration the hooking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement 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 10.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following eventsevents : (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow said Unit to the Allottee Purchaser within the time period specified in para 8.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, para “ready to move in possessionshall mean that the Row House/Bungalow Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authoritycompetent authority. (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation revision of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 10.2 In case of Default by Promoter under the conditions listed above, Allottee Purchaser is entitled to the followingfollowing : (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee Purchaser stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any interest; or (ii) The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter and the Owner shall be liable to refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with interest at the rate specified prescribed in the rules Rules within forty-five 45 days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; : Provided that where an allottee a Purchaser does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Unit), which shall be paid by the Promoter to the Allottee Purchaser within 45 days of its it becoming due.... 9.3 10.3 The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following eventsevents : (i) In case the Allottee Purchaser fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee Purchaser shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Allottee Purchaser under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Unit in favour of the Allottee Purchaser and the Promoter and Owner shall refund the money paid to him by the Allottee Purchaser by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter shall intimate the Allottee Purchaser about such termination at least thirty 30 days prior to such termination.

Appears in 1 contract

Samples: Construction Contract

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Plot to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Row House/Bungalow plot shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the agreed rate specified which shall not be more than the rate prescribed in the rules Rules/Agreement within forty-five sixty days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the agreed rate specified which shall not be more than the rate prescribed in the Rules/Agreement, for every month of delay till the handing over of the possession of the Row House/Bungalow Plot, which shall be paid by the Promoter promoter to the Allottee allottee within 45 sixty days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of two consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the agreed rate which shall not be more than the rate prescribed hereinin the Rules/Agreement; (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two consecutive months seven days after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Plot in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty seven 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 force majeure clause, the Promoter promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow office space to the Allottee allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the Authoritiesauthority. For the purpose of this clause, para ‘ready to move in possession' shall mean that the Row House/Bungalow office space shall be in a habitable condition which is complete in all respects respect including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificates and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s 's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter the promoter under the conditions listed above, Allottee the allottee is entitled to the followingfollowing :- (i) Stop making further payments to the promoter as demanded by the Promoter by the Promoterpromoter. If the Allottee allottee stops making payments, the Promoters promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee allottee be required to make the next payment without any interest; or; (ii) The Allottee allottee shall have the option of terminating the Agreement agreement in which case the Promoter promoter shall be liable to refund the entire money paid by the Allottee allottee under any head whatsoever towards the purchase of the Row House/Bungalowoffice space, along with interest at the rate specified prescribed in the rules Rules within forty-five 45 days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow office pace, which shall be paid by the Promoter promoter to the Allottee allottee within 45 days of its it becoming due.... 9.3 The Allottee allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following eventsevents : (i) In case the Allottee allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter promoter as per the Payment Plan payment plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed hereinin the rules; (ii) In case Default of default by Allottee the allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Promoter promoter in this regard, the Promoter promoter may cancel the allotment of the Apartment office space in favour of the Allottee allottee In case of default by the allottee under the condition listed above continues for a period beyond consecutive months after notice from the promoter in this regard, the promoter may cancel the allotment of the office space in favour of the allottee and refund the money paid to him by the Allottee allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges 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: Partnership Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Developer shall be considered under a condition of Defaultdefault, in the following events:events:- (i) Promoter The Developer fails to provide ready to move in possession of the Row House/Bungalow Apartment /Flat to the Allottee Purchaser(s) within the time period specified in Para 7.1 above in this Agreement or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Row House/Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion Certificate has been issued by the Competent Authority. (ii) Discontinuance of the promoter’s Developer's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter the Developer under the conditions listed above, Allottee Purchaser(s) is entitled to the following:following:- (i) Stop making further payments to promoter the Developer as demanded by the Promoter by the PromoterDeveloper. If the Allottee Purchaser(s) stops making payments, the Promoters Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser(s) be required to make the next payment without any interest; or (ii) The Allottee Purchaser(s) shall have the option of terminating the Agreement in which case the Promoter Developer shall be liable to refund the entire money paid by the Allottee Purchaser(s) under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified in the rules within forty-five days of receiving the termination notice subject notice. (iii) If for any reason whatsoever (save force majeure), the Developer is unable to allottee fulfilling all formalities on its part as more fully mentioned complete the said Flat and the Properties appurtenant at or before the completion date then and in this Agreement.; Provided that where an allottee event if Purchaser(s) does not intend to withdraw from the project Project or terminate the agreementAgreement, he the Developer shall be paid, by liable and does agree to pay to the promoter, Purchasers interest to be calculated at the rate specified in of 12% per annum on the Rules, for every month of delay till the handing over the possession of the Row House/Bungalow which shall be amounts paid by the Promoter Purchasers till then as per Section 9 of the West Bengal Building (Regulation of Promotion of Construction and Transfer by Promoters) Act, 1993. This compensation is subject however to the Allottee Purchaser paying, performing, and observing all the terms and conditions on its part to be performed and observed and paying all the amounts to be paid within 45 days time stipulated for payments thereof in terms of its becoming due...this Agreement. 9.3 The Allottee Purchaser(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee Purchaser(s) fails to make payments for more than 15 days from scheduled date of two consecutive demands made by the Promoter Developer as per the Payment Plan annexed heretopayment plan stated above, despite having been issued notice in that regard regard, the Allottee Purchaser(s) shall be liable to pay interest @ 12% Per Annum to the Promoter Developer on the unpaid amount at the rate prescribed herein;. (ii) In case Default of default by Allottee Purchaser under the condition conditions listed above continues for a period beyond two three consecutive months after notice from the Promoter Developer in this regard, the Promoter Developer may cancel the allotment of the Apartment in favour of the Allottee Purchaser(s) and refund the money paid to him by the Allottee Purchaser(s) by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: Provided that the Promoter Developer shall intimate the Allottee Purchaser 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 Vendor shall be considered under a condition of Default, in the following events: (i) Promoter Vendor fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Purchaser/Allottee within the time period specified in Clause 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Row House/Bungalow Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Seventh Schedule of this Agreement, and for which Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Vendor business as a developer Vendor on account of suspension or revocation 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 Promoter Vendor under the conditions listed above, Purchaser/Allottee is entitled to the following: (i) Stop making further payments to promoter Vendor as demanded by the Promoter by the PromoterVendor. If the Purchaser/Allottee stops making payments, payments the Promoters Vendor shall correct the situation by completing the construction milestones and only thereafter the Purchaser/Allottee be required to make the next payment without any interest; or (ii) The Purchaser/Allottee 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 Purchaser/Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned Purchaser/Allotteeregistering the deed of cancellation in this Agreement.respect of the Said Apartment and Appurtenances; Provided that where an allottee Purchaser/Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoterVendor, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Said Apartment, which shall be paid by the Promoter Vendor to the Purchaser/Allottee within 45 forty-five days of its it becoming due.... 9.3 9.3. The Purchaser/Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Purchaser/Allottee fails to make payments for more than 15 days from scheduled date of demands made by payment to the Promoter Vendor as per the Payment Plan annexed heretomentioned hereunder written, despite having been issued notice in that regard regard, the Purchaser/Allottee shall be liable to pay interest to the Promoter Vendor on the unpaid amount at the rate prescribed hereinin the Rules; (ii) In case of Default by Purchaser/Allottee under the condition listed above continues for a period beyond two 3 (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 in favour of the Purchaser/Allottee and forfeit the entirety of the booking amount paid for the allotment. Upon registration of the deed of cancellation in respect of the Said Apartment and Appurtenances and upon resale of the Said Apartment and Appurtenances i. e. upon the Vendor subsequently selling and transferring the Said Apartment and Appurtenances to another Purchaser/Allottee and receipt of the sale price thereon, the Vendor shall after adjusting the booking amount, refund to the money paid to him Purchaser/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 Purchaser/Allottee by deducting 10% shall have no claim of total consideration any nature whatsoever on the Vendor and/or the Said Apartment and Appurtenances and the interest liabilities Vendor shall be entitled to deal with and/or dispose off the Said Apartment and Appurtenances in the applicable GST payable on such Cancellation charges manner it deems fit 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 terminationproper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Owner shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter The Owner fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period Committed Completion Date as specified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of Registration registration of the Project with the Authoritiesconcerned Authority. For the purpose of this clausepara, ready ‗ready to move in possessionshall mean that the Row House/Bungalow Apartment shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate completion certificate has been issued by the Competent Authority.competent authority: (ii) Discontinuance of the promoter’s Owner‘s business as a developer at any stage of the Project on account of suspension or revocation of his its registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by Promoter the Owner at any stage under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments to promoter the Owner as demanded by the Promoter by the PromoterOwner. If the Allottee stops making payments, the Promoters Owner shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest, Provided That nothing herein contained shall entitle the Allottee to stop payment of the amounts payable for the previous stages or previous milestones as per the Payment Plan; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter Owner shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowApartment, along with interest at the rate specified prescribed in the rules Rules within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice. Provided that That where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, paid by the promoterOwner, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter Owner to the Allottee within 45 (forty-five) days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of in accordance with the demands made by the Promoter Owner from time to time as per the Payment Plan annexed mentioned in the FOURTH SCHEDULE hereto, despite having been issued notice in that regard the regard. The Allottee shall be liable to pay interest to the Promoter Owner on the unpaid amount at the rate prescribed hereinin the Rules from the date of default till actual payment is made; (ii) In case Default of default by Allottee under the condition listed above continues for a period beyond two 3 (three) consecutive months after notice from the Promoter in this regardmonths, the Promoter Owner may cancel the allotment of the Apartment in favour of the Allottee and refund the balance money paid to him Owner by the Allottee by after deducting 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges Fees and this agreement Agreement shall thereupon stand terminated: Provided that terminated and the Promoter Owner shall intimate be eligible to allot the Allottee about such termination at least thirty days prior said Apartment to such terminationother intending allottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Apartment to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, para’ ready to move in possession’ possession shall mean that the Row House/Bungalow apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specification certificate, as agreed to between the parties and for which Completion Certificate case may be, has been issued by the Competent Authoritycompetent authority. (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; interest or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/Bungalowapartment, along with interest at the rate specified prescribed in the rules Rules within 45 (forty-five five) days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice. Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he he/she shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Apartment, which shall be paid by the Promoter promoter to the Allottee allottee within 45 (forty-five) days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed herein;in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond two 3 (Three) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon there upon stand terminated: . Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty atleast 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:; (i) i. Promoter fails to provide ready to move in possession of the Row House/Bungalow Unit to the Allottee within the time stipulated Time period specified or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ possession shall mean that the Row House/Bungalow Unit shall be in a habitable condition which is complete in all respects respect including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate or completion certificate, has been issued by the Competent Authority.competent authority; (ii) . Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 ; In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) ; Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) i. The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Row House/BungalowUnit, along with interest at the rate specified prescribed in the rules Rules within forty-five Sixty days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.; notice; ii. Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Unit, which shall be paid by the Promoter promoter to the Allottee allottee within 45 forty-five days of its it becoming due... 9.3 . The Allottee shall be considered under a condition of Default, on the occurrence of the following events:; (i) i. In case the Allottee fails to make payments for more than 15 days from scheduled date of two (2) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Promoter promoter on the unpaid amount at the rate prescribed hereinin the Rules; (ii) . In case of Default by Allottee under the condition listed above continues for a period beyond two (2) consecutive months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Unit in favour of the Allottee and refund the money paid to him by the Allottee allottee by deducting 10% of total consideration the booking amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: . Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least thirty days prior to such termination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House/Bungalow Unit to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the Authoritiesauthority. For the purpose of this clausepara, ready to move in possession’ shall mean that the Row House/Bungalow unit shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, the Allottee is entitled to the followingfollowing : (i) Stop making further payments to promoter the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making paymentspayment, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or. (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase sub-lease of the Row House/Bungalowunit, along with interest at the rate specified prescribed in the rules Rules within forty-forty five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentioned in this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House/Bungalow Unit, which shall be paid by the Promoter to the Allottee within 45 forty five days of its it becoming due.... 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date of demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Promoter on the unpaid amount at the rate prescribed herein;in the Rules. (ii) In case of Default by the Allottee under the condition listed above continues for a period beyond two consecutive 2 (two) months after notice from the Promoter in this regard, the Promoter may cancel the allotment of the Apartment Unit in favour of the Allottee and refund the money paid to him the Promoter by the Allottee by after deducting 10% of total consideration the Booking Amount and the interest liabilities and the applicable GST payable on such Cancellation charges and this agreement Agreement shall thereupon stand terminated: terminated and such refund shall be subject to sub-lease of the Unit in the meantime by the Promoter and amounts having been received by the Promoter from the new transferee thereof. Provided that the Promoter shall intimate the Allottee about such termination at least thirty 30 (thirty) days prior to such termination.

Appears in 1 contract

Samples: Sub Lease Agreement