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Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Force Majeure event, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer fails to provide ready to move in possession of the Apartment to the 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 of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; Discontinuance of the Vendor's/ Developer’s business as a Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 4 contracts

Samples: Sale Agreement, Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Force Majeure event, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer fails to provide ready to move in possession of the Apartment to the 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 of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; Discontinuance of the Vendor's/ Developer’s business as a Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by XxxxxxxxAllottee, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Vendors/Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : 9.1 Vendors/Developer fails to provide ready to move in possession of the Apartment Flat & Parking to the Allottee Allottee(s) 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment Flat & Parking shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects; 9.2 Discontinuance of the Vendor's/ Vendors/Developer’s 's business as a Vendor/ Developer developer on account of suspension or revocation of his their registration under the provisions of the Act Actor the rules or the Rules or Regulations regulations made thereunder. there under. 9.3 In case of Default by Vendor/ Vendors/Developer under the conditions listed above, Allottee Allottee(s) is entitled to the following: : (i) Stop making further payments to Vendor/ Vendors/Developer as demanded by the Vendor/ Vendors/Developer. If the Allottee Allottee(s) stops making payments, the Vendor/ Vendors/Developer shall correct the situation by completing the construction milestones and only thereafter there after the Allottee Allottee(s) be required to make the then next payment without any penal interest; or or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Vendor/ Vendors/Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever Allottee(s) towards the sale purchase of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-fiveFlat & Parking. 9.4 The Allottee(s) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: In case the Allottee Allottee(s) fails to make any of payments for 30 Consecutive days after the payments within demands have been made by the due dates Vendors/Developer as per the Payment Plan, mentioned hereunderPlan annexed here to, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Vendor/ Vendors/Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 1 (one) month consecutive two months after notice from the Vendor/ Vendors/Developer in this regard, the Vendor/ Vendors/Developer may shall cancel the allotment of the Apartment Flat & Parking in favour of the Allottee Allottee(s) and forfeit an refund the amount equal money paid to him by the Cancellation Charges Allottee(s) by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon there upon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 2 contracts

Samples: Sale Agreement, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : (i) Developer fails to provide ready to move ready-to-move-in possession of the Apartment to the 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects; (ii) Discontinuance of the Vendor's/ Developer’s 's business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ the Developer as demanded by the Vendor/ Developerdeveloper. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartment, apartment along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Developerdeveloper, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession possessions of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payments for three consecutive demands made by the payments within the due dates Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued a notice in that regard the Allottee allottee shall be liable to pay interest to the Vendor/ Developer developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month three consecutive months after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may shall cancel the allotment of the Apartment in favour favor of the Allottee and forfeit an refund the amount equal money paid to him by the Cancellation Charges allottee by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 8.1. Subject to the Force Majeure eventclause, the Vendor/ Promoter/Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : (i) Promoter/Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this clause 'para ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Partiesparties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; ; (ii) Discontinuance of the Vendor's/ Promoter/Developer’s 's business as a Vendor/ Developer developer on account of accountof suspension or revocation of his registration under the provisions permissions of the Act or the Rules rules or Regulations regulations made thereunderthe under. 8.2. In case of Default by Vendor/ Promoter/Developer under the conditions listed above, Allottee is entitled to the following: following : (i) Stop making further payments to Vendor/ Promoter/Developer as demanded by the Vendor/ Promoter/Developer. If the Allottee stops making payments, payments the Vendor/ Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Promoter/Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: ; Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Promoter/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Promoter/Developer to the Allottee within 45 (allotteewithin forty-five) five days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 8.3. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payments for consecutive demands made by the payments within the due dates Promoter/Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Vendor/ Promoter/Developer on the unpaid amount at the rate prescribed prescribe in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index; (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month two consecutive times according to the Payment Plan mention in [Schedule ‘C’] after notice from the Vendor/ Promoter/Developer in this regard, the Vendor/ Promoter/Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal refund the money paid to him by the Cancellation Charges allottee by deducting the Booking Amount amounting to Rs /- (Rupees ………………………. only) and GST (as applicable) accrued thereupon and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: ; Provided that the Vendor/ Promoter/Developer shall intimate the Allottee about such termination at least 30 (thirty) thirty days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Except for occurrence of a Force Majeure event, the Vendor/ Developer Developer/Promoter shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer : (i) Developer/Promoter fails to provide ready to move in possession of the Allotted Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Project within the stipulated time hereunder or to be disclosed at the time of registration of the Project with the AuthorityAuthority when the same becomes functional, whichever be earlier. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate occupation certificate/completion certificate has been issued by the competent authority; ; (ii) Discontinuance of the Vendor's/ Developer’s /Promoter business as a Vendor/ 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 default by Vendor/ Developer Developer/Promoter under the conditions listed above, the Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer Developer/Promoter as demanded by the Vendor/ DeveloperDevelopers/Promoters. If the Allottee stops making payments, the Vendor/ Developer /Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer Developer/Promoter shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days five)days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, paid by the Vendor/ Developer, Developers/ Promoters interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer Developer/Promoter to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer Developer/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 any of the payments within the due dates as per the Payment Plan, Plan mentioned hereunder, in the Eighth Schedule hereto or fails to make payment of the Extras & Deposits in terms hereof despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Vendor/ Developer Developer/Promoter on the unpaid amount at the rate Applicable Interest Rates prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default by the Allottee under the condition listed above continues for a period beyond 1 (one) month two consecutive months after notice from the Vendor/ Developer Developer/Promoter in this regard, the Vendor/ Developer Developer/Promoter may cancel the allotment of the Apartment in favour of the Allottee and in the event of the cancellation, this agreement shall stand cancelled and the Developer/ Promoter shall become entitled to and shall forfeit an the Booking amount equal to 10% (ten percent) of the Cancellation Charges consideration for the Allotted Apartment and deduct from the balance consideration all interest liabilities of the Allottee accrued till the date of cancellation and brokerage paid to the real estate agent/broker, if any, legal charges paid to the Developer/Promoter and the amount of stamp duty,registration fee and allied expenses and incidentals and legal charges payable on deed of cancellation of this agreement and the applicable GST payable on such Cancellation Chargesamounts. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer Developer/Promoter to the Allottee without interest within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other a new Apartment Acquirer, whichever is earlier. However However, may it be clarified that upon the Developer/Promoter cancelling this agreement,the Developer/ Promoter shall become free to enter into agreement for transfer of the same Allotted Apartment to a new prospective Apartment Acquirer and to that the Allottee shall not be entitled to raise any objection or dispute and that the balance amount shall be payable subject to the execution and registration of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Cancellation. Provided that the Vendor/ Developer Developer/Promoter shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to Developer/Promoter and the Allottee within 12 (twelve) months shall be free to approach the authorities concerned for refund of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirertaxes, whichever is earlier. Howevercharges, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Lawlevies, the Vendor/ Developer shall have the option to terminate this Agreement. In such an eventcess, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticeassessments and impositions.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except DEVELOPER 1) It is specifically made clear to the APARTMENT ALLOTTEE(S) that the APARTMENT ALLOTTEE(S) shall perform and comply with all covenants and obligations required to be performed or complied with under this Agreement and any default, breach of covenants, or non-compliance of any of the terms and conditions of this Agreement shall be deemed to be events of defaults and the APARTMENT ALLOTTEE(s) shall be liable for consequences stipulated in this agreement. 2) Upon the occurrence of a Force Majeure event, the Vendor/ Developer shall be considered under a condition any event(s) of default (“Default”in respect of covenants and obligations under this Agreement or Maintenance Agreement, or any violation of house rules as may be prescribed the Developer may: a) In case the possession has not been handed over to the APARTMENT ALLOTTEE(S): The Developer may at its sole discretion decide, by notice to the APARTMENT ALLOTTEE(S), in the following events: Vendor/ Developer fails to provide ready cancel this Agreement due to move in possession of the Apartment to the 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 of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued COLLABORATOR /LAND OWNER defects committed by the competent authority; Discontinuance of the Vendor's/ Developer’s business as a Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: Stop making further payments to Vendor/ Developer as demanded by the Vendor/ DeveloperALLOTTEE(s). If the Allottee stops making paymentsDeveloper elects to cancel this Agreement, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or The Allottee APARTMENT ALLOTTEE(S) shall have thirty (30) days from the option date of terminating issue of notice of cancellation by the Agreement Developer to cure/rectify the default as specified in which case that notice. Unless and until the Vendor/ Developer shall be liable to refund, subject to APARTMENT ALLOTTEE(S) rectifies the second proviso belowevent of default, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by obliged to execute the Vendor/ Developer Conveyance Deed and that the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee APARTMENT ALLOTTEE(S) shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the RulesHolding Charges as provided herein this Agreement. The parties agree and acknowledge APARTMENT ALLOTTEE(S) agrees that in addition to if the interestdefault is not cured/rectified within such thirty (30) days, in case of every second instance of delayed payment, the Allottee in all fairness this Agreement shall be responsible for such automatically cancelled without any further notice and the Developer shall have the right to retain the entire Xxxxxxx Money as specified in this Agreement along with the processing fee, interest on delayed payments, all costs associated with the administrative actions related to followany interest paid, brokerage, Service Tax deducted due or payable, any other amount of a non-up and recovery refundable nature. DEVELOPER COLLABORATOR /LAND OWNER The APARTMENT ALLOTTEE(S) agrees that upon such cancellation of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regardAgreement, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee will be released and forfeit an amount equal to the Cancellation Charges discharged from all liabilities and obligation under this Agreement and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by APARTMENT ALLOTTEE(S) hereby authorises the Allottee shall, subject to second proviso below, Developer that the said APARTMENT may be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment sold to any other Apartment Acquirer, whichever is earlier. However person(s) by the Developer or dealt in any other manner as the Developer may it be clarified that the balance amount shall be payable subject in its sole discretion deem fit as if this Agreement had never been executed and without accounting to the execution APARTMENT ALLOTTEE(S) for any of the Deed proceeds of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representativessale. In the event of the Allottee Developer electing to cancel this Agreement, the Developer will refund the amount received from the APARTMENT ALLOTTEE(S) after deducting xxxxxxx money, outstanding interest, brokerage, Service Tax deducted, penalties etc. from the payments made by the APARTMENT ALLOTTEE(S), but the refund will only be made after realizing such refundable amount on further sale/resale to any other person(s). It is clarified here that after refund of the amount, the APARTMENT ALLOTTEE(S) shall be left with no right, title, interest or lien over the said APARTMENT and the parking space in any manner whatsoever. b) In case the possession has been handed over to the APARTMENT ALLOTTEE(S): The Developer may send a notice to the APARTMENT ALLOTTEE(S) to cure/rectify the default as specified in that notice within a period of fifteen (s15) does or omits days. In COLLABORATOR /LAND OWNER case the default as stated in the notice is not cured/rectified by the APARTMENT ALLOTTEE(S), within fifteen(15) days, the APARTMENT ALLOTTEE(S) shall be required to do pay penalty @ 2/- (Rupees Two only) per square ft. per day to the Developer till the default is not cured/rectified. The Developer will also be entitled to disconnect the electricity and water connection of the defaulting APARTMENT ALLOTTEE(S) in case the default is not cured by the APARTMENT ALLOTTEE(S) within 15 days. The APARTMENT ALLOTTEE(S) also agrees and understands that the Developer shall have first charge/lien on the said APARTMENT in respect of any act, deed or thing then the Vendor/ Developer shall, such non-payment of penalty/damages as stated above. The exercise of above remedies is without prejudice to any the other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticeDeveloper.

Appears in 1 contract

Samples: Apartment Buyer’s Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ ; (i) If the Developer fails to provide ready to move in possession of the Apartment Apartment/unit to the 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 of the Project with the Authorityspecified. For the purpose of this clause 'clause, ‘ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respect; (ii) Discontinuance of the Vendor's/ Developer’s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed above, Allottee allottee is entitled to the following: ; (i) Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee after deducting the tax which was already paid to the government under any head whatsoever towards the sale purchase of the Apartment, along with interest at the rate prescribed in the Rules apartment within 45 (forty-five) five days of receiving the termination notice: ; Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, Agreement he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositionscan do so. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payments for consecutive demands made by the payments within the due dates Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that the regard the Allottee shall allotteeshall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month consecutive months after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may shall cancel the allotment of the Apartment in favour of the Allottee and forfeit an refund the amount equal money paid to him by the allottee by deducting the booking amount and the interest liabilities and tax which was already paid to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation government and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1 Subject to the Force Majeure eventclause, the Vendor/ Owner/Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ followingevents: i. Owner/Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause Para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this clause 'para ‘ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Partiesparties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; ; ii. Discontinuance of the Vendor's/ Owner/Developer’s business as a Vendor/ Owner/Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations made thereunder. regulations madethereunder. 9.2 In case of Default by Vendor/ byOwner/Developer under the conditions listed above, Allottee is entitled to the following: thefollowing: i. Stop making further payments to Vendor/ Owner/Developer as demanded by the Vendor/ Owner/Developer. If the Allottee stops making payments, payments the Vendor/ Owner/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 interest;or ii. The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Owner/Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: ; Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by buy the Vendor/ Owner/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Owner/Developer to the Allottee within 45 (forty-five) five days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. . 9.3 The Allottee shall be considered under a condition of defaultDefault, on the onthe occurrence of the following events: In followingevents: x. Xx case the Allottee fails to make any of payments for consecutive demands made by the payments within the due dates Owner/Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Owner/Developer on the unpaid amount at the rate prescribed in the RulestheRules; xx. The parties agree and acknowledge that in addition to the interest, in Xx case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month 2 consecutive months after notice from the Vendor/ Owner/Developer in this regard, the Vendor/ Owner/Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to refund the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the Allottee shall, subject to second proviso below, be returned by deducting the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer booking amount(i.e. 10% of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that Agreement Value) and the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Owner/Developer shall intimate the Allottee about such termination at least 30 (thirty) thirty days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticesuchtermination.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 10.1 Subject to the Force Majeure eventclause, the Vendor/ Developer and the Associate Developer shall be considered under a condition of default (“Default”)default, in the following events: Vendor/ : (i) Developer and the Associate Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Project Block within the stipulated time disclosed at the time of registration Registration of the Project Block with the AuthorityAuthorities. For the purpose of this clause 'clause, ready to move in possession' possession‟ shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the Parties, parties and for which Completion Certificate has been issued by the competent authority; Competent Authority. (ii) Discontinuance of the Vendor's/ Developer’s Developer and the Associate Developer‟s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. . 10.2 In case of Default default by Vendor/ Developer and the Associate Developer under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer and the Associate Developer as demanded by the Vendor/ Developer and the Associate Developer by the Developer and the Associate Developer. If the Allottee stops making payments, the Vendor/ Developer and the Associate Developers shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer and the Associate Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentapartment, along with alongwith interest at the rate prescribed specified in the Rules rules within 45 (forty-five) five days of receiving the termination notice: notice subject to allottee fulfilling all formalities on its part as more fully mentioned in para/clause 8 of this Agreement.; Provided that where the Allottee an allottee does not intend to withdraw from the Project Block or terminate the Agreementagreement, he shall be paid, by the Vendor/ Developer and the Associate Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, . which shall be paid by the Vendor/ Developer and the Associate Developer to the Allottee within 45 (forty-five) five days of it becoming due. 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 Vendor/ Developer and the Associate Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. .. 10.3 The Allottee shall pay to the Developer and the Associate Developer within fifteen days of demand by the Developer and the Associate Developer, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Apartment is situated. 10.4 The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: - The Allottee shall be considered under a condition of Default, on the occurrence of the following events: - (i) In case the Allottee fails to make any of payments for more than 15 days from scheduled date and demands made by the payments within Developer and the due dates Associate Developer as per the Payment Plan, mentioned hereunderpayment plan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Vendor/ Developer and the Associate Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price indexspecified herein. (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month two consecutive months after notice from the Vendor/ Developer and the Associate Developer in this regard, the Vendor/ Developer may and the Associate Developer shall cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to refund the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the Allottee shall, subject to second proviso below, be returned allottee by deducting the Vendor/ Developer to the Allottee within 12 (twelve) months booking amount of such cancellation or on transfer 10% of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation total consideration and interest liabilities and this Agreement shall thereupon stand terminated: . Provided that the Vendor/ Developer and the Associate Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default falling market the amount repayable will be further reduced by Xxxxxxxx, after notice from the Vendor/ Developer extent of the difference in this regard, the Vendor/ Developer may cancel the allotment amount receivable on a fresh sale of the Apartment in favour to another buyer and the Purchase Price of the Allottee and forfeit an amount equal to if the Cancellation Charges and current Sale Price is less than the applicable GST payable on such Cancellation ChargesPurchase Price. The ultimate balance amount of money paid by the Allottee refundable shall be, subject to proviso below, be returned by the Vendor/ Developer and the Associate Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticesuch cancellation and this Agreement shall thereupon stand terminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 10.1 Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”)default, in the following events: Vendor/ : (i) Developer fails to provide ready to move in possession of the Apartment to the 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 AuthorityAuthorities. For the purpose of this clause 'clause, ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the Parties, parties and for which Completion Certificate has been issued by the competent authority; Competent Authority. (ii) Discontinuance of the Vendor's/ Developerdeveloper’s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. there under. 10.2 In case of Default default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer developer as demanded by the Vendor/ Developer by the Developer. If the Allottee stops making payments, the Vendor/ Developer Developers shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or , (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentapartment, along with alongwith interest at the rate prescribed specified in the Rules rules within 45 (forty-five) five days of receiving the termination notice: . 10.3 Provided that where the Allottee an allottee does not intend to withdraw from the Project project or terminate the Agreementagreement, he shall be paid, by the Vendor/ Developerdeveloper, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: - (i) In case the Allottee fails to make any of payments for more than 15 days from scheduled date and demands made by the payments within Developer according to the due dates payment plan as per the Payment Plan, mentioned hereunderprovided in Schedule ‘K’, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Vendor/ Developer developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month three consecutive months after notice from the Vendor/ Developer developer in this regard, the Vendor/ Developer may developer shall cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to refund the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the Allottee shall, subject to second proviso below, be returned by allottee after deducting the Vendor/ Developer to the Allottee within 12 (twelve) months 10% of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation total consideration and interest liabilities and this Agreement shall thereupon stand terminated: . Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default falling market the amount repayable will be further reduced by Xxxxxxxx, after notice from the Vendor/ Developer extent of the difference in this regard, the Vendor/ Developer may cancel the allotment amount receivable on a fresh sale of the Apartment in favour to another buyer and the Purchase Price of the Allottee and forfeit an amount equal to if the Cancellation Charges and current Sale Price is less than the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticePurchase Price.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Vendors/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : 9.1 Vendors/ Developer fails fail to provide ready to move in possession of the Apartment to the Allottee Allottee(s) 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; respects; 9.2 Discontinuance of the Vendor's/ Vendors/ Developer’s 's business as a Vendor/ Developer developer of this Project on account of suspension or revocation of his their registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. there under. 9.3 In case of Default by Vendor/ Vendors/ Developer under the conditions listed above, Allottee Allottee(s) is entitled to the following: : (i) Stop making further payments to Vendor/ Vendors/ Developer as demanded by the Vendor/ Vendors/ Developer. If the Allottee Allottee(s) stops making payments, the Vendor/ Vendors/ Developer shall correct the situation by completing the construction milestones and only thereafter there after the Allottee Allottee(s) be required to make the then next payment without any penal interest; or or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Vendor/ Vendors/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the sale purchase of the Apartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) forty- five days of receiving the termination notice: Provided that where the Allottee an Allottee(s) does not intend to withdraw from the Project project or terminate the Agreement, he he/she/they shall be paid, by the Vendor/ Vendors/ Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five. 9.4 The Allottee(s) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee Allottee(s) fails to make any of payments for 30 Consecutive days after the payments within demands have been made by the due dates Vendors/ Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Vendor/ Vendors/ Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 1 Two (one2) month consecutive months after notice from the Vendor/ Vendors/Developer in this regard, the Vendor/ Vendors/ Developer may shall cancel the allotment of the Apartment in favour of the Allottee Allottee(s) and forfeit an refund the amount equal money paid to them by the Cancellation Charges Allottee(s) by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance interest liabilities and this Agreement shall there upon stand terminated. (i) That any amount of money paid by the Allottee shall, subject to second proviso below, in respect of GST shall not be returned by the Vendor/ Developer refunded to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticeVendors/Developer.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence It is specifically made clear to the Vendee that the Vendee shall perform and comply with all covenants and obligations required to be performed or complied with under this Agreement and any default, breach of a Force Majeure eventcovenants, or non-compliance of any of the Vendor/ Developer terms and conditions of this Agreement shall be considered under deemed to be events of defaults liable for consequences stipulated herein. With a condition of default (“Default”)view to acquaint the Vendee, in the following events: Vendor/ Developer fails to provide ready to move in possession some of the Apartment indicative events of defaults are mentioned below which are merely illustrative and are not exhaustive. a) Failure to the Allottee make payments within the time period specified as stipulated in Clause 7.1 or fails to complete the Project within the stipulated time disclosed at the time Schedule of registration of the Project with the Authority. For the purpose of this clause 'ready to move Payments as given in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationsAnnexure I, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued accepted by the competent authority; Discontinuance of Vendee and failure to pay the Vendor's/ Developer’s business as a Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed abovestamp duty, Allottee is entitled legal, registration, any incidental charges, any increases in security including but not limited to the following: Stop making further payments to Vendor/ Developer non-interest bearing maintenance security, Sinking Fund as demanded by the Vendor/ Developer, any other charges, taxes etc. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee as may be required to make the next payment without any interest; or The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid notified by the Vendor/ Developer to the Allottee Vendee under the terms of this Agreement, default in the payment of installments under the Schedule of Payments as given in Annexure I, interest on installments by whatever name called and all other defaults of similar nature. b) Failure to perform and observe any or all of the Vendee obligations including those contained in Clause 15 herein as set forth in this Agreement or to perform any other occupancy obligation, if any, set forth in this or any other related agreement(s). c) Failure to take over the Unit for occupation and use within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned time stipulated by the Vendor/ Developer or failure to pay the Holding Charges and Maintenance Charges as stated herein. d) Failure to appear or pay for the Allottee shall be free to approach the authorities concerned for refund of such taxesduty, charges, leviescost, cessexpense, assessments and impositionsetc. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments conveyance deed or this Agreement within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned time stipulated by the Vendor/ Developer or the relevant authorities. e) Failure to execute Maintenance Agreement and/or to pay on or before its due date the Allottee within 12 (twelvemaintenance charges, Interest Free Maintenance Security, Sinking Fund or any increases in respect thereof, as demanded by the Vendor/Developer and/ or its nominee and/ or other Body or Association of Owners. f) months of such cancellation or on transfer Failure, pursuant to a request by the Vendor/Developer, to become a member of the Said Apartment Association of Vendee or to any other Apartment Acquirer, whichever is earlierpay subscription charges etc. However as may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned required by the Vendor/ Developer to or Association of Vendee, as the Allottee within 12 (twelvecase may be. g) months Assignment of such cancellation this Agreement or on transfer any interest of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution Vendee in this Agreement without prior written consent of the ‘Deed Vendor/Developer or without payment of Cancellation’. In the event construction of the floor Transfer Charges or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, not executing documents as required by the Vendor/ Developer shall have the option to terminate this Agreement. In such an eventfor transfer, as may be fixed by the Vendor/ Developer shall be liable from time to refundtime. h) Dishonour/stoppage of payment of any cheque(s) including post dated cheques given by Vendee for any reason whatsoever. i) Sale/transfer/disposal of/dealing with, subject to the proviso belowin any manner, the entire money paid by the Allottee under any head whatsoever towards the sale allotted parking space independent of the Apartment, within 45 (forty-five) days of receiving the termination noticeUnit.

Appears in 1 contract

Samples: Unit Buyer's Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1. Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : i) Developer fails to provide ready to move in possession of the Apartment Said Bungalow to the Allottee within the time period specified in Clause 7.1 or fails to complete the Real Estate Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause Clause 'ready to move in possession' shall mean that the Apartment Said Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, specifications as agreed to between the Partiesspecified in Schedule D of this Agreement, and for which Completion Certificate completion certificate, has been issued by the competent authority; ; ii) Discontinuance of the Vendor's/ Developer’s 's business as a Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. 9.2. In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: : i) Stop making further payments to Vendor/ Developer Xxxxxxxxx as demanded by the Vendor/ Developer. If the Allottee stops making payments, payments the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentbungalow, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: notice subject to allottee registering the deed of cancellation in respect of the Said Bungalow and Appurtenances; Provided that where the an Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the ApartmentSaid Bungalow, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) five days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 9.3. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payment to the payments within the due dates Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index; (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 3 (onethree) month consecutive months after notice from the Vendor/ Developer in this regard, the Vendor/ Developer Developer, upon 30 (thirty) days written notice, may cancel the allotment of the Apartment Bungalow in favour of the Allottee and forfeit an the entirety of the booking amount equal to paid for the Cancellation Charges and allotment. Upon registration of the applicable GST payable on such Cancellation Charges. The balance amount deed of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer in respect of the Said Apartment Bungalow and Appurtenances and upon resale of the Said Bungalow and Appurtenances i.e. upon the Developer subsequently selling and transferring the Said Bungalow and Appurtenances to any other Apartment Acquireranother allottee and receipt of the sale price thereon, whichever is earlier. However may it be clarified that the Developer shall after adjusting the booking amount, refund to the Allottee, the balance amount shall be payable subject to the execution amount, if any of the Deed paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Developer and exclusive of Cancellation any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement shall thereupon stand terminated: Provided that in the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any actaforesaid circumstances, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by have no claim of any nature whatsoever on the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of and/or the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that Bungalow and Appurtenances and the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable entitled to refund, subject to deal with and/or dispose off the proviso below, Said Bungalow and Appurtenances in the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticemanner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: : 9.1 Vendor/ Developer fails fail to provide ready to move in possession of the Apartment to the Allottee Allottee(s) 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; respects; 9.2 Discontinuance of the Vendor's/ Vendor/ Developer’s 's business as a Vendor/ Developer developer of this Project on account of suspension or revocation of his their registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. there under. 9.3 In case of Default by Vendor/ Developer under the conditions listed above, Allottee Allottee(s) is entitled to the following: : (i) Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee Allottee(s) stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter there after the Allottee Allottee(s) be required to make the then next payment without any penal interest; or or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the sale purchase of the Apartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) forty- five days of receiving the termination notice: Provided that where the Allottee an Allottee(s) does not intend to withdraw from the Project project or terminate the Agreement, he he/she/they shall be paid, by the Vendor/ Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five. 9.4 The Allottee(s) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee Allottee(s) fails to make any of payments for 30 Consecutive days after the payments within demands have been made by the due dates Vendor/ Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 1 Two (one2) month consecutive months after notice from the Vendor/ Vendor/Developer in this regard, the Vendor/ Developer may shall cancel the allotment of the Apartment in favour of the Allottee Allottee(s) and forfeit an refund the amount equal money paid to them by the Cancellation Charges Allottee(s) by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance interest liabilities and this Agreement shall there upon stand terminated. (i) That any amount of money paid by the Allottee shall, subject to second proviso below, in respect of GST shall not be returned by the Vendor/ Developer refunded to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticeVendor/Developer.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer : (i) The developer fails to provide ready to move ready-to-move-in possession of the Apartment to the 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects; (ii) Discontinuance of the Vendor's/ Developer’s 's business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. In case of Default by Vendor/ the Developer under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ the Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payments for consecutive demands made by the payments within the due dates Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month consecutive months after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may shall cancel the allotment of the Apartment in favour of the Allottee and forfeit an refund the amount equal money paid to him by the Cancellation Charges allottee by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1. Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : 9.1.1. Developer fails to provide ready to move in possession of the Apartment Bungalow/Row House to the 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment Bungalow/Row House shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects; 9.1.2. Discontinuance of the Vendor's/ Developer’s 's business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. 9.2. In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: : 9.2.1. Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or or 9.2.2. The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale assignment of the ApartmentBungalow/Row House, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Developerdeveloper, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositionsBungalow/Row House. 9.3. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : 9.3.1. In case the Allottee fails to make any of payments for 01 (one) consecutive demand made by the payments within the due dates Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Vendor/ Developer developer on the unpaid amount at the rate prescribed specified in the Rules. 9.3.2. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 2 (oneTwo) month months after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may shall cancel the allotment of the Apartment Bungalow/Row House in favour of the Allottee and forfeit an refund the amount equal money paid to him by the Cancellation Charges allottee by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Agreement for Assignment

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer Landowners/Vendors and the Developer/Promoter shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer : (i) Landowners/Vendors and the Developer/Promoter fails to provide ready to move in possession of the Apartment [Apartment/Plot] to the Allottee Allottee(s) 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects; (ii) Discontinuance of the Vendor's/ Developer’s Promoter's business as a Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act Actor the rules or the Rules or Regulations regulations made thereunder. In case of Default by Vendor/ the Landowners/Vendors and the Developer /Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the following: : (a) Stop making further payments to Vendor/ Developer Landowners/Vendors and the Developer/Promoter as demanded by the Vendor/ he Landowners/ Vendors and the Developer/Promoter. If the Allottee Allottee(s) stops making payments, the Vendor/ Developer he Landowners/Vendors and the Developer/Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any penal interest; or or (b) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Vendor/ Developer he Landowners/Vendors and the Developer/ Promoter shall be liable to refund, subject to the second proviso below, torefund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: : (c) Provided that where the Allottee an Allottee(s) does not intend to withdraw from the Project project or terminate the Agreement, he he/she shall be paid, by the Vendor/ he Landowners/Vendors and the Developer/Promoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 [Apartment/ Plot]. (forty-fived) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee Allottee(s) shall be considered under a condition of defaultDefault, on the occurrence of the following events: : i. In case the Allottee Allottee(s) fails to make any of payments for _ consecutive demands made by the payments within he Landowners/Vendors and the due dates Developer /Promoter as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Vendor/ Developer he Landowners/Vendors and the Developer/Promoter on the unpaid amount at the rate prescribed specified in the Rules. ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 1 (one) month consecutive months after notice from the Vendor/ Landowners/Vendors and the Developer /Promoter in this regard, the Vendor/ Developer may Landowners/Vendors and the Developer/Promoter shall cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee Allottee(s) and forfeit an refund the amount equal money paid to him by the Cancellation Charges Allottee(s) by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Partnership Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Force Majeure event, the Vendor/ Developer shall be considered under a condition of default (“Default"), in the following events: Vendor/ Vendor / Developer fails to provide ready to move in possession of the Apartment to the Allottee Allotee 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 of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; : Discontinuance of the Vendor's/ Vendors / Developer’s 's business as a Vendor/ Vendor / Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. thereunder In case of Default by Vendor/ Vendor/Developer under the conditions listed above, Allottee Allotee is entitled to the followingfollowing : Stop making further payments to Vendor/ Vendor Developer as demanded by the Vendor/ Vendor / Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or The Allottee Allotee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer., interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Vendor / Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee Allotee in all fairness shall be responsible for such delayed payments., all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) . In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Vendor / Developer in this his regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee Allotee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed Decd of Cancellation and this Agreement shall thereupon stand terminated: terminated Provided that the Vendor/ Vendor Developer shall intimate the Allottee Allotee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Project Vendor / Developer or its representatives. representatives In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Vendor Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. Agreement In case of such a default by XxxxxxxxAllottee, after notice from the Vendor/ Vendor Developer in this regard, the Vendor/ Vendor Developer may cancel the allotment of the Apartment in favour of the Allottee Allotee and forfeit an amount amnount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Vendor Developer to the Allottee within 12 45 (twelveForty Five) months days of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. , However, may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation'. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, . the Vendor/ Vendor Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, refund subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1 Subject to the Force Majeure eventclause, the Vendor/ Developer Vendor shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer : a. Vendor fails to provide ready to move in possession of the Apartment to the Allottee Purchaser 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects. b. Discontinuance of the Vendor's/ DeveloperVendor’s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. there under. 9.2 In case of Default by Vendor/ Developer Vendor under the conditions listed above, Allottee Purchaser is entitled to the following: : a. Stop making further payments to Vendor/ Developer Vendor as demanded by the Vendor/ DeveloperVendor. If the Allottee Purchaser stops making payments, the Vendor/ Developer Vendor shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any penal interest; or . b. The Allottee Purchaser shall have the option of terminating the Agreement in which case the Vendor/ Developer Vendor shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: . Provided that where the Allottee Purchaser does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ DeveloperVendor, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. Apartment . 9.3 The Allottee Purchaser shall be considered under a condition of defaultDefault, on the occurrence of the following events: : a. In case the Allottee Purchaser fails to make any of payments for 3 (Three) consecutive demands made by the payments within the due dates Vendor as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Purchaser shall be liable to pay interest to the Vendor/ Developer Vendor on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) . b. In case of default Default by Allottee Purchaser under the condition listed above continues for a period beyond 1 consecutive 3 (oneThree) month months after notice from the Vendor/ Developer Vendor in this regard, the Vendor/ Developer may Vendor shall cancel the allotment of the Apartment in favour of the Allottee Purchaser and forfeit an refund the amount equal money paid to him by the Cancellation Charges Purchaser by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Force Majeure event9.1 Subject to the “force majeure”, Court orders, Government Policy, Government Orders/ Guidelines, Decisions, the Vendor/ Developer Promoter shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer : (i) Promoter fails to provide ready the developed Plot to move the Allottee, having provision of water supply, sewerage, electricity, roads or any other amenities approved in possession the service plan, essential for habitable environment (as per guidelines of the Apartment to competent authority) and for the Allottee same the Promoter has obtained demarcation-cum-zoning plan/approved service plan, as the case may be within the time period specified in Clause para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; .; (ii) Discontinuance of the Vendor's/ DeveloperPromoter’s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the HRERA Act or the Rules or Regulations HRERA rules, 2017 made thereunder. . 9.2 In case of Default by Vendor/ Developer Promoter under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer Promoter as demanded by the Vendor/ DeveloperPromoter. If the Allottee stops making payments, the Vendor/ Developer 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 or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer Promoter shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentplot, along with interest at the rate prescribed in the Rules HRERA Promoter Allottee Rules,2017 within 45 (forty-five) ninety days of receiving the termination notice: Provided that where the an Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ DeveloperPromoter, interest at the rate prescribed in the HRERA Rules, 2017, for every month of delay till the handing over of the possession of the ApartmentPlot for Residential usage, which shall be paid by the Vendor/ Developer Promoter to the Allottee within 45 (forty-five) ninety days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. . 9.3 The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payments for two consecutive demands made by the payments within the due dates Promoter as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer Promoter on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price indexHRERA Rules,2017; (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month ninety days after notice from the Vendor/ Developer Promoter in this regard, the Vendor/ Developer Promoter may cancel the allotment of the Apartment Plot for Residential usage in favour of the Allottee and forfeit an refund the money paid to him by the Allottee by forfeiting the booking amount equal paid for the allotment and interest component on delayed payment (payable by the customer for breach of agreement and non- payment of any due payable to the Cancellation Charges and Promoter). The rate of interest payable by the applicable GST payable on such Cancellation ChargesAllottee 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, subject to second proviso below, A llottee shall be returned by the Vendor/ Developer Promoter to the Allottee within 12 (twelve) months ninety days of such cancellation or on transfer cancellation. On such default, the Agreement and any liability of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution Promoter arising out of the Deed of Cancellation and this Agreement same shall thereupon thereupon, stand terminated: . Provided that that, the Vendor/ Developer Promoter shall intimate the Allottee about such termination at least 30 (thirty) thirty days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer Vendor shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer : a. Vendor fails to provide ready to move in possession of the Apartment to the Allottee Purchaser 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects. b. Discontinuance of the Vendor's/ DeveloperVendor’s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunderthere under. In case of Default by Vendor/ Developer Vendor under the conditions listed above, Allottee Purchaser is entitled to the following: : a. Stop making further payments to Vendor/ Developer Vendor as demanded by the Vendor/ DeveloperVendor. If the Allottee Purchaser stops making payments, the Vendor/ Developer Vendor shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any penal interest; or . b. The Allottee Purchaser shall have the option of terminating the Agreement in which case the Vendor/ Developer Vendor shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: . Provided that where the Allottee Purchaser does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ DeveloperVendor, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositionsApartment . The Allottee Purchaser shall be considered under a condition of defaultDefault, on the occurrence of the following events: : a. In case the Allottee Purchaser fails to make any of payments for 3 (Three) consecutive demands made by the payments within the due dates Vendor as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Purchaser shall be liable to pay interest to the Vendor/ Developer Vendor on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) . b. In case of default Default by Allottee Purchaser under the condition listed above continues for a period beyond 1 consecutive 3 (oneThree) month months after notice from the Vendor/ Developer Vendor in this regard, the Vendor/ Developer may Vendor shall cancel the allotment of the Apartment in favour of the Allottee Purchaser and forfeit an refund the amount equal money paid to him by the Cancellation Charges Purchaser by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer Developer/Owner/Vendor shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer Developer/Owner/Vendor fails to provide ready to move in possession of the Residential Apartment to the Allottee Allottee(s) 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Residential Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authorityrespects; Discontinuance of the Vendor's/ Developer/Owner/Vendor’s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or Actor the Rules or Regulations rulesor regulations made thereunderthere under. In case of Default by Vendor/ Developer Developer/Owner/Vendor under the conditions listed above, Allottee Allottee(s) is entitled to the following: Stop making further payments to Vendor/ Developer Developer/Owner/Vendor as demanded by the Vendor/ Developer/Owner/Vendor. If the Allottee Allottee(s) stops making payments, the Vendor/ Developer Developer/Owner/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 The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Vendor/ Developer Developer/Owner/Vendor shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the sale purchase of the Residential Apartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: Provided that where the Allottee an Allottee(s) does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Developer/Owner/Vendor, interest at the rate prescribed specified in the Rules, Rules for every month of delay till the handing over of the possession of the Residential Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee Allottee(s) shall be considered under a condition of default, Default on the occurrence of the following events: In case the Allottee Allottee(s) fails to make any of payments for 30 consecutive days after the payments within demands have been made by the due dates Developer/Owner/Vendor as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Vendor/ Developer Developer/Owner/Vendor on the unpaid amount at the rate prescribed rates specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 1 (one) month two consecutive months after notice from the Vendor/ Developer Developer/Owner/Vendor in this regard, the Vendor/ Developer may Developer/Owner/Vendor shall cancel the allotment of the Residential Apartment in favour of the Allottee Allottee(s) and forfeit an refund the amount equal money paid to him by the Cancellation Charges Allottee(s) by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon there upon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1 Subject to the Force Majeure eventEvent, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : (i) Developer fails to provide ready to move in possession of the Said Apartment to the 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects; (ii) Discontinuance of the Vendor's/ Developer’s 's business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. . 9.2 In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Said Apartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Said Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. . 9.3 The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payments for 2 (Two) consecutive demands made by the payments within the due dates Developer as per the Payment Plan, mentioned hereunderSchedule annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid un paid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 consecutive 2 (oneTwo) month months after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may shall cancel the allotment of the Said Apartment in favour of the Allottee and forfeit an refund the amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the Allottee shall, subject to second proviso below, be returned by deducting the Vendor/ Developer to booking amount and the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon there upon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by terminated without any further act on part of any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice on and from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment date of refund of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticeAllottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Vendors/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : 19 : 9.1 Vendors/Developer fails to provide ready to move in possession of the Apartment to the Allottee Allottee(s) 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; respects; 9.2 Discontinuance of the Vendor's/ Vendors/Developer’s 's business as a Vendor/ developer as a Vendors/Developer of this Project on account of suspension or revocation of his their registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. there under. 9.3 In case of Default by Vendor/ Vendors/ Developer under the conditions listed above, Allottee Allottee(s) is entitled to the following: : (i) Stop making further payments to Vendor/ Vendors/ Developer as demanded by the Vendor/ Vendors/ Developer. If the Allottee Allottee(s) stops making payments, the Vendor/ Vendors/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any penal interest; or or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Vendor/ Vendors/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the sale purchase of the Apartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) forty- five days of receiving the termination notice: Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Vendors/ Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five. 9.4 The Allottee(s) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : 20 : (i) In case the Allottee Allottee(s) fails to make any of payments for 30 Consecutive days after the payments within demands have been made by the due dates Vendors/ Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Vendor/ Vendors/ Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 1 Two (one2) month consecutive months after notice from the Vendor/ Vendors/Developer in this regard, the Vendor/ Vendors/ Developer may shall cancel the allotment of the Apartment in favour of the Allottee Allottee(s) and forfeit an refund the amount equal money paid to him by the Cancellation Charges Allottee(s) by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon there upon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence It is specifically made clear to the Vendee that the Vendee shall perform and comply with all covenants and obligations required to be performed or complied with under this Agreement and any default, breach of a Force Majeure eventcovenants, or non-compliance of any of the Vendor/ Developer terms and conditions of this Agreement shall be considered under deemed to be events of defaults liable for consequences stipulated herein. With a condition of default (“Default”)view to acquaint the Vendee, in the following events: Vendor/ Developer fails to provide ready to move in possession some of the Apartment indicative events of defaults are mentioned below which are merely illustrative and are not exhaustive. a) Failure to the Allottee make payments within the time period specified as stipulated in Clause 7.1 or fails to complete the Project within the stipulated time disclosed at the time Schedule of registration of the Project with the Authority. For the purpose of this clause 'ready to move Payments as given in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationsAnnexure-I, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued accepted by the competent authority; Discontinuance of Vendee and failure to pay the Vendor's/ Developer’s business as a Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed abovestamp duty, Allottee is entitled legal, registration, any incidental charges, any increases in security including but not limited to the following: Stop making further payments to Vendor/ Developer non-interest bearing maintenance security, Sinking Fund as demanded by the Vendor/ Developer, any other charges, taxes etc. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee as may be required to make the next payment without any interest; or The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid notified by the Vendor/ Developer to the Allottee Vendee under the terms of this Agreement, default in the payment of instalments under the Schedule of Payments as given in Annexure I, interest on instalments by whatever name called and all other defaults of similar nature. b) Failure to perform and observe any or all of the Vendee obligations including those contained in Clause 15 herein as set forth in this Agreement or to perform any other occupancy obligation, if any, set forth in this or any other related agreement(s). c) Failure to take over the Unit for occupation and use within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned time stipulated by the Vendor/ Developer and or failure to pay the Allottee shall be free Holding Charges as stated herein. d) Failure to approach appear or pay for the authorities concerned for refund of such taxesduty, charges, leviescost, cessexpense, assessments and impositionsetc. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments conveyance deed within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned time stipulated by the Vendor/ Developer or the relevant authorities. e) Failure to execute Maintenance Agreement and/ or to pay on or before its due date the Allottee within 12 (twelve) months of such cancellation maintenance charges, maintenance security, Sinking Fund or on transfer of the Said Apartment to any other Apartment Acquirerincreases in respect thereof, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned as demanded by the Vendor/ Developer and/ or its nominee and/ or other Body or Association of Owners. f) Failure, pursuant to a request by the Allottee within 12 (twelve) months of such cancellation or on transfer Vendor/ Developer, to become a member of the Said Apartment Association of Vendee or to any other Apartment Acquirer, whichever is earlierpay subscription charges etc. However, as may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, required by the Vendor/ Developer shall have or Association of Vendee, as the option to terminate case may be. g) Assignment of this Agreement. In such an event, Agreement or any interest of the Vendee in this Agreement without prior written consent of the Vendor/ Developer shall or without payment of Transfer Charges or not executing documents as required by the Vendor/ Developer for transfer, as may be liable fixed by the Vendor/ Developer from time to refundtime. h) Dishonour/stoppage of payment of any cheque(s) including post dated cheques given by Vendee for any reason whatsoever. I) Sale/transfer/disposal of/dealing with, subject to the proviso belowin any manner, the entire money paid by the Allottee under any head whatsoever towards the sale allotted parking space independent of the Apartment, within 45 (forty-five) days of receiving the termination noticeUnit.

Appears in 1 contract

Samples: Unit Buyer's Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 10.1 Subject to the Force Majeure eventclause, the Vendor/ Developer Promoter shall be considered under a condition of default (“Default”)default, in the following events: Vendor/ Developer : (i) The Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 clause 8.2 or fails to complete the said Project within the stipulated time disclosed at the time of registration of the said Project with the Authority. For the purpose of this clause 'para, ‘ready to move in possession' shall mean that the Apartment shall be in a habitable condition condition, which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Partiesparties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be has been issued by the competent authority; : (ii) Discontinuance of the Vendor's/ DeveloperPromoter’s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. . 10.2 In case of Default default by Vendor/ Developer Promoter under the conditions listed above, the Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer the Promoter as demanded by the Vendor/ DeveloperPromoter. If the Allottee stops making payments, the Vendor/ Developer Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or : or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer Promoter shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever to the Promoter towards the sale purchase of the Apartment, along with interest at the rate prescribed in equivalent to the Rules prevailing Prime Lending Rate of the State Bank of India plus two percent per annum within 45 (forty-five) days of receiving the termination notice: . Provided that That where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, paid by the Vendor/ DeveloperPromoter, interest at the rate prescribed in equivalent to the Rulesprevailing Prime Lending Rate of the State Bank of India plus two percent per annum, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer Promoter to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. . 10.3 The Allottee shall be considered under a condition of default, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payment for two consecutive demands made by the payments within the due dates Promoter as per the Payment Plan, mentioned hereunderof 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 Vendor/ Developer on the unpaid amount Promoter, interest at the rate of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the Rules. The parties agree and acknowledge that in addition Rules on all unpaid amounts from the date the amount is payable by the Allottee. (ii) Without prejudice to the interestright of the Promoter to charge interest in terms of clause 10.3 (i) above, in case of every second instance of delayed payment, default by the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price indexunder clause 10.3 (i) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month two consecutive months after notice for rectification of default from the Vendor/ Developer Promoter in this regard, the Vendor/ Developer Promoter, at its own option, may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal terminate this Agreement and refund the money paid to the Promoter by the Allottee after deducting therefrom the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount Charges and such other tax/levy as may be applicable at the time of money paid 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 shallabout its decision to cancel the allotment. However, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months 15 days from the date of cancellation of the allotment, is required to execute and present for registration a Deed of Cancellation of allotment at his own cost and expenses and the Allottee hereby agrees to do so without any claim charge and demand and only on registration of such cancellation or on transfer Deed of Cancellation, shall the Said Apartment to Allottee be refunded aforesaid amount after the deductions mentioned herein. However, in the event of any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the delay in execution and registration of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that on the Vendor/ Developer shall intimate part of the Allottee, the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refundpay damages @ Rs. [•] per sq ft per day till date of registration of the Deed of Cancellation. (iii) On and from the date of refund of the amount as mentioned in clauses 10.2 and 10.3 (ii) above, subject to as the proviso belowcase 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 entire money paid Project and/or the Project Land or any part or portion thereof, and the Allottee shall further not be entitled to claim any charge on the said Apartment and/or any part or portion thereof, in any manner whatsoever. The effect of such termination shall be binding and conclusive on the parties. (iv) For the avoidance of doubt, it is hereby clarified that the Promoter shall not be held liable, in any manner whatsoever, for any delay in receipt/non-receipt of any refund by the Allottee under in accordance with the terms of this Agreement, for any head whatsoever towards the sale reason, including but not limited to, any delay by postal authorities or due to a change in address of the Apartment, within 45 Allottee (forty-fivesave as provided in this Agreement) days of receiving the termination noticeor loss in transit.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Promoter/Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : (i) Promoter/Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this clause 'ready para'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Partiesparties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; ; (ii) Discontinuance of the Vendor's/ Promoter/Developer’s 's business as a Vendor/ Developer developer on account of accountof suspension or revocation of his registration under the provisions permissions of the Act or the Rules rules or Regulations regulations made thereunderthe under. In case of Default by Vendor/ Promoter/Developer under the conditions listed above, Allottee is entitled to the following: following : (i) Stop making further payments to Vendor/ Promoter/Developer as demanded by the Vendor/ Promoter/Developer. If the Allottee stops making payments, payments the Vendor/ Promoter/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Promoter/Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: ; Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Promoter/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Promoter/Developer to the Allottee within 45 (allotteewithin forty-five) five days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee Allotee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payments for consecutive demands mude by the payments within the due dates Promoter/Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Vendor/ Promoter/Developer on the unpaid amount at the rate prescribed prescribe in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index; (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month …………….. consecutive months after notice from the Vendor/ Promoter/Developer in this regard, the Vendor/ Promoter/Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an refund the money paid to him by the allottee by deducting the booking amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: ; Provided that the Vendor/ Promoter/Developer shall intimate the Allottee about such termination at least 30 (thirty) thirty days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence It is specifically made clear to the Vendee that the Vendee shall perform and comply with all covenants and obligations required to be performed or complied with under this Agreement and any default, breach of a Force Majeure eventcovenants, or non-compliance of any of the Vendor/ Developer terms and conditions of this Agreement shall be considered under deemed to be events of defaults liable for consequences stipulated herein. With a condition of default (“Default”)view to acquaint the Vendee, in the following events: Vendor/ Developer fails to provide ready to move in possession some of the Apartment indicative events of defaults are mentioned below which are merely illustrative and are not exhaustive. a) Failure to the Allottee make payments within the time period specified as stipulated in Clause 7.1 or fails to complete the Project within the stipulated time disclosed at the time Schedule of registration of the Project with the Authority. For the purpose of this clause 'ready to move Payments as given in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specificationsAnnexure I, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued accepted by the competent authority; Discontinuance of Vendee and failure to pay the Vendor's/ Developer’s business as a Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed abovestamp duty, Allottee is entitled legal, registration, any incidental charges, any increases in security including but not limited to the following: Stop making further payments to Vendor/ Developer non-interest bearing maintenance security, Sinking Fund as demanded by the Vendor/ Developer, any other charges, taxes etc. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee as may be required to make the next payment without any interest; or The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid notified by the Vendor/ Developer to the Allottee Vendee under the terms of this Agreement, default in the payment of installments under the Schedule of Payments as given in Annexure I, interest on installments by whatever name called and all other defaults of similar nature. b) Failure to perform and observe any or all of the Vendee obligations including those contained in Clause 15 herein as set forth in this Agreement or to perform any other occupancy obligation, if any, set forth in this or any other related agreement(s). c) Failure to take over the Unit for occupation and use within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned time stipulated by the Vendor/ Developer or failure to pay the Holding Charges and Maintenance Charges as stated herein. d) Failure to appear or pay for the Allottee shall be free to approach the authorities concerned for refund of such taxesduty, charges, leviescost, cessexpense, assessments etc. of the conveyance deed or this Agreement within the time stipulated by the Vendor/ Developer or the relevant authorities. e) Failure to execute Maintenance Agreement and/ or to pay on or before its due date the maintenance charges, Interest Free Maintenance Security, Sinking Fund or any increases in respect thereof, as demanded by the Vendor/ Developer and/ or its nominee and/ or other Body or Association of Owners. f) Failure, pursuant to a request by the Vendor/ Developer, to become a member of the Association of Vendee or to pay subscription charges etc. as may be required by the Vendor/ Developer or Association of Vendee, as the case may be. g) Assignment of this Agreement or any interest of the Vendee in this Agreement without prior written consent of the Vendor/ Developer or without payment of Transfer Charges or not executing documents as required by the Vendor/ Developer for transfer, as may be fixed by the Vendor/ Developer from time to time. h) Dishonour/ stoppage of payment of any cheque(s) including post dated cheques given by Vendee for any reason whatsoever. i) Sale/ transfer/ disposal of/dealing with, in any manner, the allotted parking space independent of the Unit. j) Any other acts, deeds or things which the Vendee may commit, omit or fail to perform in terms of this Agreement, any other undertaking, deed etc. or as demanded by the Vendor/ Developer which in the opinion of the Vendor/ Developer amounts to an event of default and impositions. The Allottee the Vendee agrees and confirms that the decision of the Vendor/ Developer in this regard shall be considered final and binding on the Vendee k) Any breach of any of the Vendee obligations and duties under a condition the Maintenance Agreement and any House Rules as may be prescribed by the Association/ Developer / Maintenance Agency in respect of the use and occupation of the Unit. Upon the occurrence of any of event(s) of default in respect of covenants and obligations under this Agreement or Maintenance Agreement, or any violation of house rules as may be prescribed the Developer may: i In case the possession has not been handed over to the Vendee: The Vendor/ Developer may at its sole discretion decide, by notice to the Vendee to cancel/terminate this Agreement. If the Vendor/ Developer elects to cancel this Agreement, the Vendee shall have thirty (30) days from the date of issue of notice of cancellation by the Vendor/ Developer to cure/rectify the default as specified in that notice. Unless and until the Vendee rectifies the event of default, on the occurrence of Vendor/ Developer shall not be obliged to enter into conveyance deed and that the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee Vendee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the RulesHolding Charges as provided herein this Agreement. The parties agree and acknowledge Vendee agrees that in addition to if the interestdefault is not cured/rectified within such thirty (30) days, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by automatically cancelled without any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after further notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option right to terminate forfeit the entire Xxxxxxx Money as specified in this Agreement along with the processing fee, interest on delayed payments, any interest paid, due or payable, Brokerage paid/committed, any other amount of a non- refundable nature. ii The Vendee agrees that upon such cancellation/termination of this Agreement. In such an event, the Vendor/ Developer will be released and discharged of all liabilities and obligations under this Agreement and the Vendee hereby authorises the Vendor/ Developer that the said Unit may be sold to any other party by the Vendor or dealt in any other manner as the Vendor may in its sole discretion deem fit as if this Agreement had never been executed and without accounting to the Vendee for any of the proceeds of such sale. In the event of the Vendor electing to cancel this Agreement, the Vendor shall refund the amount received from the Vendee after deducting the entire Xxxxxxx Money as specified in this Agreement along with the processing fee, interest on delayed payments, any interest paid, due or payable, brokerage paid/committed, any other amount of a non-refundable nature, without any interest within ninety days of such cancellation/termination. It is clarified here that after the cancellation, the Vendee shall be liable to refundleft with no right, subject to title, interest or lien over the proviso belowsaid Unit and the allotted parking space, the entire money paid by the Allottee under if any, in any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticemanner whatsoever.

Appears in 1 contract

Samples: Unit Buyer's Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : i. Developer fails to provide ready to move in possession of the Apartment to the Allottee Allottee/s 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 of the Project with the Authorityspecified. For the purpose of this clause 'para ‘ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; respect; ii. Discontinuance of the Vendor's/ Developer’s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed above, Allottee Allottee/s is entitled to the following: : i. Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee Allottee/s stops making payments, payments the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee/s be required to make the next payment without any interest; or or ii. The Allottee Allottee/s shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Allottee/s under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty45(forty-five) days of receiving the termination notice: ; Provided that where the Allottee an Allottee/s does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee Allottee/s shall be considered under a condition of defaultDefault, on the occurrence of the following events: events : i. In case the Allottee Allottee/s fails to make any of payment for two consecutive demands made by the payments within the due dates Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Allottee/s shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules; ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee Allottee/s under the condition listed above continues for a period beyond 1 (one) month consecutive months after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may shall cancel the allotment of the Apartment in favour of the Allottee Allottee/s and forfeit an refund the money paid to him by the Allottee/s by deducting inter alia the booking amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.;

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1 Subject to the Force Majeure eventclause, the Vendor/ Owner/Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : i. Owner/Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause Para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this clause 'para ‘ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Partiesparties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; ; ii. Discontinuance of the Vendor's/ Owner/Developer’s business as a Vendor/ Owner/Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. there under. 9.2 In case of Default by Vendor/ byOwner/Developer under the conditions listed above, Allottee is entitled to the following: thefollowing: i. Stop making further payments to Vendor/ Owner/Developer as demanded by the Vendor/ Owner/Developer. If the Allottee stops making payments, payments the Vendor/ Owner/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 interest;or ii. The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Owner/Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: ; Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by buy the Vendor/ Owner/Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Owner/Developer to the Allottee within 45 (forty-five) five days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. . 9.3 The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : i. In case the Allottee fails to make any of payments for consecutive demands made by the payments within the due dates Owner/Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Owner/Developer on the unpaid amount at the rate prescribed in the Rules; ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month 2 consecutive months after notice from the Vendor/ Owner/Developer in this regard, the Vendor/ Owner/Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to refund the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to him by the Allottee shall, subject to second proviso below, be returned by deducting the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer booking amount(i.e. 10% of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that Agreement Value) and the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Owner/Developer shall intimate the Allottee about such termination at least 30 (thirty) thirty days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Force Majeure event, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer fails to provide ready to move in possession of the Apartment to the 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 of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate completion certificate has been issued by the competent authority; Discontinuance of the Vendor's/ Developer’s 's business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. 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 Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, event the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.. 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 Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1 Subject to the Force Majeure eventclause, the Developer/Vendor/ Developer Owner shall be considered under a condition of default (“Default”), in the following events: : (i) Developer/Vendor/ Developer Owner fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this clause para 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Partiesparties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; ; (ii) Discontinuance of the Vendor's/ Developer’s /Vendor/ Owner business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. . 9.2 In case of Default by Developer/Vendor/ Developer Owner under the conditions listed above, Allottee is entitled to the following: : i. Stop making further payments to Developer/Vendor/ Developer Owner as demanded by the Developer/Vendor/ Developer. Owner If the Allottee stops making payments, payments the Developer/Vendor/ Developer 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; or or ii. The Allottee shall have the option of terminating the Agreement in which case the Developer/Vendor/ Developer Owner shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: ; Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Developer/Vendor/ DeveloperOwner, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the (Apartment/Plot), which shall be paid by the Developer/Vendor/ Developer Owner to the Allottee allottee within 45 (forty-five) five days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. . 9.3 The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : i. In case the Allottee fails to make any of payments for consecutive demands made by the payments within the due dates Developer/Vendor/ Owner as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Developer/Vendor/ Developer Owner on the unpaid amount at the rate prescribed in the Rules; ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 consecutive 3 (oneThree) month months after notice from the Developer/Vendor/ Developer Owner in this regard, the Developer/Vendor/ Developer Owner may cancel the allotment of the Apartment in favour of the Allottee and forfeit an refund the money paid to him by the allottee by deducting the hooking amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: ; Provided that the Developer/Vendor/ Developer Owner shall intimate the Allottee allottee about such termination at least 30 (thirty) thirty days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer Developer/ Vendors shall be considered under a condition of default (“Default”), in the following events: Vendor/ events:- a) The Developer fails to provide ready to move in possession of the Apartment Shop/ Office /Godown / Back Office/Commercial / Semi - Commercial Complex to the Allottee Purchaser 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment Shop/ Office / Godown / Back Office/ Commercial / Semi-Commercial Complex 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; respects. b) Discontinuance of the Vendor's/ Developer’s business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunderthere under. In case of Default by Vendor/ Developer Developer/ Vendors under the conditions listed above, Allottee is Purchaseris entitled to the following: : c) Stop making further payments to Vendor/ Developer Xxxxxxxxx as demanded by the Vendor/ Developer. If the Allottee thePurchaser stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Purchaser be required to make the next payment without any penal interest; or . d) The Allottee Purchaser shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Purchaser under any head anyhead whatsoever towards the sale purchase of the ApartmentShop / Office / Godown / Back Office / Commercial / Semi - Commercial Complex, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: . e) Provided that where the Allottee Purchaser does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ DeveloperDeveloper/ Vendors, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-fiveofthe Building. f) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee Purchaser shall be considered under a condition of defaultDefault, on the occurrence of the following events: : g) In case the Allottee Purchaser fails to make any of payments for 3 (Three) consecutive demands made by the payments within the due dates Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Purchaser shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. h) In case of default Default by Allottee Purchaser under the condition listed above continues for a period beyond 1 consecutive 3 (oneThree) month months after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may shall cancel the allotment of the Apartment Building in favour favor of the Allottee Purchaser and forfeit an refund the amount equal money paid to it by the Cancellation Charges Purchaser by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Vendors/Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : 9.1 Vendors/Developer fails to provide ready to move in possession of the Apartment to the Allottee Allottee(s) 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; respects; 9.2 Discontinuance of the Vendor's/ Vendors/Developer’s 's business as a Vendor/ Developer developer of this Project on account of suspension or revocation of his its registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. there under; 9.3 In case of Default by Vendor/ Vendors/Developer under the conditions listed above, Allottee Allottee(s) is entitled to the following: : (i) Stop making further payments to Vendor/ Vendors/Developer as demanded by the Vendor/ Vendors/Developer. If the Allottee Allottee(s) stops making payments, the Vendor/ Vendors/Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any penal interest; or , or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Vendor/ Vendors/Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the sale purchase of the Apartment, along with interest at the rate prescribed as specified in the Rules within 45 (forty-five) forty- five days of receiving the termination notice: Provided that where the Allottee an Allottee(s) does not intend to withdraw from the Project project or terminate the Agreement, he he/she/they shall be paid, by the Vendor/ Vendors/Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five. 9.4 The Allottee(s) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee Allottee(s) fails to make any of payments for 30 Consecutive demands made by the payments within the due dates Vendors/Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Vendor/ Vendors/Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 1 2 (onetwo) month consecutive months after notice from the Vendor/ Vendors/Developer in this regard, the Vendor/ Vendors/Developer may shall cancel the allotment of the Apartment in favour of the Allottee Allottee(s) and forfeit an refund the amount equal money paid to him by the Cancellation Charges Allottee(s) by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement agreement shall thereupon there upon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Force Majeure event, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer fails to provide ready to move in possession of the Apartment to the 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 of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate completion certificate has been issued by the competent authority; Discontinuance of the Vendor's/ Developer’s 's business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by XxxxxxxxAllottee, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. 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 Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, event the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.. 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 Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Vendors/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : 9.1 Vendors/ Developer fails fail to provide ready to move in possession of the Apartment to the Allottee Allottee(s) 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; respects; 9.2 Discontinuance of the Vendor's/ Vendors/ Developer’s 's business as a Vendor/ Developer developer of this Project on account of suspension or revocation of his their registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. there under. 9.3 In case of Default by Vendor/ Vendors/ Developer under the conditions listed above, Allottee Allottee(s) is entitled to the following: : (i) Stop making further payments to Vendor/ Vendors/ Developer as demanded by the Vendor/ Vendors/ Developer. If the Allottee Allottee(s) stops making payments, the Vendor/ Vendors/ Developer shall correct the situation by completing the construction milestones and only thereafter there after the Allottee Allottee(s) be required to make the then next payment without any penal interest; or or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Vendor/ Vendors/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the sale purchase of the Apartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) forty- five days of receiving the termination notice: Provided that where the Allottee an Allottee(s) does not intend to withdraw from the Project project or terminate the Agreement, he he/she/they shall be paid, by the Vendor/ Vendors/ Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five. 9.4 The Allottee(s) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee Allottee(s) fails to make any of payments for 30 Consecutive demands made by the payments within the due dates Vendors/Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Vendor/ Vendors/Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 1 Two (one2) month consecutive months after notice from the Vendor/ Vendors/Developer in this regard, the Vendor/ Vendors/ Developer may shall cancel the allotment of allotmentof the Apartment in favour of the Allottee Allottee(s) and forfeit an refund the amount equal money paid to them by the Cancellation Charges Allottee(s) by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon there upon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1. Subject to the Force Majeure eventclause, the Vendor/ Developer Promoter shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer : (i) The Promoter fails to provide ready to move in handover possession of the Apartment Said Office/Shop/Godown And Properties Appurtenant to the 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 of the Project with the Authority. For the purpose of this clause 'Clause, ‘ready to move in handover possession' shall mean that the Apartment Said Office/Shop/Godown And Properties Appurtenant shall be in a habitable condition which is complete in all respects including And Completion Certificate issued in this respect shall be conclusive proof of the provision same is ready with the provisions as described in paragraph (xii) of all specifications, amenities and facilities, as agreed to between the Parties, recitals above and for which the Occupancy Certificate or Completion Certificate or such other certificate by whatever name called has been issued by the competent authority; authority as per the Act for the Project; (ii) Discontinuance of the Vendor's/ DeveloperPromoter’s business as a Vendor/ Developer developer on account of suspension or revocation of his its registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. 0.0. In Xx case of Default by Vendor/ Developer the Promoter under the conditions listed above, the Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer the Promoter as demanded by the Vendor/ DeveloperPromoter. If the Allottee stops making payments, the Vendor/ Developer Promoter shall correct the situation by completing the construction milestones development of the Said Office/Shop/Godown And Properties Appurtenant as agreed and only thereafter the Allottee be required to make the next payment without any penal interest; or or (ii) The Allottee shall have the option of terminating the this Agreement in which case the Vendor/ Developer Promoter shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale Total Price of the Apartment, Said Office/Shop/Godown And Properties Appurtenant along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: . It is clarified that all amounts collected as GST deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such GST. Provided that where the an Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ DeveloperPromoter, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, Said Office/Shop/Godown And Properties Appurtenant which shall be paid by the Vendor/ Developer Promoter to the Allottee within 45 (forty-fivefive days) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 9.3. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any payments of the payments within demands made by the due dates Promoter as per the Payment Plan, mentioned hereunderPlan under Schedule C hereto and/or timely payment of the Additional Liabilities and Deposits under clause 1.2 hereto, despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Vendor/ Developer Promoter on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance Rule 17 of the delayed payment in Rules for the current financial year and shall be revised on 1st April period of each year as per the rate of Reserve Bank of India’s consumer price indexdelay; (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 2 (onetwo) month consecutive months after notice from the Vendor/ Developer Promoter in this regard, the Vendor/ Developer Promoter may cancel the allotment allotment/Agreement of the Apartment said Office/Shop/Godown and rights appurtenant in favour of the Allottee and forfeit an amount equal refund the money paid to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid Promoter by the Allottee shall, subject to second proviso below, be returned towards the Total Price by deducting the Vendor/ Developer to Booking Amount and the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 12.1. Subject to the Force Majeure eventclause, the Vendor/ Promoter/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : 12.1.1. Promoter/ Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 No 9.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project project with the Authority. For the purpose of this clause para 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects completed as per schedule –D including the provision of all specifications, amenities and facilities, as agreed to between the Partiesparties, and for which Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; ; 12.1.2. Discontinuance of the Vendor's/ Developer’s Promoter/ Xxxxxxxxx's business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. 12.2. In case of Default by Vendor/ Promoter/ Developer under the conditions listed above, Allottee is entitled to the following: : 12.2.1. Stop making further payments to Vendor/ Promoter/ Developer as demanded by the Vendor/ DeveloperPromoter/ Developer . If the Allottee stops making payments, payments the Vendor/ Promoter/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or 12.2.2. The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Promoter/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale sub lease/ purchase of the Apartmentapartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: ; 12.2.3. Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Promoter/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Promoter/ Developer to the Allottee allottee within 45 (forty-five) five days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. 12.3. The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: In : 12.3.1. ln case the Allottee fails to make any of payments for consecutive demands made by the payments within the due dates Promoter/ Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rulesinterest 12.3.2. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 2 (onetwo) month consecutive months after notice from the Vendor/ Promoter/ Developer in this regard, the Vendor/ Promoter/ Developer may cancel the allotment of the (Apartment in favour of the Allottee and forfeit an refund the money paid to him by the allottee by deducting the hooking amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: ; 12.3.3. Provided that the Vendor/ Promoter/ Developer shall intimate the Allottee allottee about such termination at least 30 (thirty) thirty days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sub Lease Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1 Subject to the Force Majeure eventclause, the Vendor/ Developer Owner/Vendor shall be considered under a condition of default (“Default”)default, in the following events: Vendor/ Developer : (i) The Owner/Vendor fails to provide ready to move in possession of the Apartment to the Allottee within the time period Committed Completion Date as specified in Clause para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the concerned Authority. For the purpose of this clause 'ready to move in para, ‘possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision as per specifications of all specifications, amenities and facilities, as agreed to between the Parties, this agreement and for which Completion Certificate has been completion certificate will be issued by the competent authority; . (ii) Discontinuance of the Vendor's/ DeveloperOwner/Vendor’s business as a Vendor/ Developer 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 rules or Regulations regulations made thereunder. there under. 9.2 In case of Default default by Vendor/ Developer the Owner/Vendor at any stage under the conditions listed above, the Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer the Owner/Vendor as demanded by the Vendor/ DeveloperOwner/Vendor. If the Allottee stops making payments, the Vendor/ Developer Owner/Vendor 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 or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer Owner/Vendor shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: . Provided that where the an Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, paid by the Vendor/ DeveloperOwner/Vendor, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer Owner/Vendor to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer 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 any of payments in accordance with the payments within demands made by the due dates Owner/Vendor from time to time as per the Payment Plan, Plan mentioned hereunderin the FOURTH SCHEDULE hereto, despite having been issued notice in that regard the regard. The Allottee shall be liable to pay interest to the Vendor/ Developer Owner/Vendor on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to Rules from the interest, in case date of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed default till actual payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price indexis made; (ii) In case of default by Allottee under the condition listed above continues for a period beyond 1 3 (onethree) month after notice from the Vendor/ Developer in this regardconsecutive months, the Vendor/ Developer Owner/Vendor may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to refund the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid to Owner/Vendor by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlierafter deducting Cancellation Fees as mentioned in clause no. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation 7.5 hereinabove and this Agreement shall thereupon stand terminated: Provided terminated and the Owner/Vendor shall be eligible to allot the said Apartment to other intending allottee. (iii) The allottee hereto agree that all information, documents etc. exchanged to date and which may be exchanged including but not limited to the Vendor/ Developer 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 Allottee about such termination at least 30 (thirty) days prior to such terminationwritten consent of the OWNER/VENDOR/VENDOR. The confidentiality obligation under this clause shall survive even after the handing over of the unit and is legally binding on the allottee and shall always be in full force and effect. Allottee (s) agrees shall not make any public announcement regarding this agreement without the prior consent of the Owner/Vendor. Nothing contained hereinabove shall apply to do any disclosure of confidential information if such disclosure is required by law or omit to do or cause to be done by any party known to him statutory authority or has entered public domain in connection with any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticelitigation.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Except for occurrence of a Force Majeure event, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : (i) Developer fails to provide ready to move in possession of the Apartment to the 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 of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all 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; ; (ii) Discontinuance of the Vendor's/ Developer’s 's business as a Vendor/ 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 Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer 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 any of the payments within the due dates as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and Booking Amountand the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: terminated Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Subject to the Force Majeure eventclause, the Vendor/ Developer Landowners/Vendors and the Developer/Promoter shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer : (i) Landowners/Vendors and the Developer/Promoter fails to provide ready to move in possession of the Apartment [Apartment/Plot] to the Allottee Allottee(s) 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects; (ii) Discontinuance of the Vendor's/ Developer’s Promoter's business as a Vendor/ Developer on account of suspension or revocation of his registration under the provisions of the Act Actor the rules or the Rules or Regulations regulations made thereunder. In case of Default by Vendor/ the Landowners/Vendors and the Developer /Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the following: : (i) Stop making further payments to Vendor/ Developer Landowners/Vendors and the Developer/Promoter as demanded by the Vendor/ he Landowners/ Vendors and the Developer/Promoter. If the Allottee Allottee(s) stops making payments, the Vendor/ Developer he Landowners/Vendors and the Developer/Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any penal interest; or or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case the Vendor/ Developer he Landowners/Vendors and the Developer/ Promoter shall be liable to refund, subject to the second proviso below, torefund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: Provided that where the Allottee an Allottee(s) does not intend to withdraw from the Project project or terminate the Agreement, he he/she shall be paid, by the Vendor/ he Landowners/Vendors and the Developer/Promoter, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions[Apartment/ Plot]. The Allottee Allottee(s) shall be considered under a condition of defaultDefault, on the occurrence of the following events: : i. In case the Allottee Allottee(s) fails to make any of payments for consecutive demands made by the payments within he Landowners/Vendors and the due dates Developer /Promoter as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee Allottee(s) shall be liable to pay interest to the Vendor/ Developer he Landowners/Vendors and the Developer/Promoter on the unpaid amount at the rate prescribed specified in the Rules. ii. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default Default by Allottee Allottee(s) under the condition listed above continues for a period beyond 1 (one) month consecutive months after notice from the Vendor/ Landowners/Vendors and the Developer /Promoter in this regard, the Vendor/ Developer may Landowners/Vendors and the Developer/Promoter shall cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee Allottee(s) and forfeit an refund the amount equal money paid to him by the Cancellation Charges Allottee(s) by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Partnership Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1 Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : (i) Developer fails to provide ready to move in possession of the Apartment to the 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 of the Project with the Authorityspecified. For the purpose of this clause clause, 'ready to move in possession' shall mean that the Apartment apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate has been issued by the competent authority; respects; (ii) Discontinuance of the Vendor's/ Developer’s 's business as a Vendor/ Developer developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules rules or Regulations regulations made thereunder. . 9.2 In case of Default by Vendor/ Developer under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Allottee under any head whatsoever towards the sale purchase of the Apartmentapartment, along with interest at the rate prescribed specified in the Rules within 45 (forty-five) five days of receiving the termination notice: Provided that where the an Allottee does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed specified in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. . 9.3 The Allottee shall be considered under a condition of defaultDefault, on the occurrence of the following events: : (i) In case the Allottee fails to make any of payments for as may be demanded upon consecutive demands made by the payments within the due dates Developer as per the Payment Plan, mentioned hereunderPlan annexed hereto, despite having been issued notice in that regard the Allottee allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed specified in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default Default by Allottee under the condition listed above continues for a period beyond 1 (one) month consecutive months after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may shall cancel the allotment of the Apartment [Apartment/Plot] in favour of the Allottee and forfeit an refund the amount equal money paid to him by the Cancellation Charges allottee by deducting the booking amount and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation interest liabilities and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Force Majeure event, the Vendor/ Developer shall be considered under a condition of default (“Default"), in the following events: Vendor/ Vendor / Developer fails to provide ready to move in possession of the Apartment to the Allottee Allotee 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 of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; : Discontinuance of the Vendor's/ Vendors / Developer’s 's business as a Vendor/ Vendor / Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. thereunder In case of Default by Vendor/ Vendor/Developer under the conditions listed above, Allottee Allotee is entitled to the followingfollowing : Stop making further payments to Vendor/ Vendor Developer as demanded by the Vendor/ Vendor / Developer. If the Allottee stops making payments, the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or The Allottee Allotee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Developer., interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer to the Allottee within 45 (forty-forty- five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Vendor / Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee Allotee in all fairness shall be responsible for such delayed payments., all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) . In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Vendor / Developer in this his regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee Allotee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed Decd of Cancellation and this Agreement shall thereupon stand terminated: terminated Provided that the Vendor/ Vendor Developer shall intimate the Allottee Allotee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Project Vendor / Developer or its representatives. representatives In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Vendor Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. Agreement In case of such a default by XxxxxxxxAllottee, after notice from the Vendor/ Vendor Developer in this regard, the Vendor/ Vendor Developer may cancel the allotment of the Apartment in favour of the Allottee Allotee and forfeit an amount amnount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Vendor Developer to the Allottee within 12 45 (twelveForty Five) months days of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. , However, may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation'. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, . the Vendor/ Vendor Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, refund subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a Force Majeure event, the Vendor/ Co-owners / Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ Co-owners / Developer fails to provide ready to move in possession of the Apartment to the 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 of the Project with the Authority. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects 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; Discontinuance of the Vendor's/ Co-owners 's/ Developer’s business as a Vendor/ Co-owners / Developer on account of suspension or revocation of his registration under the provisions of the Act or the Rules or Regulations made thereunder. In case of Default by Vendor/ Co-owners / Developer under the conditions listed above, Allottee is entitled to the following: Stop making further payments to Vendor/ Co-owners / Developer as demanded by the Vendor/ Co-owners / Developer. If the Allottee stops making payments, the Vendor/ Co-owners / Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Co-owners / Developer shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Vendor/ Co-owners / Developer, interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Co-owners / Developer to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Co-owners / Developer and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Co-owners / Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Co-owners / Developer in this regard, the Vendor/ Co-owners / Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Co-owners / Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Co-owners / Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Co-owners / Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Co-owners / Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by XxxxxxxxAllottee, after notice from the Vendor/ Co-owners / Developer in this regard, the Vendor/ Co-owners / Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Co-owners / Developer to the Allottee within 12 45 (twelveFourty Five) months days of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Co-owners / Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Co-owners / Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Except for occurrence of a Force Majeure event, the Vendor/ Developer Developer/Promoter shall be considered under a condition of default (“Default”), in the following events: Vendor/ Developer : (i) Developer/Promoter fails to provide ready to move in possession of the Allotted Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Project within the stipulated time hereunder or to be disclosed at the time of registration of the Project with the AuthorityAuthority when the same becomes functional, whichever be earlier. For the purpose of this clause 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Parties, and for which Completion Certificate occupation certificate/completion certificate has been issued by the competent authority; ; (ii) Discontinuance of the Vendor's/ Developer’s /Promoter business as a Vendor/ 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 default by Vendor/ Developer Developer/Promoter under the conditions listed above, the Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer Developer/Promoter as demanded by the Vendor/ DeveloperDevelopers/Promoters. If the Allottee stops making payments, the Vendor/ Developer /Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or or (ii) The Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer Developer/Promoter shall be liable to refund, subject to the second proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, along with interest at the rate prescribed in the Rules within 45 (forty-five) days forty- five)days of receiving the termination notice: Provided that where the Allottee does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, paid by the Vendor/ Developer, Developers/ Promoters interest at the rate prescribed in the Rules, for every month of delay till the handing over of the possession of the Apartment, which shall be paid by the Vendor/ Developer Developer/Promoter to the Allottee within 45 (forty-five) days of it becoming due. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer Developer/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 any of the payments within the due dates as per the Payment Plan, Plan mentioned hereunder, in the Eighth Schedule hereto or fails to make payment of the Extras & Deposits in terms hereof despite having been issued notice in that regard regard, the Allottee shall be liable to pay interest to the Vendor/ Developer Developer/Promoter on the unpaid amount at the rate Applicable Interest Rates prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index. (ii) In case of default by the Allottee under the condition listed above continues for a period beyond 1 (one) month two consecutive months after notice from the Vendor/ Developer Developer/Promoter in this regard, the Vendor/ Developer Developer/Promoter may cancel the allotment of the Apartment in favour of the Allottee and in the event of the cancellation, this agreement shall stand cancelled and the Developer/ Promoter shall become entitled to and shall forfeit an the Booking amount equal to 10% (ten percent) of the Cancellation Charges consideration for the Allotted Apartment and deduct from the balance consideration all interest liabilities of the Allottee accrued till the date of cancellation and brokerage paid to the real estate agent/broker, if any, legal charges paid to the Developer/Promoter and the amount of stamp duty,registration fee and allied expenses and incidentals and legal charges payable on deed of cancellation of this agreement and the applicable GST payable on such Cancellation Chargesamounts. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer Developer/Promoter to the Allottee without interest within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other a new Apartment Acquirer, whichever is earlier. However However, may it be clarified that upon the Developer/Promoter cancelling this agreement,the Developer/ Promoter shall become free to enter into agreement for transfer of the same Allotted Apartment to a new prospective Apartment Acquirer and to that the Allottee shall not be entitled to raise any objection or dispute and that the balance amount shall be payable subject to the execution and registration of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Cancellation. Provided that the Vendor/ Developer Developer/Promoter shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to Developer/Promoter and the Allottee within 12 (twelve) months shall be free to approach the authorities concerned for refund of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirertaxes, whichever is earlier. Howevercharges, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Lawlevies, the Vendor/ Developer shall have the option to terminate this Agreement. In such an eventcess, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination noticeassessments and impositions.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Except for occurrence of a 9.1 Subject to the Force Majeure eventclause, the Vendor/ Developer shall be considered under a condition of default (“Default”), in the following events: Vendor/ : (i) Developer fails to provide ready to move in possession of the Apartment Unit to the Sub-lessee/Allottee within the time period specified in Clause para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of registration of the Project with the Authoritytime. For the purpose of this clause 'para ‘ready to move in possession' shall mean that the Apartment Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the Partiesparties, and for which Completion Certificate occupation certificate and/or completion/Partial completion certificate, as the case may be, has been issued by the competent authority; ; (ii) Discontinuance of the Vendor's/ Developer’s business as a Vendor/ Developer on account developer. In the above context, the term “Complete in all respects” shall mean that the Unit will be deemed to be complete upon grant of suspension CC/Partial CC and/or Architect’s certificate notwithstanding the fact there may be minor deficiencies resulting from structural defect or revocation of his registration under workmanship since construction is man made and not machine made and there may be minor defects which will keep coming and the provisions same will remain the responsibility of the Act or the Rules or Regulations made thereunder. Promoter to rectify upto 5 Years without further charge as provided in Clause 12 hereunder. 9.2 In case of Default by Vendor/ Developer under the conditions listed above, Sub-lessee/Allottee is entitled to the following: : (i) Stop making further payments to Vendor/ Developer as demanded by the Vendor/ Developer. If the Sub-lessee/Allottee stops making payments, payments the Vendor/ Developer shall correct the situation by completing the construction milestones and only thereafter the Sub- lessee/Allottee be required to make the next payment without any interest; or or (ii) The Sub-lessee/Allottee shall have the option of terminating the Agreement in which case the Vendor/ Developer shall be liable to refund, subject to the second proviso below, refund the entire money paid by the Sub-lessee/Allottee under any head whatsoever towards the sale Sub Leasing of the ApartmentUnit, along with interest at the rate prescribed in the Rules within 45 (forty-five) five days of receiving the termination notice: . Provided that where Sub-lessee/Allottee intimates the Allottee developer in writing that it does not intend to withdraw from the Project project or terminate the Agreement, he shall be paid, by the Vendor/ Developer, interest at the rate prescribed in the Rules, Rules for every month of delay till the handing over of the possession of the Apartment, Unit which shall be paid by the Vendor/ Developer to the Sub-lessee/Allottee within 45 (forty-five) five days of it becoming due. (iii) It is hereby clarified and recorded that the marketing agent(s) appointed by the Promoter for marketing of the units / spaces in this project shall not have any responsibility towards buyers of units / spaces nor there shall be any claim by the Sub-lessee/Allottees of units / spaces of the Project(Sub-lessee/Allottees) against the marketing agent(s) regarding any matter relating to Sub-Lease / transfer of the units / spaces in the project for delays in handover/ compromised quality etc. The marketing agent(s) can only be held responsible for the deficiency in the services and/or for any unauthorized and/or wrong information provided by them. The commitments and /or mutual covenants which are expressly stated in this Agreement are the only commitments and/or mutual covenants that shall bind the parties. 9.3 The Sub-lessee/Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Sub-lessee/Allottee fails to make payments for consecutive demands made by the Developer as per the Payment Plan annexed hereto, despite having been issued notice in that regard the Sub-lessee/Allottee shall be liable to pay interest to the Developer on the unpaid amount at the rate prescribed in the Rules for the period of delay; (ii) In case Default by Sub-lessee/Allottee under the condition listed above continues for a period beyond two consecutive months after notice from the Developer in this regard, the Developer may cancel the allotment of the Unit in favour of the Sub-lessee/Allottee and refund the money paid to him by the Sub-lessee/Allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and this agreement shall thereupon stand terminated: Provided that the Developer shall intimate the Sub-lessee/Allottee about such termination at least thirty days prior to such termination and the amount finally determined shall be refunded by the Developer within 15 days after sub-leasing the Unit to a new Sub-lessee/Allottee. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Vendor/ Developer Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions. The Allottee shall be considered under a condition of default, on the occurrence of the following events: In case the Allottee fails to make any of the payments within the due dates as per the Payment Plan, mentioned hereunder, despite having been issued notice in that regard the Allottee shall be liable to pay interest to the Vendor/ Developer on the unpaid amount at the rate prescribed in the Rules. The parties agree and acknowledge that in addition to the interest, in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index) In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation and this Agreement shall thereupon stand terminated: Provided that the Vendor/ Developer shall intimate the Allottee about such termination at least 30 (thirty) days prior to such termination. The Allottee (s) agrees not to do or omit to do or cause to be done by any party known to him any act, deed or thing or behave inappropriately or correspond or communicate in a manner that would in any manner affect or prejudice or defame the Building/ Project/ Vendor/ Developer or its representatives. In the event the Allottee (s) does or omits to do any act, deed or thing then the Vendor/ Developer shall, without prejudice to any other rights or remedies available in law, have the option to terminate this Agreement. In case of such a default by Xxxxxxxx, after notice from the Vendor/ Developer in this regard, the Vendor/ Developer may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall be, subject to proviso below, be returned by the Vendor/ Developer to the Allottee within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However, may it be clarified that the balance amount shall be payable subject to the execution of the ‘Deed of Cancellation’. In the event construction of the floor or the Building or the Project in which the Apartment is located has been stopped for a period of more than 12 (Twelve) months due to Applicable Law, the Vendor/ Developer shall have the option to terminate this Agreement. In such an event, the Vendor/ Developer shall be liable to refund, subject to the proviso below, the entire money paid by the Allottee under any head whatsoever towards the sale of the Apartment, within 45 (forty-five) days of receiving the termination notice.

Appears in 1 contract

Samples: Sub Lease Agreement