Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate and Completion Certificate, as the case may be has been issued by the Competent Authority. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘ready to move in possession’ shall mean men that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate and Completion Certificate, as the case may be has been issued by the Competent Authority. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following following events: (i) Promoter fails to provide ready to move in possession of the Apartment Flat to the Allottee within the time period specified in para 7.1or 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate occupation certificate and Completion Certificatecompletion certificate, as the case may be be, has been beat issued by the Competent Authority.competent authority; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case ease of Default default by Promoter under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to Promoter as demanded by the Promoter. If lf the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1or 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘ready to move in possession’ shall mean men that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate and Completion Certificate, as the case may be has been issued by the Competent Authority. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the Following events:following events:‐ (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee Allottee(s) within the time period specified in para 7.1or Para 7.1 above in this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para ‘para, 'ready to move in possession’ ' shall mean that the apartment Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate occupation certificate and Completion Certificatecompletion certificate, as the case may be be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the Promoter’s 's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the following:following:‐ (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee Allottee(s) stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any interest; or

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 (9.1.) Subject to the Force Majeure clauseconditions, the Promoter shall be considered under a condition of DefaultDefaulter, in the Following following events: (i) Promoter fails to provide ready to move in possession of the Apartment Plot to the Allottee within the time period specified in para 7.1or Para 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘Para, 'ready to move in possession’ ' shall mean that the apartment Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilitiesrespects, as agreed to between the parties, and for which Occupation Certificate and Completion Certificate, as the case may be has been issued by the Competent Authority.; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 (9.2.) In case of any Default committed by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter thereafter, the Allottee shall be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever (iii).

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1or 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘ready to move in possession’ shall mean men that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate and Completion Certificate, as the case may be has been issued by the Competent Authority. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, within forty-five days of receiving the termination notice.

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the Following following events:, namely:- (i) The Promoter fails to provide ready to move in possession of the Apartment /Flat to the Allottee Allottee(s) within the time period specified in para 7.1or this Agreement or fails to complete the project Project within the stipulated time disclosed at the time of registration of the project Project with the Authority. For the purpose of this para ‘clause, 'ready to move in possession’ ' shall mean that the apartment Apartment or Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate occupation certificate and Completion Certificatecompletion certificate, as the case may be be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the Promoter’s 's business as a developer on account of suspension or revocation or expiry of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2 9.2. In case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the following:following:- (i) Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee Allottee(s) stops making payments payments, the Promoter shall correct the situation by completing the construction construction/ development milestones and only thereafter the Allottee Allottee(s) be required to make the next payment without any interest; or (ii) The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Apartment.

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1or 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate and Completion Certificate, as the case may be has been issued by the Competent Authority. (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following following events: (i) Promoter fails to provide ready to move in possession of the Apartment [Apartment] to the Allottee within the time period specified in para 7.1or 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘para, 'ready to move in possession’ ' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate occupation certificate and Completion Certificatecompletion certificate, as the case may be be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 9.2. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice:

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following following events: (i) Promoter fails to provide ready to move in possession of the Apartment Flat to the Allottee Allottees within the time period specified in para 7.1or 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate occupation certificate and Completion Certificatecompletion certificate, as the case may be be, has been beat issued by the Competent Authority.competent authority; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 . In case ease of Default default by Promoter under the conditions listed above, Allottee Allottees is entitled to the following: : (i) Stop making further payments to Promoter as demanded by the Promoter. If lf the Allottee Allottees stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any interest; or

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following following events: (i) Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in para 7.1or 7.1. or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘“ready to move in possession’ ” shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate occupation certificate and Completion Certificatecompletion certificate, as the case may be be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or of regulations made thereunder. 9.2 9.2. In case ease of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments the Promoter shall (ii) The Allottee shall correct have the situation option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by completing the construction milestones and only thereafter the Allottee be required to make under any head whatsoever towards the next payment without any interest; orpurchase of the apartment, along with interest at the rate prescribed in the Rules within 45 (Forty-five) days of receiving the termination notice;

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the Following following events: (i) Promoter fails to provide ready to move in possession of the Apartment Flat to the Allottee Allottees within the time period specified in para 7.1or 7.1 or fails to complete the project within the stipulated time disclosed at the time of registration of the project with the Authority. For the purpose of this para ‘ready to move in possession’ shall mean that the apartment Flat shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which Occupation Certificate occupation certificate and Completion Certificatecompletion certificate, as the case may be be, has been beat issued by the Competent Authority.competent authority; (ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2 In case ease of Default default by Promoter under the conditions listed above, Allottee Allottees is entitled to the following: : (i) Stop making further payments to Promoter as demanded by the Promoter. If lf the Allottee Allottees stops making payments the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee Allottees be required to make the next payment without any interest; or