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Common use of EVENTS OF DEFAULTS AND CONSEQUENCES Clause in Contracts

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

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two 3 (three) consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 2 contracts

Samples: Sale Agreement, Agreement for Sale

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

Appears in 2 contracts

Samples: Agreement for Sale, Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Apartment / Unit to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, ready to move in possession’ shall mean that the Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.other provisions hereof; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of default the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to promoter construction milestones, if any, to the Promoter as demanded by the Promoter by the Promoterpromoter. If the Allottee stops making paymentspayment, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment / Unit, alongwith along with interest at the rate specified in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.period mentioned in the Rules; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. Apartment / Unit. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and two consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified hereinin the Rules. (ii) In case of Default by the Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months 15 days after the notice from the promoter Promoter in this regard, the promoter Promoter shall cancel the allotment of the Row House or the Town House Apartment / Unit in favour of the Allottee and refund the amount of money paid to him the Promoter by the allottee by after deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated terminated. Provided that Such refund shall not include any amount paid by the Allottee on account of Legal Charges, Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be subject to sale of Apartment / Unit by the Promoter and the amount have been received by the Promoter from the new Transferee thereof. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. (iii) In case the Allottee fails to execute and register the Deed of Cancellation, as aforesaid, the Sale Agreement shall be deemed to have been cancelled and the payment due to the Allottee shall be held by the Promoter and upon the Allottee executing and registering the Deed of Cancellation, the payment shall be released in favour the Allottee and such payment when withheld by the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationnot carry any interest.

Appears in 2 contracts

Samples: Deed of Conveyance, Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) : Promoter fails to provide ready to move in possession of the Row House or the Town House Unit [Apartment/Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Unit apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion/Partial Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority. (ii) competent authority; Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthe re under. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) : Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) or 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 Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit [Apartment/Plot], which shall be paid by the Promoter promoter to the Allottee allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: - (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and ____ consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified herein. (ii) prescribed in the Rules; In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two ____ consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter may cancel the allotment of the Row House or the Town House Unit [Apartment/Plot] in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated terminated. Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least 30 thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit to Apartmentto 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 allotteeregistering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee theAllottee fails to make payments for more than 15 days from scheduled date and demands made by the paymenttothe Promoter as per the payment plan as per Schedule - CthePayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 Allottee registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by paymentto the Promoter as per the payment plan as per Schedule - CthePayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon reTransfer of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently transferring the Said Apartment and Appurtenances to another Allottee and receipt of the price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Draft Agreement for Sredpl Allocation

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, 'ready to move in possession' shall mean that the Unit apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.respects; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops stop making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal 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 Unitapartment, alongwith along with interest at the rate specified in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situatedApartment. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and three (3) consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified hereinin the Rules. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the promoter Promoter in this regard, the promoter Promoter shall cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationterminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) : Promoter fails to provide ready to move in possession of the Row House or the Town House Unit [Apartment/Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Unit apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion/Partial Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority. (ii) competent authority; Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) : Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) or 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 Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit [Apartment/Plot], which shall be paid by the Promoter promoter to the Allottee allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: - (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by the Promoter as per the payment plan as per Schedule - C, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified herein. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the promoter in this regard, the promoter shall cancel the allotment of the Row House or the Town House Unit in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such termination

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, in the following events: (i) Promoter fails to provide ready to move possession In case of there being a failure, refusal, neglect, breach, violation, non- compliance or default on the part of the Row House Allottee to perform or comply with any of the Town House Unit terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter/Owners shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter/Owners within the time period specified or fails above time, then the Allottee shall be liable to complete pay to the Project Promoter/Owners compensation and/or damages that may be quantified by the Promoter/Owners and in default of such payment within 30 days, the stipulated time disclosed at Promoter/Owners may terminate the allotment /Agreement of the said Apartment in favour of the Allottee. In case of termination the provisions under sub-clause 9.3 (ii) shall be applicable regarding the amount that shall be refundable and the time of Registration of for the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authoritysame. (ii) Discontinuance If any act or omission of the promoter’s business as a developer on account of suspension Allottee results in any interruption, interference, hindrance, obstruction, impediment or revocation of his registration under delay in the provisions Project or the construction of the Act Building or any portion thereof including further constructions, additions and/or alterations from time to time and/or in the rules transfer, sale or regulations made thereunder. In case disposal of default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase Apartment or portion of the UnitBuilding, alongwith interest at the rate specified then in the rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.; Provided that where an allottee does not intend to withdraw from the project or terminate the agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and event the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: - (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by the Promoter as per the payment plan as per Schedule - C, despite having been issued notice in that regard the allottee shall also be liable to pay interest to the promoter on Promoter/Owners compensation and/or damages that may be quantified by the unpaid amount at the rate specified hereinPromoter/Owners. (iiiii) In case of Default by Allottee in payment of either Besides the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the promoter in this regardaforesaid rights, the promoter Promoter/Owners shall cancel also be entitled to enforce any other right to which the allotment Promoter/Owners may be entitled to in law by reason of any default or breach on the part of the Row House or the Town House Unit in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationAllottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move possession of the Row House or the Town House Unit Apartment to the Allottee as herein agreed within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.specified; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. ; 9.2 In case of default the Allottee complies with his obligations under this agreement and there is Default by Promoter under the conditions listed above, the Allottee is entitled to the followingfollowing : (i) Stop making further payments linked to promoter construction milestones, if any, to the Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making paymentspayment, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase acquiring of the said Unit, alongwith along with interest at the rate specified in the rules Rules (presently being Lowest State Bank of India PLR plus 2% per annum) within forty-forty five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified in the RulesRules (presently being Lowest State Bank of India PLR plus 2% per annum), for every month of delay till the handing over of the possession of the Row House or the Unit Apartment, which shall be paid by the Promoter to the Allottee within 45 forty five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified hereinin the Rules. (ii) In case of Default by the Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive 2 months after the notice from the promoter Promoter in this regard, the promoter Promoter shall cancel the allotment of the Row House or the Town House said Unit in favour of favourof the Allottee and refund the amount of money paid to him the Promoter by the allottee by after deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that and such refund shall be subject to transfer of the said Unit by the Promoter shall intimate to the Allottee about such termination at least 30 days prior to such terminationnew transfereeand the amounts have been received by the Promoter from the new transferee thereof.

Appears in 1 contract

Samples: Not Specified

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit to Apartmentto 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 allotteeregistering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee theAllottee fails to make payments for more than 15 days from scheduled date and demands made by paymentto the Promoter as per the payment plan as per Schedule - CthePayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In I n case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by paymentto the Promoter as per the payment plan as per Schedule - CthePayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of cancellation in respect of the Said Apartment and Appurtenances and upon retransfer of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the total consideration and interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter Vendor shall be considered under a condition of defaultDefault, in the following events: (i) Promoter a. Vendor fails to provide ready to move in possession of the Row House or the Town House Unit Apartment to the Allottee Purchaser within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, 'ready to move in possession' shall mean that the Unit apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authorityrespects. (ii) b. Discontinuance of the promoterVendor’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of default Default by Promoter Vendor under the conditions listed above, Allottee Purchaser is entitled to the following: (i) a. Stop making further payments to promoter Vendor as demanded by the Promoter by the PromoterVendor. If the Allottee Purchaser stops making payments, the Promoters 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. (ii) b. The Allottee Purchaser shall have the option of terminating the Agreement in which case the Promoter Vendor shall be liable to refund the entire money paid by the Allottee Purchaser under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.; notice. Provided that where an allottee the Purchaser does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterVendor, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. Apartment. 9.3 The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee Purchaser shall be considered under a condition of Default, on the occurrence of the following events: -: (i) a. In case the Allottee Purchaser fails to make payments for more than 15 days from scheduled date and 3 (Three) consecutive demands made by the Promoter Vendor as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee Purchaser shall be liable to pay interest to the promoter Vendor on the unpaid amount at the rate specified hereinin the Rules. (ii) b. In case of Default by Allottee in payment of either the instalment or the interest or both Purchaser under the condition listed above continues for a period beyond two consecutive 3 (Three) months after the notice from the promoter Vendor in this regard, the promoter Vendor shall cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee Purchaser and refund the amount of money paid to him by the allottee Purchaser by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationterminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 8.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment to the Allottee Allottees 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 8.2. In case of default Default by Promoter under the conditions listed above, Allottee Allottees is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee Allottees stops making payments, payments the Promoters 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 (ii) The Allottee Allottees 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 Allottees under any head whatsoever towards the purchase transfer of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 Allottees registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances ; Provided that where an allottee Allottees does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee Allottees within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 8.3. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: - (i) In case the Allottee fails Allottees fail to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottees shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (iii) In case of Default by Allottee in payment of either the instalment or the interest or both Allottees under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee Allottees and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of cancellation in respect of the Said Apartment and Appurtenances and upon retransfer of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another Allottees and receipt of the total consideration and interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that price thereon, the Promoter shall intimate after adjusting the Allottee about such booking amount, refund to the Allottees, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination at least 30 days prior of this Agreement in the aforesaid circumstances, the Allottees shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Partnership Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Apartment / Unit to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, ready to move in possession’ shall mean that the Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.other provisions hereof; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of default the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to promoter construction milestones, if any, to the Promoter as demanded by the Promoter by the Promoterpromoter. If the Allottee stops making paymentspayment, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment / Unit, alongwith along with interest at the rate specified in the rules Rules (presently being State Bank of India PLR plus 2% per annum) within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.period mentioned in the Rules; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified in the RulesRules (presently being State Bank of India PLR plus 2% per annum), for every month of delay till the handing over of the possession of the Row House or the Unit Apartment / Unit, which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by period mentioned in the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. Rules. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified hereinin the Rules. (ii) In case of Default by the Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the promoter Promoter in this regard, the promoter Promoter shall cancel the allotment of the Row House or the Town House Apartment / Unit in favour of the Allottee and refund the amount of money paid to him the Promoter by the allottee by after deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated terminated. Provided that Such refund shall not include any amount paid by the Allottee on account of Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be made out of the amounts received by the Promoter shall intimate against sale of the Apartment / Unit to any other interested person. The Allottee about such termination shall, at least 30 days prior to such terminationhis own costs and expenses, execute all necessary documents required by the Promoter in this regard.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Apartment / Unit to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, ready to move in possession’ shall mean that the Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.other provisions hereof; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of default the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to promoter construction milestones, if any, to the Promoter as demanded by the Promoter by the Promoterpromoter. If the Allottee stops making paymentspayment, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment / Unit, alongwith along with interest at the rate specified in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.period mentioned in the Rules; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. Apartment / Unit. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and two consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified hereinin the Rules. (ii) In case of Default by the Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months 15 days after the notice from the promoter Promoter in this regard, the promoter Promoter shall cancel the allotment of the Row House or the Town House Apartment / Unit in favour of the Allottee and refund the amount of money paid to him the Promoter by the allottee by after deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated terminated. Provided that Such refund shall not include any amount paid by the Allottee on account of Legal Charges, Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be subject to sale of Apartment / Unit by the Promoter and the amount have been received by the Promoter from the new Transferee thereof. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. (iii) In case the Allottee fails to execute and register the Deed of Cancellation, as aforesaid, the Sale Agreement shall be deemed to have been cancelled and the payment due, to the Allottee shall be held by the Promoter and upon the Allottee executing and registering the Deed of Cancellation, the payment shall be released in favour the Allottee and such payment when withheld by the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationnot carry any interest thereof.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, clause 'ready to move in possession' shall mean that the Unit apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.respects; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal 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 Unitapartment, alongwith along with interest at the rate specified in the rules Rules within forty-five 45 days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.notice; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situatedApartment. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified herein.in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the promoter Promoter in this regard, the promoter Promoter shall cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationterminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In I n case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two 3 (three) consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Plot to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clausepara, 'ready to move in possession' shall mean that the Unit Plot shall be in a habitable condition which is complete in all respects including the provision of all specifications specifications, amenities and facilities, as agreed to between the parties parties, and for which Completion/Partial Completion Certificate completion certificate, as the case may be, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit [Plot], which shall be paid by the Promoter promoter to the Allottee allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter may cancel the allotment of the Row House or the Town House Unit Plot in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated terminated. Provided that the Promoter promoter shall intimate the Allottee allottee about such termination at least 30 thirty days prior to such termination.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to All defaults, breaches and/ or non-compliance of any of the Force Majeure clause, terms and conditions of this Agreement by the Promoter Allottee shall be considered under a condition deemed to be events of default, in defaults liable for consequences stipulated herein. Some of the following eventsindicative/ illustrative events of defaults are mentioned below: (i) Promoter fails Failure to provide ready to move possession of the Row House or the Town House Unit to the Allottee make payments within the time period specified as stipulated in the Schedule of Payments as given in Annexure-III and failure to pay the stamp duly, legal, registration any incidental charges, any increases in EDC/IDC or fails any statutory dues or in security deposits including but not limited to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authorities. For the purpose of this clause, ready to move in possession’ shall mean that the Unit shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority. Interest Free Maintenance Security Deposit (iiIFMSD) Discontinuance of the promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In 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 Developer, any other charges, deposits for bulk supply of electrical energy, taxes etc. as may be notified by the PromoterDeveloper to the Allottee ii) Failure to perform and observe any or all of the Allottee’s obligations as set forth in this Agreement or if the Allottee fails to execute any other deed/ document/ undertakings/ indemnities etc. or to perform any other obligation, if any set forth in any other Agreement with the Developer in relation to the said Apartment. iii) Failure to take over the said Apartment for occupation and use within the time stipulated by the Developer in its notice. iv) Failure to execute the conveyance deed within the time stipulated by the Developer in its notice. v) Failure to execute Maintenance Agreement and/or to pay on or before its due date the maintenance charges, maintenance security deposits, deposits/charges for bulk supply of electrical energy or any increases in respect thereof, as demanded by the Developer, its nominee other Body or Association of Apartment Owners. vi) Failure, pursuant to a request by the Developer, to become a member of the Association of Apartment Owners at the said Building/ said Group Housing Colony or to pay subscription charges etc, as may be required by the Developer or Association of Apartment Owners, as the case may be. vii) Assignment of this Agreement or any part of this Agreement without prior written consent of the Developer. viii) Dishonor of any cheque(s), given by Allottee for any reason whatsoever. ix) Sale/ transfer/ disposal of/dealing with, in any manner, the reserved parking space, if allotted, independent of the Apartment. x) Any other acts, deeds or things which the Allottee may commit, omit or fail to perform in terms of this Agreement, any other undertaking, affidavit / agreement / indemnity etc. or as demanded by the Developer which in the opinion of the Developer amounts to an event of default and the Allottee agrees and confirms that the decision of the Developer in this regard shall be final and binding on the Allottee. Upon the occurrence of any one or more of event(s) of default under this Agreement including but not limited to those specified above, the Developer may, at its sole discretion decide, by notice to the Allottee, to cancel this Agreement. If the Allottee stops making paymentsDeveloper elects to cancel this Agreement, the Promoters shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have fifteen (15) days from the option date of terminating issue of notice of cancellation by the Developer to rectify the default as specified in that notice. The Allottee agrees that if the default is not rectified within such 15 (15) days, this Agreement in which case the Promoter shall be liable automatically cancelled without any further notice and the Developer shall have the right to refund retain, as and for liquidated damages, the entire xxxxxxx money paid by the Allottee under any head whatsoever towards the purchase of the Unit, alongwith interest at the rate as specified in this Agreement along with other Non-Refundable amounts e.g. the rules within forty-five days of receiving the termination notice subject interest on delayed payments, any brokerage paid/ due to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 payable, service tax, any other tax/ cess paid to statutory authorities etc. The Allottee agrees that upon such cancellation of this Agreement.; Provided , the Developer will be released and discharged of all liabilities and obligations under this Agreement and the Allottee hereby authorizes the Developer that where an allottee does not intend the said Apartment and the car parking space, if allotted, may be sold to withdraw from the project or terminate the agreement, he shall be paid, any other party by the promoter, interest at Developer or dealt in any other manner as the rate specified Developer may in the Rules, for every month of delay till the handing over the possession of the Row House or the Unit which shall be paid by the Promoter its sole discretion deem fit as if this Agreement had never been executed and without accounting to the Allottee within 45 days for any of its becoming due... Provided further that all the proceeds of such sale. In the event of the Developer electing to cancel this Agreement any amount which shall prove to be refundable to the Allottee over and above the amounts collected retained as taxesliquidated damages such as the xxxxxxx money, chargesinterest on delayed payments, leviesany brokerage paid, cessdue or payable, assessments and impositions and deposited with the appropriate authorities concerned any other amount of non-refundable nature, shall not be returned refunded by the Promoter Developer without any interest or compensation of whatsoever nature and upon such cancellation and refund by the Developer by registered post, the Allottee shall be free left with no right, title, interest or lien over the said Apartment and the car parking space in any manner whatsoever and he shall have to approach return his/her copy of this Agreement back to the authorities concerned for refund Developer within 15 days of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: - (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by the Promoter as per the payment plan as per Schedule - C, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified hereincancellation. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the promoter in this regard, the promoter shall cancel the allotment of the Row House or the Town House Unit in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such termination

Appears in 1 contract

Samples: Apartment Buyers Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit to Apartmentto 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events:; (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment to the Allottee Allottees within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, ready to move in possession’ shall mean that the Unit apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.respect; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of default Default by Promoter under the conditions listed above, Allottee Allottees is entitled to the following:; (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee Allottees stops making payments, the Promoters 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 penal interest; or (ii) The Allottee Allottees 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 Allottees under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified in the rules Rules within forty-forty- five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.notice; Provided that where an allottee Allottees does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situatedApartment. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails Allottees fail to make payments for more than 15 days from scheduled date and 3 (three) consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that the regard the allottee shall Allottees Will be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified hereinin the Rules. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both Allottees under the condition listed above continues for a period beyond two consecutive months month after the notice from the promoter Promoter in this regard, the promoter Promoter shall cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee Allottees and refund the amount of money paid to him by the allottee Allottees by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationterminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) : Promoter fails to provide ready to move in possession of the Row House or the Town House Unit [Apartment / Plot] to the Allottee within the time period specified in para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clausepara, ready to move in possession’ shall mean that the Unit apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications specification, amenities and facilities, as agreed to between the parties parties, and for which Completion/Partial Completion Certificate occupation certificate and completion certificate, as the case may be, has been issued by the Competent Authority. (ii) competent authority. Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) : Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) or 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 Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five sixty days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.; notice: Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over the possession of the Row House or the Unit [Apartment / Plot] which shall be paid by the Promoter promoter to the Allottee allottee within 45 sixty days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: - (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified herein. (ii) prescribed in the Rules; In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two _ _ consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter may cancel the allotment of the Row House or the Town House Unit [Apartment / Plot] in favour of the Allottee and refund the amount of money paid to him by the allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated terminated. Provided that the Promoter shall intimate the Allottee allottee about such termination at least 30 thirty days prior to such termination. CONVEYANCE OF THE SAID APARTMENT: The Promoter, on receipt of Total Price of the [Apartment / Plot] as per para

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Apartment / Unit to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, ready to move in possession’ shall mean that the Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.other provisions hereof; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of default the Allottee complies with his obligations under this agreement and there is Default by Promoter promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to promoter construction milestones, if any, to the Promoter as demanded by the Promoter by the Promoterpromoter. If the Allottee stops making paymentspayment, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment / Unit, alongwith along with interest at the rate specified in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.period mentioned in the Rules; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. Apartment / Unit. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and two consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified hereinin the Rules. (ii) In case of Default by the Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months 15 days after the notice from the promoter Promoter in this regard, the promoter Promoter shall cancel the allotment of the Row House or the Town House Apartment / Unit in favour of the Allottee and refund the amount of money paid to him the Promoter by the allottee by after deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated terminated. Provided that Such refund shall not include any amount paid by the Allottee on account of Legal Charges, Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be subject to sale of Apartment / Unit by the Promoter and the amount have been received by the Promoter from the new Transferee thereof. The Allottee shall, at his own costs and expenses, execute all necessary documents required by the Promoter in this regard. (iii) In case the Allottee fails to execute and register the Deed of Cancellation, as aforesaid, the Deed of Conveyance shall be deemed to have been cancelled and the payment due, to the Allottee shall be held by the Promoter and upon the Allottee executing and registering the Deed of Cancellation, the payment shall be released in favour the Allottee and such payment when withheld by the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationnot carry any interest thereof.

Appears in 1 contract

Samples: Deed of Conveyance

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops stop making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitbungalow, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Bungalow and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Bungalow, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two 3 (three) consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Bungalow in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Bungalow and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Bungalow and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Bungalow and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Bungalow and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Bungalow and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House said Apartment / Unit to the Allottee within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, ready to move in possession’ shall mean that the said Apartment / Unit shall be in a habitable condition which is complete in all respects including subject to the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.other provisions hereof; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of default the Allottee complies with his obligations under this agreement and there is Default by Promoter under the conditions listed above, the Allottee is entitled to the following: (i) Stop making further payments linked to promoter construction milestones, if any, to the Promoter as demanded by the Promoter by the Promoterpromoter. If the Allottee stops making paymentspayment, the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; Provided That this clause shall not be applicable if the payment by the Allottee is not construction linked; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase sub-lease of the said Apartment / Unit, alongwith along with interest at the rate specified in the rules Rules (presently being State Bank of India PLR plus 2% per annum) within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.period mentioned in the Rules; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified in the RulesRules (presently being State Bank of India PLR plus 2% per annum), for every month of delay till the handing over of the possession of the Row House or the Unit said Apartment / Unit, which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by period mentioned in the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. Rules. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands consecutively two times ondemands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified hereinin the Rules. (ii) In case of Default by Allottee in of making payment of either bythe Allotteeconsecutively for two occasions,then the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive months after the notice from the promoter Promoter in this regard, the promoter ,shall cancel the allotment of the Row House or the Town House said Apartment / Unit in favour of the Allottee and refund the amount of money paid to him the Promoter by the allottee by allotteeafter deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated terminated. Provided that Such refund shall not include any amount paid by the Allottee on account of Taxes paid by the Allottee and/or stamp duty and registration charges incurred by the Allottee and shall be made out of the amounts received by the Promoter shall intimate against sub-lease of the said Apartment / Unit to any other interested person. The Allottee about such termination shall, at least 30 days prior to such terminationhis own costs and expenses, execute all necessary documents required by the Promoter in this regard.

Appears in 1 contract

Samples: Sub Lease Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of default, default in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit said Apartment to the Allottee within the time period specified in Para 7.1 or fails to complete the Project project within the stipulated time disclosed at the time of Registration registration of the Project project with the AuthoritiesAuthority. For the purpose of this clause, Para ready to move in possession’ possession shall mean that the Unit apartment shall be in a habitable condition which is complete in all respects respect including the provision of all specifications specification, amenities and facilities, as agreed agree to between the parties parties, and for which Completion/Partial Completion Certificate occupation certificate and completion certificate as the case may be, has been issued issues by the Competent Authority.competent authority; (ii) Discontinuance of if the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions provision of the Act or the rules or regulations made thereunder. there under. 9.2 In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following:following subject to the Allottee having complied with all his obligations under this Agreement including making timely payment of all amounts payable under this Agreement and there being no failure, refusal, neglect, breach, violation, non – (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement 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 Unitapartment, alongwith along with the interest at the rate specified prescribed in the rules within forty-five 45 days of receiving the termination notice subject or within such further time as may be agreed between the parties. The fees and expenses relating to allottee fulfilling all formalities on its part as more fully mentionedin parathe Agreement for sale including stamp duty, registration fees, Advocate fees, incidental and other expenses for registration, etc. shall not be refundable. The GST paid by the Allottee shall be refunded only if the Promoter receives refund/clause 7 credit for the same from the concerned authorities. Such refund, if any, shall be made within 30 days of receipt/credit of GST. If however the Allottee does not terminate the Agreement within 3 months of the date specified in Clause 7.1, then it shall be deemed that the Allottee has voluntarily opted not to terminate the Agreement and this Agreement.Clause shall no longer be applicable and/or shall cease to have effect; Provided that where an allottee Allottee does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. the 9.3 The Allottee shall be considered under a condition of Defaultdefault, on the occurrence of the following events: events :- (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and consecutive demands made by the Promoter as per the payment plan Payment Plan as per mentioned in Schedule - C” mentioned herein below, despite having been issued notice in that regard the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified hereinprescribed in the rules. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two 2(two) consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promter may cancel the allotment allotment/Agreement of the Row House or the Town House Unit said Apartment in favour of the Allottee and refund the amount of money paid to him the Promoter by the allottee Allottee and refund the money paid to the Promoter by the Allottee by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that and the Promoter shall intimate free to deal with, dispose of and/or sell the said Apartment Unit to anyone else without any reference to the Allottee about which right and/or entitlement (iii) In case of there being a failure, refusal, neglect, breach, violation, non-compliance or default on the part of the Allottee to reform or comply with any of the terms, conditions, convents, undertaking, stipulations, restrictions, prohibitions and/or obligations under this Agreement or otherwise under law, then the Promoter shall be entitled to issue a Notice to the Allottee calling upon the Allottee to rectify, remedy, make good or set right the same within one month from the date of issue of such Notice. If the Allottee does not comply with the said Notice to the satisfaction of the Promoter within the above time, then the Allottee shall be liable to pay the Promoter compensation and/or damages that may be quantified by the Promoter in default of such payment within 30 days, the Promoter may terminate the allotment/ Agreement of the said Apartment in favour of the Allottee. In case of termination at least 30 days prior the provisions under sub-clause 9.3 (ii) shall be applicable regarding the amount that shall be refundable and the time for the same. (iv) If any act or omission of the Allottee results in any interruption, interference, hindrance, obstruction, impediment or delay in the Project or the construction of the Buildings or any portion thereof (v) Besides the Aforesaid rights the Promoter shall also be entitled to such terminationenforce any other right to which the Promoter may be entitled to in law by reason of any default or breach on the part of the Allottee.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment to the Allottee Allottees 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee Allottees is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee Allottees stops making payments, payments the Promoters 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 (ii) The Allottee Allottees 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 Allottees under any head whatsoever towards the purchase transfer of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 Allottees registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottees does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee Allottees within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails Allottees fail to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottees shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both Allottees under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee Allottees and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of cancellation in respect of the Said Apartment and Appurtenances and upon retransfer of the Said Apartment and Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another Allottees and receipt of the total consideration and interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that price thereon, the Promoter shall intimate after adjusting the Allottee about such booking amount, refund to the Allottees, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination at least 30 days prior of this Agreement in the aforesaid circumstances, the Allottees shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Partnership Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit to Apartmentto 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by paymentto the Promoter as per the payment plan as per Schedule - CthePayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon reTransfer of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently transferring the Said Apartment and Appurtenances to another allottee and receipt of the price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Transfer Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit to Apartmentto 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 allotteeregistering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee theAllottee fails to make payments for more than 15 days from scheduled date and demands made by paymentto the Promoter as per the payment plan as per Schedule - CthePayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. 1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: : (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority. competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or 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 Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: - (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein. prescribed in the Rules; (ii) In ii)In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Promoter Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events:; (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment to the Allottee Allottees within the time period specified or fails to complete the Project within the stipulated time disclosed at the time of Registration of the Project with the Authoritiesspecified. For the purpose of this clause, ready to move in possession’ shall mean that the Unit apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties and for which Completion/Partial Completion Certificate has been issued by the Competent Authority.respect; (ii) Discontinuance of the promoterPromoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of default Default by Promoter under the conditions listed above, Allottee is Allotteesis entitled to the following:; (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee Allottees stops making payments, the Promoters 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 penal interest; or (ii) The Allottee Allottees 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 Allottees under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified in the rules Rules within forty-forty- five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 of this Agreement.notice; Provided that where an allottee Allottees does not intend to withdraw from the project or terminate the agreementAgreement, he shall be paid, by the promoterPromoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit which shall be paid by the Promoter to the Allottee within 45 days of its becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situatedApartment. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails Allottees fail to make payments for more than 15 days from scheduled date and 3 (three) consecutive demands made by the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that the regard the allottee shall Allottees Will be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified hereinin the Rules. (ii) In case of Default by Allottee in payment of either the instalment or the interest or both Allottees under the condition listed above continues for a period beyond two consecutive months month after the notice from the promoter Promoter in this regard, the promoter Promoter shall cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee Allottees and refund the amount of money paid to him by the allottee Allottees by deducting the booking amount of 10% of total consideration and the interest liabilities and the applicable GST payable on such Cancellation charges and this Agreement shall thereupon stand terminated . Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationterminated.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: : (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit to Apartmentto 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority. competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: : (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or 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 Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: - (i) In case the Allottee theAllottee fails to make payments for more than 15 days from scheduled date and demands made by the paymenttothe Promoter as per the payment plan as per Schedule - CthePayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein. prescribed in the Rules; (ii) In ii)In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two consecutive beyond3 (three)consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter,upon 30 (thirty) days written notice,may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Partnership Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. . 9.2 In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two 3 (three) consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Agreement for Sale

EVENTS OF DEFAULTS AND CONSEQUENCES. Subject to the Force Majeure clause, the Promoter DEVELOPER shall be considered under a condition of defaultDefault, in the following events: (i) Promoter 9.1. DEVELOPER fails to provide ready to move in possession of the Row House or the Town House Unit Apartment to the Allottee ALLOTTEES 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause “ready to move in possessionshall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) 9.2. Discontinuance of the promoter’s DEVELOPER's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.3. In case of default by Promoter DEVELOPER under the conditions listed above, Allottee ALLOTTEE is entitled to the following: (ia) Stop making further payments to promoter DEVELOPER as demanded by the Promoter by the PromoterDEVELOPER. If the Allottee ALLOTTEE stops making payments, the Promoters payments DEVELOPER shall correct the situation by completing the construction milestones and only thereafter the Allottee ALLOTTEE be required to make the next payment without any interest; or (iib) The Allottee ALLOTTEE shall have the option of terminating the this Agreement in which case the Promoter DEVELOPER shall be liable to refund the entire money paid by the Allottee ALLOTTEES under any head whatsoever towards the purchase of the UnitSaid Apartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 ALLOTTEE registering the deed of this Agreement.cancellation in respect of Apartment And Properties Appurtenant Thereto; Provided that where an allottee ALLOTTEE does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter DEVELOPER to the Allottee ALLOTTEES within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.4. The Allottee ALLOTTEE shall be considered under a condition of Default, on the occurrence of the following events: -: (ia) In case the Allottee ALLOTTEE fails to make payments for more than 15 days from scheduled date and demands made by the Promoter payment to DEVELOPER as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard the allottee regard, ALLOTTEE shall be liable to pay interest to the promoter DEVELOPER on the unpaid amount at the rate specified herein.prescribed in the Rules; (iib) In case of Default by Allottee in payment of either the instalment or the interest or both ALLOTTEE under the condition listed above continues for a period beyond two consecutive 3 (three)consecutive months after the notice from the promoter DEVELOPER in this regard, the promoter shall DEVELOPER, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Said Apartment in favour of ALLOTTEE and forfeit the Allottee entire booking amount paid for the allotment for Said Apartment. Upon registration of the deed of cancellation in respect of Apartment And Properties Appurtenant Thereto and refund upon resale of Apartment And Properties Appurtenant Thereto i.e. upon DEVELOPER subsequently selling and transferring Apartment And Properties Appurtenant Thereto to another allottee and receipt of the amount of money paid to him by the allottee by deducting sale price thereon, DEVELOPER shall after adjusting the booking amount amount, refund to ALLOTTEES, the balance amount, if any of 10% the paid- up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by DEVELOPER and exclusive of total consideration any indirect taxes, stamp duty and interest liabilities and registration charges. Further, upon the applicable GST payable on such Cancellation charges and termination of this Agreement in the aforesaid circumstances, ALLOTTEES shall thereupon stand terminated . Provided that have no claim of any nature whatsoever on DEVELOPER and/or Apartment And Properties Appurtenant Thereto and DEVELOPER shall be entitled to deal with and/or dispose off Apartment And Properties Appurtenant Thereto in the Promoter shall intimate the Allottee about such termination at least 30 days prior to such terminationmanner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Said Bungalow to the Allottee Allottees 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Bungalow shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is Allottees are entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops Allottees stop making payments, payments the Promoters 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 (ii) The Allottee Allottees 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 Allottees under any head whatsoever towards the purchase of the Unitbungalow, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Bungalow and Appurtenances; Provided that where an allottee Allottees does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Bungalow, which shall be paid by the Promoter to the Allottee Allottees within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee Allottees shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails Allottees fail to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottees shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both Allottees under the condition listed above continues for a period beyond two 3 (three) consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Bungalow in favour of the Allottee Allottees and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Bungalow and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Bungalow and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Bungalow and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the Allottee about such booking amount, refund to the Allottees, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination at least 30 days prior of this Agreement in the aforesaid circumstances, the Allottees shall have no claim of any nature whatsoever on the Promoter and/or the Said Bungalow and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Bungalow and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement

EVENTS OF DEFAULTS AND CONSEQUENCES. 9.1. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of defaultDefault, in the following events: (i) Promoter fails to provide ready to move in possession of the Row House or the Town House Unit Apartment 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 registration of the Project with the AuthoritiesAuthority. For the purpose of this clause, Clause 'ready to move in possession' shall mean that the Unit Said Apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications as agreed to between the parties specified in Schedule D of this Agreement, and for which Completion/Partial Completion Certificate completion certificate, has been issued by the Competent Authority.competent authority; (ii) Discontinuance of the promoter’s Promoter's business as a developer promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. 9.2. In case of default Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to promoter Promoter as demanded by the Promoter by the Promoter. If the Allottee stops stop making payments, payments the Promoters Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Unitapartment, alongwith along with interest at the rate specified prescribed in the rules Rules within forty-five days of receiving the termination notice subject to allottee fulfilling all formalities on its part as more fully mentionedin para/clause 7 registering the deed of this Agreement.cancellation in respect of the Said Apartment and Appurtenances; Provided that where an allottee Allottee does not intend to withdraw from the project Project or terminate the agreementAgreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the Row House or the Unit Said Apartment, which shall be paid by the Promoter to the Allottee within 45 forty-five days of its it becoming due... Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.. The Allottee shall pay to the Promoter within fifteen days of demand by the Promoter, his share of security deposit demanded by the concerned local authority or Government for giving water, electricity or any other service connection to the building in which the Row House or the Town House Unit is situated. 9.3. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: -: (i) In case the Allottee fails to make payments for more than 15 days from scheduled date and demands made by payment to the Promoter as per the payment plan as per Schedule - CPayment Plan annexed hereto, despite having been issued notice in that regard regard, the allottee Allottee shall be liable to pay interest to the promoter Promoter on the unpaid amount at the rate specified herein.prescribed in the Rules; (ii) In case of Default by Allottee in payment of either the instalment or the interest or both under the condition listed above continues for a period beyond two 3 (three) consecutive months after the notice from the promoter Promoter in this regard, the promoter shall Promoter, upon 30 (thirty) days written notice, may cancel the allotment of the Row House or the Town House Unit Apartment in favour of the Allottee and refund forfeit the amount entirety of money paid to him by the allottee by deducting the booking amount paid for the allotment. Upon registration of 10% the deed of total consideration cancellation in respect of the Said Apartment and interest liabilities Appurtenances and upon resale of the applicable GST payable on such Cancellation charges Said Apartment and this Agreement shall thereupon stand terminated . Provided that Appurtenances i.e. upon the Promoter subsequently selling and transferring the Said Apartment and Appurtenances to another allottee and receipt of the sale price thereon, the Promoter shall intimate after adjusting the booking amount, refund to the Allottee, the balance amount, if any of the paid-up Total Price and after also deducting interest on any overdue payments, brokerage/referral fees, administrative charges as determined by the Promoter and exclusive of any indirect taxes, stamp duty and registration charges. Further, upon the termination of this Agreement in the aforesaid circumstances, the Allottee about such termination at least 30 days prior shall have no claim of any nature whatsoever on the Promoter and/or the Said Apartment and Appurtenances and the Promoter shall be entitled to such terminationdeal with and/or dispose off the Said Apartment and Appurtenances in the manner it deems fit and proper.

Appears in 1 contract

Samples: Sale Agreement