FORECLOSURE AND TERMINATION. In case, during the Project Duration, it is found that the Project or any Project component is not likely to lead to successful completion, IGSTC may decide to foreclose the Project or the Project component as warranted. The decision of the IGSTC shall be final in all respects. The Company shall immediately refund any grant-in-aid unutilized out of IGSTC’s disbursements to IGSTC, at its discretion, allow deduction of, the future committed expenses to third party vendors on pro-rata basis according to the quantum of IGSTC’s funding. The Company shall submit detailed accounts of funds received, utilized and unutilized. However, IGSTC may by a specific written order, prescribe a repayment schedule for the amount outstanding. If the Company likes to continue the Project at its own cost, it would be able to do so without restrictions from IGSTC after complying with these provisions. The Company may, before the completion of the Project, terminate this Agreement by giving three months notice in writing to IGSTC. IGSTC may also terminate this Agreement by written notice in the event of “the Company” committing breach of any term of this Agreement and either not rectifying it to the satisfaction of IGSTC or not satisfying IGSTC about its inevitability within a specified period. In the event of termination of the Agreement, no further disbursement shall be made by IGSTC and the Company shall be liable to return immediately grant-in-aid already availed of from IGSTC with additional simple interest at the rate of 12 (twelve) per cent per annum within 30 (thirty) days of termination of the Agreement. In case of failure to repay, without prejudice to any other rights under this Agreement, the amount can be recovered by initiating any procedure available in Law. FORCE MAJEURE The Parties shall not be held responsible for non-fulfillment of their respective obligations in successful completion of the Project under this Agreement due to the exigency of one or more force majeure events such as but not limited to acts of God, war, flood, earthquakes, strikes not confined to the premises of the Party, lockouts beyond the control of the Party claiming force majeure, epidemics, riots, civil commotion etc. lying beyond the reasonable control of and not brought about at the instance of the Party claiming to be affected by such event and which has caused the non-performance or delay in performance; provided on the occurrence and cessation of any such event the Party affected has ...
FORECLOSURE AND TERMINATION. I. In case, during the Project Duration, it is found that the Project or any Project component is not likely to lead to successful completion, IGSTC may decide to foreclose the Project or the Project component as warranted. The decision of the IGSTC shall be final in all respects. The Company shall immediately refund any grant- in-aid unutilized out of IGSTC’s disbursements to IGSTC, at its discretion, allow deduction of, the future committed expenses to third party vendors on pro-rata basis according to the quantum of IGSTC’s funding. The Company shall submit detailed accounts of funds received, utilized and unutilized. However, IGSTC may by a specific written order, prescribe a repayment schedule for the amount outstanding. If the Company likes to continue the Project at its own cost, it would be able to do so without restrictions from IGSTC after complying with these provisions.
FORECLOSURE AND TERMINATION i. In cases, during the tenure of Project, it is found that the Project or any Project component does not proceed according to the predetermined milestones as agreed in the DPR, and/or if there are undue time and cost overruns, or failure of the technology/ component of project/prototype(s) on PMMG evaluation or on account of any other reasons or is not likely to lead successful completion, the TDF project may be foreclosed in respect of the DA(s) and proposal for foreclosure will be approved by the Empowered Committee.
FORECLOSURE AND TERMINATION. In case, during the Project Duration, it is found that the Project is not likely to lead to successful completion, DIO may decide to foreclose the Project as warranted. The decision of the DIO shall be final in all respects and shall not be amenable to challenge in any Court or Arbitral Forum. No liability shall be attracted by DIO for such foreclosure. The Partner Incubator shall immediately refund any Grant unutilized out of DIO’s disbursements to DIO.
FORECLOSURE AND TERMINATION. It is further agreed that if any Mortgage shall be foreclosed, or if any Ground Lease be terminated, (a) the liability of the Mortgagee or purchaser at such foreclosure sale or the liability of a subsequent owner designated as Landlord under this Lease shall exist only so long as such Mortgagee, purchaser or owner is the owner of the Building or the Land, and such liability shall not continue or survive after further transfer of ownership; (b) the Mortgagee or Ground Lessor or their successors or assigns that succeeds to the interest of the Landlord in the Building or the Land, or acquires the right to possession of the Building or the Land, shall not be (i) liable for any act or omission of the party named above as the Landlord under this Lease; (ii) liable for the performance of Landlord’s covenants pursuant to the provisions of this Lease which arise and accrue prior to such entity succeeding to the interest of Landlord under this Lease or acquiring such right to possession; (iii) subject to any offsets or defenses which Tenant may have at any time against Landlord; (iv) bound by any Rent which the Tenant may have paid previously for more than one (1) month; or (v) liable for the performance of any covenant of Landlord under this Lease which is capable of performance only by the original Landlord; and (c) upon request of the Mortgagee, if the Mortgage shall be foreclosed, Tenant will attorn, as Tenant under this Lease, to the purchaser at any foreclosure sale under any Mortgage or upon request of the Ground Lessor, if any Ground Lease shall be terminated, Tenant will attorn as Tenant under this Lease to the Ground Lessor, and Tenant will execute such instruments as may be necessary or appropriate to evidence such attornment.
