Common use of Grants of Lease Rights for Commercial Development Clause in Contracts

Grants of Lease Rights for Commercial Development. 3.2.1 The Developer shall be entitled to the Lease Rights on the Commercial Development Assets only on fulfilment by it of all the Conditions Precedent in terms of Article 4 hereof till expiry of Lease Tenure. The Lease Rights shall (subject to the compliance with the terms of the Agreement) entitle the Developer to the following amongst other rights, till expiry of Lease Tenure:- (a) right of way and/ or access (as the case may be) to the Site in the manner, for the purposes of and to the extent conferred by the provisions of the Agreement, and Right to enjoy the Lease Rights of the Commercial Development Assets for the purpose of developing and undertaking the Commercial Development Project; (b) to design, engineer, finance, procure, construct, erect, operate and maintain the Assets, Project Utilities comprised in the Commercial Development Project and the Interfacing Structures and Areas, in accordance with the terms hereof, and for that purpose to remove, renovate, relocate, use or demolish any structures with prior approval of Authority that may be existing on the Site as on the date of handing over of the relevant part of the Site to the Developer; (c) to appoint the Sub-Contractors for the purposes set forth in (b) above; Notwithstanding any such Sub-Contract, the Developer shall have at all times and shall retain the overall responsibility, obligation and liability in relation to the Project. It is clarified that the Developer shall remain liable and responsible for any acts, omissions or defaults of any Sub-Contractor for construction or any of the End Users for use of spaces inside Commercial Development Assets and shall indemnify Authority in respect thereof. (d) marketing rights over the Built Up Area within the Commercial Development Assets, subject to the approval of the Commercial Development Plan and subject to the provisions of the Agreement, the right to Sub-Lease of the Built Up Area within the Commercial Development Assets, to third parties, subject to and as per terms herein; (e) right to undertake and permit commercial use of the Built Up Area within the Commercial Development Assets, provided the Completion Clearance or Provisional Completion Clearance, as the case may be has been issued by the Nodal Officer / Authority, in respect of the Commercial Development Project; (f) to grant user rights, sub-lease and sub-license rights to any End Users over the Built Up Area within the Commercial Development Assets through the execution of Sub-Lease Deeds and sub-license agreements respectively, provided (i) the Completion Clearance or Provisional Completion Clearance, as the case may be, has been issued by the Nodal Officer / Authority in respect of the Commercial Development Project, (ii) applicable Lease Premium has been paid in proportion to the cumulative Built Up Area within the Commercial Development Assets being Sub-Leased, and (iii) the Completion Certificate in respect of the Commercial Development Project is obtained as per Applicable Laws; (g) to demand, collect and appropriate charges as Project Revenues in consideration of the grant of sub-lease/ sub-license/ usage right in respect of the Built Up Area in the Commercial Development Assets; (h) to undertake / permit fit-out works in the Built Up Area within the Commercial Development Assets upon completion of the bare shell structure, provided the permission has been issued by the Nodal Officer / Authority, in respect of the relevant component of the Commercial Development Project.

Grants of Lease Rights for Commercial Development. 3.2.1 The Developer shall be entitled to the Lease Rights on the Commercial Development Assets only on fulfilment by it of all the Conditions Precedent in terms of Article 4 hereof till expiry of Lease Tenure. The Lease Rights 9Note: Retain as applicable shall (subject to the compliance with the terms of the Agreement) entitle the Developer to the following amongst other rights, till expiry of Lease Tenure:- (a) right of way and/ or access (as the case may be) to the Site in the manner, for the purposes of and to the extent conferred by the provisions of the Agreement, and Right to enjoy the Lease Rights of the Commercial Development Assets for the purpose of developing and undertaking the Commercial Development Project; (b) to design, engineer, finance, procure, construct, erect, operate and maintain the Assets, Project Utilities comprised in the Commercial Development Project and the Interfacing Structures and Areas, in accordance with the terms hereof, and for that purpose to remove, renovate, relocate, use or demolish any structures with prior approval of Authority that may be existing on the Site as on the date of handing over of the relevant part of the Site to the Developer; (c) to appoint the Sub-Contractors for the purposes set forth in (b) above; Notwithstanding any such Sub-Contract, the Developer shall have at all times and shall retain the overall responsibility, obligation and liability in relation to the Project. It is clarified that the Developer shall remain liable and responsible for any acts, omissions or defaults of any Sub-Contractor for construction or any of the End Users for use of spaces inside Commercial Development Assets and shall indemnify Authority in respect thereof. (d) marketing rights over the Built Up Area within the Commercial Development Assets, subject to the approval of the Commercial Development Plan and Planand subject to the provisions of the Agreement, the right to Sub-Lease of the Built Up Area within the Commercial Development Assets, to third parties, subject to and as per terms herein; (e) right to undertake and permit commercial use of the Built Up Area within the Commercial Development Assets, provided the Completion Clearance or Clearanceor Provisional Completion Clearance, as the case may be has been issued by the Nodal Officer / Authority, in respect of the Commercial Development Project; (f) to grant user rights, sub-lease and sub-license rights to any End Users over the Built Up Area within the Commercial Development Assets through the execution of Sub-Lease Deeds and sub-license agreements respectively, provided (i) the Completion Clearance or Provisional Completion Clearance, as the case may be, has been issued by the Nodal Officer / Authority in Authorityin respect of the Commercial Development Project, (ii) applicable Lease Premium has been paid in proportion to the cumulative Built Up Area within the Commercial Development Assets being Sub-Leased, and (iii) the Completion Certificate in respect of the Commercial Development Project is obtained as per Applicable Laws; (g) to demand, collect and appropriate charges as Project Revenues in consideration of the grant of sub-lease/ lease/sub-license/ license/usage right in respect of the Built Up Area in the Commercial Development Assets; (h) to undertake / permit fit-out works in the Built Up Area within the Commercial Development Assets upon completion of the bare shell structure, provided the permission has been issued by the Nodal Officer / Authority, in respect of the relevant component of the Commercial Development Project.

Grants of Lease Rights for Commercial Development. 3.2.1 The Developer shall be entitled to the Lease Rights on the Commercial Development Assets Site only on fulfilment by it of all the Conditions Precedent in terms of Article 4 hereof till expiry hereof. In addition to the development rights and right of Lease Tenure. The way provided under Article 11.1, the Lease Rights shall (subject to the compliance with the terms of the this Agreement) entitle the Developer to the following amongst other rights, till expiry of Lease Tenure:-rights:- (ai) right of way and/ or access (as the case may be) to the Site in the manner, for the purposes of and to the extent conferred by the provisions of the Agreement, and Right to enjoy the Lease Rights of in the Commercial Development Assets Site for the purpose of developing and undertaking the Commercial Development ProjectProject during the Term; (bii) to design, engineer, finance, procure, construct, erect, operate and maintain the Assets, Project Utilities comprised in the Commercial Development Project and the Interfacing Structures and Areas, in accordance with the terms hereof, and for that purpose to remove, renovate, relocate, use or demolish any structures with prior approval of Authority IRSDC that may be existing on the Site as on the date of handing over of the relevant part of the Site to the Developer; (ciii) to To appoint the Sub-Contractors for the purposes set forth in (bii) above; Notwithstanding any such Sub-Contract, the Developer shall have at all times and shall retain the overall responsibility, obligation and liability in relation to the Project. It is clarified that the Developer shall remain liable and responsible for any acts, omissions or defaults of any Sub-Contractor for construction or any of the End Users for use of spaces inside Commercial Development Assets and shall indemnify Authority IRSDC in respect thereof. (div) marketing rights over the Built Up Area within the Commercial Development Assets, subject to the approval of the Commercial Development Plan and subject to the provisions of the Agreement, the right to Sub-Lease of the Built Up Area within the Commercial Development Assets, to third parties, subject to and as per terms hereinfor a duration not exceeding the Term hereof; (ev) right to undertake and permit commercial use of the Built Up Area within the Commercial Development AssetsAssets and the Site, provided the Completion Clearance Certificate (or Provisional Completion ClearanceCertificate, as the case may be be) has been issued by the Nodal Officer / AuthorityOfficer, in respect of the Commercial Development Project; (fvi) to grant user rights, sub-lease and sub-license rights to any End Users third party over the Built Up Area within the Commercial Development Assets through the execution of Sub-Lease Deeds and sub-license agreements agreement respectively, provided provided (ia) the Completion Clearance Certificate or Provisional Completion ClearanceCertificate, as the case may be, has been issued by the Nodal Officer / Authority in respect of the Commercial Development Project, and (iib) applicable Lease Premium has been paid in proportion to the cumulative Built Up Area within the Commercial Development Assets being Sub-Leased, Leased and (iii) the Completion Certificate requisite bank guarantee has been furnished in respect of the Commercial Development Project is obtained as per Applicable Lawsremainder of the Built Up Area; (gvii) to demand, collect and appropriate charges as Project Revenues in consideration of the grant of sub-lease/ sub-license/ usage right in respect of the Built Up Area in the Commercial Development Assets; (h) to undertake / permit fit-out works in the Built Up Area within the Commercial Development Assets upon completion of the bare shell structure, provided the permission has been issued by the Nodal Officer / Authority, in respect of the relevant component of the Commercial Development Project.of

Grants of Lease Rights for Commercial Development. 3.2.1 The Developer shall be entitled to the Lease Rights on the Commercial Development Assets only on fulfilment by it of all the Conditions Precedent in terms of Article 4 hereof till expiry of Lease Tenure. The Lease Rights shall (subject to the compliance with the terms of the Agreement) entitle the Developer to the following amongst other rights, till expiry of Lease Tenure:- (a) right of way and/ or access (as the case may be) to the Site in the manner, for the purposes of and to the extent conferred by the provisions of the Agreement, and Right to enjoy the Lease Rights of the Commercial Development Assets for the purpose of developing 9 Note: Retain as applicable and undertaking the Commercial Development Project; (b) to design, engineer, finance, procure, construct, erect, operate and maintain the Assets, Project Utilities comprised in the Commercial Development Project and the Interfacing Structures and Areas, in accordance with the terms hereof, and for that purpose to remove, renovate, relocate, use or demolish any structures with prior approval of Authority that may be existing on the Site as on the date of handing over of the relevant part of the Site to the Developer; (c) to appoint the Sub-Contractors for the purposes set forth in (b) above; Notwithstanding any such Sub-Contract, the Developer shall have at all times and shall retain the overall responsibility, obligation and liability in relation to the Project. It is clarified that the Developer shall remain liable and responsible for any acts, omissions or defaults of any Sub-Contractor for construction or any of the End Users for use of spaces inside Commercial Development Assets and shall indemnify Authority in respect thereof. (d) marketing rights over the Built Up Area within the Commercial Development Assets, subject to the approval of the Commercial Development Plan and subject to the provisions of the Agreement, the right to Sub-Lease of the Built Up Area within the Commercial Development Assets, to third parties, subject to and as per terms herein; (e) right to undertake and permit commercial use of the Built Up Area within the Commercial Development Assets, provided the Completion Clearance or Provisional Completion Clearance, as the case may be has been issued by the Nodal Officer / Authority, in respect of the Commercial Development Project; (f) to grant user rights, sub-lease and sub-license rights to any End Users over the Built Up Area within the Commercial Development Assets through the execution of Sub-Lease Deeds and sub-license agreements respectively, provided (i) the Completion Clearance or Provisional Completion Clearance, as the case may be, has been issued by the Nodal Officer / Authority in respect of the Commercial Development Project, (ii) applicable Lease Premium has been paid in proportion to the cumulative Built Up Area within the Commercial Development Assets being Sub-Leased, and (iii) the Completion Certificate in respect of the Commercial Development Project is obtained as per Applicable Laws; (g) to demand, collect and appropriate charges as Project Revenues in consideration of the grant of sub-lease/ sub-license/ usage right in respect of the Built Up Area in the Commercial Development Assets; (h) to undertake / permit fit-out works in the Built Up Area within the Commercial Development Assets upon completion of the bare shell structure, provided the permission has been issued by the Nodal Officer / Authority, in respect of the relevant component of the Commercial Development Project.

Grants of Lease Rights for Commercial Development. 3.2.1 The Developer shall be entitled to the Lease Rights on the Commercial Development Assets only on fulfilment by it of all the Conditions Precedent in terms of Article 4 hereof till expiry of Lease Tenurehereof. The Lease Rights shall (subject to the compliance with the terms of the Agreement) entitle the Developer to the following amongst other rights, till expiry of Lease Tenure:-rights:- (a) right of way and/ or access (as the case may be) to the Site in the manner, for the purposes of and to the extent conferred by the provisions of the Agreement, and Right to enjoy the Lease Rights of the Commercial Development Assets for the purpose of developing and undertaking the Commercial Development ProjectProject during the Term; (b) to design, engineer, finance, procure, construct, erect, operate and maintain the Assets, Project Utilities comprised in the Commercial Development Project and the Interfacing Structures and Areas, in accordance with the terms hereof, and for that purpose to remove, renovate, relocate, use or demolish any structures with prior approval of Authority that may be existing on the Site as on the date of handing over of the relevant part of the Site to the Developer; (c) to appoint the Sub-Contractors for the purposes set forth in (b) above; Notwithstanding any such Sub-Contract, the Developer shall have at all times and shall retain the overall responsibility, obligation and liability in relation to the Project. It is clarified that the Developer shall remain liable and responsible for any acts, omissions or defaults of any Sub-Contractor for construction or any of the End Users for use of spaces inside Commercial Development Assets and shall indemnify Authority in respect thereof. (d) marketing rights over the Built Up Area within the Commercial Development Assets, subject to the approval of the Commercial Development Plan and subject to the provisions of the Agreement, the right to Sub-Lease of the Built Up Area within the Commercial Development Assets, to third parties, subject to and as per terms herein; (e) right to undertake and permit commercial use of the Built Up Area within the Commercial Development Assets, provided the Completion Clearance or Provisional Completion Clearance, as the case may be has been issued by the Nodal Officer / Authority, in respect of the Commercial Development Project; (f) to grant user rights, sub-lease and sub-license rights to any End Users over the Built Up Area within the Commercial Development Assets through the execution of Sub-Lease Deeds and sub-license agreements respectively, provided (i) the Completion Clearance or Provisional Completion Clearance, as the case may be, has been issued by the Nodal Officer / Authority in respect of the Commercial Development Project, (ii) applicable Lease Premium has been paid in proportion to the cumulative Built Up Area within the Commercial Development Assets being Sub-Leased, and (iii) the Completion Certificate in respect of the Commercial Development Project is obtained as per Applicable Laws; (g) to demand, collect and appropriate charges as Project Revenues in consideration of the grant of sub-lease/ sub-license/ usage right in respect of the Built Up Area in the Commercial Development Assets; (h) to undertake / permit fit-out works in the Built Up Area within the Commercial Development Assets upon completion of the bare shell structure, provided the permission has been issued by the Nodal Officer / Authority, in respect of the relevant component of the Commercial Development Project.