Lease of Land in case of Apartments Units Sample Clauses

Lease of Land in case of Apartments Units. In case of apartment, built-up area shall be allotted to the person with whom the Sale deed for the dwelling unit has been executed, by the Developer, as per applicable laws, on a lease of 30 years. The initial lease period shall be 30 years, which shall be renewed for two such terms each of 30 years. Annual Lease rent at the rate of 2% of the total Development Premium shall be divided proportionally over the carpet area allotted to residential unit owners with whom the Sale deed has been executed by the Developer, the same shall be collected by Owners’ Association/Housing Society from members of Owners’ Association/Housing Society and shall be paid by Owners Association/Housing Society to the NRDA in advance. Such annual lease rent shall be increased maximum up to 100% percent at the each renewal. The developer shall develop the project as per the terms of this agreement. Once all the units are sold and all obligations as per this agreement are fulfilled by Developer then Conveyance deed shall be executed between the Owners’ association/housing society of the project and NRDA with Developer as a confirming party to the said Conveyance deed. The society shall issue a membership certificate to all the owners of the dwelling units/flats/plots. All cost towards execution of Conveyance deed shall be the liability of the developer and/or Owners’ association/housing society as mutually agreed between them. After completion of the time period for sale of Residential units as per clause no. 4.3, the unsold units/built up area shall be allotted on lease to the Developer for which the annual lease rent shall be paid by the Developer. The lease deed will clearly specify that only the land has been provided by NRDA to the Developer and the Developer is solely responsible for construction and development, their quality, timely delivery of Residential Units, and all claims/liabilities and compensation towards defects/delay or any consumer grievances whatsoever. All expenses in respect of execution and registration of the Lease Deed or Agreement to Lease, as the case may be, including the Stamp Duty and registration fee, shall be borne by the Residential Unit buyer.
Sample 1
AutoNDA by SimpleDocs

Related to Lease of Land in case of Apartments Units

  • Lease of Premises Subject to and upon the terms and conditions set forth herein, Landlord hereby leases the Premises to Tenant, and Tenant hereby leases the Premises from Landlord.

  • Use of Buildings In addition to use and control of the Church and Parish buildings for the discharge of duties of the Xxxxxx'x office, as provided by Canon law, the Xxxxxx shall have the right to grant use of the buildings to individuals or groups from outside the parish, following guidelines approved by the Xxxxxx, Wardens and Vestry.

  • SALE OF PREMISES Notwithstanding anything contained in this Lease to the contrary, the sale of the Premises by Landlord shall not constitute Landlord’s acceptance of Tenant’s abandonment of the Premises or rejection of the Lease or in any way impair Landlord’s rights upon Tenant’s default, including, without limitation, Landlord’s right to damages.

  • Use of Building With prior notice to the principal/director, Association members of that school may hold meetings in their school building before or after regular duty hours or after the student contact day. Assigned duties take priority over such meetings.

  • Termination of Covenants The covenants set forth in this Section 5 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Liquidity Event, as such term is defined in the Restated Certificate, whichever event occurs first.

  • Definition of Building Where Lift Required 1.1 A passenger/materials lift shall be provided on a building which shall, when complete, consist of more than six (6) storey levels excluding the roof, parapets and basement levels (if any), but including the ground floor. (Refer to Sub Clause 2.1 herein.)

  • PRINCIPAL BUILDING AGREEMENT DEFINITIONS Definitions and interpretation (Clause 1). 1 F: ……….… V: ….……… T: ….……... Item

  • Use of Premises The Premises shall be used and occupied by Tenant and Tenant's immediate family, consisting of , exclusively, as a private single family dwelling, and no part of the Premises shall be used at any time during the term of this Agreement by Tenant for the purpose of carrying on any business, profession, or trade of any kind, or for any purpose other than as a private single family dwelling. Tenant shall not allow any other person, other than Tenant's immediate family or transient relatives and friends who are guests of Tenant, to use or occupy the Premises without first obtaining Landlord's written consent to such use. Tenant shall comply with any and all laws, ordinances, rules and orders of any and all governmental or quasi-governmental authorities affecting the cleanliness, use, occupancy and preservation of the Premises.

  • CONDITIONS AND RESTRICTIONS This Recognition of Covenants, Conditions, and Restrictions (this “Agreement”) is entered into as of the day of , 200 , by and between (“Landlord”), and (“Tenant”), with reference to the following facts:

Time is Money Join Law Insider Premium to draft better contracts faster.