MODE OF PAYMENT. Subject to the terms of the Agreement and the Promoter abiding by the development linked milestones, the Allottee shall make all payments, on demand by the Promoter, within the stipulated time as mentioned in the Payment Plan through A/c Payee cheque/demand draft/online payment (as applicable) in favour of ‘ ’ payable at . Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rules.
Appears in 2 contracts
Samples: Buyer Agreement, Buyer Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement Agreement, the Allottee and the Promoter Developer abiding by the development linked construction milestones, the Allottee shall make all payments, on demand written demand/e-mail by the PromoterDeveloper, within the stipulated time as mentioned in the Payment Plan in the Fourth Schedule hereunder or otherwise, through A/c Payee chequeaccount payee local cheques/demand draftdrafts/banker’s cheques or online payment (as applicable) in favour of ‘ ’ ‘Levelz Apartments LLP’. payable at . Save and except Kolkata or in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing manner mentioned in the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against the said Unit, the Promoter demand/email. Outstation cheques shall not be responsible towards accepted.
2.2 In the event of dishonour of any other third party, who has made payments payment instruments or remittances to the Promoter any payment instructions by or on behalf of the Allottee and for any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed hereinreason whatsoever, then the Allottee same shall be liable treated as a default and the Developer may at its sole discretion be entitled to pay interest at exercise any recourse available herein. Further, the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by Developer shall intimate the Allottee of the terms dishonour of the cheque and conditions the Allottee would be required to promptly tender a Demand Draft of such loan/finance, shall be deemed to constitute a default the outstanding amounts including interest at the Applicable Interest Rate from the due date till the date of receipt by the Developer of all the amounts including the dishonour charges of Rs. 5000/- (Rupees Five Thousand only) (for each dishonour). In the event the said Demand Draft is not tendered within 7 (seven) days then the Developer shall have a right (not an obligation) to cancel the allotment, subject to provisions hereunder. In the event the Allottee comes forward to pay the entire outstanding amounts, interest and penalty thereof, the Developer may consider the same at its sole discretion. In the event of this Agreementdishonour of any cheque, whereupon the Promoter Developer shall be obliged have no obligation to act as specified in return the Act/Rulesoriginal dishonoured cheque.
Appears in 2 contracts
Samples: Sale Agreement, Sale Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked construction milestones, the Allottee shall make all payments, on written demand by the Promoter, Promoter only on behalf of the Promoter and the same within the stipulated time as mentioned in the Payment Plan mentioned in Part 4 of Schedule „C‟ for Said Apartment and for Said Parking Space (if any, as applied for by the Allottee) hereunder and the same through A/c Payee cheque/demand draft/bankers cheques or online payment (as applicable) in favour of ‘ ’ the Promoter payable at . Save and except in Kolkata.
2.2 In the case event of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against the said Unitobtaining any financial assistance and/or housing loan from any bank/ financial institution, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter act in accordance with the Payment Plan on the grounds instructions of the non-availability bank/ financial institution in terms of bank loan or finance from any the agreement between the Allottee and the Bank/ financial institution SUBJECT HOWEVER that such bank/financial institutionand if the Allottee fails institution shall be required to make the disburse/pay all such amounts due payment and payable to the Promoter within under this Agreement and in no event the time agreed herein, then Promoter shall assume any liability and/or responsibility for any loan and/or financial assistance which may be obtained by the Allottee from such bank/ financial institution.
2.3 Timely payment of all the amounts payable by the Allottee under this Agreement (including the Total Price), is the essence of the contract. An intimation forwarded by the Promoter to the Allottee that a particular milestone of construction has been achieved shall be liable sufficient proof thereof. The Promoter demonstrating dispatch of such intimation to pay interest at the rate specified. Furthermore, in every case where address of the Allottee has obtained as stated at Clause 29 (Notices) hereunder shall be conclusive proof of service of such intimation by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a loan/finance from a bankplea or an excuse for non-payment of any amount or amounts.
2.4 In the event of delay and/or default on the part of the Allottee in making payment of any GST, financial institution Service Tax, TDS or any other source and for which a tripartite agreement has also been executed by tax, levies, cess etc., then without prejudice to any other rights or remedies available to the PromoterPromoter and/or the under this Agreement or under applicable law, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged entitled to act as specified in adjust against any subsequent amounts received from the Act/RulesAllottee, the Said unpaid tax levy, cess etc. along with interest, penalty etc. payable thereon, from the due date till the date of adjustment.
Appears in 2 contracts
Samples: Agreement for Sale, Sale Agreement
MODE OF PAYMENT. Subject to the terms of the Agreement and the Promoter abiding by the development linked milestones, the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [Schedule C] through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) in favour of ‘ ’ payable at . Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where That the Promoter has given not based the payment plan upon any construction milestones and to benefit the allottes provided EMI facility COMPLIANCE OF LAWS RELATING TO REMITTANCES:
3.1 The Allottee, if resident outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999, Reserve Bank of India Act, 1934 and the Rules and Regulations made thereunder or any statutory amendment(s) modification(s) made thereof and all other applicable laws including that of remittance of payment acquisition/sale/transfer of immovable properties in India etc. and provide the Promoter with such permission, approvals which would enable the Promoter to fulfil its permission obligations under this Agreement. Any refund, transfer of security, if provided in terms of the Agreement shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or the statutory enactments or amendments thereof and the Rules and Regulations of the Reserve Bank of India or any other applicable law. The Allottee understands and agrees that in the event of any failure on his/her part to mortgage comply with the applicable guidelines issued by the Reserve Bank of India; he/she may be liable for any action under the Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time.
3.2 The Promoter accepts no responsibility in regard to matters specified in para 3.1 above. The Allottee shall keep the Promoter fully indemnified and harmless in this regard. Whenever there is any bank, financial institution or company for extending a loan change in the residential status of the Allottee subsequent to the signing of this Agreement, it shall be the sole responsibility of the Allottee against to intimate the said Unit, same in writing to the Promoter immediately and comply with necessary formalities if any under the applicable laws. The Promoter shall not be responsible towards any other third party, who has made payments or party making payment/remittances to the Promoter on behalf of the any Allottee and any such third party shall not have any right against in the application/allotment of the said Unit or under this Agreement. The apartment applied for herein in any way and the Promoter shall issue be issuing the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesonly.
Appears in 2 contracts
Samples: Agreement for Sale, Agreement for Sale
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ Xxxxxxx Properties LLP payable at Kolkata. Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where An intimation forwarded by the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the said Unitaddress, email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be responsible towards a plea or an excuse for non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other third partyevidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, who has made payments or remittances if applicable, be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owners shall not be liable in any manner whatsoever in case of default on behalf the part of the Allottee in depositing such TDS.
2.4 The Promoter has been empowered and any such third party shall not have any right against authorized under its Development Agreement with the said Unit or under this AgreementOwners to receive all amounts from the Allottee. The Promoter and the Owners shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter apportion their respective entitlements in accordance with the Payment Plan on the grounds terms of the non-availability of bank loan Development Agreement or finance from any bank/financial institutionand if as they may mutually agree and the Allottee fails shall have no concern therewith. Further, the Promoter has also been empowered and authorized under the Development Agreement to make receive the due entire Other Costs and Deposits from the Allottee and the Allottee has satisfied himself about such rights of the Promoter.
2.5 In case of the Allottee committing any delay or default in any payment to be made to the Promoter within the time agreed hereinhereunder, then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee shall be liable to pay interest at the rate specified. Furthermorenot raise any objection, dispute or claim in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. Subject (a) The Allottee has paid a sum of Rs.[ ]/- (Rupees [ ]only), to the Promoter vide Cheque No. [ ] dated [ ] drawn on [ ]Bank, [ ] Branch Chennai, as booking amount at the time of allotment of the Apartment;
(b) The Allottee shall pay the balance consideration amount as per the schedule of payments detailed in the SCHEDULE– D hereunder;
(c) The Allottee hereby undertake/s and assure/s that based on the stage intimation letters issued / to be issued by the Promoter to the Allottee, the above payments shall be made by the Allottee within the due date and without any further demand, as time for payment of the above said sums being the essence of the contract and the Allottee is fully informed by the Promoter that any default in payment of the above said amount would affect the completion of the Project;
(d) All payments shall be made by Cheques or Demand Drafts or through RTGS. The date of credit of the amount into the account of the Promoter will be considered as the date of payment made by the Allottee and the delayed payment charges will become payable from the due date;
(e) The Allottee shall not delay, withhold or postpone the payments due as mentioned in SCHEDULE-D, on whatever reason and in that event, Allottee shall be responsible for any consequential sufferance or damages and they shall adhere to clause 5(a)(1) mentioned herein.
(f) The Allottee, if resident outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999, Reserve Bank of India Act and Rules and Regulations made thereunder or any statutory amendment(s) modification(s) made thereof and all other applicable laws including that of remittance of payment acquisition/sale/transfer of immovable properties in India etc. and provide the Promoter with such permission, approvals which would enable the Promoter to fulfill its obligations under this Agreement. Any refund, transfer of security, if provided in terms of the Agreement shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or statutory enactments or amendments thereof and the Promoter abiding Rules and Regulations of the Reserve Bank of India or any other applicable law. The Allottee understands and agrees that in the event of any failure on his/her part to comply with the applicable guidelines issued by the development linked milestonesReserve Bank of India, he/she shall be liable for any action under the Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time. The Promoter accepts no responsibility in this regard. The Allottee shall keep the Promoter fully indemnified and harmless in this regard. Whenever there is any change in the residential status of the Allottee subsequent to the signing of this Agreement, it shall make all payments, on demand by be the Promoter, within sole responsibility of the stipulated time as mentioned Allottee to intimate the same in the Payment Plan through A/c Payee cheque/demand draft/online payment (as applicable) in favour of ‘ ’ payable at . Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where writing to the Promoter has given its permission to mortgage to immediately and comply with necessary formalities if any bank, financial institution or company for extending a loan to under the Allottee against the said Unit, the applicable laws. The Promoter shall not be responsible towards any other third party, who has made payments or party making payment/remittances to the Promoter on behalf of the any Allottee and any such third party shall not have any right against in the application/allotment of the said Unit or under this Agreement. The apartment applied for herein in any way and the Promoter shall issue be issuing the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesonly.
Appears in 1 contract
Samples: Construction Agreement
MODE OF PAYMENT. Subject to the terms of the this Agreement and the Promoter Promoters abiding by the development linked construction milestones, the Allottee shall make all payments, on a written demand by the PromoterPromoters, within the stipulated time as mentioned in the Payment Plan described in the Schedule-I through A/c Payee cheque/cheque/ demand draft/draft or online payment (as applicable) in favour of ‘ ’ the Promoters payable at Kolkata. Save and except in An intimation forwarded by the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan Promoters to the Allottee against that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the said Unitaddress, email address or phone of the Promoter Allottee shall be sufficient intimation for the purpose of this clause by the Promoters upon the Allottee, and non-receipt thereof by the Allottee/s shall not be responsible towards a plea or an excuse for non-payment of any other third party, who has made payments amount or remittances to the Promoter on behalf of the Allottee and any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institutionamounts. The Allottee shall not omithave the right to obtain home loan finance and/ or financial assistance from any bank/ financial institution as approved by the Promoters from time to time for the purpose of creating mortgage in respect of the said Apartment provided however the Allottee shall observe and perform and perform the covenants, ignoreobligations, delayrestrictions, withholdstipulations, terms and conditions including payment of all amounts stated in this Agreement and in no event shall the Owners and/or the Promoters assume any liability and/or responsibility for any such loan or fail to make timely payments due to financial assistance availed by the Promoter Allottee. In the event of the Allottee obtaining any financial assistance and/or housing loan from any bank/ financial institution the Promoters shall act in accordance with the Payment Plan on the grounds instructions of the non-availability bank/ financial institution in terms of bank loan or finance from any bank/financial institutionand if the agreement between the Allottee fails to make and the due payment to bank/ financial institution, subject however the Promoter within Promoters being assured of all amounts being receivable for sale and transfer of the time agreed herein, then Apartment and in no event the Allottee Promoters shall assume any liability and/or responsibility for any loan and/or financial assistance which may be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of from such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesbank/ financial institution.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. Subject to the terms of the Agreement and the Developer/Promoter abiding by the development linked construction milestones, the Allottee shall make all payments, on written demand by the Developer/Promoter, within the stipulated time as mentioned in the Payment Plan payment plan through A/c Payee payee cheque/demand draft/banker’s cheque or online payment (as applicable) in favour of ‘ ’ Developer/Promoter payable at Kolkata at its office. Save The Developer/Promoter shall be entitled to securities the Total price and except other amounts payable by the Allottee(s) under this agreement (or any part thereof), in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing manner permissible under the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only Act/Rules in favour of any persons including banks/financial institutions and shall also be entitled to transfer and assign to any person the Allotteerights to directly receive the Total price and other amounts payable by the Allottees(s) under this agreement or any part thereof. Under all circumstancesUpon receipt of such intimation from the Developer/Promoter, the Allottee Allottee(s) shall remain solely be required to make payment of the Total price and absolutely responsible for making all the payments due under other amounts payable in accordance with this Agreement and in the matter as intimated. In the event of delay and/or default on time. Allottee may obtain finance/loan from the part of the Allottee(s) in making payment of any financial institution, bank TDS or any other sourcetax, but levies, cess etc. then without prejudice to any other rights or remedies available to the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound Developer/Promoter under this Agreement whether agreement or not under applicable law, the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the financeDeveloper/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged entitled to act as specified in adjust against any subsequent amounts received from the Act/Rules.Allottee(s) the said unpaid tax, levy, cess etc. alongwith interest, penalty etc. payable thereon from the due date till the date of adjustment
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ LLP payable at Kolkata. Save and except in the In case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to payment is made by the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and through RTGS/NEFT or any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstancesother online mode, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due forthwith intimate to the Promoter in accordance writing about the payment so made with proof of such payment. An intimation forwarded by the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if Promoter to the Allottee fails to make that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the due payment to the Promoter within the time agreed hereinaddress, then email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a plea or an excuse for non- payment of any amount or amounts. All payments shall be made by the Allottee against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other evidence regarding the payment. The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, if applicable, be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owners shall not be liable in any manner whatsoever in case of default on the part of the Allottee in depositing such TDS. The Promoter has been empowered and authorized under its Development Agreement with the Owners to pay interest at receive all amounts from the rate specifiedAllottee. FurthermoreThe Promoter and the Owners shall apportion their respective entitlements in accordance with the terms of the Development Agreement or as they may mutually agree and the Allottee shall have no concern therewith. and shall not be liable therefor. Further, in every case where the Promoter has also been empowered and authorized under the Development Agreement to receive the entire Other Costs and Deposits from the Allottee and the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by satisfied himself about such rights of the Promoter. In case of the Allottee committing any delay or default in any payment to be made to the Promoter hereunder, it is agreed then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee that any default by on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee of the terms and conditions of such loan/financeshall not raise any objection, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified dispute or claim in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Partnership Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestones, construction milestones as expressly mentioned in this agreement the Allottee Allot tee shall make all payments, payments on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan (through A/c C Payee cheque/demand draft/Cheque / Demand Draft/ Bankers cheque or online payment (as applicable) in favour of ‘ ’ “SU-CASA DIVINE” payable at . Save Kolkata, State Bank of India, Naktala Br., A/C No- ……………………………….
2.2 The Promoter shall be entitled to securities the Total Price and except other amounts payable by the Allottee under this Agreement (or any part thereof), in the case manner permissible underthe Act/Rules, in favour of any bank, persons including banks/financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission institutions and shall also be entitled to mortgage transfer and assign to any bank, financial institution or company for extending a loan persons the right to directly receive the Total Price and other amounts payable by the Allottee against under this Agreement or any part thereof. Upon receipt of such intimation from the said UnitPromoter, the Allottee shall be required to make payment of the Total Price and other amounts payable in accordance with this Agreement, in the manner as intimated.
2.3 In the event of the Allottee obtaining any financial assistance and/or housing loan from any bank/ financial institution, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter act in accordance with the Payment Plan on the grounds instructions of the non-availability bank/ financial institution in terms of bank loan or finance from any the agreement between the Allottee and the Bank/ financial institution SUBJECT HOWEVER that such bank/financial institutionand if the Allottee fails institution shall be required to make the disburse/pay all such amounts due payment and payable to the Promoter within under this Agreement and in no event the time agreed herein, then Promoter shall assume any liability and/or responsibility for any loan and/or financial assistance which may be obtained by the Allottee from such bank/ financial institution.
2.4 The timely payment of all the amounts payable by the Allottee under this Agreement (including the Total Price), is the essence of the contract. An intimation forwarded by the Promoter to the Allottee that a particular milestone of construction has been achieved shall be liable sufficient proof thereof. The Promoter demonstrating dispatch of such intimation to pay interest at the rate specified. Furthermore, in every case where address of the Allottee has obtained as stated at Clause 29 (Notice) including by e- mail, shall be conclusive proof of service of such intimation by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a loan/finance from a bankplea or an excuse for non-payment of any amount or amounts.
2.5 In the event of delay and/or default on the part of the Allottee in making payment of any GST, financial institution Service Tax, VAT, TDS or any other source and for which a tripartite agreement has also been executed by tax, levies, cess etc., then without prejudice to any other rights or remedies available to the PromoterPromoter under this Agreement or under applicable law, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged entitled to act as specified in adjust against any subsequent amounts received from the Act/RulesAllottee, the said unpaid tax levy, cess etc. along with interest, penalty etc. payable thereon, from the due date till the date of adjustment.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ XXXXXX LIFESTYLE HOMES LLP payable at Kolkata. Save and except in the In case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to payment is made by the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and through RTGS/NEFT or any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstancesother online mode, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due forthwith intimate to the Promoter in accordance writing about the payment so made with proof of such payment. An intimation forwarded by the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if Promoter to the Allottee fails to make that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the due payment to the Promoter within the time agreed hereinaddress, then email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a plea or an excuse for non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other evidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, if applicable, be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owner shall not be liable in any manner whatsoever in case of default on the part of the Allottee in depositing such TDS.
2.4 The Promoter has been empowered and authorized under its Development Agreement with the Owner to pay interest at receive all amounts from the rate specifiedAllottee. FurthermoreThe Promoter and the Owner shall apportion their respective entitlements in accordance with the terms of the Development Agreement or as they may mutually agree and the Allottee shall have no concern therewith and shall not be liable therefor. Further, in every case where the Promoter has also been empowered and authorized under the Development Agreement to receive the entire Other Costs and Deposits from the Allottee and the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by satisfied himself about such rights of the Promoter.
2.5 In case of the Allottee committing any delay or default in any payment to be made to the Promoter hereunder, it is agreed then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee that any default by on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee of the terms and conditions of such loan/financeshall not raise any objection, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified dispute or claim in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked construction milestones, the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan through A/c Payee cheque/demand draft/draft or online payment (as applicable) in favour of ‘ ’ 'Lifeline Vyapaar Private Limited ' payable at Kolkata. Save and except in In case any payment is made by the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where Allottee to the Promoter has given its permission through RTGS/NEFT or any other online mode, the Allottee shall forthwith intimate to mortgage to any bank, financial institution or company for extending a loan the Promoter in writing about the payment so made with proof of such payment. An intimation forwarded by the Promoter to the Allottee that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or any other digital platform at the address, email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non receipt thereof by the Allottee shall not be a plea or an excuse of non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee against proper receipts by the said Unit, Promoter and the Allottee shall not be entitled to claim or to set up any other evidence regarding the payment.
2.3 The Tax Deducted at Source (TDS) under the Income Tax Laws shall if applicable be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter shall not be responsible towards liable in any other third party, who has manner whatsoever in case of default on the part of the Allottee in depositing such TDS.
2.4 In case of the Allottee committing any delay or default in any payment to be made payments or remittances to the Promoter on behalf hereunder, then without prejudice to the other rights and remedies of the Allottee and any Promoter in respect of such third party shall not have any right against the said Unit default hereunder or under this Agreement. The law, the Promoter shall issue may appropriate the payment receipts only in favour subsequent payments made by the Allottee on such head/s of the Allottee. Under all circumstances, defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from not raise any financial institutionobjection, bank dispute or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter claim in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. Subject (a) The Allottee has paid a sum of Rs. /- (Rupees only), to the Promoter vide Cheque No. dated _ drawn on Bank, Branch, , as booking amount at the time of allotment of the Apartment;
(b) The Allottee shall pay the balance consideration amount as per the schedule of payments detailed in the Schedule E hereunder;
(c) The Allottee hereby undertakes and assures that based on the stage intimation letters issued / to be issued by the Promoter to the Allottee, the above payments shall be made by the Allottee within the due date and without any further demand, as time for payment of the above said sums being the essence of the contract and the Allottee is fully informed by the Promoter that any default in payment of the above said amount would affect the completion of the Project;
(d) All payments shall be made by Cheques or Demand Drafts or through RTGS. The date of credit of the amount into the account of the Promoter will be considered as the date of payment made by the Allottee and the delayed payment charges will become payable from the due date;
(e) The Allottee shall not delay, withhold or postpone the payments due as mentioned in Schedule E, on whatever reason and in that event, Allottee shall be responsible for any consequential sufferance or damages and they shall adhere to clause 5(a)
(1) mentioned herein.
(f) The Allottee, if resident outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999, Reserve Bank of India Act and Rules and Regulations made thereunder or any statutory amendment(s) modification(s) made thereof and all other applicable laws including that of remittance of payment acquisition/sale/transfer of immovable properties in India etc. and provide the Promoter with such permission, approvals which would enable the Promoter to fulfill its obligations under this Agreement. Any refund, transfer of security, if provided in terms of the Agreement shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or statutory enactments or amendments thereof and the Promoter abiding Rules and Regulations of the Reserve Bank of India or any other applicable law. The Allottee understands and agrees that in the event of any failure on his/her part to comply with the applicable guidelines issued by the development linked milestonesReserve Bank of India, he/she shall be liable for any action under the Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time. The Promoter accepts no responsibility in this regard. The Allottee shall keep the Promoter fully indemnified and harmless in this regard. Whenever there is any change in the residential status of the Allottee subsequent to the signing of this Agreement, it shall make all payments, on demand by be the Promoter, within sole responsibility of the stipulated time as mentioned Allottee to intimate the same in the Payment Plan through A/c Payee cheque/demand draft/online payment (as applicable) in favour of ‘ ’ payable at . Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where writing to the Promoter has given its permission to mortgage to immediately and comply with necessary formalities if any bank, financial institution or company for extending a loan to under the Allottee against the said Unit, the applicable laws. The Promoter shall not be responsible towards any other third party, who has made payments or party making payment/remittances to the Promoter on behalf of the any Allottee and any such third party shall not have any right against in the application/allotment of the said Unit or under this Agreement. The apartment applied for herein in any way and the Promoter shall issue be issuing the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesonly.
Appears in 1 contract
Samples: Construction Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the this Agreement and the Promoter Promoters abiding by the development linked milestonesconstruction milestones as expressly mentioned in this Agreement, the Allottee shall make all payments, on written demand by the PromoterPromoters/Developer, within the stipulated time as mentioned in the Payment Plan through A/c Payee cheque/demand draft/pay order/wire transfer/RTGS/NEFT or online payment (as applicable) drawn in favour of/to the account of the Promoters/Developer payable at Kolkata.
2.2 The Promoters shall be entitled to securities the Total Price and other amounts payable by the Allottee under this Agreement (or any part thereof), in the manner permissible under the Act/Rules, in favour of ‘ ’ payable at . Save any persons including banks/financial institutions and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission shall also be entitled to mortgage transfer and assign to any bank, financial institution or company for extending a loan persons the right to directly receive the Total Price and other amounts payable by the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and any such third party shall not have any right against the said Unit or under this AgreementAgreement or any part thereof. The Promoter shall issue Upon receipt of such intimation from the payment receipts only in favour of the Allottee. Under all circumstancesPromoters, the Allottee shall remain solely be required to make payment of the Total Price and absolutely responsible for making all other amounts payable in accordance with this Agreement, in the payments due under this Agreement on time. manner as intimated.
2.3 In the event of the Allottee may obtain finance/obtaining any financial assistance and/or housing loan from any bank/ financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement Promoters shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter act in accordance with the Payment Plan on the grounds instructions of the non-availability bank/ financial institution in terms of bank loan or finance from any the agreement between the Allottee and the Bank/ financial institution SUBJECT HOWEVER that such bank/financial institutionand if institution shall be required to disburse/pay all such amounts due and payable to the Promoters under this Agreement and in no event the Promoters shall assume any liability and/or responsibility for any loan and/or financial assistance which may be obtained by the Allottee fails to make from such bank/ financial institution.
2.4 The timely payment of all the due payment amounts payable by the Allottee under this Agreement (including the Total Price), is the essence of the contract. An intimation forwarded by the Promoters to the Promoter within Allottee that a particular milestone of construction has been achieved shall be sufficient proof thereof. The Promoters demonstrating dispatch of such intimation to the time agreed herein, then address of the Allottee as stated at Clause 29 (Notice) including by e-mail, shall be liable to pay interest at conclusive proof of service of such intimation by the rate specified. FurthermorePromoters upon the Allottee, in every case where and nonreceipt thereof by the Allottee/s shall not be a plea or an excuse for non-payment of any amount or amounts.
2.5 In the event of delay and/or default on the part of the Allottee has obtained a loan/finance from a bankin making payment of any GST, financial institution TDS or any other source and for which a tripartite agreement has also been executed by tax, levies, cess etc., then without prejudice to any other rights or remedies available to the PromoterPromoters under this Agreement or under applicable law, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, Promoters shall be deemed entitled to constitute a default by adjust against any subsequent amounts received from the Allottee Allottee, the said unpaid tax levy, cess etc. along with interest, penalty etc. payable thereon, from the due date till the date of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesadjustment.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked construction milestones, the Allottee shall make all payments, on written demand by the Promoter, Developer only on behalf of the Promoter and the same within the stipulated time as mentioned in the Payment Plan in Part 4 of Schedule ‘C’ for Said Apartment and for Said Parking Space (if any, as applied for by the Allottee) hereunder and the same through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) in favour of ‘ ’ the Developer payable at Kolkata. Save Notwithstanding anything contained in this Agreement, The Developer (Eden Realty Ventures Private Limited) alone on behalf of the Promoter shall be entitled to raise demand notices and except receive all amounts from the Allottee and the Developer shall subsequently distribute the Sale proceeds among the Promoters as per their own discretion.
2.2 The Promoter shall be entitled to secure the Total Price and other amounts, respectively, payable by the Allottee under this Agreement (or any part thereof), in the case manner permissible under the Act/Rules, in favour of any bank, persons including banks/financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission institutions and shall also be entitled to mortgage sell and assign to any bank, financial person or institution or company for extending a loan the right to directly receive the Total Price and other amounts payable by the Allottee against under this Agreement or any part thereof. Upon receipt of such intimation from the said UnitPromoter, the Allottee shall be required to make payment of the Total Price and other amounts payable in accordance with this Agreement, in the manner as intimated.
2.3 In the event of the Allottee obtaining any financial assistance and/or housing loan from any bank/ financial institution, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter act in accordance with the Payment Plan on the grounds instructions of the non-availability bank/ financial institution in terms of bank loan or finance from any the agreement between the Allottee and the Bank/ financial institution SUBJECT HOWEVER that such bank/financial institutionand if the Allottee fails institution shall be required to make the disburse/pay all such amounts due payment and payable to the Promoter within under this Agreement and in no event the time agreed herein, then Promoter shall assume any liability and/or responsibility for any loan and/or financial assistance which may be obtained by the Allottee from such bank/ financial institution.
2.4 Timely payment of all the amounts payable by the Allottee under this Agreement (including the Total Price), is the essence of the contract. An intimation forwarded by the Promoter to the Allottee that a particular milestone of construction has been achieved shall be liable sufficient proof thereof. The Promoter demonstrating dispatch of such intimation to pay interest at the rate specified. Furthermore, in every case where address of the Allottee has obtained as stated at Clause 30 (Notices) hereunder shall be conclusive proof of service of such intimation by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a loan/finance from a bankplea or an excuse for non- payment of any amount or amounts.
2.5 In the event of delay and/or default on the part of the Allottee in making payment of any GST, financial institution Service Tax, TDS or any other source and for which a tripartite agreement has also been executed by tax, levies, cess etc., then without prejudice to any other rights or remedies available to the PromoterPromoter and/or the under this Agreement or under applicable law, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged entitled to act as specified in adjust against any subsequent amounts received from the Act/RulesAllottee, the Said unpaid tax levy, cess etc. along with interest, penalty etc. payable thereon, from the due date till the date of adjustment.
Appears in 1 contract
Samples: Agreement for Sale
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ “XXXXX XXXXXXX ABASAN LLP” payable at Kolkata. Save and except in the In case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to payment is made by the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and through RTGS/NEFT or any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstancesother online mode, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due forthwith intimate to the Promoter in accordance writing about the payment so made with proof of such payment. An intimation forwarded by the Payment Plan Promoter to the Allottee that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the address, email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a plea or an excuse for non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other evidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, if applicable, be deducted by the Allottee on the grounds of consideration payable to the non-availability of bank loan or finance from any bank/financial institutionand if Promoter and the same shall be deposited by the Allottee fails to make the due payment concerned authority within the time period stipulated under law and the Allottee shall provide proper evidence thereof to the Promoter within 60 (sixty) days of such deduction. If such deposit of TDS is not made by the time agreed hereinAllottee to the concerned authority or proper evidence thereof is not provided to the Promoter, then the same shall be treated as default on the part of the Allottee under this agreement and the amount thereof shall be treated as outstanding. The Promoter or the Owners shall not be liable in any manner whatsoever in case of default on the part of the Allottee in depositing such TDS.
2.4 The Promoter has been empowered and authorized under its Development Agreement with the Owners to receive all amounts from the Allottee. The Promoter and the Owners shall apportion their respective entitlements in accordance with the terms of the Development Agreement or as they may mutually agree and the Allottee shall have no concern therewith and shall not be liable therefor. Further, the Promoter has also been empowered and authorized under the Development Agreement to pay interest at receive the rate specified. Furthermore, in every case where entire Other Costs and Deposits from the Allottee and the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by satisfied himself about such rights of the Promoter.
2.5 In case of the Allottee committing any delay or default in any payment to be made to the Promoter hereunder, it is agreed then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee that any default by on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee of the terms and conditions of such loan/financeshall not raise any objection, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified dispute or claim in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. Subject (a) All payments shall be made by Cheques or Demand Drafts or through RTGS. The date of credit of the amount into the account of the Promoter will be considered as the date of payment made by the Allottee(s) and the delayed payment charges will become payable from the due date;
(b) The Allottee(s) hereby undertakes and assures that based on the stage intimation letters issued / to be issued by the Promoter to the Allottee(s), the above payments shall be made by the Allottee(s) within the due date and without any further demand, as time for payment of the above said sums being the essence of the contract and the Allottee(s) is fully informed by the Promoter that any default in payment of the above said amount would affect the completion of the Project;
(c) The Allottee(s) shall not delay, withhold or postpone the payments due as provided in this agreement, on whatever reason and in that event, the Allottee(s) shall be responsible for any consequential sufferance or damages and they shall adhere to clause 5(a)
(1) mentioned herein. The Promoter will have the first charge or lien on the said premises on all balance amounts due by Allottee(s) until they are paid;
(d) The Allottee(s), if resident outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999, Reserve Bank of India Act and Rules and Regulations made thereunder or any statutory amendment(s) modification(s) made thereof and all other applicable laws including that of remittance of payment acquisition/sale/transfer of immovable properties in India etc. and provide the Promoter with such permission, approvals which would enable the Promoter to fulfill its obligations under this Agreement. Any refund, transfer of security, if provided in terms of the Agreement shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or statutory enactments or amendments thereof and the Promoter abiding Rules and Regulations of the Reserve Bank of India or any other applicable law. The Allottee understands and agrees that in the event of any failure on his/her part to comply with the applicable guidelines issued by the development linked milestonesReserve Bank of India, he/she shall be liable for any action under the Allottee Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time. The Promoter accepts no responsibility in this regard. The Allottee(s) shall make all payments, on demand by keep the Promoter, within the stipulated time as mentioned Promoter fully indemnified and harmless in this regard. Whenever there is any change in the Payment Plan through A/c Payee cheque/demand draft/online payment (as applicableresidential status of the Allottee(s) subsequent to the signing of this Agreement, it shall be the sole responsibility of the Allottee(s) to intimate the same in favour of ‘ ’ payable at . Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where writing to the Promoter has given its permission to mortgage to immediately and comply with necessary formalities if any bank, financial institution or company for extending a loan to under the Allottee against the said Unit, the applicable laws. The Promoter shall not be responsible towards any other third party, who has made payments or party making payment/remittances to the Promoter on behalf of the Allottee any Allottee(s) and any such third party shall not have any right against in the application / allotment of the said Unit or under this Agreement. The Apartment applied for herein in any way and the Promoter shall issue be issuing the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/RulesAllottee(s) only.
Appears in 1 contract
Samples: Construction Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all paymentspayments (other than Deposits as mentioned in clause 11.2 hereto), on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ payable at . Save and except in XXXXXX REAL ESTATES LLP to be exclusively deposited by the Promoter or remitted by the Allottee directly (as the case may be) to an escrow bank account under the joint signature of one representative of the Owner and one of the Developer in terms of the Development Agreement. In case any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to payment is made by the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and through RTGS/NEFT or any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstancesother online mode, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due forthwith intimate to the Promoter in accordance writing about the payment so made with proof of such payment. An intimation forwarded by the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if Promoter to the Allottee fails to make that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the due payment to the Promoter within the time agreed hereinaddress, then email address or phone of the Allottee shall be liable to pay interest at sufficient intimation for the rate specified. Furthermorepurpose of this clause by the Promoter upon the Allottee, in every case where and non-receipt thereof by the Allottee/s shall not be a plea or an excuse for non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee has obtained a loan/finance from a bank, financial institution against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other source evidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, if applicable, be deducted by the Allottee on the consideration payable to the Promoter and for which a tripartite agreement the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owners shall not be liable in any manner whatsoever in case of default on the part of the Allottee in depositing such TDS.
2.4 The Promoter has been empowered and authorized under its Development Agreement with the Owners to receive all amounts from the Allottee in the manner mentioned in clause 2.1 above. The Promoter and the Owners shall apportion their respective entitlements in accordance with the terms of the Development Agreement or as they may mutually agree and the Allottee shall have no concern therewith and shall not be liable therefor. Further, the Promoter has also been executed by empowered and authorized under the PromoterDevelopment Agreement to receive the entire Deposits from the Allottee and to deposit the same in its any other separate bank account.
2.5 In case of the Allottee committing any delay or default in any payment to be made to the Promoter hereunder, it is agreed then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee that any default by on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee of the terms and conditions of such loan/financeshall not raise any objection, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified dispute or claim in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. Subject All payments required to be made by the Borrower to the terms Lender, including the Repayment Installments along with all Taxes, charges, costs and expenses may be paid by way of cheque, online remittance, bank transfer, Auto Debit (AD), Automated Clearing House (ACH) or such contemporaneous mode of settlement of financial obligations or any other mode as may be required by the Lender and as specified in Schedule II to this Agreement.
2.7.4.1 Without any prejudice to the foregoing provision, all the payments, if the Lender so decides, may be collected through post-dated cheques handed over at the office of the Agreement Lender towards any payment due to the Lender and submission of such post-dated cheques shall be deemed to be an unconditional and irrevocable authority given by the Borrower to the Lender to present the cheques delivered in advance on their respective dates. The Lender shall be entitled to present the said postdated cheques for payment on or after their respective Payment Date and the Promoter abiding Borrower agrees and undertakes that i) the Borrower shall ensure that each of the cheques are honoured on the first presentations and ii) the Borrower shall not in any event and in any circumstances instruct the Lender not to deposit the said cheque or any of them or stop payment of any of the cheque and notwithstanding the above the Borrower issue any such instruction, the same shall be considered null and void.
2.7.4.2 The Borrower may, if he so chooses, issue standing instructions to the bank (in which the Borrower has an account), to debit the account of the Borrower every month and credit such account as directed by the development linked milestones, Lender for the Allottee shall make all payments, on demand value of the repayment installment due through Electronic Clearing System (Debit Clearing) as notified by the PromoterRBI ( ECS Method ). The Borrower undertakes not to revoke standing instruction given hereunder during the term of this Agreement. In case the Borrower does so, within it may be presumed that the stipulated same has been done to cheat the Lender and therefore, will make the Borrower liable for criminal action under the Applicable Laws in force for the time being.
2.7.4.3 The Lender may also consider a request of the Borrower not to take full post-dated cheques as mentioned stated in hereinabove for all the Payment Plan through A/c Payee cheque/demand draft/online payment (as applicable) instalments but instead take only a few cheques which can be used in favour of ‘ ’ payable at . Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf outstanding payment of the Allottee and any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due dues under this Agreement on timeby the Borrower. Allottee Such cheques may obtain financealso be used by the Lender in case of failure of ECS System of payment chosen by the Borrower for any reason whatsoever. For such cheques the Borrower gives similar undertakings as mentioned hereinabove. 0 - XXX/0000/00/loan from XX/XX/0000
2.7.4.4 Any non-presentation of the cheque(s) due to any financial institution, bank reason shall not affect the liability of the Borrower to pay the instalments or any other source, but the Allottee's obligation dues. The Borrower agree/s to purchase replace the said Unit pursuant to this Agreement cheques/issue fresh cheques, if required by the Lender and/or pay the instalment(s) by draft/cash, and the replaced cheque shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance also form security for the purchase repayment of the said Unit. The Allottee agrees that financed amount.
2.7.4.5 If any cheque/ other instrument such as ECS, AD, ACH, given by the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities Borrower to the Allottee from Lender is dishonoured for any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due reason whatsoever then without prejudice to the Promoter in accordance with the Payment Plan on the grounds Lender's other rights (including those under chapter XVII of the non-availability of bank loan or finance from any bank/financial institutionand if Negotiable Instruments Act, 1881) for every cheque which is dishonoured the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee Borrower shall be liable to pay interest at to the rate specified. Furthermore, in every case where the Allottee has obtained Lender a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act sum as specified in the Act/RulesSchedule II hereto as penalty for the dishonour of the cheque on its first and subsequent presentation ('Cheque Bouncing Penalty') and applicable taxes thereon. Bouncing of any cheque will be treated as an Event of Default under this agreement.
2.7.4.6 The Borrower confirms having perused, understood and agreed to the Lender method of calculating installments and agrees / undertakes to abide by the same without any demur or objection. The Borrower shall make payment of all amounts payable under this Agreement without any set off. Guarantor
2.7.4.7 The Borrower shall also be liable to pay interest@1.99%per month to the Lender on the amount disbursed by the Lender before the date of commencement of instalments under this Agreement. Such interest shall be paid immediately on demand for the period from the date of payment by the Lender till the date of commencement of instalments under this Agreement, as detailed in the Schedule of this Agreement.
Appears in 1 contract
Samples: Loan Cum Hypothecation Agreement
MODE OF PAYMENT. 2.1. Subject to the terms of the Agreement and the Promoter abiding by the development linked milestones, the Allottee shall make all payments, on demand by the Promoter, within the stipulated time as mentioned in the Payment Plan through A/c Payee cheque/demand draft/online payment (as applicable) in favour of ‘ ’ payable at .
2.2. Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said UnitPlot, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against the said UnitPlot, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and any such third party shall not have any right against the said Unit Plot or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time.
2.3. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit Plot pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said UnitPlot. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified.
2.4. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rules.
Appears in 1 contract
Samples: Buyer Agreement
MODE OF PAYMENT. Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ payable at Kolkata. Save and except in the In case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to payment is made by the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and through RTGS/NEFT or any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstancesother online mode, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due forthwith intimate to the Promoter in accordance writing about the payment so made with proof of such payment. An intimation forwarded by the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if Promoter to the Allottee fails to make that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the due payment to the Promoter within the time agreed hereinaddress, then email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a plea or an excuse for non-payment of any amount or amounts. All payments shall be made by the Allottee against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other evidence regarding the payment. The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, if applicable, be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owners shall not be liable in any manner whatsoever in case of default on the part of the Allottee in depositing such TDS. The Promoter has been empowered and authorized under its Development Agreement with the Owners to pay interest at receive all amounts from the rate specifiedAllottee. FurthermoreThe Promoter and the Owners shall apportion their respective entitlements in accordance with the terms of the Development Agreement or as they may mutually agree and the Allottee shall have no concern therewith. Further, in every case where the Promoter has also been empowered and authorized under the Development Agreement to receive the entire Other Costs and Deposits from the Allottee and the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by satisfied himself about such rights of the Promoter. In case of the Allottee committing any delay or default in any payment to be made to the Promoter hereunder, it is agreed then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee that any default by on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee of the terms and conditions of such loan/financeshall not raise any objection, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified dispute or claim in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Agreement for Sale
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per Clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ‘HONEYBIRD HEIGHTS LLP’ payable at Kolkata. Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where An intimation forwarded by the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the said Unitaddress, email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be responsible towards a plea or an excuse for non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other third partyevidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under section 194 IA of the Income Tax Act, who has made payments or remittances 1961 shall, if applicable, be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owner shall not be liable in any manner whatsoever in case of default on behalf the part of the Allottee in depositing such TDS.
2.4 The Promoter has been empowered and any such third party shall not have any right against authorized under its Development Agreement with the said Unit or under this AgreementOwner to receive all amounts from the Allottee. The Promoter and the Owner shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter apportion their respective entitlements in accordance with the Payment Plan on the grounds terms of the non-availability of bank loan Development Agreement or finance from any bank/financial institutionand if as they may mutually agree and the Allottee fails shall have no concern therewith. Further, the Promoter has also been empowered and authorized under the Development Agreement to make receive the due entire Other Costs and Deposits from the Allottee and the Allottee has satisfied himself about such rights of the Promoter.
2.5 In case of the Allottee committing any delay or default in any payment to be made to the Promoter within the time agreed hereinhereunder, then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee shall be liable to pay interest at the rate specified. Furthermorenot raise any objection, dispute or claim in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ payable Xxxxxxx Developers Ltd –Purti Aroma HDFC Bank Dalhousie Branch IFSC code no- HDFC0001015Account no -50200071116580_payable at Kolkata. Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where An intimation forwarded by the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the said Unitaddress, email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be responsible towards a plea or an excuse for non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other third partyevidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, who has made payments or remittances if applicable, be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owners shall not be liable in any manner whatsoever in case of default on behalf the part of the Allottee in depositing such TDS.
2.4 The Promoter has been empowered and any such third party shall not have any right against authorized under its Development Agreement with the said Unit or under this AgreementOwners to receive all amounts from the Allottee. The Promoter and the Owners shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter apportion their respective entitlements in accordance with the Payment Plan on the grounds terms of the non-availability of bank loan Development Agreement or finance from any bank/financial institutionand if as they may mutually agree and the Allottee fails shall have no concern therewith. Further, the Promoter has also been empowered and authorized under the Development Agreement to make receive the due entire Other Costs and Deposits from the Allottee and the Allottee has satisfied himself about such rights of the Promoter.
2.5 In case of the Allottee committing any delay or default in any payment to be made to the Promoter within the time agreed hereinhereunder, then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee shall be liable to pay interest at the rate specified. Furthermorenot raise any objection, dispute or claim in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ payable at . Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to PURTI NPR DEVELOPERS LLP
2.2 All payments shall be made by the Allottee against the said Unit, proper receipts by the Promoter and the Allottee shall not be responsible towards entitled to claim or to set up any other third partyevidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, who has made payments or remittances if applicable, be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owners shall not be liable in any manner whatsoever in case of default on behalf the part of the Allottee in depositing such TDS.
2.4 The Promoter has been empowered and any such third party shall not have any right against authorized under its Development Agreement with the said Unit or under this AgreementOwners to receive all amounts from the Allottee. The Promoter and the Owners shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter apportion their respective entitlements in accordance with the Payment Plan on the grounds terms of the non-availability of bank loan Development Agreement or finance from any bank/financial institutionand if as they may mutually agree and the Allottee fails shall have no concern therewith and shall not be liable therefor. Further, the Promoter has also been empowered and authorized under the Development Agreement to make receive the due entire Other Costs and Deposits from the Allottee and the Allottee has satisfied himself about such rights of the Promoter.
2.5 In case of the Allottee committing any delay or default in any payment to be made to the Promoter within the time agreed hereinhereunder, then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee shall be liable to pay interest at the rate specified. Furthermorenot raise any objection, dispute or claim in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the this Agreement and the Promoter Owners/Promoters abiding by the development linked milestonesconstruction milestones as expressly mentioned in this Agreement, the Allottee Allottees shall make all payments, on written demand by the PromoterOwners/Promoters, within the stipulated time as mentioned in the Payment Plan 15 days through A/c Payee cheque/demand draft/pay order/wire transfer/RTGS/NEFT or online payment (as applicable) drawn in favour of/to the account of the Owners/ Promoters payable at Kolkata.
2.2 The Owners/Promoters shall be entitled to securitize the Total Price and other amounts payable by the Allottees under this Agreement (or any part thereof), in the manner permissible under the Act/Rules, in favour of ‘ ’ any persons including banks/ financial institutions and shall also be entitled to transfer and assign to any persons the right to directly receive the Total Price and other amounts payable at by the Allottees under this Agreement or any part thereof. Save Upon receipt of such intimation from the Owners/Promoters, the Allottees shall be required to make payment of the Total Price and except other amounts payable in accordance with this Agreement, in the case manner as intimated.
2.3 In the event of the Allottees obtaining any bankfinancial assistance and/or housing loan from any bank/ financial institution, the Owners/Promoters shall act in accordance with the instructions of the bank/ financial institution or company with whom in terms of the agreement between the Allottees and the Bank/ financial institution SUBJECT HOWEVER that such bank/financial institution shall be required to disburse/pay all such amounts due and payable to the Owners/Promoters under this Agreement and in no event the Owners/Promoters shall assume any liability and/or responsibility for any loan and/or financial assistance which may be obtained by the Allottees from such bank/ financial institution.
2.4 The timely payment of all the amounts payable by the Allottees under this Agreement (including the Total Price), is the essence of the contract. An intimation forwarded by the Owners/Promoters to the Allottees that a tripartite agreement particular milestone of construction has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan achieved shall be sufficient proof thereof. The Owners/Promoters demonstrating dispatch of such intimation to the Allottee against address of the said UnitAllottees as stated at Clause 30 (Notice) including by e- mail, shall be conclusive proof of service of such intimation by the Promoter Owners/Promoters upon the Allottees, and non-receipt thereof by the Allottees/s shall not be responsible towards a plea or an excuse for non- payment of any amount or amounts.
2.5 In the event of delay and/or default on the part of the Allottees in making payment of any GST or any other third partytax, who has made payments levies, cess etc., then without prejudice to any other rights or remittances remedies available to the Promoter Owners/Promoters under this Agreement or under applicable law, the Owners/Promoters shall be entitled to adjust against any subsequent amounts received from the Allottees, the said unpaid tax, levy, cess etc. along with interest, penalty etc. payable thereon, from the due date till the date of adjustment.
2.6 In the event of dishonour of any payment instruments or any payment instructions by or on behalf of the Allottee and for any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstances, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed hereinreason whatsoever, then the Allottee same shall be liable treated as a default and the Owners/Promoters may at its sole discretion be entitled to pay interest at exercise any recourse available herein. Further, the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by Owners/ Promoters shall intimate the Allottee of the terms dishonour of the cheque and conditions the Allottee would be required to promptly tender a Demand Draft of such loanthe outstanding amounts including interest at the Applicable Interest Rate from the due date till the date of receipt by the Owners/finance, Promoters of all the amounts including the dishonour charges of Rs. 5000/- (Rupees Five Thousand only) (for each dishonour). In the event the said Demand Draft is not tendered within 7 (seven) days then the Owners/Promoters shall be deemed entitled to constitute a default by For Fortune Park Housing Projects Pvt. Ltd cancel the allotment, subject to provisions hereunder. In the event the Allottee comes forward to pay the entire outstanding amounts, interest and penalty thereof, the Owners/Promoters may consider the same at its sole discretion. In the event of this Agreementdishonour of any cheque, whereupon the Promoter shall be obliged Owners/Promoters has no obligation to act as specified in return the Act/Rulesoriginal dishonoured cheque.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ RISHINOX BUILDWELL LLP payable at Kolkata. Save and except in the In case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to payment is made by the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and through RTGS/NEFT or any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstancesother online mode, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due forthwith intimate to the Promoter in accordance writing about the payment so made with proof of such payment. An intimation forwarded by the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if Promoter to the Allottee fails to make that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the due payment to the Promoter within the time agreed hereinaddress, then email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a plea or an excuse for non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other evidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, if applicable, be deducted by the Allottee and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owners shall not be liable in any manner whatsoever in case of default on the part of the Allottee in depositing such TDS.
2.4 The Promoter has been empowered and authorized under its Development Agreement with the Owners to pay interest at receive all amounts from the rate specifiedAllottee. FurthermoreThe Promoter and the Owners shall apportion their respective entitlements in accordance with the terms of the Development Agreement or as they may mutually agree and the Allottee shall have no concern therewith and shall not be liable therefor. Further, in every case where the Promoter has also been empowered and authorized under the Development Agreement to receive the entire Other Costs and Deposits from the Allottee and the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by satisfied himself about such rights of the Promoter.
2.5 In case of the Allottee committing any delay or default in any payment to be made to the Promoter hereunder, it is agreed then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee that any default by on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee of the terms and conditions of such loan/financeshall not raise any objection, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified dispute or claim in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. Subject to 2.1 Subjectto the terms of termsof the Agreement and Agreementand the Promoter abiding by the development linked milestones, constructionmilestones,the Allottee shall make all payments, ,on written demand by the Promoter, within the stipulated time as mentioned in stipulatedtime asmentionedin the Payment Plan PaymentPlan (Schedule C) through A/c Payee payee cheque/demand draft/online payment (as applicable) draft/ banker’s cheque payable at par at New Delhi in favour of ‘ ’ payable “XXXXXX ESTATE PRIVATE LIMITED MASTER COLLECTION ESCROW A/C” or an inter-bank electronic transfer to the Promoter’s current account no. 57500000183190 at HDFC Bank Limited, 209-214, Kailash Building, 00, Xxxxxxxx Xxxxxx Marg, New Delhi-110001., IFSC Code HDFC0000003 . All paymentsshall be subject to their actual realizationin the above mentionedaccount. The date of credit in to the above account shall be deemed to be the date of payment and exchange rates prevailing as on such date shall be applicable for payments made in foreign currency.
2.2 The Allottee understandsthat it shall always remain responsible for making timely payments in accordance with the Payment Plan and the same is an integral pre-requisiteunder this Agreement.The Promoter shall send demand notices for instalmentson or about the completion of the respectivestagesof construction.Thedemand noticesshall be sentby registeredpost/ courier and shall be deemed to havebeen receivedbythe Allotteewithin 15 (fifteen)daysof dispatchby the Promoter or upon theactual receiptthereof, whicheverisearlier.
2.3 ThePromoter shall not be obliged to sendanyremindersfor any paymentswhatsoever. In the eventthat anysuchnotices or remindersare sent by the Promoter to the Allottee, as a courtesy, such remindersshall not, under any circumstances, be construedor deemed to be a waiver of the obligations and responsibilityof the Allottee to make timely paymentsin accordancewith the PaymentPlan, of itsown accord.
2.4 In case of default in payment by the Allottee, the Promoter shall have the right of termination as set forth in Clause 9.3 hereof. However, the Promoter may alternatively, in its sole discretion, instead decide to enforce the payment of all its dues from the Allottee by seeking specific performance of this Agreement. Further, in every such case of delayed payment, the subsequentcredit of suchdelayedinstalment(s)/paymentsalongwith delayedinterestin the account of the Promoter shall not however constitute waiver of the right of termination reserved herein and shall always be without prejudiceto therightsof the Promoter to terminatethisAgreementin themanner providedherein.
2.5 Save and except in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed separatelyexecuted for financing the said Unitpurchaseof the Retail Space by the Allottee, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against the said Unit, againtshte Retail Space,the Promoter shall not be responsible towards any other responsibletowardsanyother third party, who has made payments or hasmade paymentsor remittances to the Promoter on behalf of the Allottee and any such third Allotteeand anysuchthird party shall not have any right against haveanyright with respectto the said Unit Retail Space or under this Agreement. The Promoter shall issue the payment receipts only receiptsonly in favour of the Allottee. Under all circumstancesNotwithstanding the above, the Allottee is and shall remain solely solelyand absolutelyresponsiblefor ensuring and absolutely responsible for making all the payments due under this Agreement on time. and fulfilling all obligationsunder thisAgreementin a timelymanner.
2.6 The Allottee may obtain finance/finance/ loan from any financial institution, bank or any other source, but the Allottee's ’s obligation to purchase the said Unit pursuant theRetail Spacepursuant to this Agreement shall Agreementshall not be contingent on the Allottee's ability or competency to ’s abilityor competencyto obtain such finance. The Allottee would shall remain bound under this Agreement whether or not the Allottee it has been able to obtain finance for the purchase of the said UnitRetail Space. The Allottee agrees and has fully understood that the Promoter shall not be under any obligation to whatsoeverto make any arrangement for the finance/finance/ loan facilities to facilitiesto the Allottee from any bank/bank/ financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due paymentsdue to the Promoter in accordance with accordancewith the Payment Plan on opted by the grounds of the nonAllottee in termsof this Agreementon thegroundsof thenon-availability of availabilityof bank loan or finance from any bank/financefrom anybank/ financial institutionand institutionfor anyreasonwhatsoever and if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee Promoter shall be liable haveright to pay interest at the rate specified. terminatethisAgreementin accordanceherewith.
2.7 Furthermore, ,in every case where the Allottee has obtained everycasewherethe Allotteehasobtained a loan/finance from loan/ financefrom a bank, financial institution or any other source and institutionor anyother sourceand for which a tripartite agreement has agreementhas also been executed by executedby the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of termsand conditionsof such loan/loan/ finance, shall also be deemed to constitute a constitutea default by the Allottee of this Agreement, whereupon consequentto which and/ or at the written requestof such bank, financial institution or personfrom whomsuchloan hasbeen obtained, the Promoter shall be obliged to act as specified in the Act/Rulesentitledto terminatethisAgreement.
Appears in 1 contract
Samples: Agreement for Sale
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ’ XXXXXX AIKYAM LLP payable at Kolkata. Save and except in the In case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to payment is made by the Allottee against the said Unit, the Promoter shall not be responsible towards any other third party, who has made payments or remittances to the Promoter on behalf of the Allottee and through RTGS/NEFT or any such third party shall not have any right against the said Unit or under this Agreement. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstancesother online mode, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due forthwith intimate to the Promoter in accordance writing about the payment so made with proof of such payment. An intimation forwarded by the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if Promoter to the Allottee fails to make that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the due payment to the Promoter within the time agreed hereinaddress, then email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a plea or an excuse for non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee against proper receipts by the Promoter and the Allottee shall not be entitled to claim or to set up any other evidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, if applicable, be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter or the Owners shall not be liable in any manner whatsoever in case of default on the part of the Allottee in depositing such TDS.
2.4 The Promoter has been empowered and authorized under its Development Agreement with the Owners to pay interest at receive all amounts from the rate specifiedAllottee. FurthermoreThe Promoter and the Owners shall apportion their respective entitlements in accordance with the terms of the Development Agreement or as they may mutually agree and the Allottee shall have no concern therewith and shall not be liable therefor. Further, in every case where the Promoter has also been empowered and authorized under the Development Agreement to receive the entire Other Costs and Deposits from the Allottee and the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by satisfied himself about such rights of the Promoter.
2.5 In case of the Allottee committing any delay or default in any payment to be made to the Promoter hereunder, it is agreed then without prejudice to the other rights and remedies of the Promoter in respect of such default hereunder or under law, the Promoter may appropriate the subsequent payments made by the Allottee that any default by on such head/s of the defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee of the terms and conditions of such loan/financeshall not raise any objection, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified dispute or claim in the Act/Rulesrespect thereof.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. Subject to the terms of the Agreement Agreement, the Allottee and the Promoter abiding by the development linked construction milestones, , the Allottee shall make all payments, on demand through e-mail by the Promoter, within the stipulated time as mentioned in the Payment Plan in the Fourth Schedule hereunder or otherwise, through A/c Payee chequeaccount payee local cheques/demand draftdrafts/banker’s cheques or online payment (as applicable) in favour of ‘ ‘Levelz Apartments LLP’ payable at . Save and except Kolkata or in the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing manner mentioned in the said Unit, or where the Promoter has given its permission to mortgage to any bank, financial institution or company for extending a loan to the Allottee against the said Unit, the Promoter demand/email. Outstation cheques shall not be responsible towards accepted. In the event of dishonour of any other third party, who has made payments payment instruments or remittances to the Promoter any payment instructions by or on behalf of the Allottee for any reason whatsoever, then the same shall be treated as a default and the Promoter may at its sole discretion be entitled to exercise any such third party shall not have any right against the said Unit or under this Agreementrecourse available herein. The Promoter shall issue the payment receipts only in favour of the Allottee. Under all circumstancesFurther, the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from any financial institution, bank or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by intimate the Allottee of the terms dishonour of the cheque and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee would be required to promptly tender a Demand Draft of this Agreementthe outstanding amounts including interest at the applicable rate of interest as accrued from the due date till the date of receipt of intimation from the Promoter and all the amounts including the dishonour charges of Rs. 2,500/- (Rupees Two Thousand Five Hundred only) (for each dishonour), whereupon within 7(seven) days from the receipt of intimation from the Promoter. In the event the said Demand Draft is not tendered within 7 (seven) days then thePromoter shall have a right (not an obligation) to cancel the allotment or allow for the last chance, the Allottee to pay with up to date interest subject to provisions hereunder. In the event the Allottee comes forward to pay the entire outstanding amounts, interest and penalty thereof, the Promoter may consider the same at its sole discretion. In the event of dishonour of any cheque, the Promoter shall be obliged have no obligation to act as specified in return the Act/Rulesoriginal dishonoured cheque.
Appears in 1 contract
Samples: Sale Agreement
MODE OF PAYMENT. 2.1 Subject to the terms of the Agreement and the Promoter abiding by the development linked milestonesany relevant applicable construction milestones (except in cases of rebate in installments as per Clause 1.5), the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) )] in favour of ‘ ‘SHREEPURAM PARKS LLP - SALES’ payable at Kolkata. Save and except in In case any payment is made by the case of any bank, financial institution or company with whom a tripartite agreement has been separately executed for financing the said Unit, or where Allottee to the Promoter has given its permission through RTGS/NEFT or any other online mode, the Allottee shall forthwith intimate to mortgage to any bank, financial institution or company for extending a loan the Promoter in writing about the payment so made with proof of such payment. An intimation forwarded by the Promoter to the Allottee that a particular milestone of construction has been achieved shall be sufficient proof thereof. The issuance of such intimation by email or on any other digital platform at the address, email address or phone of the Allottee shall be sufficient intimation for the purpose of this clause by the Promoter upon the Allottee, and non-receipt thereof by the Allottee/s shall not be a plea or an excuse for non-payment of any amount or amounts.
2.2 All payments shall be made by the Allottee against proper receipts by the said UnitPromoter and the Allottee shall not be entitled to claim or to set up any other evidence regarding the payment.
2.3 The Tax Deductible at Source (“TDS”) under the Income Tax Laws shall, if applicable, be deducted by the Allottee on the consideration payable to the Promoter and the same shall be deposited by the Allottee to the concerned authority within the time period stipulated under law. The Promoter shall not be responsible towards liable in any other third party, who has manner whatsoever in case of default on the part of the Allottee in depositing such TDS.
2.4 In case of the Allottee committing any delay or default in any payment to be made payments or remittances to the Promoter on behalf hereunder, then without prejudice to the other rights and remedies of the Allottee and any Promoter in respect of such third party shall not have any right against the said Unit default hereunder or under this Agreement. The law, the Promoter shall issue may appropriate the payment receipts only in favour subsequent payments made by the Allottee on such head/s of the Allottee. Under all circumstances, defaulted amount and interest applicable thereon and in such manner as the Promoter may deem fit and proper and the Allottee shall remain solely and absolutely responsible for making all the payments due under this Agreement on time. Allottee may obtain finance/loan from not raise any financial institutionobjection, bank dispute or any other source, but the Allottee's obligation to purchase the said Unit pursuant to this Agreement shall not be contingent on the Allottee's ability or competency to obtain such finance. The Allottee would remain bound under this Agreement whether or not the Allottee has been able to obtain finance for the purchase of the said Unit. The Allottee agrees that the Promoter shall not be under any obligation to make any arrangement for the finance/loan facilities to the Allottee from any bank/financial institution. The Allottee shall not omit, ignore, delay, withhold, or fail to make timely payments due to the Promoter claim in accordance with the Payment Plan on the grounds of the non-availability of bank loan or finance from any bank/financial institutionand if the Allottee fails to make the due payment to the Promoter within the time agreed herein, then the Allottee shall be liable to pay interest at the rate specified. Furthermore, in every case where the Allottee has obtained a loan/finance from a bank, financial institution or any other source and for which a tripartite agreement has also been executed by the Promoter, it is agreed by the Allottee that any default by the Allottee of the terms and conditions of such loan/finance, shall be deemed to constitute a default by the Allottee of this Agreement, whereupon the Promoter shall be obliged to act as specified in the Act/Rulesrespect thereof.
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Samples: Agreement for Sale