Common use of OUTGOING Clause in Contracts

OUTGOING. Any arrears of service / maintenance charges including late penalty interest (if any) which may be due and payable to any relevant authority and / or Developer at the date of successful sale shall be borne by the Assignee / Bank up to a maximum of 50% ONLY of the Reserve Price of the subject property. Any balance amount exceeding 50% of the Reserve Price and any sum due and payable after the date of sale shall be borne by the Purchaser.

OUTGOING. Any arrears of service / maintenance charges including late penalty interest (if any) which may be due and payable to any relevant authority and / or Developer at the date of successful sale shall be borne by the Assignee / Bank up to a maximum of 5010% ONLY of the Reserve Price of the subject property. Any balance amount exceeding 5010% of the Reserve Price and any sum due and payable after the date of sale shall be borne by the Purchaser.