Common use of OUTGOING Clause in Contracts

OUTGOING. a) Any arrears of service / maintenance charges including late payment charge (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 the date of sale shall be paid out upon receipt of full auction proceeds, provided that the Assignee / Bank is in receipt of the itemized billing for service / maintenance charges including late payment charge (if any) and statement of account issued by relevant authority and / or Developer from the Purchaser within ninety (90) days from the date of sale and any sum due and payable after the date of sale shall be borne by the Purchaser. Bank will absorb maintenance fee & interest up to 10% from the Reserve Price. The remaining outstanding fee shall be borne by the successfully bidders and statement of account issued by relevant authority and/or the Developer from the Purchaser within ninety (90) days from the date of the successful sale, failing which the purchaser will not be entitle for any claim and any sum due and payable after the date of the sale shall be borne by the Purchaser. b) For avoidance of doubt, in the event that such invoices and / or itemized billing are not submitted within the stipulated 90 days from the auction date, any subsequent claims pertaining to the service / maintenance charges including late payment charge (if any) will not be entertained by the Assignee / Bank and the same shall be borne by the Purchaser solely. All charges other than service / maintenance charges including but not limited to quit rent, assessment, fees, taxes, rates, sinking funds, adjustment of land area charges and / or any other monies whatsoever outstanding to the relevant authority and / or Developer shall be paid directly by the Purchaser. c) The Purchaser shall bear and pay all fees and expenses including but not limited to all legal fees, stamp duty and registration fees in connection with, incidental to or pursuant to the Assignment and all other documents necessary affecting the transferor assigning the beneficial ownership in the property to the Purchaser.

OUTGOING. a) Any arrears of service / maintenance charges including late payment charge penalty interest (if any) which may be lawfully due and payable to t o any relevant authority and / or Developer as at the date of successful sale shall be borne by the Assignee / Bank Assignee/Lender and the portion attributable up to the date of the successful sale shall be paid out upon receipt of full auction proceedsproceeds including all interest on the late payment interest (if any), provided that the Assignee / Bank Assignee/Lender is in receipt of the itemized billing for service / service/maintenance charges including late payment charge penalty interest (if any) and statement of account issued by relevant authority and / or Developer from the Purchaser within ninety (90) days from the date of sale and any sum due and payable after the date of sale shall be borne by the Purchaser. Bank will absorb maintenance fee & interest up to 10% from the Reserve Price. The remaining outstanding fee shall be borne by the successfully bidders and statement of account issued by relevant authority and/or the Developer from f rom the Purchaser within ninety (90) days from the date of the successful sale, failing which the purchaser will not be entitle for any claim and any sum due and payable after the date of the sale shall be borne by the Purchaser. b) For avoidance of doubt, in the event that such invoices and / or itemized billing are not submitted within the stipulated 90 ninety (90) days from the auction date, any subsequent claims pertaining to the service / maintenance charges including late payment paymen t charge (if any) will not be entertained by the Assignee / Bank and the same shall be borne by the Purchaser solely. All charges other than service / maintenance charges including but not limited to quit rent, assessment, fees, taxes, rates, sinking funds, adjustment of land area charges and / or any other monies whatsoever outstanding to the relevant authority and / or Developer shall be paid directly by the Purchaser. c) The Purchaser shall bear and pay all fees and expenses including but not limited to all legal fees, stamp duty and registration registrati on fees in connection with, incidental to or pursuant to the Assignment and all other documents necessary affecting the transferor assigning the beneficial ownership in the property to the Purchaser.