OUTGOING. Any arrears of service / maintenance charges excluding late payment charge (if any) which may be lawfully due and payable to any relevant authority and / or Developer as at the date of successful sale shall be borne by the Assignee/Bank and the portion attributable up to the date of the successful sale (subject to a maximum of 10% of the Reserve Price) 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 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 entitled for any claim and any sum due and payable after the date of the sale shall be borne by the Purchaser. The successful bidder shall be liable to pay the Developer the sum of RM 15,900.00 being the outstanding balance of 2.5% of the purchase price payable under the Principal Sale & Purchase Agreement.
Appears in 1 contract
Samples: Facility Agreement
