Common use of POSSESSION OF THE RESIDENTIAL UNIT Clause in Contracts

POSSESSION OF THE RESIDENTIAL UNIT. 7.1 Schedule for possession of the said residential unit.- The Promoter agrees and understands that timely delivery of possession of the residential unit is the essence of the Agreement. The Promoter based on the approved plans and specifications, assures to hand over possession of the residential unit on , unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project (“Force Majeure”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Allottee agrees that the Promoter shall be entitled to the extension of time for delivery of possession of the residential unit, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Allottee agrees and confirms that, in the event of it becomes impossible for the Promoter to implement the Project due to Force Majeure Conditions, then this allotment shall stand terminated and the Promoter shall refund to the Allottee the entire amount received by the Promoter from the allotment within ninety days from the date of termination of allotment. After refund of the money paid by the Allottee, the Allottee agrees that he/she shall not have any rights, claims etc. against the Promoter and that the Promoter shall be released and discharged from all obligations and liabilities under this Agreement.