Common use of Preferred Location Charges Clause in Contracts

Preferred Location Charges. In case an Allottee does not get Apartment with preferential location, the Preferred Location Charges shall be returned to the Allottee by the Developer with interest calculated @ 10% (Ten per cent) per annum from the date of the payment of such amount to the Developer till the date such amount is returned to the Allottees. Alternatively, the Developer shall have the right to adjust such refund along with applicable interest with any outstanding amount payable or with the balance Total Payable Amount.