PROMOTER'S DEFAULT Sample Clauses

PROMOTER'S DEFAULT. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: i. Promoter fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified in Clause 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this para, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; ii. Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
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PROMOTER'S DEFAULT. Subject to the Force Majeure, the Promoter shall be considered under a condition of default, in the following events, namely: - 9.1.1 The Promoter fails to provide ready to move in possession of the Unit to the Allottee(s) without any default on the part of the Allottee(s), within the time period specified in Clause 7.1 above in this Agreement. For the purpose of this clause, 'ready to move in possession' shall mean that the Unit shall be in a habitable condition which is complete in all respects including the provision of all Specifications as agreed to between the Parties and as specified in Schedule D and for which Occupation Certificate, has been issued by the competent authority; 9.1. 2Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of the registration of the Said Project under the provisions of the Act or the rules or regulations made thereunder.
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PROMOTER'S DEFAULT. Subject to the Force Majeure, the Promoter shall be considered under a condition of default, in the following events, namely: - The Promoter fails to provide ready to move in possession of the Unit to the Allottee(s) without any default on the part of the Allottee(s), within the time period specified in Clause 7.1 above in this Agreement. For the purpose of this clause, 'ready to move in possession' shall mean that the Unit shall be in a habitable condition which is complete in all respects including the provision of all Specifications as agreed to between the Parties and as specified in Schedule F and for which Occupation Certificate, has been issued by the competent authority; Discontinuance of the Promoter's business as a developer on account of suspension or revocation or expiry of the registration of the Said Project under the provisions of the Act or the rules or regulations made thereunder. In case of default by the Promoter under the conditions listed above, Allottee(s) is entitled, subject to the condition that there is no default on the part of the Allottee(s), to the following: Stop making further payments to the Promoter as demanded by the Promoter. If the Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction/ development milestones and only thereafter the Allottee(s) be required to make the next payment without any delay payment charges; or The Allottee(s) shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee(s) under any head whatsoever towards the purchase of the Unit, along with interest calculated at Interest Rate within 90 (ninety) days of receiving the termination notice: Provided that where an Allottee(s) does not intend to withdraw from the Project or terminate the Agreement, he shall be paid, by the Promoter, interest calculated at Interest Rate for the period of delay till the handing over of the possession of the Unit, which shall be paid by the Promoter to the Allottee(s) within ninety (90) days of it becoming due. Allottee’s Default- The Allottee(s) shall be considered having committed a default, on the occurrence of any one or more of the following events: Failure on the part of the Allottee(s) to make payment of any installment as per the Payment Plan, despite having been issued notice in that regard; Delay/default by Allottee(s) under Clause 9.3.1 continues for a period beyond 2 consecutiv...
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Related to PROMOTER'S DEFAULT

  • Buyer’s Default Seller’s remedies shall be limited to liquidated damages in the amount of the Xxxxxxx Money set forth in Section IV. It is agreed that such payments and things of value are liquidated damages and are Seller’s sole and only remedy for Buyer’s failure to perform the obligations of this Agreement. The Parties agree that Seller’s actual damages in the event of Buyer’s default would be difficult to measure, and the amount of the liquidated damages herein provided for is a reasonable estimate of such damages.

  • Seller’s Default Buyer may elect to treat this Agreement as cancelled, in which case all Xxxxxxx Money paid by Buyer hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this Agreement as being in full force and effect and Buyer shall have the right to specific performance or damages, or both.

  • Owner Default Failure of the Owner, which has not been remedied or waived, to pay the Contractor as required under the Construction Contract or to perform and complete or comply with the other material terms of the Construction Contract.

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