Common use of PROMOTER'S DEFAULT Clause in Contracts

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.

PROMOTER'S DEFAULT. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: i. (i) Promoter fails to provide ready to move in possession of the Apartment said Villa 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 Villa 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 ’s business as a developer Promoter on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under.