PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the Project shall equally be applicable to and enforceable against any subsequent Allottees of the Unit, in case of a transfer, as the said obligations go along with the Unit for all intents and purposes.
Appears in 2 contracts
Samples: Buyer Agreement, Buyer Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18 unless all the following conditions are complied with:-
a) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
b) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
c) The Allottee or the assignee, nominee, etc. has made payment to the Promoter transfer charges calculated at the rate of Rs. 35/- (Rupees three hundred) only per square feet of built-up area of the said Apartment (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
d) The Allottee shall deposit with the Promoter No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
e) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
f) Any additional income tax liability that may become payable by the Promoter due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Promoter agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, municipal and other taxes etc. relating to the said Apartment Unit payable to the Maintenance Agency, the Corporation and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 2 contracts
Samples: Sale Agreement, Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder hereund er in respect of the UNIT and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the UnitUNIT, in case of a transfer, as the said obligations go along with the Unit UNIT for all intents and purposes.
23.2 THE Allottee shall not be entitled to sell, transfer, let, sub -let, assign or otherwise part with the possession of the said unit or the interest/ benefit under this allotment, unless all the dues payable to the PROMOTERS/ Maintenance Society / any other body as descri bed in Para 11 under this agreement and otherwise in respect of the said unit are fully paid and without obtaining written consent of the PROMOTERS in this regard.
23.3 That the PROMOTERS subject to applicable laws and rules or any Govt. directions as may be in force, will permit the Allottee to get the name of his/ her nominee substituted in his/ her place subject to such terms and conditions and charges as the PROMOTERS’ may impose and on payment of such transfer fees together with the taxes and duties appl icable on such transfer as may be prescribed by the PROMOTERS however, It is at the discretion of the PROMOTERS to accept such assignment/ transfer. The Allottee shall be liable and responsible for all legal, monetary or any other consequences that m ay arise from such nominations. That in the case of transmission owing to death of the owner, the claimant shall have to prove his right to succeed to the ownership of the unit.
23.4 THE Allottee shall not to sell, transfer, let, sub -let, assign or otherwise part with the possession of the said unit or the interest/ benefit under this allotment, unless all the dues payable to the Promoter / Maintenance Promoter / Society under this allotment and otherwise in respect of the said unit are fully paid.
23.5 IN the event of xxxx sfer of the unit by The Allottee by sale/ agreement of sale/ mortgage/ assignment, the document of transfer/ conveyance shall not contain any condition or stipulation, which is inconsistent with the terms & conditions of this agreement to sale.
23.6 EVERY transfer of the unit or creation of interest therein in favour of any other person shall require a “no objection’’ in writing by The Promoter, and for the maintenance society which shall not be un-reasonably withheld. No transfer or creation of interest shall b e allowed unless all dues to The Promoter/ society are paid in full.
23.7 A notarized copy of the document of transfer/ conveyance or lease shall be furnished to the Promoter/ Society. Every lease Agreement shall stipulate as to the lessor or lessee who wil l pay all dues to the society during the lease period. Non -payment of dues may entail disconnection of electricity/ water supply to the unit.
23.8 IN the case of transfer owing to death of the owner, the claimant shall have to prove his legal right to succeed to the ownership of the unit.
23.9 It is clearly understood by and between the parties hereto that all the provisions contained herein and the obligations arising out of this allotment letter and other rules and regulations applicable in respect of the said uni t shall equally be applicable to and enforceable against any or all occupiers, tenants, licensees and/ or subsequent purchasers/ assignees of the said unit.
Appears in 1 contract
Samples: Agreement for Sale
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer Allottee has signed this Letter of this Agreement in favour of a nominee Allotment with full knowledge after verifying all the claims and documents and subject to all the laws and notifications and rules applicable to the area where the Said Project and said Plot is located. The Allottee has satisfied himself about the interest and title of the Allottee on a case to case basis subject always to payment Promoter in the Said Land and understands all limitations and obligations in respect of the administrative charges and/or transfer charges same and no objection/reservation of any nature whatsoever shall hereafter be made by the Allottee in this respect. The Allottee shall been titled to own, occupy and use the Said Plot in accordance with the Promoter's policy for local laws. That the time being Promoter on his sole discretion and subject to applicable laws and notifications or any Government directions as well may be in force may permit the Allottee before registration in his favour to get the name of his/her nominee substituted in his/her place subject to such terms and conditions and charges and transfer fee of Rs. 100/ per square feet + GST as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Governmentmay impose. The Allottee hereby indemnifies shall be solely responsible and undertakes to keep the Promoter saved, indemnified and harmless at liable for all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of consequences that may arise from such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unitnominations. In the event of any imposition of executive instructions, at any time after the assignmentexecution of this Allotment Letter, to restrict nomination/transfer transfer/assignment by any authority, the Promoter will have to comply with the same and the Allottee and subsequent Allottees have specifically noted the same. In the event of the Allottee's rights under this Agreement in favour imposition of any third person as its nominee(s)charge / levy / stamp duty / fees on such substitution of nominee by any Government authority / department, such nominee(s) shall the same will be additionally borne and payable by the Allottee and/or the subsequent Allottees in turn be bound by all addition to the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect transfer charges by the Allottee, if applicable. It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the Plot and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the UnitPlot, in case of a transfer, as the said obligations go along with the Unit Plot for all intents and purposes.
Appears in 1 contract
Samples: Allotment Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Unit and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the said Unit, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the said Unit for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of loan in terms of Clause 18 unless all the following conditions are complied with:-
a) The Allottee shall make payment of all dues, including any interest for delay, to the Promoter in terms of this Agreement, up to the time of nomination.
b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise and in case of any default the same is rectified / remedied by the Allottee to the satisfaction of the Promoter prior to the nomination.
c) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
d) The Allottee or the assignee, nominee, etc. has made payment to the Promoter transfer charges calculated at the rate of Rs. 300/- (Rupees three hundred) only per square feet of super built-up area of the said Unit (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
e) The Allottee shall deposit with the Promoter No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Unit including the documents pertaining to the above Unit.
f) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 22.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the Unit and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unit, in case of a transfer, as the said obligations go along with the Unit for all intents and purposes.
22.2 THE Allottee shall not be entitled to sell, transfer, let, sub-‐let, assign or otherwise part with the possession of the said unit or the interest/ benefit under this allotment, unless all the dues payable to the PROMOTERS / Maintenance Society / any other body as described in clause 11, under this allotment and otherwise in respect of the said unit are fully paid and without obtaining written consent of the PROMOTERS in this regard.
22.3 That the PROMOTERS subject to applicable laws and rules or any Govt. directions as may be in force, will permit the Allottee to get the name of his/her nominee substituted in his/her place subject to such terms and conditions and charges as the PROMOTERS’ may impose and on payment of such transfer fees together with the taxes and duties applicable on such transfer as may be prescribed by the PROMOTERS however, It is at the discretion of the PROMOTERS to accept such assignment/transfer. The Allottee shall be liable and responsible for all legal, monetary or any other consequences that may arise from such nominations. That in the case of transmission owing to death of the owner, the claimant shall have to prove his right to succeed to the ownership of the unit.
22.4 THE Allottee shall not be entitled to assign or transfer the allotment of the said unit to any other person without written consent of the Promoter in this regard before the registration of conveyance deed. It is clearly understood that all the provisions contained herein and the obligations arising out of this allotment and other rules and regulations applicable in respect of the said unit shall equally be applicable to and enforceable against any person claiming through the Allottee.
22.5 IN the event of transfer of the unit by The Allottee by sale/ agreement of sale/ mortgage/ assignment, the document of transfer/ conveyance shall not contain any condition or stipulation, which is inconsistent with the terms & conditions of this agreement to sale.
22.6 EVERY transfer of the unit or creation of interest therein in favour of any other person shall require a “no objection’’ in writing by The Promoter, and for the maintenance society which shall not be un-‐reasonably withheld. No transfer or creation of interest shall be allowed unless all dues to The Promoter/society are paid in full.
22.7 A notarized copy of the document of transfer/ conveyance or lease shall be furnished to the Promoter/ Society. Every lease Agreement shall stipulate as to the lessor or lessee who will pay all dues to the society during the lease period. Non-‐payment of dues may entail disconnection of electricity/ water supply to the unit.
22.8 IN the case of transfer owing to death of the owner, the claimant shall have to prove his legal right to succeed to the ownership of the unit.
22.9 It is clearly understood by and between the parties hereto that all the provisions contained herein and the obligations arising out of this allotment letter and other rules and regulations applicable in respect of the said unit shall equally be applicable to and enforceable against any or all occupiers, tenants, licensees and/or subsequent purchasers/assignees of the said unit.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter/Owner, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18unless all the following conditions are complied with:-
a) A minimum period of 1 (One) year has passed from the date of this Agreement.
b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
c) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
d) The Allottee or the assignee, nominee, etc. has made payment to the Promoter/Owner transfer charges calculated at the rate of Rs. 50/- (Rupees fifty) only per square feet of super built-up area of the said Apartment (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
e) The Allottee shall deposit with the Promoter/Owner No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
f) Prior consent in writing is obtained from the Promoter/Owner regarding the proposed Alienation.
g) Any additional income tax liability that may become payable by the Vendors due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Vendors agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, corporation and other taxes etc. relating to the said Apartment Unit payable to the Maintenance Agency, the Corporation and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Vendors, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18 unless all the following conditions are complied with:-
a) A minimum period of 1 (one) year has passed from the date of this Agreement.
b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
c) The Allottee has made full payment of the Agreed Consideration/ Total Price, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
d) The Allottee or the assignee, nominee, etc. has made payment to the Vendors transfer charges calculated at the rate of Rs. 250/- (Rupees two hundred and fifty) only per square feet of super built-up area of the said Apartment (hereinafter referred to as “the Transfer Charges”) or 3 (three) per cent of the Agreed Consideration, whichever is higher. The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Charges shall be payable in case of transfer to the mother or father or spouse or child or brother or sister of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child or brother or sister of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
e) The Allottee shall deposit with the Vendors No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the said Apartment Unit including the documents pertaining to the said Apartment Unit.
f) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
g) Any additional income tax liability that may become payable by the Vendors due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Vendors agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, corporation and other taxes etc. relating to the said Apartment Unit payable to the Maintenance Agency, the Corporation and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 24.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the Unit said Apartment for all intents and purposes.
24.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 19).
24.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, panchayet and other taxes etc. relating to the said Apartment Unit payable to the Maintenance Agency, the Panchayet and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18) unless all the following conditions are complied with:-
a) A minimum period of 1_(one ) years have passed from the date of this Agreement.
b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
c) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in ------------------- Schedule hereunder written due or payable till the time of such Alienation including interest and penalties, if any.
d) The Allottee or the assignee, nominee, etc. has made payment to the Promoter transfer charges calculated at the rate of Rs. _1,01,000_/- (Rupees One Lac One Thousand ) only of the said Apartment (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
e) The Allottee shall deposit with the Promoter No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment.
f) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
g) Any additional income tax liability that may become payable by the Vendors due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Vendors agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment subject to the following conditions:
a) The said Apartment shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, corporation and other taxes etc. relating to the said Apartment payable to the Maintenance Agency, the Corporation and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18 unless all the following conditions are complied with:-
a) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
b) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
c) The Allottee or the assignee, nominee, etc. has made payment to the Promoter transfer charges calculated at the rate of Rs. 400/- (Rupees three hundred) only per square feet of carpet area of the said Apartment and attached balcony and terraces (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
d) The Allottee shall deposit with the Promoter No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
e) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18 unless all the following conditions are complied with:-
a) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
b) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
c) The Allottee or the assignee, nominee, etc. has made payment to the Promoter transfer charges calculated at the rate of Rs. 400/- (Rupees three hundred) only per square feet of carpet area of the said Apartment (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
d) The Allottee shall deposit with the Promoter No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
e) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter/Owners, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18 unless all the following conditions are complied with:-
a) A minimum period of 1 (one) year has passed from the date of this Agreement.
b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
c) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
d) The Allottee or the assignee, nominee, etc. has made payment to the Promoter/Owners a sum of Rs. 1,01,000/- (Rupees one lakh one thousand) only as transfer charges (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
e) The Allottee shall deposit with the Promoter/Owners No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
f) Prior consent in writing is obtained from the Promoter/Owners regarding the proposed Alienation.
g) Any additional income tax liability that may become payable by the Vendors due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Vendors agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, corporation and other taxes etc. relating to the said Apartment Unit payable to the Maintenance Agency, the Corporation and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Unit and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the said Unit, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the said Unit for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of loan in terms of Clause 18 unless all the following conditions are complied with:-
a) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
b) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
c) The Allottee or the assignee, nominee, etc. has made payment to the Promoter transfer charges calculated at the rate of Rs. 300/- (Rupees three hundred) only per square feet of super built-up area of the said Unit (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
d) The Allottee shall deposit with the Promoter No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Unit including the documents pertaining to the above Unit.
e) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
f) Any additional income tax liability that may become payable by the Promoter due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Promoter agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Unit subject to the following conditions:
a) The said Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, municipal and other taxes etc. relating to the said Unit payable to the Maintenance Agency, the Corporation and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18 unless all the following conditions are complied with:-
a) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
b) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
c) The Allottee or the assignee, nominee, etc. has made payment to the Promoter transfer charges calculated at the rate of Rs. 300/- (Rupees three hundred) only per square feet of super built-up area of the said Apartment (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
d) The Allottee shall deposit with the Promoter No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
e) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
f) Any additional income tax liability that may become payable by the Promoter due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Promoter agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, municipal and other taxes etc. relating to the said Apartment Unit payable to the Maintenance Agency, the Corporation and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18) unless all the following conditions are complied with:-
a) A minimum period of 1(one) years have passed from the date of this Agreement.
b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
c) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule C due or payable till the time of such Alienation including interest and penalties, if any.
d) The Allottee shall deposit with the Promoter No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
e) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 22.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the Plot and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the UnitthePlot, in case of a transfer, as the said obligations go along with the Unit Plot for all intents and purposes.
22.2 THE Allottee shall not be entitled to sell, transfer, let, sub -let, assign or otherwise part with the possession of the s aid unit or the interest/ benefit under this allotment, unless all the dues payable to the PROMOTERS / Maintenance Society / any other body as described in Para 11 under this agreement and otherwise in respect of the said unit are fully paid and without obt aining written consent of the PROMOTERS in this regard.
22.3 That the PROMOTERS subject to applicable laws and rules or any Govt. directions as may be in force, will permit the Allottee to get the name of his/ her nominee substituted in his/ her place subject to such terms and conditions and charges as the PROMOTERS’ may impose and on payment of such transfer fees together with the taxes and duties applicable on such transfer as may be prescribed by the PROMOTERS however, It is at the discretion of the PROMOTERS to accept such assignment/ transfer. The Allottee shall be liable and responsible for all legal, monetary or any other consequences that may arise from such nominations. That in the case of transmission owing to death of the owner, the claimant shall have to prove his right to succeed to the ownership of the unit.
22.4 THE Allottee shall not to sell, transfer, let, sub -let, assign or otherwise part with the possession of the said unit or the interest/ benefit under this allotment, unless all the dues payable to the Promoter / Maintenance Promoter / Society under this allotment and otherwise in respect of the said unit are fully paid.
22.5 IN the event of transfer of the unit by The Allottee by sale/ agreement of sale/ mortgage/ assignment, the document of transfer/ conv eyance shall not contain any condition or stipulation, which is inconsistent with the terms & conditions of this agreement to sale.
22.6 EVERY transfer of the unit or creation of interest therein in favour of any other person shall require a “no objection’’ in writing by The Promoter, and for the maintenance society which shall not be un -reasonably withheld. No transfer or creation of interest shall be allowed unless all dues to The Promoter/ society are paid in full.
22.7 A notarized copy of the document of transfer/ conveyance or lease shall be furnished to the Promoter/ Society. Every lease Agreement shall stipulate as to the lessor or lessee who will pay all dues to the society during the lease period. Non -payment of dues may entail disconnection of electricity/ wa ter supply to the unit.
22.8 IN the case of transfer owing to death of the owner, the claimant shall have to prove his legal right to succeed to the ownership of the unit.
22.9 It is clearly understood by and between the parties hereto that all the provisions contained herein and the obligations arising out of this allotment letter and other rules and regulations applicable in respect of the said unit shall equally be applicable to and enforceable against any or all occupiers, tenants, licensees and/ or subsequent purchasers/ assignees of the said unit.
Appears in 1 contract
Samples: Agreement for Sale
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Before the execution and registration of the Deed of Conveyance of the Said Apartment Unit, the Allottee will be entitled to nominate, assign and/or transfer the Allottee’s right, title, interest and obligations under this Agreement subject to the covenant by the nominee that the nominee will strictly adhere to the terms of this Agreement and subject also to the following conditions precedent:
(a) The Allottee shall make payment of all dues, including any interest for delay, to the Promoter in terms of this Agreement, up to the time of nomination.
(b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise and in case of any default the same is rectified / remedied by the Allottee to the satisfaction of the Promoter prior to the nomination.
(c) In respect of any nomination, the Allottee shall obtain prior permission of the Promoter and the nomination shall be valid only upon the Allottee and the nominee entering into a nomination agreement as per the standard format prepared by the Project Advocates wherein the Promoter shall also join only for the purpose of confirmation of nomination.
(d) The Allottee shall pay a sum calculated @ Rs. 35/- (Rupees Thirty Five) per square feet of built up area as and by way of nomination fees to the Promoter. It is clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a nomination. However, Nomination Fees shall not be payable in case of nomination in favour of parents, spouse, brother, sister or children of the Allottee. Any additional income tax liability that may become payable by the Promoter due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination and/or the extra registration fees to be paid to the registration authorities due to nomination, shall be compensated by the Allottee paying to the Promoter agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time and the estimated extra registration fees. Such amount shall be payable by the Allottee on or before the nomination. The Allottee agrees and accepts that the Allottee shall not nominate or assign the rights under this Agreement save in the manner indicated above.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may transfer and alienate the said Apartment Unit provided that the same shall not be in any manner be inconsistent with this Agreement and/or the Deed of Conveyance to be executed pursuant hereto and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, obligations, undertakings and obligations as applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 24.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of to the Project shall equally be applicable to and enforceable against any subsequent Allottees permitted allottees of the UnitSaid Apartment, in case of a transfer, as the said obligations go along with the Unit Said Apartment for all intents and purposes.
24.2 On or before execution and registration of conveyance deed of the Said Apartment and Appurtenance Thereto, the Allottee will be entitled to nominate, assign and/or transfer the Allottee’s right, title, interest and obligations under this Agreement subject to the covenant by the nominee that the nominee will strictly adhere to the terms of this Agreement and subject also to the following conditions:
(a) The Allottee shall make payment of all dues of the Developer in terms of this Agreement, upto the date and time of nomination.
(b) The Allottee shall obtain prior written permission of the Developer and the Allottee and the nominee shall be bound to enter into a tripartite agreement with the Developer.
(c) The Allottee shall be liable to pay 2% (two percent) of the Total Consideration or 2% of the consideration at which the Said Apartment is assigned and / or transferred by the Allottee to the assignee, whichever is higher, as and by way of nomination fees to the Developer, plus applicable service and other taxes, as may be applicable.
(d) The Allottee shall pay to the Developer a sum of Rs.10,000/- (Rupees Ten Thousand only) as legal fee towards documentation for assignment.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Vendors, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18) unless all the following conditions are complied with:-
a) There has been no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
b) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Security Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
c) The Allottee or the assignee, nominee, etc. has made payment to the Vendors a sum of Rs. 50,000/- as transfer charges (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, incase of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
d) The Allottee shall deposit with the Vendors No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the said Apartment Unit including the documents pertaining to the said Apartment Unit.
e) Prior consent in writing is obtained from the Vendors regarding the proposed Alienation.
f) Any additional income tax liability that may become payable by the Vendors due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Vendors agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale of the said Apartment Unit in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares. The Vendors however reserve their rights to grant prior permission in writing to any Allottee of a Commercial Unit to partition and/or sub-divide his Commercial Unit on such terms and conditions and on payment of such Permission Charges, if any, as the Vendors may in their absolute discretion decide from time to time.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, municipal and other taxes etc. relating to the said Apartment Unit payable to the Vendors, the Maintenance Agency, the Association and the Municipality and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer and the transferee shall be liable to make payment of the same.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18) unless all the following conditions are complied with:-
a) A minimum period of 1 (one ) years have passed from the date of this Agreement.
b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
c) The Allottee has made full payment of the Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in Schedule G due or payable till the time of such Alienation including interest and penalties, if any.
d) The Allottee or the assignee, nominee, etc. has made payment to the Promoter transfer charges calculated at the rate of Rs. _1,01,000_/- (Rupees One Lac One Thousand ) only of the said Apartment (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee. Similarly, in case of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
e) The Allottee shall deposit with the Promoter No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
f) Prior consent in writing is obtained from the Promoter regarding the proposed Alienation.
g) Any additional income tax liability that may become payable by the Vendors due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Vendors agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, corporation and other taxes etc. relating to the said Apartment Unit payable to the Maintenance Agency, the Corporation and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. 21.1. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit Plot from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons.
21.2. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee.
21.3. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit Plot or after receipt of the complete Sale Consideration from the Allottee against the said UnitPlot.
21.4. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee.
21.5. It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the Project shall equally be applicable to and enforceable against any subsequent Allottees of the UnitPlot, in case of a transfer, as the said obligations go along with the Unit Plot for all intents and purposes.
Appears in 1 contract
Samples: Buyer Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 22.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the Unit and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unit, in case of a transfer, as the said obligations go along with the Unit for all intents and purposes.
22.2 THE Allottee shall not be entitled to sell, transfer, let, sub-‐let, assign or otherwise part with the possession of the said unit or the interest/ benefit under this allotment, unless all the dues payable to the PROMOTERS / Maintenance Society / any other body as described in clause 11, under this allotment and otherwise in respect of the said unit are fully paid and without obtaining written consent of the PROMOTERS in this regard.
22.3 That the PROMOTERS subject to applicable laws and rules or any Govt. directions as may be in force, will permit the Allottee to get the name of his/her nominee substituted in his/her place subject to such terms and conditions and charges as the PROMOTERS’ may impose and on payment of such transfer fees together with the taxes and duties applicable on such transfer as may be prescribed by the PROMOTERS however, It is at the discretion of the PROMOTERS to accept such assignment/transfer. The Allottee shall be liable and responsible for all legal, monetary or any other consequences that may arise from such nominations. That in the case of transmission owing to death of the owner, the claimant shall have to prove his right to succeed to the ownership of the unit.
22.4 THE Allottee shall not be entitled to assign or transfer the allotment of the said unit to any other person without written consent of the Promoter in this regard before the registration of conveyance deed. It is clearly understood that all the provisions contained herein and the obligations arising out of this allotment and other rules and regulations applicable in respect of the said unit shall equally be applicable to and enforceable against any person claiming through the Allottee.
22.5 IN the event of transfer of the unit by The Allottee by sale/ agreement of sale/ mortgage/ assignment, the document of transfer/ conveyance shall not contain any condition or stipulation, which is inconsistent with the terms & conditions of this agreement to sale.
22.6 EVERY transfer of the unit or creation of interest therein in favour of any other person shall require a “no objection’’ in writing from The Promoter, and for the maintenance society which shall not be un-‐reasonably withheld. No transfer or creation of interest shall be allowed unless all dues to The Promoter/society are paid in full.
22.7 A notarized copy of the document of transfer/ conveyance or lease shall be furnished to the Promoter/ Society. Every lease Agreement shall stipulate as to the lessor or lessee who will pay all dues to the society during the lease period. Non-‐payment of dues may entail disconnection of electricity/ water supply to the unit.
22.8 IN the case of transfer owing to death of the owner, the claimant shall have to prove his legal right to succeed to the ownership of the unit.
22.9 It is clearly understood by and between the parties hereto that all the provisions contained herein and the obligations arising out of this allotment letter and other rules and regulations applicable in respect of the said unit shall equally be applicable to and enforceable against any or all occupiers, tenants, licensees and/or subsequent purchasers/assignees of the said unit.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer Until a Deed of this Agreement Conveyance is executed in favour of a nominee the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18 unless all the following conditions are complied with:-
a) A minimum period of 1 (one) year has passed from the date of this Agreement.
b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
c) The Allottee on a case to case basis subject always to has made full payment of the administrative charges and/or transfer charges Total Price / Agreed Consideration, the Additional Liabilities and Deposits mentioned in accordance with the Promoter's policy for Schedule G due or payable till the time being as well as of such Alienation including interest and penalties, if any.
d) The Allottee or the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s)assignee, to the complete satisfaction of the Promoternominee, etc. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted made payment to the Promoter, permitting/consenting Owners a sum of Rs. 1,01,000/- (Rupees one lakh one thousand) only as transfer charges (hereinafter referred to as “the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the GovernmentTransfer Charges”). The Allottee hereby indemnifies shall also pay the applicable Goods and undertakes Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty mother or dues, etc.), father or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request spouse or child of the Allottee. It is made clear to the further clarified that inclusion of a new joint Allottee that under no circumstances or change of a joint Allottee shall the permission for assignment/be treated as a transfer of its rights under this Agreement be granted to the unless such joint Allottee on any request made either subsequent to the Notice of Possession for the said Unit is a mother or after receipt father or spouse or child of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the original Allottee. It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the Project shall equally be applicable to and enforceable against any subsequent Allottees of the UnitSimilarly, in case of the Allottee being a transfercompany, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allottee owns at least 51 per cent of the entire equity share capital as also complete management control.
e) The Allottee shall deposit with the Promoter/Owners No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
f) Prior consent in writing is obtained from the Promoter/Owners regarding the proposed Alienation.
g) Any additional income tax liability that may become payable by the Vendors due to nomination by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination, shall be compensated by the Allottee paying to the Vendors agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time. Such amount shall be payable by the Allottee on or before the nomination. After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said obligations go along Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, corporation and other taxes etc. relating to the said Apartment Unit payable to the Maintenance Agency, the Corporation and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer. The terms and conditions of this Agreement for all intents Sale are as per the contractual understanding between the parties and purposeshave been mutually agreed upon and have been mutually added/modified by the parties to the basic format suggested under the Rules. Such additional/modified terms and conditions are not intended to be in derogation of or inconsistent with the mandatory terms and conditions of the Act and the Rules and Regulations made thereunder.
Appears in 1 contract
Samples: Sale Agreement
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES. The Promoter may at its sole discretion permit such assignment/transfer of this Agreement in favour of a nominee of the Allottee on a case to case basis subject always to payment of the administrative charges and/or transfer charges in accordance with the Promoter's policy for the time being as well as the execution of appropriate collateral documentation by the Allottee and the proposed nominees(s)/assignee(s)/transferee(s), to the complete satisfaction of the Promoter. In the event the Allottee has obtained finance/loan against the said Unit from any financial institution/bank, then a no objection certificate/letter by such financial institution/bank shall also be submitted to the Promoter, permitting/consenting to the requested assignment/transfer, by the Allottee. It is however made clear that the Allottee does not have any enforceable right to demand assignment/transfer of its rights under this Agreement and the Promoter is entitled to reject the requested assignment/transfer of this Agreement without assigning any reasons. In the event that any such request for assignment/transfer of rights under this Agreement is permitted by the Promoter, it shall always be subject to the applicable laws, rules, regulations and the directions of the Government. The Allottee hereby indemnifies and undertakes to keep the Promoter saved, indemnified and harmless at all times from any legal, monetary (including liability for any tax, penalty or dues, etc.), or any other adverse consequence whatsoever on account of such permission being accorded by the Promoter on the request of the Allottee. It is made clear to the Allottee that under no circumstances shall the permission for assignment/transfer of its rights under this Agreement be granted to the Allottee on any request made either subsequent to the Notice of Possession for the said Unit or after receipt of the complete Sale Consideration from the Allottee against the said Unit. In the event of the assignment/transfer of the Allottee's rights under this Agreement in favour of any third person as its nominee(s), such nominee(s) shall in turn be bound by all the terms and conditions stipulated herein and the letter of Allotment or any other document executed in this respect by the Allottee. 23.1 It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the said Apartment and the Project shall equally be applicable to and enforceable against and by any subsequent Allottees of the Unitsaid Apartment, in case of a transfertransfer that is validly made with the prior written consent of the Promoter/Owner, as the said obligations go along with the Unit said Apartment for all intents and purposes.
23.2 Until a Deed of Conveyance is executed in favour of the Allottee, the Allottee shall not be entitled to mortgage or encumber or assign or alienate or dispose of or deal in any manner whatsoever with the said Apartment Unit or any portion thereof and/or any right therein and/or under this Agreement (“Alienation”) except for the purpose of housing loan in terms of Clause 18unless all the following conditions are complied with:-
a) A minimum period of 1 (one)year has passed from the date of this Agreement.
b) There is no default whatsoever by the Allottee in compliance with and/or performance of any of the Allottee’s covenants, undertakings and obligations under this Agreement or otherwise.
c) The Allottee has made full payment of the Agreed Consideration/Total Price, the Additional Liabilities and Deposits mentioned in Schedule Gdue or payable till the time of such Alienation including interest and penalties, if any.
d) The Allottee or the assignee, nominee, etc. has made payment to the Promoter/Ownerof a Transfer Fee equivalent to 2% (Two Percent) of the total resale/transfer price (hereinafter referred to as “the Transfer Charges”). The Allottee shall also pay the applicable Goods and Service Tax thereon, if any. However, no Transfer Fee shall be payable in case of transfer to the mother or father or spouse or child of the Allottee. It is further clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such joint Allottee is a mother or father or spouse or child of the original Allottee.Similarly, incase of the Allottee being a company, inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a transfer unless such new joint Allottee is a group company in which the Allotteeowns at least 51 per cent of the entire equity share capital as also complete management control.
e) The Allottee shall deposit with the Promoter/Owner No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the above Apartment Unit including the documents pertaining to the above Apartment Unit.
f) Prior consent in writing is obtained from the Promoter/Ownerregarding the proposed Alienation.
g) Any additional income tax liability that may become payable by the Vendorsdue to nomination, assignment, etc. by the Allottee because of higher market valuation as per the Registration Authorities on the date of nomination or assignment, etc., shall be compensated by the Allottee or the nominees, assignees, etc. by paying to the Vendorsagreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time and any interest and/or penalty in respect thereof. Such amount shall be payable by the Allottee on or before the nomination.
23.3 After the execution and registration of the Deed of Conveyance, the Allottee may alienate the said Apartment Unit subject to the following conditions:
a) The said Apartment Unit shall be one lot and shall not be partitioned or dismembered in parts. In case of sale in favour of more than one buyer, the same shall be done in their favour jointly and in undivided shares.
b) The transfer of the said Apartment Unit by the Allottee shall not be in any manner inconsistent with this Agreement and/or the Deed of Conveyance and the covenants contained herein and/or the Deed of Conveyance shall run with the land and/or transfer. The person(s) to whom the Allottee may transfer/alienate the said Apartment Unit shall be bound by the same terms, conditions, agreements, covenants, stipulations, undertakings and obligations as are applicable to the Allottee by law and/or by virtue of this Agreement and/or the Deed of Conveyance.
c) All the dues including outstanding amounts, interest, Maintenance Charges, electricity charges, municipaland other taxes etc. relating to the said Apartment Unit payable to the Maintenance Agency, the Municipality and other concerned persons/entities are paid by the Allottee in full prior to the proposed transfer/alienation. Such dues, if any, shall in any event, run with such proposed transfer.
Appears in 1 contract
Samples: Sale Agreement
