Common use of QUIT RENTS ETC Clause in Contracts

QUIT RENTS ETC. 14.1 Any arrears of quit rents, taxes, rates and assessments due and payable in respect of the property to any relevant authority up to the date of the auction sale shall be paid out of the purchase money PROVIDED THAT the Assignee/Bank is in receipt of the itemised billing issued by relevant authority and/or Developer from the Purchaser within one hundred and twenty (120) days from the date of sale and any such sums due and payable after the date of sale shall be borne by the Purchaser. 14.2 For avoidance of doubt, in the event that such itemised billing is not submitted within the stipulated one hundred and twenty (120) days from the auction date, any subsequent claims pertaining to the arrears of quit rents, taxes, rates and assessments due and payable will not be entertained by the Assignee/Bank and the same shall be borne by the Purchaser solely 14.3 The Assignee/Bank shall not be liable to make payment or to deduct from the proceeds of sale any outstanding utilities bills relating to the property namely water, electricity, and gas or sewerage charges. 14.4 “Any arrears of maintenance charges, fees and outgoings due and payable in respect of the property to the developer and/or management body before and/or after the date of the auction shall be borne by the Purchaser. If any arrears of maintenance charges, fees and outgoings due and payable in respect of the property to the developer and/or management body before and/or after the date of the auction has been paid by the Assignee/Bank prior and/or after the date of auction, the Purchaser shall reimburse the same to the Assignee/Bank”.

QUIT RENTS ETC. 14.1 Any arrears of quit rents, taxesassessments and maintenance charges, rates only (excluding penalty charges, late charges, sinking fund, insurance, water, electricity, gas, telephone, sewerage and assessments other utility bills etc) due and payable in respect of the property to any relevant authority or the Developer or Proprietor or relevant third parties up to the date of the auction sale shall be paid out of the purchase money PROVIDED THAT the Assignee/Bank is in receipt of the itemised billing issued by relevant authority and/or Developer from the Purchaser within one hundred and twenty (120) days from the date of sale and any such sums due and payable after the date of sale shall be borne by the Purchaser. 14.2 For avoidance of doubt, in Purchaser provided Always That the event that such itemised billing is not submitted within the stipulated one hundred and twenty (120) days from the auction date, any subsequent claims pertaining total or aggregate apportioned outgoings to the arrears of quit rents, taxes, rates and assessments due and payable will not be entertained absorbed by the Assignee/Bank shall at all times not more than 10% of the purchase price of the Property. 14.1 The Purchaser shall within one (1) month from the date of auction sale notify the Assignee of any arrears of quit rent, assessment and maintenance charges (excluding penalty charges, late charges, sinking fund, insurance, water, electricity, gas, telephone, sewerage and other utility bills etc) which is due to any relevant authority (if applicable) of the same developer (if applicable) up to date of the auction sale failing which the Assignee shall not be borne by held liable for any claim (s) thereof. The Assignee, upon receipt of the request for extension in writing from the purchaser, may in its absolute discretion extend the notification period for a futher thirty (30) days. 14.2 The Purchaser solelyshall bear and pay all fees and expenses including but not limited to all legal fees, stamp duty and registration fees in connection with, incidental to or pursuant to the Assignment and all other documents necessary for affecting the transfer or assigning the beneficial ownership in the property to the Purchaser. 14.3 The For the avoidance of doubt, the Assignee/Bank shall not be liable to make payment or to deduct from the proceeds of sale any outstanding utilities bills relating to the property namely waterapportionment of outgoins other than quit rents, electricity, assessments and gas or sewerage maintenance charges. 14.4 “Any arrears of maintenance charges, fees and outgoings due and payable in respect of the property to the developer and/or management body before and/or after the date of the auction shall be borne by the Purchaser. If any arrears of maintenance charges, fees and outgoings due and payable in respect of the property to the developer and/or management body before and/or after the date of the auction has been paid by the Assignee/Bank prior and/or after the date of auction, the Purchaser shall reimburse the same to the Assignee/Bank”.