Common use of RAISING OF FINANCE BY PROMOTER Clause in Contracts

RAISING OF FINANCE BY PROMOTER. The Allottee understands and acknowledges that the said Land has been mortgaged by the Promoter to LIC of India for securing the Loan availed by the Promoter for the purpose of construction of the Project on the said Land and the Allottees takes notice that he/she/they is/are required to obtain a No Objection Certificate from LIC of India for creation of any encumbrances on the said Land. The Allotees agrees and undertakes that he/she/they shall not create any encumbrances over the said Apartment till such time an NOC in writing is received from LIC of India.

RAISING OF FINANCE BY PROMOTER. The Allottee understands Allottees understand and acknowledges acknowledge that the said Land has been mortgaged by the Promoter to LIC of India for securing the Loan availed by the Promoter for the purpose of construction of the Project on the said Land and the Allottees takes take notice that he/she/they is/are required to obtain a No Objection Certificate from LIC of India for creation of any encumbrances on the said Land. The Allotees agrees and undertakes that he/she/they shall not create any encumbrances over the said Apartment till such time an NOC in writing is received from LIC of India.