Common use of RAISING OF FINANCE BY PROMOTER Clause in Contracts

RAISING OF FINANCE BY PROMOTER. For the purpose of facilitating the construction of the said new building the Promoter has obtained financial assistance from Axis Bank Ltd and shall also have the option to obtain financial assistance from any other banks and other financial institutions. In this regard the Allottee understands and acknowledges that the said entire property has been mortgaged by Sky View Developer to Axis Bank Limited for securing the Loan availed by the said Sky View Developer for the purpose of construction of the said Entire property and the Allottee takes notice that he/she/they is/are required to obtain a No Objection Certificate from Axis Bank Limited for creation of any encumbrances on the said Entire property. The Allottee agrees and undertakes that he/she they shall not create any encumbrances over the said Entire property/outlets till such time an NOC in writing is received from Axis Bank Limited.