Common use of RAISING OF FINANCE BY PROMOTER Clause in Contracts

RAISING OF FINANCE BY PROMOTER. The ALLOTTEES understands and acknowledges that the said Land has been/will be mortgage by the Promoter to Banks or Financial Institutions of India for securing the Loan for the purpose of construction of the Project on the said Land and the ALLOTTEESs takes notice that he/she/they is/are required to obtain a No Objection Certificate from said banks or financial institution 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 said Banks or financial institution of India.

RAISING OF FINANCE BY PROMOTER. The ALLOTTEES understands and acknowledges that the said Land has been/will be mortgage by the Promoter to Banks or Financial Institutions of India for securing the Loan for the purpose of construction of the Project on the said Land and the ALLOTTEESs takes notice that he/she/they is/are required to obtain a No Objection Certificate from said banks Banks or financial institution Financial Institutions of India for creation of any encumbrances on the said Land. The Allotees Xxxxxxxx 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 said Banks or financial institution Financial Institutions of India.