Common use of Termination by Allottee Clause in Contracts

Termination by Allottee. If the Allottee /s desire/s to terminate this Agreement for no cause, the Allottee /s shall notify the Promoter about the intent to terminate in writing with acknowledgement and this Agreement shall stand terminated forthwith without any necessity of execution of any further documents. On such notification by the Allottee /s regarding termination, the Promoter will take possession of the said residential Flat from the Allottee and thereupon the Promoter shall be at liberty to transfer the said Residential Flat to any third party, without any further consent of the Allottee /s. In the event of termination by the Allottee of this Agreement without any default of the Promoter, the amount received by the Promoter as part of the Consideration amount from the Allottee shall be refunded to the Allottee within one month from the date of termination of this Agreement coming into effect subject however to the deduction of 10% of the Consideration amount along with applicable statutory charges/Taxes including GST paid and/or payable thereon for the said Flat. Upon such repayment, the Promoter shall be free to deal with the said Flat with any Third Party and the Allottee shall have no claim thereupon or on part thereof.