Common use of The Purchaser/Allottee Clause in Contracts

The Purchaser/Allottee. (s) shall be considered under a condition of default, on theoccurrence of the following events: (i) In case the Purchaser/Allottee(s) fails to make payments for any demand made by the Vendor as per the payment plan annexed hereto, despite having been issued notice in that regard, the Purchaser/Allottee(s) shall be liable to pay interest to the Vendor on the unpaid amount at the rate prescribed in the Rules. (ii) In case of default by Purchaser/Allottee under the conditions listed above continues for a period beyond two consecutive months after notice from the Vendor in this regard, the Vendor may cancel the allotment of the Unit/Apartment in favour of the Purchaser/Allottee(s) and refund the money paid to him by the purchaser/Allottee(s) by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated : Provided that the Vendor shall intimate the Purchaser/Allottee about such termination at least thirty days prior to such termination.