Common use of Time Period for Lease of Residential Units Clause in Contracts

Time Period for Lease of Residential Units. Developer shall apply its best effort to sell the entire Residential Units within the Scheduled Project Completion Date or within any extended period allowed. An additional period of 12 Months may be allowed by NRDA, at it sole discretion, provided that the development and the construction works are complete in all respect in conformity of the approved Building Plans and this agreement within the period including its valid extension granted by NRDA under the provisions of this agreement. During such additional period, the Developer shall endeavor to sell all the Residential Units. If some of the Residential Units remain unsold even after the expiry of the said additional 12 month period, then NRDA may permit a further extension of a period of 12 Months for Lease of unsold Residential Units provided that NRDA is reasonably satisfied with the reasons put forth for non-Lease of Residential Units by the Developer. During such further additional period, the Developer shall endeavor to sell all the Residential Units. If the Residential Units still remain unsold after the completion of further additional period, then the developer shall get the unsold units registered in his own name.

Time Period for Lease of Residential Units. ‘Developer shall apply its best effort to sell the entire Residential Units within the Scheduled Project Completion Date or within any extended period allowed. An additional period of 12 Months may be allowed by NRDA, at it its sole discretion, provided that the development and the construction works are complete in all respect in conformity of the approved Building Plans and this agreement within the period including its valid extension granted by NRDA under the provisions of this agreement. During such additional period, the Developer shall endeavor to sell all the Residential Units. If some of the Residential Units remain unsold even after the expiry of the said additional 12 month period, then NRDA may permit a further extension of a period of 12 Months for Lease Selling of unsold Residential Units provided that NRDA is reasonably satisfied with the reasons put forth for non-Lease not Selling of Residential Units by the Developer. During such further additional period, the Developer shall endeavor to sell all the Residential Units. If the Residential Units still remain unsold after the completion of further additional period, then the developer shall get the unsold units leased and registered in his own name.

Time Period for Lease of Residential Units. Developer shall apply its best effort to sell the entire Residential Units within the Scheduled Project Completion Date or within any extended period allowed. An additional period of 12 Months may be allowed by NRDA, at it sole discretion, provided that the development and the construction works are complete in all respect in conformity of the approved Building Plans and this agreement within the period including its valid extension granted by NRDA under the provisions of this agreement. During such additional period, the Developer shall endeavor to sell all the Residential Units. If some of the Residential Units remain unsold even after the expiry of the said additional 12 month period, then NRDA may permit a further extension of a period of 12 Months for Lease Selling of unsold Residential Units provided that NRDA is reasonably satisfied with the reasons put forth for non-Lease not Selling of Residential Units by the Developer. During such further additional period, the Developer shall endeavor to sell all the Residential Units. If the Residential Units still remain unsold after the completion of further additional period, then the developer shall get the unsold units leased and registered in his own name.