Progressive Payment. For Property in which there is / are outstanding progressive payment(s) due to the Developer:-
a. In the event that the Purchaser shall require a loan/financing to enable the completion of the purchase herein, the Purchaser shall notify the Assignee within thirty (30) days from the date of successful sale the details of the loan/financing and the Purchaser’s Financier by providing the Assignee a copy of the letter of offer for financing and on or before the Completion Date, the Purchaser shall cause the Purchaser’s Financier to issue a letter of undertaking to pay the balance progressive payment according to the schedule of the Sale and Purchase Agreement in favour of the Developer and to release the Assignee from its original undertaking.
b. In the event that the Purchaser shall not require a loan/financing to enable the completion of the purchase herein, on or before the Completion Date, the Purchaser shall procure a letter of undertaking (acceptable to the Assignee) to pay the balance progressive payment according to the schedule of the Sale and Purchase Agreement in favour of the Developer and to release the Assignee from its original undertaking.
c. Any outstanding progressive payment, charges, interests and/or penalty imposed as a result of the delay in settlement of the balance progressive payment or caused by the delay in the issuance of a letter of undertaking as stated above shall be solely borne and paid by the Purchaser.
Progressive Payment. For Property in which there is / are outstanding progressive payment(s) due to the Developer:-
a. In the event that the Purchaser shall require a loan/financing to enable the completion of the purchase herein, the Purchaser shall notify the Assignee within thirty
Progressive Payment. 1. Invoice for progress payment in original and two (2) copies duly certified by OWNER.
2. Bank guarantee of the amount equal to the progress payment in one (1) copy of the original bank guarantee valid up to completion period issued or counter guaranteed/confirmed by Scheduled bank or in the alternative the guarantee given by the foreign bank duly counter-guaranteed/confirmed by Scheduled bank. The charges for counter guarantee / confirmation; if any, will be to beneficiary's account.
3. Performance certificate from the beneficiary to the effect that progress achieved is equal to progress invoiced, duly certified by OWNER. Certificate in one (1) original plus two (2) copies.
Progressive Payment. In the case of cash deposits or certified checks, an agreement between the City and the subdivider may provide for progressive payment out of the cash deposit or reduction of the certified check, negotiable bond or irrevocable bank letter of credit, to the extent of the cost of the completed portion of the public improvement, in accordance with a previously entered into agreement.
