Common use of CANCELLATION BY THE SELLER Clause in Contracts

CANCELLATION BY THE SELLER. In terms of this agreement time for payment of the total purchase price and other amounts is and shall always remain as the essence of the contract and in the event of the Purchaser failing to make payment of any of the amounts payable in the manner as provided for in this agreement then and in that event the Seller shall be entitled to terminate this agreement by giving to the Purchaser 15 days’ notice in writing (hereinafter referred to as the NOTICE OF CANCELLATION) and upon expiry of the notice period this Agreement shall stand automatically cancelled and in such an event the Purchaser shall cease to have any right under this agreement or in respect of the said Apartment and upon such cancellation the Seller shall be entitled to forfeit a sum equivalent to the booking amount together with interest at the State Bank of Indiaprime lending rate plus 2% pa out of the amounts already paid by the Purchaser to the Seller and refund the balance such refund to be made within 45 days of such cancellation or upon the Seller entering into an agreement for sale in respect of the said Apartment with any other intending Purchaser (which ever event shall happen first)

CANCELLATION BY THE SELLER. In terms of this agreement time for payment of the total purchase price and other amounts is and shall always remain as the essence of the contract and in the event of the Purchaser failing to make payment of any of the amounts payable in the manner as provided for in this agreement then and in that event the Seller shall be entitled to terminate this agreement by giving to the Purchaser 15 days’ notice in writing (hereinafter referred to as the NOTICE OF CANCELLATION) and upon expiry of the notice period this Agreement shall stand automatically cancelled and in such an event the Purchaser shall cease to have any right under this agreement or in respect of the said Apartment and upon such cancellation the Seller shall be entitled to forfeit a sum equivalent to the booking amount together with interest at the State Bank of Indiaprime SBI lending rate plus 2% pa out of the amounts already paid by the Purchaser to the Seller and refund the balance such refund to be made within 45 days of such cancellation or upon the Seller entering into an agreement for sale in respect of the said Apartment with any other intending Purchaser (which ever event shall happen first)

CANCELLATION BY THE SELLER. In terms of this agreement time for payment of the total purchase price and other amounts is and shall always remain as the essence of the contract and in the event of the Purchaser failing to make payment of any of the amounts payable in the manner as provided for in this agreement then and in that event the Seller Vendors shall be entitled to terminate this agreement by giving to the Purchaser 15 days’ notice in writing (hereinafter referred to as the NOTICE OF CANCELLATION) and upon expiry of the notice period this Agreement shall stand automatically cancelled and in such an event the Purchaser shall cease to have any right under this agreement or in respect of the said Apartment and upon such cancellation the Seller Vendors shall be entitled to forfeit a sum equivalent to the booking amount together with interest at the State Bank of Indiaprime India prime lending rate plus 2% pa out of the amounts already paid by the Purchaser to the Seller Vendors and refund the balance such refund to be made within 45 days of such cancellation or upon the Seller Vendors entering into an agreement for sale in respect of the said Apartment Unit with any other intending Purchaser (which ever event shall happen first)