Common use of Consideration Payment Clause in Contracts

Consideration Payment. 4.1 In consideration of the aforesaid the Purchaser has agreed to make payment of an aggregate sum of Rs………………../- (Rupees …………. ………………………… only) (hereinafter called the CONSIDERATION AMOUNT) (which amount includes the cost of construction of the said Unit, car parking space, common parts and common facilities) 4.2 The Purchaser out of the said Consideration amount at or before execution of this Agreement has paid to the Sellers /Developers a sum of Rs……………./- (Rupees ……………………….only) towards the application money for the allotment of the said Unit, which has been adjusted against the total consideration amount and the said consideration amount to be paid in respect of the said Unit shall be paid in the manner provided for in the SCHEDULE hereunder written. 4.3 The entirety of the consideration amount will be paid to the Sellers / Developers and all amounts paid to the Sellers / Developers shall be a complete discharge of the obligation of the Purchaser to make payment under this agreement and/or in respect of the said Unit . 4.4 In addition to the aforesaid consideration the Purchaser has also agreed to pay to the Sellers / Developers various amounts as and by way of Refundable Deposit (more fully and particularly mentioned and described in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in the SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees to make payment of the charges in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by the Sellers’ /Developers’ consultant shall be paid by the Buyer at or before the Date of Possession. 4.5 Charges for providing any additional work in and/or relating to the said Unit at the request of the Purchaser and for providing any additional facilities or utility for the said Unit shall be paid borne and discharged by the Purchaser. 4.6 All betterment fees taxes and other levies charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ and/or the said Unit shall be paid and borne by the Purchaser proportionate to his/ her/ its interest therein. 4.7 Time for payment shall always remain as the essence of the contract. In the event of any default on the part of the Purchaser in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers shall be entitled to claim interest at the rate of 18% per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 In the event of any default on the part of the Purchaser in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty days from the same becoming due the Sellers /Developers shall be entitled to and are hereby authorised to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN percent of the consideration amount as and by way of predetermined liquidated damages and the Purchaser hereby consents to the same and refund the balance upon the Sellers / Developers entering into an agreement for sale with another person in respect of the said Unit. Upon such termination the Purchaser shall cease to have any right or claim under this Agreement and/or in respect of the said Unit and the Sellers / Developers shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser and the Purchaser hereby consents to the same. 4.9 The Purchaser agrees and covenants not to claim any right or possession over and in respect of the said Unit till such time the Purchaser has made and/or deposited all the amounts herein agreed to be paid or deposited by the Purchaser. 4.10 It is hereby agreed and declared that the Purchaser has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or the Sellers / Developers to serve any notice or demand on the Purchaser. 4.11 In the event of the Sellers / Developers providing any additional materials facilities or gadgets over and above what has been agreed upon for the benefit of the residents of the building the Purchaser shall be liable to make payment of the proportionate share in respect thereof and the same shall form part of the common portions. However, whether such additional facilities or amenities are to be provided for will be entirety at the sole discretion of the Sellers / Developers and the Purchaser hereby consents to the same.

Appears in 1 contract

Sources: Partnership Agreements

Consideration Payment. 4.1 5.1 In consideration of the aforesaid the Purchaser Buyer has agreed to make payment of an aggregate sum of Rs………………... /- (Rupees …………. ………………………… onlyOnly) (hereinafter called the CONSIDERATION AMOUNT) (which amount includes the cost of construction of the said Unit, car parking spaceFlat, common parts and common facilities). 4.2 5.2 The Purchaser out of the said Consideration amount at or before execution of this Agreement has paid to the Sellers /Developers a sum of Rs……………./- (Rupees ……………………….only) towards the application money for the allotment of the said Unit, which has been adjusted against the total consideration amount and the said consideration amount to be paid in respect of the said Unit Flat shall be paid in the manner provided for in the FOURTH SCHEDULE hereunder written. 4.3 5.3 The entirety of the consideration amount will be paid to the Sellers / Developers Seller and all amounts paid to the Sellers / Developers Seller shall be a complete discharge of the obligation of the Purchaser Buyer to make payment under this agreement and/or in respect of the said Unit Flat. 4.4 5.4 In addition to the aforesaid consideration the Purchaser Buyer has also agreed to 71to pay to the Sellers / Developers various amounts as and by way of Refundable Deposit (more fully and particularly mentioned and described in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in the SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees to make payment of the Seller charges if any in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body: i) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by the Sellers’ /Developers’ consultant shall be paid by the Buyer at or before the Date of Possession. 4.5 Charges for providing any additional work in and/or relating to the said Unit Flat at the request of the Purchaser Buyer and for providing any additional facilities or utility for the said Unit Flat shall be paid borne and discharged by the PurchaserBuyer. 4.6 ii) All betterment fees taxes and other levies charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ Premises and/or the said Unit Flat shall be paid and borne by the Purchaser Buyer proportionate to his/ her/ its interest therein. 4.7 5.5 Time for payment shall always remain as the essence of the contract. In the event of any default on the part of the Purchaser Buyer in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers Agreement the Seller shall be entitled to claim interest at the rate of 18% per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 5.6 In the event of any default on the part of the Purchaser Buyer in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty Sixty days from the same becoming due the Sellers /Developers Seller shall be entitled to and are hereby authorised authorized to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN ten percent of the consideration amount as and by way of predetermined liquidated damages and the Purchaser Buyer hereby consents to the same and refund the balance upon the Sellers / Developers Seller entering into an agreement for sale with another person in respect of the said UnitFlat. Upon such termination the Purchaser Buyer shall cease to have any right or claim under this Agreement and/or in respect of the said Unit Flat and the Sellers / Developers Seller shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser Buyer and the Purchaser Buyer hereby consents to the same. 4.9 5.7 The Purchaser Buyer agrees and covenants not to claim any right or possession over and in respect of the said Unit Flat till such time the Purchaser Buyer has made and/or deposited all the amounts herein agreed to be paid or deposited by the PurchaserBuyer. 4.10 5.8 It is hereby agreed and declared that the Purchaser Buyer has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or of these presents and it shall not be obligatory or necessary on the part or of the Sellers / Developers Seller to serve any notice or demand on the PurchaserBuyer. 4.11 5.9 In the event of the Sellers / Developers Seller providing any additional materials facilities or gadgets over and above what has been agreed upon for the benefit of the residents of the said building and/or housing complex the Purchaser Buyer shall be liable to make payment of the proportionate share in respect thereof and the same shall form part of the common portions. However, whether such additional facilities or amenities are to be provided for will be entirety at the sole discretion of the Sellers / Developers Seller and the Purchaser Buyer hereby consents to the same. 5.10 The Buyer shall be liable to pay interest on the amount due @ 18% per annum from the date on which the amount falls due, to the date of payment, both days inclusive. All payments received will be first applied towards applicable interest and other dues, if any, and thereafter towards the installments.

Appears in 1 contract

Sources: Flat Buyer's Agreement

Consideration Payment. 4.1 In consideration lieu of the aforesaid consideration stated herein the Vendor/▇▇▇▇▇▇▇▇▇ agrees to construct and sell to the Purchaser has agreed to make payment of an aggregate sum of Rs………………../- (Rupees …………. ………………………… only) (hereinafter called the CONSIDERATION AMOUNT) (which amount includes the cost of construction of the said Unit, car parking space, common parts and common facilities)Unit described in the SECOND SCHEDULE. 4.2 The Purchaser out of the said Consideration amount at or before execution of this Agreement has paid to the Sellers /Developers a sum of Rs……………./- (Rupees ……………………….only) towards the application money for the allotment of the said Unit, which has been adjusted against informed that the total consideration amount and payable by the said consideration amount Purchaser to be paid in respect the Vendor as stated under the Third Schedule has been arrived at on the basis of the Super Built up Area of the said Unit shall be paid flat as mentioned in clause 1.18 above and the manner provided for in Purchaser has fully understood the SCHEDULE hereunder writtensame and hereby agrees and consents to the same. 4.3 The entirety of the consideration amount will be paid to the Sellers / Developers and all amounts paid to the Sellers / Developers shall be a complete discharge of the obligation of the Purchaser to make payment under this agreement and/or in respect of the said Unit . 4.4 In addition to the aforesaid consideration the Purchaser has also agreed to pay to the Sellers / Developers various amounts as Vendor/Developer in addition to the consideration amount hereinabove mentioned, all charges and by way of Refundable Deposit (more fully and particularly mentioned and described costs for any alterations/additions in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in the SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees to make payment of the charges in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for extra facilities with specifications in construction etc. which the time being in force or enforced in future (such as Service Tax Vendor/Developer and Purchaser may on a later date decide to provide, Works Contract Tax, Value Added Tax or any other tax which is presently not taken into consideration and imposition levied by further proportionately all applicable statutory outgoing and expenses including the State Government, Central Government or any other authority or body) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by for revision of the Sellers’ /Developers’ consultant shall be paid by the Buyer at or before the Date of Possession. 4.5 Charges for providing any additional work in and/or relating plan to the said Unit at the request of the Purchaser and for providing any additional facilities or utility for the said Unit shall be paid borne and discharged by the Purchaser. 4.6 All extent it relates to such alteration, all betterment fees fees, taxes and other levies levies/ charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ Premises and/or the said Unit and shall also pay wholly the sales tax, service tax or any tax payable under the Works Contracts Tax or any other tax (but excluding Income Tax) of the amounts payable to the Vendor/Developer. 4.4 In addition to the aforesaid consideration amount, the Purchaser shall also deposit with the Vendor/Developer the amounts as detailed under the SIXTH SCHEDULE hereunder written and payment of such amounts shall be paid made at or before taking possession of the said Unit. In case the exact liability on any head cannot be quantified, then the payment shall be made according to the Vendor/Developer’s reasonable estimation subject to subsequent accounting and borne by the Purchaser proportionate to his/ her/ its interest thereinsettlement within a reasonable period. 4.7 4.5 Time for payment shall always remain as be the essence of the contract. In the event of any default on the part of the Purchaser in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers shall be entitled to claim interest at the rate of 18% per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 In the event of any default on the part of the Purchaser in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty days from the same becoming due the Sellers /Developers shall be entitled to and are hereby authorised to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN percent of the consideration amount as and by way of predetermined liquidated damages and the Purchaser hereby consents to the same and refund the balance upon the Sellers / Developers entering into an agreement for sale with another person in respect of the said Unit. Upon such termination the Purchaser shall cease to have any right or claim under this Agreement and/or in respect of the said Unit and the Sellers / Developers shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser and the Purchaser hereby consents to the same. 4.9 The Purchaser agrees and covenants not to claim any right or of possession over and in respect of the said Unit till such time the Purchaser has made and/or deposited all the amounts herein agreed to be paid or deposited by the Purchaser. 4.10 It is hereby agreed and declared that the Purchaser has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or the Sellers / Developers to serve any notice or demand on the Purchaser. 4.11 4.6 In the event of the Sellers / Developers Vendor/Developer providing at the request of the Purchaser any additional materials materials, facilities or gadgets over and above what has been agreed upon for the benefit of the residents of at the building and/or the said Premises, the Purchaser shall be liable to make payment of the proportionate share in respect thereof and the same such facilities shall form part of the common portions. However, portions and whether such additional facilities or amenities are to be provided for will for, shall be entirety entirely at the sole discretion of the Sellers / Developers Vendor/Developer and the Purchaser hereby consents consent to the same.

Appears in 1 contract

Sources: Sale Agreement

Consideration Payment. 4.1 In consideration lieu of the aforesaid consideration mentioned in PART – I of the THIRD SCHEDULE hereto (hereinafter referred to as the “Consideration Amount”) to be paid by the Purchaser to the Owners/Developers in the manner set out in PART – II thereof, the Owners/Developers agrees to construct and sell to the Purchaser the said Unit described in the SECOND SCHEDULE, it being recorded that the Purchaser has agreed informed the Owners/Developers that such payment schedule is more convenient to make payment of an aggregate sum of Rs………………../- (Rupees …………. ………………………… only) (hereinafter called the CONSIDERATION AMOUNT) (which amount includes the cost of construction of the said Unit, car parking space, common parts and common facilities)Purchaser. 4.2 The Purchaser out of the said Consideration amount at or before execution of this Agreement has paid to the Sellers /Developers a sum of Rs……………./- (Rupees ……………………….only) towards the application money for the allotment of the said Unit, which has been adjusted against informed that the total consideration amount and payable by the said consideration amount Purchaser to be paid in respect the Owners/Developers as stated under the Third Schedule has been arrived at on the basis of the Super Built up Area of the said Unit shall be paid flat as mentioned in clause 1.21 above and the manner provided for in Purchaser has fully understood the SCHEDULE hereunder writtensame and hereby agrees and consents to the same. 4.3 The entirety of the consideration amount will be paid to the Sellers / Developers and all amounts paid to the Sellers / Developers shall be a complete discharge of the obligation of the Purchaser to make payment under this agreement and/or in respect of the said Unit . 4.4 In addition to the aforesaid consideration the Purchaser has also agreed to pay to the Sellers / Owners/Developers various amounts as in addition to the consideration amount hereinabove mentioned, all charges and by way of Refundable Deposit (more fully and particularly mentioned and described costs for any alterations/additions in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in the SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees to make payment of the charges in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for extra facilities with specifications in construction etc. which the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body) or if the SellersOwners/Developers are advised by its consultant that may on a later date decide to provide, which is presently not taken into consideration and further proportionately all applicable statutory outgoing and expenses including the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by for revision of the Sellers’ /Developers’ consultant shall be paid by the Buyer at or before the Date of Possession. 4.5 Charges for providing any additional work in and/or relating plan to the said Unit at the request of the Purchaser and for providing any additional facilities or utility for the said Unit shall be paid borne and discharged by the Purchaser. 4.6 All extent it relates to such alteration, all betterment fees fees, taxes and other levies levies/ charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ Premises and/or the said Unit and shall also pay wholly the sales tax, service tax, G.S.T or any tax payable under the Works Contracts Tax or any other tax (but excluding Income Tax) of the amounts payable to the Owners/Developers. 4.4 In addition to the aforesaid consideration amount, the Purchaser shall also deposit with the Owners/Developers the amounts as detailed under the SIXTH SCHEDULE hereunder written and payment of such amounts shall be paid made at or before taking possession of the said Unit. In case the exact liability on any head cannot be quantified, then the payment shall be made according to the Owners/Developers’s reasonable estimation subject to subsequent accounting and borne by the Purchaser proportionate to his/ her/ its interest thereinsettlement within a reasonable period. 4.7 4.5 Time for payment shall always remain as be the essence of the contract. In the event of any default on the part of the Purchaser in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers shall be entitled to claim interest at the rate of 18% per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 In the event of any default on the part of the Purchaser in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty days from the same becoming due the Sellers /Developers shall be entitled to and are hereby authorised to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN percent of the consideration amount as and by way of predetermined liquidated damages and the Purchaser hereby consents to the same and refund the balance upon the Sellers / Developers entering into an agreement for sale with another person in respect of the said Unit. Upon such termination the Purchaser shall cease to have any right or claim under this Agreement and/or in respect of the said Unit and the Sellers / Developers shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser and the Purchaser hereby consents to the same. 4.9 The Purchaser agrees and covenants not to claim any right or of possession over and in respect of the said Unit till such time the Purchaser has made and/or deposited all the amounts herein agreed to be paid or deposited by the Purchaser. 4.10 It is hereby agreed and declared that the Purchaser has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or the Sellers / Developers to serve any notice or demand on the Purchaser. 4.11 4.6 In the event of the Sellers / Owners/Developers providing any additional materials materials, facilities or gadgets over and above what has been agreed upon for the benefit of the residents of at the building and/or the said Premises, the Purchaser shall be liable to make payment of the proportionate share in respect thereof and the same such facilities shall form part of the common portions. However, portions and whether such additional facilities or amenities are to be provided for will for, shall be entirety entirely at the sole discretion of the Sellers / Owners/Developers and the Purchaser hereby consents consent to the same.

Appears in 1 contract

Sources: Sale Agreement

Consideration Payment. 4.1 In consideration of the aforesaid above the Purchaser has agreed to make payment of an aggregate pay to the Vendor a sum of Rs………………../- ./- (Rupees …………. .. Crore ………. Lakh and ……………… Thousand only) towards ALL THAT piece and parcel of flat No. …. , on the ….. floor of the said New Building, presently in course of construction at the said Premises containing by ad-measurement …… Sq. Ft. carpet area be the same a little more or less, along with ….. Servant Quarters/ store rooms admeasuring …. sq. ft. carpet area each on the Mezannine floor to the 1st Floor, TOGETHER WITH ….. covered Car Parking Space in the Basement/Ground Floor at the said Premises now in course of construction at the said Premises (hereinafter called collectively referred to as the CONSIDERATION AMOUNT) (which amount includes the cost of construction of the said Unit, car parking space, common parts and common facilities) 4.2 The Purchaser out . Out of the said Consideration amount at or before execution of this Agreement the Purchaser has paid to the Sellers /Developers Vendor a sum of Rs……………./- .. /- (Rupees ……………………….only.. Lakh only) towards the application ▇▇▇▇▇▇▇ money for the allotment of the said UnitFlat alongwith Car parking space and servant quarters/store rooms, which has been adjusted against the total consideration amount and the said balance of the consideration amount to be paid in respect of the said Unit Flat alongwith Car parking space and servant quarters/store rooms shall be paid in the manner provided for in the FOURTH SCHEDULE hereunder written. 4.3 . The entirety of the consideration amount will be paid to the Sellers / Developers Vendor and all amounts paid to the Sellers / Developers him shall be a complete discharge of the obligation of the Purchaser to make payment under this agreement and/or in respect of the said Unit . 4.4 Flat alongwith Car parking space. In addition to the aforesaid consideration the Purchaser has also agreed to pay to the Sellers / Developers Vendor various amounts as and by way of Refundable Adjustable Deposit (more fully and particularly mentioned and described in PART II of the FIFTH SCHEDULE hereunder written) and Non Refundable Transferable Deposits (more fully and particularly mentioned and described in PART I of the FIFTH SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit Flat alongwith Car parking space and in addition the Purchaser agrees to make payment of the charges in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by the Sellers’ /Developers’ consultant shall be paid by the Buyer at or before the Date of Possession. 4.5 Charges for providing any additional work in and/or relating to the said Unit Flat alongwith Car parking space at the request of the Purchaser and for providing any additional facilities or utility for the said Unit Flat alongwith Car parking space shall be paid borne and discharged by the Purchaser. 4.6 . All betterment fees fees, taxes and other levies charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ Premises and/or the said Unit Flat alongwith Car parking space shall be paid and borne by the Purchaser proportionate to his/ her/ his/her/its interest therein. 4.7 . The purchaser shall bear the proportionate cost of DG Sets of Rs.96,787/- per flat and CESC Security Deposit of Rs.73,100/- plus misc expenses of Rs.10,000/-. Time for payment shall always remain as the essence of the contract. In the event of any default on the part of the Purchaser in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers Agreement the Vendor shall be entitled to claim interest at the rate of 1812% per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 . In the event of any default on the part of the Purchaser in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty days from the same date becoming due the Sellers /Developers Vendor shall be entitled to and are hereby authorised authorized to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN ten percent of the consideration amount as and by way of predetermined liquidated damages and the Purchaser hereby consents to the same and refund the balance upon the Sellers / Developers Vendor entering into an agreement for sale with another person in respect of the said UnitFlat alongwith Car parking space. Upon such termination the Purchaser shall cease to have any right or claim under this Agreement and/or in respect of the said Unit Flat alongwith Car parking space and the Sellers / Developers Vendor shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser and the Purchaser hereby consents to the same but subject to after giving Legal notice for a period of 30 days for redressal of the same. 4.9 . The Purchaser agrees and covenants not to claim any right or possession over and in respect of the said Unit Flat alongwith Car parking space till such time the Purchaser has made and/or deposited all the amounts herein agreed to be paid or deposited by the Purchaser. 4.10 . It is hereby agreed and declared that the Purchaser has agreed and committed himself/herself/itself himself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or of the Sellers / Developers Vendor to serve any notice or demand on the Purchaser. 4.11 . In the event of the Sellers / Developers Vendor providing any additional materials facilities or gadgets over and above what has been agreed upon for the benefit of the residents occupants of the building the Purchaser shall be liable to make payment of the proportionate share in respect thereof and the same shall form part of the common portions. However, whether such additional facilities or amenities are to be provided for will be entirety at the sole discretion of the Sellers / Developers Vendor and the Purchaser hereby consents to the same.

Appears in 1 contract

Sources: Sale Agreement

Consideration Payment. 4.1 In consideration lieu of the aforesaid consideration mentioned in the Purchaser has agreed to make payment of an aggregate sum of Rs………………../- (Rupees …………. ………………………… only) THIRD SCHEDULE hereto (hereinafter called referred to as the CONSIDERATION AMOUNT“Consideration Amount”) (which amount includes to be paid by the cost of construction of Purchasers to the Developer in the manner also set out in the Third Schedule, the Developer agrees to sell to the Purchasers the said UnitFlat described in the SECOND SCHEDULE, car parking space, common parts and common facilities)it being recorded that the Purchaser/s has/have informed the Developer that such payment schedule is more convenient to the Purchaser. 4.2 The Purchaser out of the said Consideration amount at or before execution of this Agreement has paid Purchaser/s has/have also agreed to pay to the Sellers /Developers a sum of Rs……………./- (Rupees ……………………….only) towards Developer in addition to the application money for the allotment of the said Unit, which has been adjusted against the total consideration amount hereinabove mentioned, proportionately all applicable statutory outgoing and expenses including the said consideration amount to be paid Service Tax or GST in respect of the said Unit shall be paid in the manner provided for in the SCHEDULE hereunder writtenfull. 4.3 The entirety of the consideration amount will be paid to the Sellers / Developers and all amounts paid to the Sellers / Developers shall be a complete discharge of the obligation of the Purchaser to make payment under this agreement and/or in respect of the said Unit . 4.4 In addition to the aforesaid consideration amount, the Purchaser Purchasers shall also pay to the Developer extra amounts and deposits as described under the SIXTH SCHEDULE hereto and also the costs of obtaining and providing the electric meter and electricity connection at the said Flat. 4.4 The Purchasers may at his own risk, cost and consequences may obtain a home loan from any recognized Bank or Financial Institution for which the Developer may issue a consent letter, but without any liability attaching to or upon the Developer and in case of cancellation of this Agreement the Developer in such case would refund the part consideration received without any interest or other liability. 4.5 In case of such a cancellation of this Agreement the Developer would refund only the amount lying with it after deducting the cancellation charges more fully mentioned in 7.1 herein below mentioned, to the concerned Bank or Financial Institution and only the balance remaining if any to the Purchasers. Under no circumstance any govt. dues, levy or service tax collected and deposited would be treated as refundable. 4.6 In case the purchaser(s) desire to nominate any other person or party to acquire the said flat, the purchaser may so but after adhering to the following terms and conditions:- i) That the agreement has also agreed not been cancelled. ii) That the purchaser/s is/are not defaulter and incase being a defaulter, such default has been condoned by the developer and the purchaser has cleared the interest and penalty thereon. iii) That the purchaser/s is/are ready and willing to pay to the Sellers / Developers various amounts as and developer a transfer fee for accepting the nomination @ 1% of the total consideration mentioned herein provided that in case any further nomination by way of Refundable Deposit (more fully and particularly mentioned and described in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in nominee to a third party, apart from the SCHEDULE) and payment of other compliance herein contained such amounts transfer fee shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees to make payment of the charges in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by the Sellers’ /Developers’ consultant shall be paid by the Buyer at or before the Date of Possession. 4.5 Charges for providing any additional work in and/or relating to the said Unit at the request of the Purchaser and for providing any additional facilities or utility for the said Unit shall be paid borne and discharged by the Purchaser. 4.6 All betterment fees taxes and other levies charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ and/or the said Unit shall be paid and borne by the Purchaser proportionate to his/ her/ its interest therein. 4.7 Time for payment shall always remain as the essence of the contract. In the event of any default on the part of the Purchaser in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers shall be entitled to claim interest at the rate of 18a further 2% per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 In the event of any default on the part of the Purchaser in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty days from the same becoming due the Sellers /Developers shall be entitled to and are hereby authorised to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN percent of the consideration amount as and by way mentioned herein. iv) Provided that no such nomination etc. shall be permitted until after the expiry of predetermined liquidated damages and a lock-in period of 12 months from the Purchaser hereby consents to the same and refund the balance upon the Sellers / Developers entering into an agreement for sale with another person in respect date of the said Unit. Upon such termination the Purchaser shall cease to have any right or claim under this Agreement and/or in respect of the said Unit and the Sellers / Developers shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser and the Purchaser hereby consents to the samepresent agreement. 4.9 The Purchaser agrees and covenants not to claim any right or possession over and in respect of the said Unit till such time the Purchaser has made and/or deposited all the amounts herein agreed to be paid or deposited by the Purchaser. 4.10 It is hereby agreed and declared that the Purchaser has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or the Sellers / Developers to serve any notice or demand on the Purchaser. 4.11 In the event of the Sellers / Developers providing any additional materials facilities or gadgets over and above what has been agreed upon for the benefit of the residents of the building the Purchaser shall be liable to make payment of the proportionate share in respect thereof and the same shall form part of the common portions. However, whether such additional facilities or amenities are to be provided for will be entirety at the sole discretion of the Sellers / Developers and the Purchaser hereby consents to the same.

Appears in 1 contract

Sources: Sale Agreement

Consideration Payment. 4.1 In consideration of the aforesaid the Purchaser has agreed to make payment of an aggregate sum of Rs………………../- (Rupees …………. ………………………… only) (hereinafter called the CONSIDERATION AMOUNT) (which amount includes the cost of construction of the said Unit, car parking space, common parts and common facilities) 4.2 The Purchaser out of the said Consideration amount at or before execution of this Agreement has paid to the Sellers /Developers a sum of Rs……………./- (Rupees ……………………….only) towards the application money for the allotment of the said Unit, which has been adjusted against the total consideration amount and the said consideration amount to be paid in respect of the said Unit shall be paid in the manner provided for in the SCHEDULE hereunder written. 4.3 The entirety of the consideration amount will be paid to the Sellers / Developers and all amounts paid to the Sellers / Developers shall be a complete discharge of the obligation of the Purchaser to make payment under this agreement and/or in respect of the said Unit . 4.4 In addition to the aforesaid consideration the Purchaser has also agreed to pay to the Sellers / Developers various amounts as and by way of Refundable Deposit (more fully and particularly mentioned and described in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in the SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees to make payment of the charges in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by the Sellers’ /Developers’ consultant shall be paid by the Buyer at or before the Date of Possession. 4.5 Charges for providing any additional work in and/or relating to the said Unit at the request of the Purchaser and for providing any additional facilities or utility for the said Unit shall be paid borne and discharged by the Purchaser. 4.6 All betterment fees taxes and other levies charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ Premises and/or the said Unit shall be paid and borne by the Purchaser proportionate to his/ her/ its interest therein. 4.7 Time for payment shall always remain as the essence of the contract. In the event of any default on the part of the Purchaser in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers shall be entitled to claim interest at the rate of 1815% per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 In the event of any default on the part of the Purchaser in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty days from the same becoming due the Sellers /Developers shall be entitled to and are hereby authorised to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN percent of the consideration amount as and by way of predetermined liquidated damages and the Purchaser hereby consents to the same and refund the balance upon the Sellers / Developers entering into an agreement for sale with another person in respect of the said Unit. Upon such termination the Purchaser shall cease to have any right or claim under this Agreement and/or in respect of the said Unit and the Sellers / Developers shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser and the Purchaser hereby consents to the same. 4.9 The Purchaser agrees and covenants not to claim any right or possession over and in respect of the said Unit till such time the Purchaser has made and/or deposited all the amounts herein agreed to be paid or deposited by the Purchaser. 4.10 It is hereby agreed and declared that the Purchaser has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or the Sellers / Developers to serve any notice or demand on the Purchaser. 4.11 In the event of the Sellers / Developers providing any additional materials facilities or gadgets over and above what has been agreed upon for the benefit of the residents of the building the Purchaser shall be liable to make payment of the proportionate share in respect thereof and the same shall form part of the common portions. However, whether such additional facilities or amenities are to be provided for will be entirety at the sole discretion of the Sellers / Developers and the Purchaser hereby consents to the same.

Appears in 1 contract

Sources: Partnership Agreements

Consideration Payment. 4.1 5.1 In consideration of the aforesaid the Purchaser Buyer has agreed to make payment of an aggregate sum of Rs……. …………../- (Rupees ………. ………………………… only..) (hereinafter called the CONSIDERATION AMOUNT) (AMOUNT which amount includes the cost of construction of the said Unit, car parking spaceFlat, common parts and common facilitiesfacilities and also includes 12% GST). 4.2 5.2 The Purchaser out of the said Consideration amount at or before execution of this Agreement has paid to the Sellers /Developers a sum of Rs……………./- (Rupees ……………………….only) towards the application money for the allotment of the said Unit, which has been adjusted against the total consideration amount and the said consideration amount to be paid in respect of the said Unit Flat shall be paid in the manner provided for in the FOURTH SCHEDULE hereunder written. 4.3 5.3 The entirety of the consideration amount will be paid to the Sellers / Developers Seller and all amounts paid to the Sellers / Developers Seller shall be a complete discharge of the obligation of the Purchaser Buyer to make payment under this agreement and/or in respect of the said Unit Flat. 4.4 5.4 In addition to the aforesaid consideration the Purchaser Buyer has also agreed to pay to the Sellers / Developers various amounts as and by way of Refundable Deposit (more fully and particularly mentioned and described in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in the SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees to make payment of the Seller charges if any in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body: i) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by the Sellers’ /Developers’ consultant shall be paid by the Buyer at or before the Date of Possession. 4.5 Charges for providing any additional work in and/or relating to the said Unit Flat at the request of the Purchaser Buyer and for providing any additional facilities or utility for the said Unit Flat shall be paid borne and discharged by the PurchaserBuyer. 4.6 ii) All betterment fees taxes and other levies charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ Premises and/or the said Unit Flat shall be paid and borne by the Purchaser Buyer proportionate to his/ her/ its interest therein. 4.7 5.5 Time for payment shall always remain as the essence of the contract. In the event of any default on the part of the Purchaser Buyer in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers Agreement the Seller shall be entitled to claim interest at the rate of 18% per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 5.6 In the event of any default on the part of the Purchaser Buyer in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty Sixty days from the same becoming due the Sellers /Developers Seller shall be entitled to and are hereby authorised authorized to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN ten percent of the consideration amount as and by way of predetermined liquidated damages and the Purchaser Buyer hereby consents to the same and refund the balance upon the Sellers / Developers Seller entering into an agreement for sale with another person in respect of the said UnitFlat. Upon such termination the Purchaser Buyer shall cease to have any right or claim under this Agreement and/or in respect of the said Unit Flat and the Sellers / Developers Seller shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser Buyer and the Purchaser Buyer hereby consents to the same. Any amount, which is refundable to the Buyer, by the Seller, on account of cancellation of the Agreement, shall be refundable after the unit/flat is allotted to some other intending Buyer, on completion of necessary formalities and on receipt of respective payments from intending Buyer. 4.9 5.7 The Purchaser Buyer agrees and covenants not to claim any right or possession over and in respect of the said Unit Flat till such time the Purchaser Buyer has made and/or deposited all the amounts herein agreed to be paid or deposited by the PurchaserBuyer. 4.10 5.8 It is hereby agreed and declared that the Purchaser Buyer has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or of the Sellers / Developers Seller to serve any notice or demand on the PurchaserBuyer. 4.11 5.9 In the event of the Sellers / Developers Seller providing any additional materials facilities or gadgets over and above what has been agreed upon for the benefit of the residents of the said building and/or Housing Complex the Purchaser Buyer shall be liable to make payment of the proportionate share in respect thereof and the same shall form part of the common portions. However, whether such additional facilities or amenities are to be provided for will be entirety at the sole discretion of the Sellers / Developers Seller and the Purchaser Buyer hereby consents to the same. 5.10 The Buyer shall be liable to pay interest on the amount due @ 18% per annum from the date on which the amount falls due, to the date of payment, both days inclusive. All payments received will be first applied towards applicable interest and other dues, if any, and thereafter towards the installments.

Appears in 1 contract

Sources: Sales Contract

Consideration Payment. 4.1 6.1 In consideration of the aforesaid and subject to due performance by the Seller of each of its covenants, undertakings and obligations, the Purchaser has agreed to make payment of an aggregate pay to the Vendor a sum of Rs………………../- . 12,53,15,000/- (Rupees …………. ………………………… Twelve Crores Fifty Three Lakhs and Fifteen Thousand only) (hereinafter called the TOTAL CONSIDERATION AMOUNT) (which amount includes the cost of construction of the said Unit, car parking spacethe open terrace, common parts and common facilities) 4.2 The Purchaser out facilities and also the consideration for the abovementioned 5 (five) numbers of the said Consideration amount at covered Parking Spaces. At or before the execution of this Agreement the Purchaser has paid to the Sellers /Developers Seller a sum of Rs……………./- Rs.75276768/- (Rupees ……………………….onlySeven Crores Fifty Two Lac Seventy Six Thousand Seven Hundred Sixty Eight only) inclusive of Service Tax/GST towards the application money for the allotment part payment of the said UnitTotal Consideration Amount (the receipt whereof the Seller doth hereby as also by the Memo hereunder written admits and acknowledges), which has been adjusted against with the total consideration amount and the said consideration amount to be paid in respect balance of the said Unit shall Total Consideration Amount to be paid in the manner provided for in the FOURTH SCHEDULE hereunder written. 4.3 The entirety 6.3 Time for payment of the consideration amount will said Total Consideration Amount is and shall always remain as the essence of the contract. 6.4 The Purchaser shall regularly and punctually make payment of the various amounts agreed to be paid to the Sellers / Developers and all amounts paid to the Sellers / Developers shall be a complete discharge of the obligation of by the Purchaser to make payment under the Seller in terms of this agreement and/or in respect Agreement within the time as agreed and stipulated herein and it will not be necessary on the part of the said Unit Seller to give any notice and in any event the Purchaser waives the right to receive such notice. 4.4 6.5 In addition to the aforesaid consideration Total Consideration Amount agreed to be paid by the Purchaser to the Seller in terms of this Agreement, the Purchaser has also agreed to pay to the Sellers / Developers various amounts as and by way of Refundable Deposit (more fully and particularly mentioned and described in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in the SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees obligated himself/herself/itself to make payment of the charges Additional Amounts (as detailed in respect of: Obligation Regarding Taxes : In the event PART - I and PART - II of the Sellers/Developers being made liable for payment of any tax (excepting Income TaxFIFTH SCHEDULE hereunder written), duty, levy or any other liability under any statute or law for the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by the Sellers’ /Developers’ consultant shall additional payments must be paid by the Buyer at on or before the Date of PossessionPossession Date. 4.5 6.6 Charges for providing any additional work in and/or relating to the said Unit at the request of the Purchaser and for providing any additional facilities or utility for the said Unit shall be paid borne and discharged by the Purchaser. 4.6 6.7 All betterment fees taxes and other levies charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ and/or the said Unit shall be paid and borne by the Purchaser proportionate to his/ his/her/ its interest thereintherein save and except those arising from and/or pertaining to and/or connected with any development and/or improvement carried out by the Seller in pursuance of any modification, alteration etc. of the Plan as sanctioned by all the concerned authorities. 4.7 6.8 Time for payment shall always remain as the essence of the contract. In the event of any default on the part of the Purchaser in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers , the Seller shall be entitled to claim interest at the rate of 1815% (fifteen percent) per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 6.9 In the event of any default on the part of the Purchaser in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty 90 (ninety) days from the same becoming due due, the Sellers /Developers Seller shall be entitled entitled, upon prior 15 (fifteen) days’ written notice to the Purchaser, to and are is hereby authorised to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN percent 10% (ten percent) of the consideration amount Total Consideration Amount as and by way of predetermined liquidated damages damages, and the Purchaser hereby consents to the same same, and the Seller shall and undertakes to refund the balance upon of the Sellers / Developers entering Total Consideration Amount and all other amounts paid/deposited by the Purchaser to/with the Seller and/or at the instructions of the Seller including but not limited to the Additional Payments, within a maximum period of 45 ( Forty Five) days from the date of termination of this Agreement, or earlier if the Seller enters into an agreement for sale with another person in respect of the said Unit, whereupon the Seller undertakes to refund the aforesaid sums within 30 (Thirty) days from the date on which such fresh agreement is entered into. Upon such termination the Purchaser shall cease to have any right or claim under this Agreement and/or in respect of the said Unit save and except the right to receive and claim refund of the aforesaid amounts, and the Sellers / Developers Seller shall be entitled to enter into agreements an agreement for sale and transfer in respect of the Said Unit with any other person or persons without any claim on the part of and the Purchaser and the Purchaser Seller hereby consents consent to the same. 4.9 6.10 The Purchaser agrees and covenants not to claim any right or possession over and in respect of the said Unit till such time the Purchaser has made and/or deposited all the amounts herein agreed to be paid or deposited by the Purchaser. 4.10 It is hereby agreed and declared that the Purchaser has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or the Sellers / Developers to serve any notice or demand on the Purchaser. 4.11 6.11 In the event of the Sellers / Developers Seller being desirous of providing any additional materials materials, facilities or gadgets over and above what has been agreed upon for the benefit of the residents of the building Building, then subject to the Purchaser consenting to the same, the Purchaser shall be liable to make payment of the proportionate Proportionate share in respect thereof thereof, and the same such additional materials, facilities and gadgets shall form a part of the common portionsCommon Portions. However, whether such additional facilities or amenities are to be provided for for, will be entirety entirely at the sole discretion of the Sellers / Developers Seller, and the Purchaser hereby consents to the same.

Appears in 1 contract

Sources: Sale Agreement

Consideration Payment. 4.1 In (a) The aggregate consideration of (collectively, the aforesaid the Purchaser has agreed to make payment of an aggregate sum of Rs………………../- (Rupees …………. ………………………… only“Purchase Price”) (hereinafter called the CONSIDERATION AMOUNT) (which amount includes the cost of construction of the said Unit, car parking space, common parts and common facilities) 4.2 The Purchaser out of the said Consideration amount at or before execution of this Agreement has paid to the Sellers /Developers a sum of Rs……………./- (Rupees ……………………….only) towards the application money for the allotment of the said Unit, which has been adjusted against the total consideration amount and the said consideration amount to be paid in respect by Purchaser for the purchase of the said Unit Acquired Assets shall be: (i) the assumption of Assumed Liabilities, (ii) the credit bid of 100% of the Loan Agreement Indebtedness (the “Credit Bid Amount”) (such portion of the Purchase Price, the “Credit Bid Portion”) which amount shall be paid satisfied by discharging all Loan Agreement Indebtedness pursuant to section 363(k) of the Bankruptcy Code and (iii) an amount in cash equal to the amount set forth opposite “Total Wind-Down Budget Amount” in the manner provided Wind-Down Budget (the “Wind-Down Amount”). At the Closing, in lieu of paying all or any portion of the Wind-Down Amount, Purchaser may, by delivery of a written notice to Sellers at least two (2) Business Days prior to the Closing Date, instruct Sellers to retain a portion of, and not to exceed, the cash expected to be actually held at Closing by Sellers (net of written but uncashed checks) in an amount set forth in such notice and such cash shall constitute “Excluded Cash” hereunder and reduce, on a dollar for in dollar basis, the SCHEDULE hereunder writtenWind-Down Amount to be paid by Purchaser at the Closing. 4.3 The entirety (b) In accordance with Section 2.1(a), Purchaser shall satisfy the Purchase Price at the Closing as to the Credit Bid Portion by discharging Sellers, and Sellers shall be deemed to be discharged, from the Loan Agreement Indebtedness in an aggregate amount equal to the Credit Bid Amount (for the avoidance of doubt, any Encumbrance and security interest of Purchaser on any asset of Sellers that is not an asset being purchased by Purchaser pursuant to this Agreement shall not be released and will continue to secure the remaining outstanding amount of the consideration amount will be paid Loan Agreement Indebtedness). (c) Notwithstanding anything to the Sellers / Developers and all amounts paid to the Sellers / Developers shall be a complete discharge of the obligation of the Purchaser to make payment under this agreement and/or contrary in respect of the said Unit . 4.4 In addition to the aforesaid consideration the Purchaser has also agreed to pay to the Sellers / Developers various amounts as and by way of Refundable Deposit (more fully and particularly mentioned and described in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in the SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees to make payment of the charges in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then to the extent that the actual amount paid by Sellers to wind down the bankruptcy estate of Sellers for the aggregate amount of any (i) claims asserted pursuant to Section 503(b)(9) of the Bankruptcy Code, (ii) Taxes, (iii) fees and expenses of professionals engaged by Sellers, or (iv) other amounts contemplated by the Wind-Down Budget (including administrative and priority claims not assumed by Purchaser), in that eventeach case, to the extent set forth therein and, in each case, whether due to settlement or otherwise is less than the Wind-Down Amount (the amount of such difference, the Buyer shall be liable to pay all such tax“Wind-Down Adjustment Amount”), duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by the Sellers’ /Developers’ consultant shall be paid by the Buyer at or before the Date of Possession. 4.5 Charges for providing any additional work in and/or relating to the said Unit at the request of the Purchaser and for providing any additional facilities or utility for the said Unit shall be paid borne and discharged by the Purchaser. 4.6 All betterment fees taxes and other levies charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ and/or the said Unit shall be paid and borne by the Purchaser proportionate to his/ her/ its interest therein. 4.7 Time for payment shall always remain as the essence of the contract. In the event of any default on the part of the Purchaser in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers shall be entitled to claim interest at receive the rate Wind-Down Adjustment Amount, and, promptly following the determination of 18% per annum on such amount (and in no event later than two (2) Business Days following such determination), Sellers shall deliver, or cause to be delivered, to Purchaser an aggregate amount equal to the amount remaining outstanding subject Wind-Down Adjustment Amount in cash by wire transfer of immediately available funds to what is hereinafter appearing. 4.8 In the event of any default on the part of the Purchaser in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty days from the same becoming due the Sellers /Developers bank account as shall be entitled to and are hereby authorised to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN percent of the consideration amount as and designated in writing by way of predetermined liquidated damages and the Purchaser hereby consents to the same and refund the balance upon the Sellers / Developers entering into an agreement for sale with another person in respect of the said Unit. Upon such termination the Purchaser shall cease to have any right or claim under this Agreement and/or in respect of the said Unit and the Sellers / Developers shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser and the Purchaser hereby consents to the same. 4.9 The Purchaser agrees and covenants not to claim any right or possession over and in respect of the said Unit till such time the Purchaser has made and/or deposited all the amounts herein agreed to be paid or deposited by the Purchaser. 4.10 It is hereby agreed and declared that the Purchaser has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or the Sellers / Developers to serve any notice or demand on the Purchaser. 4.11 In the event of the Sellers / Developers providing any additional materials facilities or gadgets over and above what has been agreed upon for the benefit of the residents of the building the Purchaser shall be liable to make payment of the proportionate share in respect thereof and the same shall form part of the common portions. However, whether such additional facilities or amenities are to be provided for will be entirety at the sole discretion of the Sellers / Developers and the Purchaser hereby consents to the same.

Appears in 1 contract

Sources: Asset Purchase Agreement (Akorn Inc)

Consideration Payment. 4.1 In consideration (a) The aggregate Purchase Price by Purchaser for the purchase of the aforesaid Acquired Assets shall be: (i) the Purchaser has agreed to make payment assumption of an aggregate sum Assumed Liabilities, (ii) the credit bid of Rs………………../- 100% of the Loan Agreement Indebtedness (Rupees …………. ………………………… only) (hereinafter called the CONSIDERATION AMOUNT) (t Credit Bid A mount Credit Bid Portion which amount includes the cost of construction shall be satisfied by discharging all Loan Agreement Indebtedness pursuant to section 363(k) of the said UnitBankruptcy Code and (iii) an amount in cash equal to the amount set forth - in the Wind-Down Budget (th Wind-Down Amount ). At the Closing, car parking space, common parts and common facilities) 4.2 The Purchaser out in lieu of paying all or any portion of the said Consideration amount Wind-Down Amount, Purchaser may, by delivery of a written notice to Sellers at or before execution of this Agreement has paid least two (2) Business Days prior to the Closing Date, instruct Sellers /Developers to retain a sum portion of, and not to exceed, the cash expected to be actually held at Closing by Sellers (net of Rs……………./- (Rupees ……………………….onlywritten but uncashed checks) towards in an amount set forth in such notice and such cash shall dollar for dollar basis, the application money for the allotment of the said Unit, which has been adjusted against the total consideration amount and the said consideration amount Wind-Down Amount to be paid by Purchaser at the Closing. (b) In accordance with S ection 2.1(a), Purchaser shall satisfy the Purchase Price at the Closing as to the Credit Bid Portion by discharging Sellers, and Sellers shall be deemed to be discharged, from the Loan Agreement Indebtedness in respect an aggregate amount equal to the Credit Bid Amount (for the avoidance of doubt, any Encumbrance and security interest of Purchaser on any asset of Sellers that is not an asset being purchased by Purchaser pursuant to this Agreement shall not be released and will continue to secure the remaining outstanding amount of the said Unit shall be paid in the manner provided for in the SCHEDULE hereunder writtenLoan Agreement Indebtedness). 4.3 The entirety of the consideration amount will be paid (c) Notwithstanding anything to the Sellers / Developers and all amounts paid to the Sellers / Developers shall be a complete discharge of the obligation of the Purchaser to make payment under this agreement and/or contrary in respect of the said Unit . 4.4 In addition to the aforesaid consideration the Purchaser has also agreed to pay to the Sellers / Developers various amounts as and by way of Refundable Deposit (more fully and particularly mentioned and described in the SCHEDULE hereunder written) and Non Refundable Deposits (more fully and particularly mentioned and described in the SCHEDULE) and payment of such amounts shall be made at or before taking over possession of the said Unit and in addition the Purchaser agrees to make payment of the charges in respect of: Obligation Regarding Taxes : In the event of the Sellers/Developers being made liable for payment of any tax (excepting Income Tax), duty, levy or any other liability under any statute or law for the time being in force or enforced in future (such as Service Tax , Works Contract Tax, Value Added Tax or any other tax and imposition levied by the State Government, Central Government or any other authority or body) or if the Sellers/Developers are advised by its consultant that the Sellers/Developers are liable or shall be made liable for payment of any such tax , duty, levy or other liability on account of the Sellers/Developers having agreed to perform the obligations under this Agreement or having entered into this Agreement, then and in to the extent that event, the Buyer shall be liable to pay all such tax, duty, levy or other liability and hereby indemnifies and agrees to keep the Sellers/Developers indemnified against all actions, suits, proceedings, costs, charges and expenses in respect thereof. The taxes, duties, levies or other liabilities so imposed or estimated by the Sellers’ /Developers’ consultant shall be actual amount paid by Sellers to wind down the Buyer at or before bankruptcy estate of Sellers for the Date aggregate amount of Possession. 4.5 Charges for providing any additional work in and/or relating (i) claims asserted pursuant to the said Unit at the request Section 503(b)(9) of the Purchaser and for providing any additional facilities or utility for the said Unit shall be paid borne and discharged by the Purchaser. 4.6 All betterment fees taxes and other levies charges imposed by the Government or any other authority relating to the said ▇▇▇▇▇▇▇▇ and/or the said Unit shall be paid and borne by the Purchaser proportionate to his/ her/ its interest therein. 4.7 Time for payment shall always remain as the essence of the contract. In the event of any default on the part of the Purchaser in making payment of any of the amounts agreed to be paid in terms of this Agreement. The Sellers / Developers shall be entitled to claim interest at the rate of 18% per annum on the amount remaining outstanding subject to what is hereinafter appearing. 4.8 In the event of any default on the part of the Purchaser in making payment of any of the amounts in terms of this Agreement and if such default shall continue for a period of thirty days from the same becoming due the Sellers /Developers shall be entitled to and are hereby authorised to determine and/or rescind this Agreement and forfeit a sum equivalent to TEN percent of the consideration amount as and by way of predetermined liquidated damages and the Purchaser hereby consents to the same and refund the balance upon the Sellers / Developers entering into an agreement for sale with another person in respect of the said Unit. Upon such termination the Purchaser shall cease to have any right or claim under this Agreement and/or in respect of the said Unit and the Sellers / Developers shall be entitled to enter into agreements for sale and transfer with any other person or persons without any claim on the part of the Purchaser and the Purchaser hereby consents to the same. 4.9 The Purchaser agrees and covenants not to claim any right or possession over and in respect of the said Unit till such time the Purchaser has made and/or deposited all the amounts herein agreed to be paid or deposited by the Purchaser. 4.10 It is hereby agreed and declared that the Purchaser has agreed and committed himself/herself/itself to make payment of the amounts payable in terms or these presents and it shall not be obligatory or necessary on the part or the Sellers / Developers to serve any notice or demand on the Purchaser. 4.11 In the event of the Sellers / Developers providing any additional materials facilities or gadgets over and above what has been agreed upon for the benefit of the residents of the building the Purchaser shall be liable to make payment of the proportionate share in respect thereof and the same shall form part of the common portions. However, whether such additional facilities or amenities are to be provided for will be entirety at the sole discretion of the Sellers / Developers and the Purchaser hereby consents to the same.Bankruptcy Code,

Appears in 1 contract

Sources: Asset Purchase Agreement