Common use of DEEMED POSSESSION Clause in Contracts

DEEMED POSSESSION. It is understood by the Allottee/Transferee that even if the Allottee/Transferee fails to take possession of the Plot within the Possession Period, the Allottee/Transferee shall be deemed to have taken possession on the 61st day from the date of Possession Notice which date, for all purposes and irrespective of the actual date when the Allottee/Transferee takes physical possession of the Plot, will be deemed to be the Possession Date.