Common use of Delay in completion of the Project Clause in Contracts

Delay in completion of the Project. In case of delay in achieving the completion of the construction of the Project that is beyond 108 Months from the Agreement Date and subject to satisfaction of NRDA for the reasons of such delay, the Developer may be allowed extension of time to complete the development of the Project on payment of surcharge to NRDA in the following manner: Block of time Extension Period of Extension Amount of Surcharge as percentage of Development Premium to be paid separately for each of the blocks of extension of time First Twelve Months or part thereof 5% (Five Percent) Second Twelve Months or part thereof on expiry of First Extension of Time 7% (Seven Percent) Third Twelve Months or part thereof on expiry of Second Extension of Time 10% (Ten Percent) If development of the Project is not completed within such extended period that is after the expiry of Third Block of extension of Time as described above, then it shall be treated as Developer's Event of Default.

Delay in completion of the Project. In case of delay in achieving the completion of the construction of the Project that is beyond 108 48 Months from the Agreement Date and subject to satisfaction of NRDA for the reasons of such delay, the Developer Lessee may be allowed extension of time to complete the development of the Project on payment of surcharge to NRDA in the following manner: Block of time Extension Period of Extension Amount of Surcharge as percentage time of Development Premium to be paid separately for each of the blocks of Extension extension of time First Twelve Months or part thereof 5% (Five Percent) Second Twelve Months or part thereof on 7% (Seven Percent) expiry of First Extension of Time 7% (Seven Percent) Third Twelve Months or part thereof on 10% (Ten Percent) expiry of Second Extension of Time 10% (Ten Percent) If development of the Project is not completed within such extended period that is after the expiry of Third Block of extension of Time as described above, then it shall be treated as DeveloperLessee's Event of Default.

Delay in completion of the Project. In case of delay in achieving the completion of the construction of the Project that is beyond 108 84 Months from the Agreement Date and subject to satisfaction of NRDA for the reasons of such delay, the Developer may be allowed extension of time to complete the development of the Project on payment of surcharge to NRDA in the following manner: Block of time Extension Period of Extension Amount of Surcharge as percentage of Development Premium to be paid separately for each of the blocks of extension of time First Twelve Months or part thereof 5% (Five Percent) Second Twelve Months or part thereof on expiry of First Extension of Time 7% (Seven Percent) Third Twelve Months or part thereof on expiry of Second Extension of Time 10% (Ten Percent) If development of the Project is not completed within such extended period that is after the expiry of Third Block of extension of Time as described above, then it shall be treated as Developer's Event of Default.. Not Used