Common use of Development Agreements Clause in Contracts

Development Agreements. For the purpose of developing and commercially exploiting the Said Property by construction of the Said Cluster thereon and selling various flats/spaces therein (collectively Flats), the Owners (separately and individually to the extent of their respective shares/interest in the Said Property) entrusted the work of development of the Said Property to the Developer, on terms and conditions recorded in several agreements in writing entered into between each of the Owners of the one part and the Developer of the other part (collectively Development Agreements). In terms of the Development Agreements, the Developer has become entitled to sell, transfer, encumber or otherwise alienate or dispose off the Flats, Parking Spaces and other saleable spaces in the Said Cluster and to appropriate the entire consideration therefor.