Common use of EVENTSOFDEFAULTSANDCONSEQUENCES Clause in Contracts

EVENTSOFDEFAULTSANDCONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

EVENTSOFDEFAULTSANDCONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the bythe Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

EVENTSOFDEFAULTSANDCONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, ',' ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's ’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. . 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ PlotApartment] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

EVENTSOFDEFAULTSANDCONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund torefund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall heshall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

EVENTSOFDEFAULTSANDCONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plotthe[Apartment] to the Allottee within the time period specifiedspecified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the project with the authority. For the purpose of this clause, 'ready para,'ready to move in possession' shall possession'shall mean that the apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance of the Promoter's ’s business as a developer on account of to f suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default by Promoter under the conditions listed conditionslisted above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination noticespecifiedintheRuleswithinforty- fivedaysofreceivingtheterminationnotice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in prescribed intheRules,foreverymonthofdelaytillthehandingoverofthepossession of the[Apartment] which shall be paid by the Rules, for every month Promoter to the Allottee within forty-five days of delay till the handing over of the possession of the [Apartment/Plot]. it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules.; (ii) In case of Default by Allottee under the condition listed above continues for or a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ PlotApartment] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon there upon stand terminated. Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such termination.

EVENTSOFDEFAULTSANDCONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, underacondition ofdefault,in the following events:followingevents,namely:- (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] ThePromoterfailstoprovidereadytomoveinpossessionoftheApartment /Flat to the Allottee Allottee(s) within the time period specifiedspecified inTerm No. 7.1 above in this Agreement or fails to complete the Projectwithin the stipulated time disclosed at the time of registration of theProject with the Authority. For the purpose of this clause, 'ready to move tomove in possession' shall mean that the apartment Apartment or Flat shall be in a habitable condition which is complete in ahabitableconditionwhichiscompleteinallrespectsincludingtheprovision of all respectsspecifications, amenities and facilities, asagreed tobetweentheparties,andforwhichoccupationcertificateandcompletioncer tificate,asthecasemay be,hasbeenissuedbythecompetentauthority; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. ofsuspensionorrevocationorexpiryofhisregistrationundertheprovisions oftheActortherulesorregulations madethereunder. 9.2 In case of Default default by the Promoter under the conditions listed above, Allottee Allottee(s) is entitled to the following:following:- (i) Stop making further payments to the Promoter as demanded by the PromoterthePromoter. If the Allottee Allottee(s) stops making payments, the Promoter shall correct the situation by completing the construction milestones shallcorrectthesituationbycompletingtheconstruction/developmentmilest ones and only thereafter the Allottee Allottee(s) be required to make the next payment without any penal interest; orthenextpaymentwithoutanyinterest;or (ii) The Allottee Allottee(s) shall have the option of terminating the Agreement in which case inwhichcasethePromotershallbeliabletorefundtheentiremoneypaidby the Promoter shall be liable to refund the entire money paid by the Allottee Allottee(s) under any head whatsoever towards the purchase of the apartmentofthe Apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination noticereceivingtheterminationnotice: Provided that where an Allottee Allottee(s) does not intend to withdraw from withdrawfrom the project Project or terminate the Agreement, he shall be paid, by the promoterthePromoter, interest at for the rate specified in the Rules, for every month period of delay till the handing over of the possession thepossession of the [Apartment/Apartment/ Plot]. , which shall be paid by the PromotertotheAllotteewithinforty- fivedaysof itbecomingdue. 9.3 The Allottee Allottee(s) shall be considered under a condition of Defaultdefault, on the occurrence of the following eventstheoccurrenceofthefollowingevents: (i) In case the Allottee fails to make payments for IncasetheAllottee(s)failstomakepaymentsfor-------------- consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rulespayment planstatedabove,despitehavingbeenissuednoticeinthatregard,theAllottee (s)shallbeliabletopayinteresttothePromoterontheunpaidamount. (ii) In case of Default by Allottee under the condition listed above continues IncaseofdefaultbyAlootteeundertheconditionslistedabovecontinues for a period beyond ------------------ consecutive months after notice afternotice from the Promoter in this regard, the 45 Promoter shall may cancel the allotment theallotment of the [Apartment/ Plot] Plot in favour of the Allottee Allottee(s) and refund the amount refundthe money paid to him by the allottee Allottee(s) by deducting the booking amount bookingamount and the interest liabilities and this Agreement shall thereupon stand terminatedthereuponstandterminated: Provided that the Promoter shall intimate the Allottee about suchtermination atleastthirtydayspriortosuchtermination.

EVENTSOFDEFAULTSANDCONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 02 (two) consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

EVENTSOFDEFAULTSANDCONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Defaultdefault, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or projector terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regardperiodbeyondconsecutivemonthsafternoticefromthePromoterinthisregard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

EVENTSOFDEFAULTSANDCONSEQUENCES. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plotthe[Apartment] to the Allottee within the time period specifiedspecified in para 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the project with the authority. For the purpose of this clause, 'ready para,'ready to move in possession' shall possession'shall mean that the apartment shall be in a habitable condition which is complete in all respectsrespects including the provision of all specifications, amenities and facilities, as agreed to between the parties, and for which occupation certificate and completion certificate, as the case may be, has been issued by the competent authority; (ii) Discontinuance Ddiscontinuance of the Promoter's ’s business as a developer on account to of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. there under. 9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination noticespecifiedintheRuleswithinforty- fivedaysofreceivingtheterminationnotice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified prescribed in the Rules, for every month of delay till the handing over of the possession of the[Apartment] which shall be paid by the [Apartment/Plot]. Promoter to the Allottee within forty-five days of it becoming due. 9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules.; (ii) In case of Default by Allottee under the condition listed above continues for or a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ PlotApartment] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon there upon stand terminated. Provided that the Promoter shall intimate the Allottee about such termination at least 30 days prior to such termination.

EVENTSOFDEFAULTSANDCONSEQUENCES. Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunderthere under. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for 60 DAYS consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.