Common use of Explanations Clause in Contracts

Explanations. 1.2.1. The Total Price as mentioned in FOURTH SCHEDULE includes the Booking Amount paid by the Allottee to the Owners/Developer towards the Apartment. 1.2.2. The Total Price does not include present applicable taxes. Provided that in case there is any change / modification in the taxes, the subsequent amount payable by the Allottee to the Owners/Developer shall be increased / reduced based on such change / modification. Provided further that if there is any increase in the taxes after the expiry of the scheduled Committed date of completion of the Project (as may be extended), the same shall not be charged from the Allottee. 1.2.3. The Owners/Developer shall periodically intimate in writing to the Allottee, the amount payable as stated in 1.2.1 above and the Allottee shall make payment demanded by the Owner/Developer within the time and in the manner specified therein (“Demand Letter”). 1.2.4. The purchaser acknowledges that he has chosen the “Construction Progress Linked Plan‖ since it offers several advantages to the Purchaser, including that the installments payments may become due later in time than as envisaged at the time of entering into this agreement, if the relevant construction milestones are delayed, thus compensating for the impact of any delay in construction on the purchaser. This significantly reduces the risk of the purchaser as compared to “ Time Linked Payment Plan” option and the Purchaser has entered into this agreement after taking into account the advantages and risks of the “Construction Progress Linked Payment Plan” . 1.2.5. The Consideration of the Apartment includes recovery of price of land, cost of construction of not only the Apartment but also the Common Areas, cost of providing electrical connectivity(excluding deposit money for personal meter connection) conduit and wires to the Apartment and proportionate cost of providing all common services for the said Project, including but not limited to lift, water line and plumbing, flooring, tiles, doors, windows, fire detection(if any) and firefighting equipment in the Common Areas and includes cost for providing all other facilities, amenities and specifications to be provided within the Apartment, as per Specifications mentioned in FIFTH SCHEDULE below. 1.2.6. The Consideration Price may also change with the increase or decrease in the areas of the Apartment upto a maximum of 3% (three percent) of the carpet area of the Apartment, which shall finally be determined by the Project Architect(s) upon completion of construction. However, in case of any deviation in excess of 3% of the areas of the Apartment, express consent of the Allottee will be required in writing when, it shall be the option of the Allottee, either to accept such deviation and pay the revised Total Price and other amounts, or, to terminate this Agreement. In case of any dispute on the measurement area the same shall be physically measured after removing all finishes that have been applied / fitted and the cost of removal and refitting of such finishes shall be borne by the Party which raises the dispute in relation to the measurement.

Explanations. 1.2.1. The Total Price as mentioned in FOURTH SCHEDULE includes the Booking Amount paid by the Allottee to the OwnersOwner/Developer towards the Apartment. 1.2.2. The Total Price does not include present applicable taxes. Provided that in case there is any change / modification in the taxes, the subsequent amount payable by the Allottee to the OwnersOwner/Developer shall be increased / reduced based on such change / modification. Provided further that if there is any increase in the taxes after the expiry of the scheduled Committed date of completion of the Project (as may be extended), the same shall not be charged from the Allottee. 1.2.3. The OwnersOwner/Developer shall periodically intimate in writing to the Allottee, the amount payable as stated in 1.2.1 (i) above and the Allottee shall make payment demanded by the Owner/Developer within the time and in the manner specified therein (“Demand Letter”). 1.2.4. The purchaser acknowledges that he has chosen the “Construction Progress Linked Plan‖ Plan” since it offers several advantages to the Purchaser, including that the installments payments may become due later in time than as envisaged at the time of entering into this agreement, if the relevant construction milestones are delayed, thus compensating for the impact of any delay in construction on the purchaser. This significantly reduces the risk of the purchaser as compared to “ Time Linked Payment Plan” option and the Purchaser has entered into this agreement after taking into account the advantages and risks of the “Construction Progress Linked Payment Plan” . 1.2.5. The Consideration of the Apartment includes recovery of price of land, cost of construction of not only the Apartment but also the Common Areas, cost of providing electrical connectivity(excluding deposit money for personal meter connection) conduit and wires to the Apartment and proportionate cost of providing all common services for the said Project, including but not limited to lift, water line and plumbing, flooring, tiles, doors, windows, fire detection(if any) and firefighting equipment in the Common Areas and includes cost for providing all other facilities, amenities and specifications to be provided within the Apartment, as per Specifications mentioned in FIFTH SCHEDULE below. 1.2.6. The Consideration Price may also change with the increase or decrease in the areas of the Apartment upto a maximum of 3% (three percent) of the carpet area of the Apartment, which shall finally be determined by the Project Architect(s) upon completion of construction. However, in case of any deviation in excess of 3% of the areas of the Apartment, express consent of the Allottee will be required in writing when, it shall be the option of the Allottee, either to accept such deviation and pay the revised Total Price and other amounts, or, to terminate this Agreement. In case of any dispute on the measurement area the same shall be physically measured after removing all finishes that have been applied / fitted and the cost of removal and refitting of such finishes shall be borne by the Party which raises the dispute in relation to the measurement.

Explanations. 1.2.1. i. The Total Price as mentioned in FOURTH SCHEDULE includes the Booking Amount paid by the Allottee to the OwnersOwner/Developer towards the Apartment. 1.2.2ii. The Total Price does not include present applicable taxes. Provided that in case there is any change / modification in the taxes, the subsequent amount payable by the Allottee to the OwnersOwner/Developer shall be increased / reduced based on such change / modification. Provided further that if there is any increase in the taxes after the expiry of the scheduled Committed date of completion of the Project (as may be extended), the same shall not be charged from the Allottee. 1.2.3iii. The OwnersOwner/Developer shall periodically intimate in writing to the Allottee, the amount payable as stated in 1.2.1 (i) above and the Allottee shall make payment demanded by the Owner/Developer within the time and in the manner specified therein (“Demand Letter”). 1.2.4. The purchaser acknowledges that he has chosen the “Construction Progress Linked Plan‖ since it offers several advantages to the Purchaser, including that the installments payments may become due later in time than as envisaged at the time of entering into this agreement, if the relevant construction milestones are delayed, thus compensating for the impact of any delay in construction on the purchaser. This significantly reduces the risk of the purchaser as compared to “ Time Linked Payment Plan” option and the Purchaser has entered into this agreement after taking into account the advantages and risks of the “Construction Progress Linked Payment Plan” . 1.2.5iv. The Consideration of the Apartment includes recovery of price of land, cost of construction of not only the Apartment but also the Common Areas, cost of providing electrical connectivity(excluding deposit money for personal meter connection) conduit and wires to the Apartment and proportionate cost of providing all common services for the said Project, including but not limited to lift, water line and plumbing, flooring, tiles, doors, windows, fire detection(if any) and firefighting equipment in the Common Areas and includes cost for providing all other facilities, amenities and specifications to be provided within the Apartment, as per Specifications mentioned in FIFTH SCHEDULE below. 1.2.6v. The purchaser acknowledges that he has chosen the “Construction Progress Linked Plan” since it offers several advantages to the Purchaser, including that the installments payments may become due later in time than as envisaged at the time of entering into this agreement, if the relevant construction milestones are delayed, thus compensating for the impact of any delay in construction on the purchaser. This significantly reduces the risk of the purchaser as compared to “ Time Linked Payment Plan” option and the Purchaser has entered into this agreement after taking into account the advantages and risks of the “Construction Progress Linked Payment Plan” . vi. The Consideration Price may also change with the increase or decrease in the areas of the Apartment upto a maximum of 3% (three percent) of the carpet area of the Apartment, which shall finally be determined by the Project Architect(s) upon completion of construction. However, in case of any deviation in excess of 3% of the areas of the Apartment, express consent of the Allottee will be required in writing when, it shall be the option of the Allottee, either to accept such deviation and pay the revised Total Price and other amounts, or, to terminate this Agreement. In case of any dispute on the measurement area the same shall be physically measured after removing all finishes that have been applied / fitted and the cost of removal and refitting of such finishes shall be borne by the Party which raises the dispute in relation to the measurement.