PURCHASERS’ COVENANTS AND DEVELOPER’S COVENANTS Sample Clauses

PURCHASERS’ COVENANTS AND DEVELOPER’S COVENANTS. 15.1 Purchasers’ Covenants : The Purchasers covenants with the Developer and admits and accepts that : 15.1.1 Purchasers Aware of and Satisfied with Said Building complex and Construction : The Purchasers, upon full satisfaction and with complete knowledge of the Common Portions, Specifications and all other ancillary matters, is entering into this Agreement. The Purchasers have examined and are acquainted with the Said building complex to the extent already constructed and to be further constructed and has agreed that the Purchasers shall neither has nor shall claim any right over any portion of the Said building complex and the Said Property save and except the Said Property and Appurtenances. 15.1.2 Purchasers to Mutate and Pay Rates & Taxes and Common Expenses/Maintenance Charges : The Purchasers shall (1) pay the Common Expenses/Maintenance Charges and Rates & Taxes (proportionately for the Said building complex and wholly for the Said Property and Appurtenances, from the Date of Possession and until the Said Property and Appurtenances is separately mutated and assessed in favour of the Purchasers), on the basis of the bills to be raised by the Facility Manager, such bills being conclusive proof of the liability of the Purchasers in respect thereof and (2) have mutation completed at the earliest. The Purchasers further admits and accepts that (1) the Purchasers shall not claim any deduction or abatement in the bills of Facility Manager and (2) the Common Expenses/Maintenance Charges shall be subject to variation from time to time, at the sole discretion of the Facility Manager and (3) Units remaining unsold shall not be liable for payment of Common Expenses/Maintenance Charges until such time such Unit are sold and transferred. 15.1.3 Purchasers to Pay Interest for Delay and/or Default : The Purchasers shall pay, without raising any objection in any manner whatsoever and without claiming any deduction or abatement whatsoever, all bills raised by the Facility Manager, within 7 days of presentation thereof, failing which the Purchasers shall pay interest @ 12% per annum, compoundable monthly, to the Facility Manager, such interest running till such payment is made. The Purchasers also admits and accepts that in the event such bills remain outstanding for more that 2 months, all common services shall be discontinued to the Purchasers and the Purchasers shall be barred from using the Common Portions. On the contrary, if the Developer will not deliver the ...