1. The LOI shall remain in force for a period of 45 days from the date of signing of

LOI or the execution of the Agreement to Sell or Sale Deed, Membership Agreement and the O&M

Agreement, whichever is later. The Purchaser shall ensure that it fulfils its obligations and executes the

definitive agreements within agreed timelines, as below. Further, the Purchaser shall make the payments

as per the agreed timelines. Without prejudice to any other right or remedy which

the Firm or its Group entities may have (including the right of termination or forfeiture of payments

made by the Purchaser), the Purchaser shall, in case of any delay in payment within agreed timelines, be

required to pay an interest at the rate of 18%p.a. on the outstanding amount from the due date till actual

date of payment.

 

Type of Document                                                                                Timeline for execution

Agreement to Sell                                                                                 Post 40% payment or 30 days from the date of signing of this LOI

Sale Deed                                                                                                30 days from the date of receipt of total consideration

Farm Operations and Maintenance Agreement                    Along with the execution of the Agreement to Sell/ Sale Deed

Membership Agreement                                                                   Along with the execution of the Agreement to Sell/ Sale Deed

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2. In case of cancellation by the Purchaser within 15 (fifteen) days from the date of payment of

the advance amount, the advance amount or any other payment made by the Purchaser in

consideration of this LOI will be refunded to the Purchaser by the Firm.

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3. In case of cancellation on or after 15 days from the date of payment of the advance amount, an

amount of Rs.25,000/- shall be forfeited from the advance amount or any other payment made by

the Purchaser in consideration of this LOI, and the remaining amount will be refunded to the

Purchaser. Any amount borne by the Purchaser towards stamp duty, registration or any other

statutory payments shall not be refunded by the Firm.

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4. All refunds on account of cancellation will be processed by the Firm as per its internal policies.

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5. Without prejudice to the above, upon termination of this LOI,

(i) the retreat membership

will be cancelled with no option of transfer and any amounts paid therein shall be

forfeited;

(ii) any amounts paid under the agreement to sell shall be forfeited as per

the terms thereof.