2.1 Purchaser shall pay purchase price as in Particulars “5” and all other amount owed by the Purchaser to the Seller in connection with the purchase of the Residential unit in the Applicable Currency on or before the respective due dates to the Seller as stipulated in the foregoing Payment Schedule in Particular “6”.

2.2 The timely payment of each installment of the Purchase Price and any other amounts payable pursuant to this Agreement; and all other amounts owed and payable by the Purchaser to the Seller shall be paid free of exchange and credit card collection fees and/or any other bank charges/fees and without any deductions or set-off.

2.3 The Purchaser agrees that, in case of default of any amount towards the Total Sales value of the Unit in accordance with Particular “5 and 6”, the Seller is at liberty to proceed with Termination of the Unit. and with rights vested with Seller or the Management Company to either continue with the Tenancy entered for the Unit or to cancel the Tenancy and evict the Tenant, the cost and consequences of which shall be the sole liability and responsibility of the Purchaser.

2.4 Without prejudice to the Seller’s other rights and remedies under this Agreement or under any Applicable Laws; the Purchaser agrees to pay Compensation to the Seller on all overdue Installments (and on all other overdue monies payable by the Purchaser under this Agreement) from the respective Installment Payment Date (or the day such payment became due for payment) until the actual date full payment is received by the Seller (or into the Escrow Account) as cleared funds. The Purchaser agrees that any funds received by the Seller from the Purchaser thereafter will be allocated first in the discharge of any Compensation, then towards any and all other monies due under this Agreement, and finally towards payment of the Purchase Price; and the Purchaser indemnifies, keeps indemnified and holds the Seller harmless from and against any and all costs whatsoever, including lawyers’ fees, agents’ fees, collection fees and commissions, expenses, administration costs, Taxes and other charges, that may be incurred by the Seller in the recovery of any monies owed by the Purchaser pursuant to this Agreement.

2.5 Purchaser agrees to continue paying his installment as per the foregoing Payment Schedule in Particular “6” regularly in all situations including the delay in possession of the Residential unit.

2.6 Without prejudice to the Seller’s other rights pursuant to this agreement, the Seller reserves the right to withhold the handing over of the unit to the Purchaser until such times all dues including the installments and penaltieson date of for any delays in accordance with the clauses of this agreement are cleared by the Purchaser and in such an event the handover is deemed to be delayed due to the non-performance or default of the Purchaser and is subject to the interest on the delay payments.

2.7 The Purchaser shall also be liable to pay AED 2000.00 (Two thousand UAE Dirham’s only) being the Administrative charges payable to the Seller for each bounced/dishonored cheque or cheques returned from the bank unpaid for whatsoever reasons during the entire payment plan period or termination and repossession of the Unit by the Seller and indemnifies the seller from any claims, costs whatsoever, including lawyers’ fees, agents fees, collection fees, and commissions, expenses, administration costs, Taxes and other charges, that may be incurred by the Seller in the recovery of any monies owed by the Purchaser pursuant to this Agreement.

2.8 In the event the Purchaser does not pay the installment amount related to a bounced cheque within 15 days of the due date, a penalty of AED 5,000.00 will be applied. If the delay surpasses 15 days, an extra AED 15,000.00 will be charged for each additional 15-day period of non-payment. Furthermore, the Purchaser will still be responsible for the original AED 2,000.00 penalty linked to the bounced cheque.

2.9 In the event the Purchaser fails to pay any installment amount within fifteen (15) days following its due date, a penalty of AED 5,000.00 shall be imposed. Should the delay in payment exceed fifteen (15) calendar days from the original due date, an additional penalty of AED 15,000.00 (Fifteen Thousand United Arab Emirates Dirhams) shall be incurred for each subsequent fifteen (15) calendar day period during which the payment remains outstanding, until such time as the full installment amount, together with any applicable penalties, is received in cleared funds.

2.10 In the event that the payment of any installment of the Purchase Price is delayed due to delays in meeting the relevant milestone in the Payment Plan, the Purchaser shall, upon notification by the Seller, provide to the Seller replacement cheques for the said installment in the Payment Plan.

2.11 Without prejudice to the Seller’s other rights pursuant to this agreement, the Seller reserves the right to withhold the handover of the unit to the Purchaser until such time, the Purchaser makes full payment as per the payment plan agreed or signs the additional terms and conditions for handover without completing the payment obligations on intimation of handover.

2.12 Each payment made by the Purchaser to the Seller shall be allocated, first to the payment of accrued but unpaid interest towards the penalties of the delayed payments, then to the payment of other outstanding amounts due under this Agreement except the purchase price; and if any balance out of the received payment, it shall be credited towards the principal payment (purchase price) for the payment obligations of the residential Unit as contemplated above.

2.13 In case of early completion of the project and early handover of units the payment terms mentioned in Particular 6 will be amended to accommodate the realization of the total sale value as per the new timeline.