Terms & Conditions

Part I – Definitions And Interpretations

1. In this Agreement, except where the context requires otherwise the following words and expressions shall have the following meanings :-
   Words Meanings “Actual Floor Area” Means the as built floor area of the said Apartment Unit as certified by the Consultant Architects taking in to consideration the following criteria;
2. The common boundary of the said Apartment Unit with adjoining units shall be the centre of the floor, walls or ceiling as the case may be.
3. The balcony area and the thickness of the interior walls, the centre of the exterior walls or walls adjoining the Common Area, as well as any terraces and or balconies appurtenant to the said Apartment Unit shall be considered.

Which said Consultant Architect’s certificate shall be relied upon and utilized by the parties hereto and be final, conclusive and binding on the parties for the purpose of calculation of the Final Purchase Price. Provided the survey and measurements of the Apartment floor area was done at a joint inspection with the Purchaser or in the presence of the Purchaser or his representative.

“Appropriate Authority/ies” means any authority for the time being authorized under any written law in force in Sri Lanka to approve amalgamation and subdivision of land, the development of lands, Building Plans, to issue the certificate of conformity etc. and to enforce any other laws related thereto;

“Certificate of Practical Completion” means the certificate to be issued by the Developers’ Architects certifying practical completion of the said Apartment Unit and that water and electricity are available.

“Common Elements” include both Common Facilities and Common Area.

“Common Facilities” mean in relation to the Building such facilities and such services serving the Building such as lifts, and such other facilities and services as may be provided from time to time by the Vendor or the Management Corporation as the case may be subject to such rules and by-laws as may be imposed from time to time by the Vendor or the Management Corporation as the case may be with regard to the use of the recreational areas and facilities ;

PROVIDED ALWAYS THAT the access, use and enjoyment of the Common Area shall be subject to such restrictions as may be imposed from time to time by the Vendor or the Management Corporation as the case may be

PROVIDED FURTHER THAT the lift lobby of a particular level within the Apartment Complex shall be for the exclusive common use of the owners of units comprised in the corresponding level and their lessees, tenant, licensees, permittees, invitees or other lawful occupiers and their employees, servants, agents and contractors;

Management Corporation” , “Management Expenses” means the Management Corporation for the said Apartment Complex as contemplated by the Apartment Ownership Law No. 11 of 1973 as amended;

includes all properly or reasonably assessed or assessable charged or chargeable paid or payable or otherwise incurred in connection with the said Apartment Complex but limited to the following:

1. Services provided by the Vendor/Developer or the management Corporation as the case may be towards the management administration upkeep and maintenance of the said Apartment Complex and the common elements thereof to maintain its status;
2. Maintain, repair and /or replacement of the common infrastructure servicing the said Apartment Complex including but not limited to road ways driveways, drains, culverts, water main pipes, cabling lighting fittings and accessories elevators pumps engines generators and sewerage plants serving the said building
3. Provisions of common services and facilities;
4. Proportionate contribution towards insurance premier or increased insurance premier for Insurance policy(ies) obtained or to be obtained by the Vendor/Developer and /or Management Corporation relating to the said Apartment Complex against loss or damage by fire and against all such other risks to the full replacement value thereof as the Vendor/Developer and /or Management Corporation as the case may be, may think fit and if any assessment tax for common amenities.

“ Consultant ArchitectsUnit” means the Architect or Architectural Firm appointed by the Vendor to be in charge of the construction of the said Apartment Complex; means and individual residential Apartment Unit comprised in the said Apartment Complex.

1. The expression the “Purchaser” includes his/her heirs, estate, personal representatives, successors in title and permitted assigns and may also include, as the context may require, their lessees, tenants, licensees, permit tees, invitees or other lawful occupiers and their employees, servants, agents and contractors.
2. The Schedules and Annexures referred to in this Deed shall be construed as an integral part of this Agreement to the same extent as if the same have been set forth verbatim herein
3. For the purpose of giving effect to these presents it is hereby declared- that if these presents shall be executed by a wife and her husband who is governed by the “Law of Thesawalamai” the consent and the concurrence as required in terms of Section 6 of the Jaffna matrimonial Rights and Inheritance Ordinance (Chapter 58) of her husband for all the purposes of these presents shall be deemed to have been given by the husband by the execution of these presents and any acts done pursuant to these presents by the wife shall be deemed as though the same were done with the consent and concurrence of the husband

 

Part II – Sale And Purchase Agreement

The Vendor / Developer shall sell and transfer to the Purchaser as hereinafter provided and the Purchaser shall purchase from the Vendor / Developer all that individual Residential Apartment Unit in the said Apartment Complex and which is morefully described in the Second Schedule hereto inclusive of the reserved car park lot allocated for the Purchaser and the respective share in the Common Elements appurtenant to the said Apartment Unit (all of which are hereinafter collectively called and referred to as “the said Apartment Unit”) and the right to use the Common Elements in the said Apartment Complex at or for the Purchase Price price or sum RUPEES …….. MILLION …….. HUNDRED AND ……… THOUSAND (Rs ……..,000/-) of lawful money of the said Republic of Sri Lanka (hereinafter called and referred to as “the Purchase Price”) upon and subject to the terms and conditions hereinafter contained.

 

Part III – Payments

In consideration of the Vendor / Developer agreeing to sell and transfer the said Apartment Unit to the Purchaser as hereinafter provided the Purchaser has undertaken to pay to the Vendor/ Developer the Purchase Price by such Installment Payments and within such Time Scales as set out below and shall be paid by the Purchaser. :-

The total consideration of RUPEES ……….. MILLION …………. HUNDRED AND ………….. THOUSAND (Rs …………,000/-) of the lawful money of Sri Lanka shall be paid on the terms and conditions herein set out and contained.

The dates on which the respective instalment payments are due and payable in terms of said Clause of this Agreement (“Due Dates”) shall remain unchanged.

If the Purchaser fails to make any instalment payments on the due dates the Vendor/ Developer may at its sole and absolute discretion allow the Purchaser a grace period of Fourteen days within which to meet such delayed payment (“Extended Due Date”) and in such event the Purchaser shall make the payment on or such Extended Due Date together with the payment on or before such extended Due Date together with One point Five per cent (1.5%) interest per month on such delayed payment calculated from the Due Date

If the Purchaser fails to make the payments mentioned in clause above and/or if the Purchaser unable to pay any Two consecutive instalments payments mentioned in clause above together with interest thereon on or before the Due Date or extended due dates, the Vendor/ Developer shall be entitled to terminate this Agreement under Part XII below and shall be entitled to be compensated in the manner described therein. Provided that nothing herein contained shall be construed as preventing the Vendor and developer from terminating this agreement within 03 months for failure of the Purchaser to comply with his payment obligations hereunder.

1. Effect of variation of the Floor Area of the said Apartment Unit upon completion of the construction
2. It is expressly agreed by and between the Purchaser and the Developer that in the event the Actual Floor Area of the said Apartment Unit varies more than 2% from the Floor

Purchase Price
X
Actual Floor Area
=
Final Purchase Price

Floor Area as per the Second Schedule

• For avoidance of doubt no adjustment in the Purchase Price shall be made where the variance does not exceed Two per centum (2%) as aforesaid.
• The price so re-computed shall be accepted by the parties as the Final Purchase Price payable for the said Apartment Unit for the transaction envisaged herein and in this connection the payment of the Purchase Price shall be adjusted along with the payment of the Final Installment Payment and if necessary with the Installment Payment preceding the Final Installment Payment or in the case of the Purchase Price having already been paid by the Purchaser in full then by way of reimbursement at the time of executing the Deed of Transfer in favour of the Purchaser as hereinafter provided
• Notwithstanding anything contrary herein contained, it is hereby confirmed that the Purchaser has agreed to purchase from the Vendor /Developer and the Vendor / Developer has agreed to sell and transfer to the Purchaser the said Apartment Unit morefully described in the Second Schedule hereto along with the Reserved Car Park space The Purchaser agrees that the Vendor /Developer hereby assures the Purchaser that it has exercised reasonable and adequate care in setting out the measurements and boundaries of the said Apartment Unit. Any discrepancy in the measurements, boundaries or area given in the Building Plans and/or the Second Schedule hereto from that shown in the Condominium Plan when registered or with the actual built up floor area when measured shall not be a ground for the Purchaser to rescind this Agreement or the transaction envisaged hereunder but shall entitle the Purchaser to an adjustment of the Purchase Price in terms of clause 2 a. above if the variance exceeds 2%.

 

Part IV – Title

1. Acceptance of Owners’ Title
   1. The Vendor assures the Purchaser that it has good title to the said Land and Premises morefully described in the First Schedule hereto and the right to sell and dispose of the apartment units erected or to be erected thereon of the said Land and Premises as envisaged hereunder.
   2. The Vendor has the liberty to Mortgage the said Property and if it is being Mortgage, within the period of this Agreement, the Vendor shall release the said Mortgage at the Execution of the Deed of Transfer
2. Separate Condominium Title For the purpose of registration of all the apartment units in the said Apartment Complex under the Apartment Ownership Law as hereinafter provided, no objection shall be made by the Purchaser in relation to the registration of the Deed of Condominium Declaration and the Vendor /Developer shall execute a suitable Deed of Transfer favouring the Purchaser to transfer the said Apartment Unit, Reserved Car Park space and an undivided share of the Common Elements as aforesaid free of encumbrances unto the Purchaser upon the Purchaser complying with the terms covenants and conditions contained in this Agreement to be performed by and on the Part of the Purchaser