- 1.1. The term “Company” refers to Maverick Developments (Private) Limited with its offices at 36 Liberty Market, Gulberg 3, Lahore.
- 1.2. The term “Project” refers to the development being undertaken at 19 E-2, Gulberg 3, Lahore, in accordance with the plans approved by local jurisdictions.
- 1.3. The term “Unit” comprises of items detailed in Annexure A.
- 1.4. The term “Total Area” includes the carpet area of the Unit (including walls), the common areas (including ducts, lobbies, stairs, elevators, common area walls, amenities) allocated proportionally to the carpet area, plus 256 sft for each parking bay, and 26 sft for drivers' lodging.
- 1.5. The term "Payment Plan" refers to installment amounts and frequency detailed in Annexure B.
- 1.6. The term “Entity” refers to a
not-for-profit organization established under the
Federal and/or Provincial regulations of Pakistan.
- 1.7. The term “Escrow Deposit” shall constitute to be the initial payment towards the first installment.
2. Intent to Purchase
- 2.1. The letter of Intent (“LOI”)should be deemed to be an offer by you for your willingness to purchase a Unit at Hyde Park Serviced Residencies, and the LOI will be governed by these Terms and Conditions. Acceptance of this LOI is subject to approval by the Company, and the Company reserves the right to accept or decline without assigning any reason thereof.
- 2.2. The approval of this LOI can be cancelled at the sole discretion of the Company at any time in case it transpires that the LOI was submitted with false, forged or fabricated information/documents.
- 2.3. Any identification numbers, markings and allocation of Units stated in the LOI and layout plans are subject to change at the company’s discretion..
- 3.1. The price of the Unit is fixed and is based upon timely payment of total dues and charges as per the payment plan. The price shall not be altered unless if there is any (a) unexpected or unanticipated increase in the cost of raw materials, (b) delays caused by intervention of jurisdictional authorities beyond reasonable control of the Company, (c) increase/decrease in the final constructed area of the Unit (d) delay or failure to pay the total dues/charges within the agreed times as per the payment plan, (e) force majeure, act of God or any other events beyond reasonable control of the Company.
- 3.2. The price shall include the price of land in proportion to the Unit, which will be intimated to you at the time of completion.
4. Payment of Installments
- 4.1. By submission of the LOI, you agree to abide by the Payment Plan issued by the Company. The installments should be paid strictly on or before the due dates in accordance with the Payment Plan issued by the Company.
- 4.2. Failure or delay in making such timely payments will result in a demand notice to be issued by the company granting seven (7) days to you to make such payments. Failure to do so within the granted period will result in a final demand notice granting additional seven (7) days to you to pay the outstanding amount. In case you fail to make payments of the dues payable to the Company within seven (7) days of issuance of the final notice, the Company shall cancel the LOI and any amounts paid to the Company towards the price for the Unit shall be refunded to you in accordance with Clause 13 of these Terms and Conditions.
- 4.3. Payments made after the due date as per the Payment Plan shall be subjected to a penalty of 5% per month on the total overdue amounts during that month on aggregate basis and/or any other penalty as per the Company policy prevailing at that time.
- 4.4. The Company may, at its sole discretion, accept or decline any payments made against the LOI for the Unit(s) that may be under dispute for any reason whatsoever.
- 4.5. Any partial payment against due/overdue installment amounts may be accepted or rejected by the Company at its sole discretion.
- 4.6. All payments to the Company shall be through crossed current-dated cheque/pay order/bank draft, in favor of “Maverick Developments (Private) Limited” unless otherwise directed by the Company in writing. Payments shall be submitted to the Company’s authorized office for which official provisional receipts duly signed on behalf of the Company shall be issued. Payment may also be directly deposited in the Company’s designated bank account or, in case you reside overseas, through Wire Transfer, as directed by the Company in writing. All applicable bank or other charges for making such payments shall be borne by you.
- 4.7. The Company is not responsible for any payments made by you to any Bank/Agent/Party etc., other than as prescribed in clause 4.6 of these Terms and Conditions.
5. Transfer of Intent to Purchase
- 5.1. You shall not sell, transfer, mortgage, lien and/or assign this intent to purchase the Unit to any person, bank or company prior to making full and final payment as per the Payment Plan along with payment of all dues/charges without the prior written consent of the Company, which may be withheld by the Company at its sole discretion.
- 5.2. Any sale, transfer, mortgage, lien or assignment of right to purchase the Unit by you after obtaining written consent of the Company shall be subject to payment of transfer fees by you as may be prescribed by the Company, and completion of all other formalities.
6. Completion of The Project
- 6.1. Estimated start of construction would be around the first quarter of 2016 and estimated handover of the Unit shall be 36 months after start of construction.
- 6.2. The Project shall be constructed in accordance with the plans, layouts and specifications approved by local jurisdictions. Upon completion of the Project by the Company, physical possession of the Unit shall be handed over to you as per these Terms and Conditions.
- 6.3. The completion of the project shall be subject to timely payments by you and to the requisite support and cooperation for development of the project from government, municipal and other relevant authorities and entities. The company shall however fulfill its obligation of timely completion of the project.
7. Transfer of Ownership of Unit
- 7.1. Upon completion of the Project, the Company shall issue the completion notice to you and you shall be liable to pay the last installment as set out in the Payment Plan along with any outstanding dues/charges payable to the Company in accordance with these Terms and Conditions as final payment within fourteen (14) days of receipt of the completion notice.
- 7.2. Within ten (10) days of receipt of confirmation from you of the full and final payment under Clause 7.1 of these Terms and Conditions, the Company shall commence the procedure to transfer ownership of Unit in your favor, which shall be affected by executing a Purchase and Sale Agreement (PSA) between you and the Company. All expenses, charges, duties and taxes etc. for the execution and registration of sale deed of the Unit shall be borne by you.
- 8.1. The Company shall issue a notice to you for handing and taking over the possession of the Unit. You shall be required and shall be liable to take over the possession within thirty (30) days from the date of this notice.
- 8.2. In case of delay in taking possession, you shall be liable to pay maintenance expenses to the Company as may be prescribed, effective from the date you were required and were liable to take over possession. Possession of the Unit shall not be handed over until all outstanding maintenance expenses are reimbursed to the Company.
- 8.3. Upon taking possession you shall be solely responsible for safety of the Unit. The Company shall be liable to rectify any structural and/or other defects in the Unit, within six (6) months from the date that you take possession, such that the Unit complies with the approved plans, layouts and specifications.
- 9.1. All taxes levied, imposed, charged or collected by the Federal/Provincial/District government, local/municipal bodies or authorities or any other authorities shall be paid by you whether in force at the time of LOI of Unit or levied, imposed, charged or collected at any time in future.
- 10.1. Any claim, dispute or difference of whatever nature arising out of, in relation to or in connection with this Agreement (including any claim, dispute or difference regarding the existence, validity, termination or interpretation of the Agreement and/ or regarding any non contractual obligations arising out of or in connection with this Agreement) shall be referred to a sole arbitrator as nominated by the Company and the arbitration shall be final and binding on the parties. The arbitration proceedings shall take place at Lahore in the English language in accordance with the Arbitration Act, 1940 or any amendments, modifications or re-enactments thereof.
11. Address for correspondence and notices
- 11.1. All notices and any correspondence shall be sent by courier or registered mail to your last given address as per the record of the Company. The Company shall, however, not be responsible for non-delivery of notices, correspondence etc. due to change of address which has not been notified to the Company in writing by you.
- 11.2. All notices and any correspondence to the company shall be sent by you via courier or registered mail to the address mentioned in the LOI (unless otherwise notified by the Company to you)
12. Surrender and cancellation of booking
- 12.1. In the event that you decide to surrender your intent to purchase the Unit or fail to pay the installments or dues/charges according to the agreed Payment Plan or as demanded under Clause 4 of these Terms and Conditions, you shall lose all entitlements under this LOI. An amount of up to 50% of the price of the Unit shall remain non-refundable, while the Company may pay any remaining balance to you within 90 days of receiving a written request from you.
13. Abandonment of the project
- 13.1. If, for any reason beyond reasonable control of the company, the Project is abandoned, you shall be entitled to refund of the amounts paid by you except the escrow deposits paid towards the price of the Unit, subject to surrender of all original receipts, documents etc., to the Company.
- 13.2. You accept and acknowledge that you shall not have any claim against the Company in any event for mark up/interest, profit or damages of any nature whatsoever. Refund of payments in line with clause 14.1 of these Terms and Conditions shall constitute to be full and final settlement of any and all claims that you may have against the Company.
- 14.1. No claim for damages or otherwise shall be made by you against the Company in case the development or construction work is interrupted, delayed or abandoned for any reason beyond the reasonable control of the Company which may arise from force majeure, war, natural calamities, mishaps, civil commotions, strikes, acts of terrorism, law and order situation, any departmental or other adverse action, changes in government policies and/or any other valid or tangible reason.
- 14.2. You agree to protect, defend, indemnify and hold harmless the Company and its employees, agents, representatives and assigns from and against all liabilities, damages, claims, demands, judgments, losses, costs, expenses, suits, actions or proceedings (including reasonable fees and disbursements of counsel) arising out of acts or omissions or otherwise negligence or misconduct by you and your guests at the Project premises/Unit.
- 14.3. In no event, the Company shall be liable to you for any direct, incidental, contingent or consequential, special or indirect damages.
- 15.1. The 2 and 3 bedroom Units have ONE parking bay reserved, while the 4 bedrooms Units have TWO reserved parking bays. Additional parking bays are available for rent on annual basis at rates to be prescribed by the Company.
- 15.2. Before transfer and/or taking over possession of the Unit and/or at such other time as is conveyed by the Company, you shall become the member of and shall be bound by the constituent documents of an entity which will be formed and constituted by the Company to look after, manage and maintain, inter alia, the common areas and other aspects of the project as deemed necessary by the Company. You shall pay the membership fee and the annual dues of such entity as prescribed along with the expenses as service and maintenance charges for the common services including, inter alia, upkeep, management and maintenance of the common areas of the project. You shall also abide by the rules and regulations made, prescribed and amended from time to time by such entity in relation to the project.
- 15.3. After taking over possession of the Unit, you will not be allowed to carry out any renovations, alterations in the Unit, structural (including columns, slabs, beams etc.) or otherwise, without the prior written approval of the Company. The company may require you to seek approval of the assigned architects/engineers and/or local authority(ies) in case it deems necessary in the event of any proposed structural or other changes by you. You will not, in any event, be allowed to alter, modify, or change the original elevation of the Project.
- 15.4. The Residential Unit reserved through his LOI will be used for residential purposes only. The Unit cannot be used for any commercial or business purposes.
- 15.5. Notwithstanding the calculation of Total Area mentioned in clause 1 (d) of these Terms and Conditions, the price of each Unit is based upon an area that specifically excludes the common areas. Any future transfer of ownership of Unit(s) shall be restricted to the carpet area along with allocated areas for parking bay(s) and driver's lodging.
- 15.6. The rights of the common services and common area of the project shall be retained by the Company and except for the Unit, you shall have no share, claims, rights over any of the common services, common areas or any other part of the project which may be used by the Company at its sole discretion for any profitable or other purposes as it may deem fit.
- 15.7. These Terms and Conditions read along with the contents of the Bylaws, Purchase and Sale Agreement (PSA) and LOI are crafted to put in place a framework for instituting an upscale, decent and harmonized residential atmosphere to provide you and other potential dwellers of Units feel of a luxurious lifestyle. By signing this (and other) documents, you consent to abide by these terms, conditions, rules, regulations, policies, procedures etc., in letter and in spirit, while understanding that it will be the responsibility of each Unit dweller to help maintain discipline by demonstrating discipline himself/herself first.
Annexure A - Unit specifications
Premium kitchens by Scavolini / SMC or similar with solid surface countertops
Teka/Smeg (Italy) or similar vent hood, range and oven in each kitchen
Teka/Smeg (Italy) or similar washer and dryer in each unit
Advanced ventilation system in kitchen
Imported porcelain tile flooring
Imported doors, trims and wardrobes
Heavy gauge anodized aluminum windows
Energy efficient double insulated tempered glass by Guardian or similar
Rocca bath fixtures or similar
Grohe faucet and shower/bath taps or similar
Imported bathroom tiles
Tempered glass shower in all bathrooms
Solid surface acrylic counters on bathroom vanity cabinets
HVAC system by Gree or similar
Energy efficient LED lights
Central sound system
Approximately 60 serviced residences located in Gulberg (Liberty Market) area
Two, three and four bedroom residences
Drivers’ lodging for each residence
Maitre d’ room in each residence
Reserved parking bays at Ground and Basement levels
Extra parking bays available for annual rental
Security ingress and egress system
24 hour security management system
Trained security guards
Modern building management and maintenance system
Housekeeping including waste management system
Full back up power generation
Uninterrupted gas supply
Centralized hot water system
High-speed internet access
TV cable with local and international channels
Separate telephone lines for each residence
Separate utility billing system for each residence
Ground floor amenities
Professionally landscaped green spaces
Conference and meeting rooms
Retail and Café
Four imported Elevators (one Cargo)
Kids play area
Plumbing system by Dadex or similar
Imported switches and power outlets
Wiring by Pakistan Cables/Newage or similar
Imported tile flooring