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ii) Or, 50% of the total premium of land shall be paid at the timeof allotment and balance 50% within a period of 2 years infour equal half yearly installments along with interest @ 12%p.a. A penalty of 3% p.a. additional interest would be chargedon the amount payable, on late payment of installments fromthe due date specified for the licensee.6. The allottee shall make payment of land premium within 30 (thirty)days of the allotment letter and shall take possession of the allotedland within 60 (sixty) days from the date of payment of landpremium/execution of license agreement whichever is earlier.7. In the event of failure to deposit the allotment money, within thestipulated period the allotment shall stand automatically cancelledand the Earnest Money shall stand forfeited to the Corporation. Theallottee will be required to execute License Agreement/Lease Deedin the prescribed form. In case the allottee does not execute LicenseAgreement/Lease Deed when asked by the Corporation, it will havethe right to cancel the allotment and forfeit the deposit of theallottee.8. The allottee shall also be liable to pay Operation & Maintenancecharges of Rs. 15/- per sq.m. per annum.9. The allottee will pay use and occupation charges/lease rent ofallotted land at the rate of Rs. 5/- per sq.m. per annum.10. Any unforeseen expenditure towards creating commoninfrastructure, increasing the overall efficiency of the estate or forcomplying with any statutory obligations would have to be sharedpro rata by the allottees.11. The Corporation reserves the right to make its own assessment ofthe requirement of land and is not bound to make allotmentaccording to the demand made in the application. However, if thedifference in the area allotted by the Corporation and the areademanded is more than 20% the allottee may refuse the allotmentwithout loss of Earnest Money if such refusal is communicatedwithin the time allowed in the allotment letter to deposit theallotment money.12. The applicant will have to avoibe by the terms and conditions of theallotment letter, License Agreement and the lease Deed and suchother terms as are laid down by the corporation from time to time.13. If the allottee fails to take over possession of the allotted plot withinthe period stipulated above, the allotment shall stand automaticallycancelled and the deposits forfeited. Extension in time may begranted by the Managing Director of the Corporation in exceptionalcircumstances, provided allottees' request in this regard is receivedwell within the stipulated period.