The construction of the NAIA Garden Residences shall be completed, and the condominium units shall be delivered, not later than December of 2013
as per mandated by the license to sell issued by the HLURB with a grace period of eight (8) months, barring delays due to fire, earthquakes, acts of God, war, civil disturbances, strikes or other labor disturbances, government and economic controls making it, among others, impossible or difficult to obtain the necessary materials, permits and licenses, acts of third persons, including any legal or judicial actions initiated by third persons or any other cause or conditions beyond the control of NAIA Garden Residences. In the event of the latter, the completion and delivery of Subject Property shall be deemed extended accordingly without liability on the part of NAIA Garden Residences. The foregoing notwithstanding, NAIA Garden reserves the right to withdraw from this transaction and refund to BUYER without interest the amounts received from BUYER under this Contract if for any reason not attributable to NAIA Garden, such as but not limited to fire, storms, floods, earthquakes, rebellion, insurrection, wars, coup de ‘etat, civil disturbances or for other reasons beyond its control, the Project may not be completed or it can only be completed at a financial loss to NAIA Garden Residences. In any event, all construction structures on the Project shall remain the property of NAIA Garden Residences.
Upon completion of the UNIT, as evidence by the issuance of certificate of occupancy, the NAIA Garden Residences shall so notify the BUYER in writing. The delivery of such notice shall constitute notice for occupancy/turnover of the UNIT to the BUYER, and henceforth, notwithstanding failure of the BUYER to take actual possession of the UNIT, all risks, loss or damage to the UNIT including, but not limited to, the pro-rata assessments, real estate taxes, thereon, shall be for the account of the BUYER irrespective of the fact that the title to the UNIT may have been withheld by the NAIA Garden Residences pending full payment or compliance by the BUYER of his/her/its obligation herein stipulated. The presence of on-going construction of minors details, rectification/s, and repairs of common area/s, or other unit/s, and the existence of defect/s in the construction of the UNIT, shall not be a ground for the BUYER to refuse acceptance of turnover of the UNIT, to withhold payments, to demand reduction in the PURCHASE PRICE, or to delay loan take out from the bank. The NAIA Garden Residences undertakes to coordinate with its contractor/s and/or supplier/s in the rectification/repair of defect/s of the construction of the UNIT.
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