Morphosis Developments Limited : Terms and Conditions

01	Potential buyers must apply for an allotment in the prescribed application form (available form the MDL's office) enclosing a cheque for the initial deposit. Allotment will be made on ‘first come, first serve' basis.

02	Upon acceptance of an application Morphosis Development Limited - to be referred as MDL hereafter - will issue an allotment letter with specific terms and conditions (T&C) to the applicant. The applicant(s)/alottee(s) will be required to make payments as per MDL's Payments Schedule . All cheques/drafts must be drawn on Bangladeshi bank in Taka, made crossed with the words ‘Not Negotiable' and payable to MDL.

03	Until the final payment is received and ownership transferred the buyer has no legal right to transfer ownership of the said apartment to a third party.

04	The buyer shall strictly adhere to MDL's Payments Schedule to ensure completion of the project on time. If the buyer defaults on a scheduled payment by more than 30 days, he will pay 3% interest per month on the amount due. MDL shall have the right to cancel the allotment if any scheduled payment is delayed by more than three months. In such an event total payment made to MDL will be refunded to the buyer, but only after securing a resale of the said allotment and the funds being received. The refund value shall be equal to the total amount paid by the buyer or less if the resale value is less than the total amount received . In the event of a cancellation, the buyer shall pay a cancellation charge of TK 1,00,000 (one lac) and this sum will be deducted from the refund due to the buyer. However, if he wishes to cancel the allotment at any time before the handover of the apartment, but after 6 months from the date of completion, a charge of TK 2,00,000 (two lacs) will be made.

05	The buyer shall pay all utility charges and fees incurred for connection to power, gas and water. MDL shall act only as an agent on behalf of the buyer in this instance.

06	The buyer shall become a member of the Co-operative Society to be formed by the owners of the apartments in the project. The buyer shall pay a deposit to the Co-operative Society Fund with the final payment being required by the due date. The members themselves will decide both the amounts and the date.

07	The buyer shall pay all expenses incurred in connection with the execution and registration of Deeds (Ownership Transfer) and filing of documentation with the Land Registry Office. The expenses will include stamp duties, registration fees, legal fees, vat & taxes and other relevant duties as the case may be.

08	Within the scope of the Design Specification as agreed by both parties if additional work is undertaken at the buyer's request, the buyer shall pay additional costs in respect of legal fees, design-change, materials, labour and other related costs.

09	MDL reserves the right to change, alter and modify the design without any liability whatsoever due to unforeseen technical problems and/or to add more value to the project.

10	The schedule of completion is methodically prepared to ensure effective control, regular review and monitoring of its progress. Scheduled construction is normally completed within 30 months. However, this timescale can be adversely affected by circumstances, such as force majeure, natural disasters, political disturbances, material scarcity, price escalation, strikes, changes in the country's fiscal policies and other similar mishaps which are beyond MDL's control.

11	Registration and handover of ownership of the apartment to the buyer shall take place only upon receipt of the full amount of the agreed sale and other charges stipulated in the above clauses. Subject to satisfying all of the above T's&C's MDL will be happy to arrange handover of ownership to the buyer.