Section 5 in New Bombay Disposal Land Regulations, 1975
5. Payment of premium.
(1)The premium agreed to be paid by the Intending Lessee shall be paid in two equal instalments: the first instalment shall be paid within the month from the receipt of acceptance by the Corporation of his proposal and the second instalment shall be paid within two months from such receipt of acceptance.(2)The Managing Director may in a deserving case, extend either of the foregoing periods on the payment of interest by the Intending lessee at the rate to be approved by the Corporation by a general or specific order:Provided that the period for the payment of both the instalments of the premium shall not exceed twelve months in all:Provided further that the period for the payment of the first instalment shall not exceed three months:Provided further that if there shall be default by the Intending Lessee in the payment of first instalment of the premium, the agreement concluded between the Corporation and the Intending Lessee shall stand determined and the earnest money deposited by the intending Lessee shall stand forfeited to the Corporation with at prejudice to the rights of the Corporation to recover compensation for lessee damage, if any, suffered in consequence of such default."Note. - substituted vide notification published in Maharashtra Govt. Gazette in part IV-C under No. CIDCO/MM/994(40)/89 at. 8/3/1990.
