#PROJECT: AJMAN UPTOWN

[ReuvenJ]

Thanks EK Lex! Will send out the Termination letter tomorrow.

[EK LEX]

Abdoolz, i have below understanding from another investor, which quite make sense and will share it with you... lets say the hand over time stated in your SPA is Aug 2010, and property is not handed over, till Aug 2011 they have a year of grace period, at Aug 2011, you can serve the termination letter if they still not handing over, which is the case now, and after serving the termination letter, they have another year to complete the same without any compensation penalised on them, i.e. they have an extension of another year till Aug 2012. If you read the contract agian carefully, the investor will pay all outstanding to the seller if they manage to complete in the next one year, so based on that clause, serve the termination letter and stop paying, if they are unable to complete and hand over still after another year, in this example Aug 2012, they will have to terminate the contract and pay back all the monay and compensation as per the SPA. But, if they manage to complete and hand over by Aug 2012, the investor will have to pay them all outstanding payment which have been stopped after serving the termination letter. Like your lawyer said, the SPA has so many gaps and flaws... will be a long way to fight with this bunch of jokers...

[USInvestor]

I would like to check if anybody has received Villa or their money back?

[ReuvenJ]

Nothing as far as I am concerned. Difficult to know what to do..

[Shaks]

Originally Posted by EK LEX

Hello Bugger, I have the same understanding, i served the termination letter as well, now they are into default, so para 6 applies, until they hand over the villa within a year of grace period, I will pay them all the out standing, as of now, I am not paying. But if they could not do so, I will pursue the compensation and have the SPA terminated, all the way to the court if necessary.

Looks like only 3 of us left in the whole SWEEThome project huh ???

Just joined the forum. In same situation as you. Sweethomes had defaulted on the contract as per Clause 6. We had sent them the termination letter last year. They refuse to honor the contract and refund our payments with 6% interest penanly as stipulated in the "Seller Default Clause 6". What to do?

[EK LEX]

Find your lawyer and take them to court...

[ReuvenJ]

Looks like Sweet Homes have resumed their witch hunt.. Any one else received their calls to settle?