Buyers to Participate in Formation of Association Sample Clauses

Buyers to Participate in Formation of Association. The Buyers admit and accept that the Buyers and other Intending Buyers of Units in the Said Block shall form the Association and the Buyers shall become a member thereof. The Buyers shall bear and pay the proportionate costs of formation and the expenses of the Association and shall pay for, acquire and hold membership with voting rights and in this regard the Buyers shall sign, execute and deliver necessary applications and all other papers, declarations and documents as may be required. Upon formation of the Association, the residue then remaining of the Advance Common Expenses/Maintenance Charges and the Common Expenses/ Maintenance Deposit paid by the Buyers (after adjustment of all amounts then remaining due and payable) shall be transferred by the Developer to the Association. The deposits shall thereafter be held by the Association in the account of the Buyers. The Association shall look after the maintenance of the Common Portions of the Said Block and the Said Property.
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Buyers to Participate in Formation of Association. After completion of the Total sale of the Flats in the project the Buyers admit and accepts that the Buyers and other buyers of Units in the Said Building shall form the Association and the Buyers shall become a member thereof. The Buyers shall bear and pay the proportionate costs of formation and the expenses of the Association and shall pay for, acquire and hold membership with voting rights and in this regard the Buyers shall sign, execute and deliver necessary applications and all other papers, declarations and documents as may be required. Upon formation of the Association, and after completion of the Maintenance period the Association shall look after the maintenance of the Common Portions of the Said Building and the Said Premises.
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Buyers to Participate in Formation of Association. Subject to the Fourth Schedule above, the Buyers admit and accept that the Buyers shall join the Association and shall become a member thereof with voting rights. In this regard, the Buyers shall sign, execute and deliver necessary applications and all other papers, declarations and documents as may be required by the Developer. Notwithstanding formation of the Association, the Facility Manager shall look after the maintenance of the Common Areas and the Said Building. Each transferee will be entitled to cast a vote irrespective of his/her/its size of Flat/Unit. The Buyers further admit and accept that the Buyers shall not object to the Project Extension Flat Owners joining the Association.
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Related to Buyers to Participate in Formation of Association

  • FORMATION OF ASSOCIATION 12.2.1 The Promoter shall, in accordance with Applicable Laws, call upon the respective apartment owners to form an association (“ASSOCIATION”), and it shall be incumbent upon the Allottee to join the Association as a member and for this purpose also from time to time sign and execute the application for registration and/or membership and the other papers and documents necessary for the same. The Allottee shall pay the necessary subscription and/or membership amounts, together with the proportionate costs and expenses for (i) formation of the Association, and (ii) transfer of the Common Areas to the Association, including but not limited to stamp duty and registration costs, if any. The Allottee hereby authorizes the Promoter to take all necessary steps in this connection on his/her/their/its behalf, and further the Allottee shall comply with and/or adhere to all the Applicable Laws and all the rules, regulations, guidelines, etc. formulated from time to time by the Association.

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