Common use of Buyers to Participate in Formation of Association Clause in Contracts

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.

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/ 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.

Buyers to Participate in Formation of Association. The Buyers admit admits and accept accepts that the Buyers and other Intending Buyers of Units Flats in the Said Block Complex 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/ 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 Complex and the Said PropertyPremises.