Corpus Fund Deposit. The Allottee shall be required to pay to a sum of Rs«Corpus_Deposit25»/- (Rupees«Corpus_in_words» only) towards Maintenance Corpus Deposit which will be created for replacement, refurbishing, major repairs of the plants and equipments, and painting of external facade of the building at periodical intervals and also towards any unforeseen contingency in future. The said Maintenance Corpus Deposit after adjustment of dues, if any, will be transferred to the Apartment Owners’ Association/body after its formation without any interest. The Corpus Deposit Amount which will be available with JSHPL will subsequently be handed over to the Association to be formed and will be deposited in a Term Deposit Account with State Bank of India (SBI) or any other Nationalised /Scheduled Bank and the interest so received against the same may be utilized for part financing/maintenance of the common areas in the Joyville Phase 1A.
Appears in 3 contracts
Samples: Agreement for Allotment of Apartment, Agreement for Assignment / Allotment of Apartment, Under Lease / Allotment of Apartment
