Common use of Deposits, Extras, and Options Clause in Contracts

Deposits, Extras, and Options. (a) The Vendor represents that the deposits or payments held or to be held by it or its solicitors hereunder will be paid into trust and held under a plan, arrangement, scheme or agreement approved by the Minister of Municipal Affairs pursuant to Section 14(10) of the Act. It is understood and agreed that for so long as that plan, arrangement, scheme or agreement is in effect, deposits and payments paid into trust may be released in accordance with the provisions of Section 14, in which case only that portion of the payment in excess of the releasable amount (if any) will remain in trust and be accounted for and disbursed in accordance with the requirements of Section 14 of the Act and this clause. It is understood and agreed by the parties that extras and options payments, payments for occupancy license fees, common expense payments, mortgage advances and security deposits made under this Agreement are not deposits or payments required to be held in trust and dealt with under said Section 14.

Deposits, Extras, and Options. (a) The Vendor represents that the deposits Deposits or payments held or to be held by it or its solicitors hereunder will be paid into trust and held under a plan, arrangement, scheme or agreement approved by the Minister of Municipal Affairs pursuant to Section 14(10) of the Act. It is understood and agreed that for so long as that plan, arrangement, scheme or agreement is in effect, deposits and payments paid into trust may be released in accordance with the provisions of Section 14, in which case only that portion of the payment in excess of the releasable amount (if any) will remain in trust and be accounted for and disbursed in accordance with the requirements of Section 14 of the Act and this clause. It is understood and agreed by the parties that extras and options payments, payments for occupancy license fees, common expense payments, mortgage advances and security deposits made under this Agreement are not deposits or payments required to be held in trust and dealt with under said Section 14.