Common use of FORMATION OF ASSOCIATION Clause in Contracts

FORMATION OF ASSOCIATION. 12.2.1 The Promoter No 2 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 No 2 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. 12.2.2 Each Apartment/unit in the Complex shall represent one (1) share, irrespective of the number of persons owning such Apartment/unit. Further, in the event an Apartment/unit is owned by more than one (1) person, then the person whose name first appears in the nomenclature of this Agreement as the Allottee shall only be entitled to become a member of the Association. In the event that the Allottee is a minor, the local guardian of such minor shall become a member of the Association. A tenant or licensee of the Allottee shall not be entitled to become a member of the Association. 12.2.3 Upon formation of the Association, the Promoter No 2 shall handover the Common Areas, together with the relevant documents and plans pertaining thereto, to the Association within such time period and in such manner as prescribed under Applicable Laws (hereinafter referred to as the “HANDOVER DATE”). Save as provided herein, on and from the Handover Date, the Association shall inter alia become liable and responsible for the compliance, subsistence and renewal of all licenses, insurances, annual maintenance contracts and other contracts, guarantees, warranties, obligations etc., as may from time to time have been procured/ obtained/ entered into by the Promoter No 2 and the Association shall take the responsibility for proper safety and maintenance of the Complex and of upkeep of all fixtures, equipment and machinery provided by the Promoter, and the Promoter No 2 shall immediately stand discharged of any liability and/or responsibility in respect thereof, and the Allottee and the Association shall keep each of the Owner and the Promoter fully safe, harmless and indemnified in respect thereof. 12.2.4 The Allottee agrees and undertakes to deposit a non-interest bearing security deposit (as specified in the Payment Plan) with the Promoter No 2, which deposit shall be pooled into a Sinking Fund (“Sinking Fund”). The Allottee further agrees and acknowledges that such Sinking Fund shall be handed over to the Association by the Promoter No 2, without any interest, after adjusting/deducting therefrom all amounts then remaining due and payable by the Allottee and the several Co-Buyers of the Complex to the Promoter No 2 , together with interest thereon. Such amount(s), if any, thus transferred shall be held by the Association on behalf of and on account of the Allottee and the several Co-Buyers of the Complex inter alia as a sinking fund. The Allottee undertakes to make good and pay to the Association all such amounts that may be deducted/adjusted as aforesaid by the Promoter No 2as due and payable by the Allottee and/or to replenish any shortfalls caused on account of the Allottee. Further, it is hereby agreed that the Promoter No 2 shall not be held liable, in any manner whatsoever, for any shortfall in the Sinking Fund due to the above adjustments or otherwise after the handover of the Sinking Fund by the Promoter No 2 to the Association and the Allottee and the Association shall jointly and severally keep the Promoter No 2 indemnified for the same. 12.2.5 The Allottee acknowledges and agrees to allow the Promoter No 2 to adjust any receivables and/ or dues towards the Common Charges and Expenses from the Sinking Fund before the same is handed over to the Association. The Allottee hereby agrees and undertakes to bear all taxes that may be levied on the Promoter No 2 on account of making such adjustments and/or on account of the Promoter No 2 transferring/handing over the Sinking Fund to the Association. On any such adjustments being made from the Sinking Fund, the Allottee hereby undertakes to make good the resultant shortfall in the Sinking Fund within 15 (fifteen) days of a demand made by the Association with respect thereto. 12.2.6 The Promoter No 2 and/or the Association, as the case may be, shall be entitled to invest the Sinking Fund in such securities and in such manner as the Promoter No 2 and/or Association, as the case may be, may think fit and apply the income for the purpose of repairs, maintenance, security and upkeep of the Complex. Such payment towards the Sinking Fund shall not absolve the Allottee of its obligation to pay the applicable maintenance charges in terms of this Agreement. 12.2.7 The Allottee acknowledges that it/he/she shall be bound by the rules and regulations which may be framed in relation to maintenance and management of the Building and/or the Complex by the Promoter No 2 or the Association, as the case may be, and in any event, by way of negative covenants, agrees not to act contrary to such rules and regulations which may be framed and/or be made applicable to all the apartment owners or occupiers of the Building and/or the Complex. 12.2.8 The Allottee expressly agrees and acknowledges that it is obligatory on the part of the Allottee to regularly and punctually make payment of the proportionate share of the Common Charges and Expenses and further acknowledges that non-payment of the same is likely to affect the maintenance and rendition of the common services, thus affecting the 12.2.9 Further, the Allottee agrees and undertakes to pay all necessary deposits/charges to the Promoter No 2 or the Association, as the case may be, including the interest free security deposit(s) payable to the concerned statutory bodies/ authorities or other entities, each as may be determined by the Promoter No 2 or the Association, as the case may be, each within such timelines as may be prescribed by the Promoter No 2 or the Association, as the case may be. 12.2.10 Without prejudice to the rights available under this Agreement, in the event that any amount payable to the Promoter No 2 or the Association is not paid within 2 (two) months from the date of the notice in this regard, the Promoter No 2 or the Association, as the case may be, shall also be entitled to take such further steps as it may reasonably determine for recovery of the said amounts.

FORMATION OF ASSOCIATION. 12.2.1 11.2.1. The Promoter No 2 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 No 2 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. 12.2.2 11.2.2. Each Apartment/unit in the Complex Project shall represent one (1) share, irrespective of the number of persons owning such Apartment/unit. Further, in the event an a Apartment/unit is owned by more than one (1) person, then the person whose name first appears in the nomenclature of this Agreement as the Allottee shall only be entitled to become a member of the Association. In the event that the Allottee is a minor, the local guardian of such minor shall become a member of the Association. A tenant or licensee of the Allottee shall not be entitled to become a member of the Association. 12.2.3 11.2.3. Upon formation of the Association, the Promoter No 2 shall handover the Common Areas, together with the relevant documents and plans pertaining thereto, to the Association within such time period and in such manner as prescribed under Applicable Laws (hereinafter referred to as the “HANDOVER DATEHandover Date”). Save as provided herein, on and from the Handover Date, the Association shall shall, inter alia alia, become liable and responsible for the compliance, subsistence and renewal of all licenses, insurances, annual maintenance contracts and other contracts, guarantees, warranties, obligations etc., as may from time to time have been procured/ obtained/ entered into by the Promoter No 2 and the Association shall take the responsibility for proper safety and maintenance of the Complex Project and of upkeep of all fixtures, equipment and machinery provided by the Promoter, and the Promoter No 2 shall immediately stand discharged of any liability and/or responsibility in respect thereof, and the Allottee and the Association shall keep each of the Owner and the Promoter fully safe, harmless and indemnified in respect thereof. 12.2.4 11.2.4. The Allottee agrees and undertakes to deposit a non-interest bearing security deposit (as specified in the Payment Plan) with the Promoter No 2Promoter, which deposit shall be pooled into a Sinking Fund (“Sinking Fund”). The Allottee further agrees and acknowledges that such Sinking Fund shall be handed over to the Association by the Promoter No 2Promoter, without any interest, after adjusting/deducting therefrom all amounts then remaining due and payable by the Allottee and the several Co-Buyers of the Complex Project to the Promoter No 2 Promoter, together with interest thereon. Such amount(s), if any, thus transferred shall be held by the Association on behalf of and on account of the Allottee and the several Co-Co- Buyers of the Complex Project inter alia as a sinking fund. The Allottee undertakes to make good and pay to the Association all such amounts that may be deducted/adjusted as aforesaid by the Promoter No 2as as due and payable by the Allottee and/or to replenish any shortfalls caused on account of the Allottee. Further, it is hereby agreed that the Promoter No 2 shall not be held liable, in any manner whatsoever, for any shortfall in the Sinking Fund due to the above adjustments or otherwise after the handover of the Sinking Fund by the Promoter No 2 to the Association and the Allottee and the Association shall jointly and severally keep the Promoter No 2 indemnified for the same. 12.2.5 11.2.5. The Allottee acknowledges and agrees to allow the Promoter No 2 to adjust any receivables and/ or dues towards the Common Charges and Expenses from the Sinking Fund before the same is handed over to the Association. The Allottee hereby agrees and undertakes to bear all taxes that may be levied on the Promoter No 2 on account of making such adjustments and/or on account of the Promoter No 2 transferring/handing over the Sinking Fund to the Association. On any such adjustments being made from the Sinking Fund, the Allottee hereby undertakes to make good the resultant shortfall in the Sinking Fund within 15 (fifteen) days of a demand made by the Association with respect thereto. 12.2.6 11.2.6. The Promoter No 2 and/or the Association, as the case may be, shall be entitled to invest the Sinking Fund in such securities and in such manner as the Promoter No 2 and/or Association, as the case may be, may think fit and apply the income for the purpose of repairs, maintenance, security and upkeep of the ComplexProject. Such payment towards the Sinking Fund shall not absolve the Allottee of its obligation to pay the applicable maintenance charges in terms of this Agreement. 12.2.7 11.2.7. The Allottee acknowledges that it/he/she shall be bound by the rules and regulations which may be framed in relation to maintenance and management of the Building and/or the Complex Project by the Promoter No 2 or the Association, as the case may be, and in any event, by way of negative covenants, agrees not to act contrary to such rules and regulations which may be framed and/or be made applicable to all the apartment owners or occupiers of the Building and/or the ComplexProject. 12.2.8 11.2.8. The Allottee expressly agrees and acknowledges that it is obligatory on the part of the Allottee to regularly and punctually make payment of the proportionate share of the Common Charges and Expenses and further acknowledges that non-payment of the same is likely to affect the maintenance and rendition of the common services, thus affecting thethe right of the Co-Buyers and/or Co-Occupiers in the Project. 12.2.9 11.2.9. Further, the Allottee agrees and undertakes to pay all necessary deposits/charges to the Promoter No 2 or the Association, as the case may be, including the interest free security deposit(s) payable to the concerned statutory bodies/ authorities or other entities, each as may be determined by the Promoter No 2 or the Association, as the case may be, each within such timelines as may be prescribed by the Promoter No 2 or the Association, as the case may be. 12.2.10 11.2.10. Without prejudice to the rights available under this Agreement, in the event that any amount payable to the Promoter No 2 or the Association is not paid within 2 (two) months from the date of the notice in this regard, the Promoter No 2 or the Association, as the case may be, shall also be entitled to take such further steps as it may reasonably determine for recovery of the said amounts. 11.2.11. The Promoter proposes to set up a Community Hall for use of the Allottees in the Project (the “COMMUNITY HALL”) The Community Hall will form part of the Common Areas and will be handed over to the Association in due course. During the interim maintenance period, the Community Hall shall be managed by the Promoter either by itself or through its nominee and/or interim maintenance body.

FORMATION OF ASSOCIATION. 12.2.1 9.1 The Promoter No 2 shall, in accordance with Applicable Laws, call upon the respective apartment owners shall be called upon to form an association (“ASSOCIATIONAssociation”)) in accordance with Applicable Laws, 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 No 2 and/or the Developer to take all necessary steps in this connection on his/her/their/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. 12.2.2 9.2 Each Apartment/unit Unit in the Complex Project shall represent one (1) share, irrespective of the number of persons owning such Apartment/unitUnit and irrespective of the same person owning more than one (1) Unit. Further, in the event an Apartment/unit a Unit is owned by more than one (1) person, then the person whose name first appears in the nomenclature of this Agreement as the Allottee shall only be entitled to become a member of the Association. In the event that the Allottee is a minor, the local guardian of such minor shall become a member of the Association. A tenant or licensee of the Allottee shall not be entitled to become a member of the Association. 12.2.3 9.3 The Promoter shall be responsible to provide and maintain essential services in the Project till the taking over of the maintenance of the Project by the Association upon the issuance of the completion certificate or the occupancy certificate, as the case may be, of the Project as provided in this Agreement. The cost of such maintenance has been included in the Total Price of the Apartment. 9.4 Upon formation of the Association, the Promoter No 2 and the Developer shall handover the Common Areas, together with the relevant documents and plans pertaining thereto, to the Association within such time period and in such manner as prescribed under Applicable Laws (hereinafter referred to as the “HANDOVER DATEHandover Date”). Save as provided herein, on On and from the Handover Date, the Association shall inter alia become liable and responsible for the compliance, subsistence and renewal of all licenses, insurances, annual maintenance contracts and other contracts, guarantees, warranties, obligations etc.. to various authorities under Applicable Laws, as may from time to time have been procured/ obtained/ entered into by the Promoter No 2 and/or the Developer and the Association shall take the responsibility for proper safety and maintenance of the Complex Project and of upkeep of all fixtures, equipment and machinery provided by the PromoterPromoter and/or the Developer, and the Promoter No 2 and the Developer shall immediately stand discharged of any liability and/or responsibility in respect thereof, and the Allottee and the Association shall keep each of the Owner Developer and the Promoter fully safe, harmless and indemnified in respect thereof. 12.2.4 9.5 The Allottee agrees and undertakes to deposit INR (Rupees only) as a non-interest bearing security deposit (as specified in the Payment Plan) with the Promoter No 2Promoter, which deposit shall be pooled into a Sinking Fund corpus deposit (“Sinking FundCorpus Deposit”). The Allottee further agrees and acknowledges that such Sinking Fund Corpus Deposit shall be handed over to the Association by the Promoter No 2Promoter, without any interest, after adjusting/deducting therefrom all amounts then remaining due and payable by the Allottee and the several Co-Buyers of the Complex Project to the Promoter No 2 Promoter, together with interest thereon. Such amount(s), if any, thus transferred shall be held by the Association on behalf of and on account of the Allottee and the several Co-Buyers of the Complex Project inter alia as a sinking fund. The Allottee undertakes to make good and pay to the Association all such amounts that may be deducted/adjusted as aforesaid by the Promoter No 2as as due and payable by the Allottee and/or to replenish any shortfalls caused on account of the Allottee. Further, it is hereby agreed that the Promoter No 2 and/or the Developer shall not be held liable, in any manner whatsoever, for any shortfall in the Sinking Fund Corpus Deposit due to the above adjustments or otherwise after the handover of the Sinking Fund Corpus Deposit by the Promoter No 2 to the Association and the Allottee and the Association shall jointly and severally keep the Promoter No 2 and the Developer indemnified for the same. 12.2.5 The 9.6 In case of failure of the Allottee acknowledges and agrees to allow the Promoter No 2 to adjust any receivables and/ or dues towards pay the Common Charges and Expenses on or before the due date, the Allottee authorises the Promoter, the Developer or the Association, as the case may be, to adjust such outstanding amounts from the Sinking Fund before the same is handed over to the AssociationCorpus Deposit. The Allottee hereby agrees and undertakes to bear all taxes that may be levied on the Promoter No 2 Promoter, the Developer or the Association, as the case may be, on account of making such adjustments and/or on account of the Promoter No 2 and the Developer transferring/handing over the Sinking Fund Corpus Deposit to the Association. On any such adjustments being made from the Sinking FundCorpus Deposit, the Allottee hereby undertakes to make good the resultant shortfall in the Sinking Fund Corpus Deposit within 15 (fifteen) days of a demand made by the Association with respect thereto. 12.2.6 9.7 The Promoter No 2 Promoter, the Developer and/or the Association, as the case may be, shall be entitled to invest the Sinking Fund Corpus Deposit in such securities and in such manner as the Promoter No 2 Promoter, the Developer and/or Association, as the case may be, may think fit and apply the income for the purpose of repairs, maintenance, security and upkeep of the Complex. Such Project and such payment towards the Sinking Fund Corpus Deposit shall not absolve the Allottee of its obligation to pay the applicable maintenance charges in terms of this Agreement. 12.2.7 9.8 The Allottee acknowledges that it/he/she shall be bound by the rules and regulations which may be framed in relation to maintenance and management of the Building and/or the Complex Project by the Promoter No 2 Promoter, the Developer or the Association, as the case may be, and in any event, by way of negative covenants, agrees not to act contrary to such rules and regulations which may be framed by and/or be made applicable to all the apartment owners or occupiers of the Building and/or the ComplexProject. 12.2.8 9.9 The Allottee expressly agrees and acknowledges that it is obligatory on the part of the Allottee to regularly and punctually make payment of the proportionate share of the Common Charges and Expenses and further acknowledges that non-payment of the same is likely to affect the maintenance and rendition of the common services, thus affecting thethe right of the Co-Buyers and/or Co-Occupiers in the Project. 12.2.9 9.10 Further, the Allottee agrees and undertakes to pay all necessary deposits/charges to the Promoter No 2 Promoter, the Developer or the Association, as the case may be, including the interest free security deposit(s) payable to the concerned statutory bodies/ authorities or other entities, each as may be determined by the Promoter No 2 Promoter, the Developer or the Association, as the case may be, each within such timelines as may be prescribed by the Promoter No 2 Promoter, the Developer or the Association, as the case may be. 12.2.10 9.11 Without prejudice to the rights available under this Agreement, in the event that any amount payable to the Promoter No 2 Promoter, the Developer or the Association is not paid within 2 (two) months from the date of the notice in this regardnotice, the Promoter No 2 Promoter, the Developer or the Association, as the case may be, shall also be entitled to take such further steps as it may reasonably determine for recovery of the said amounts.

FORMATION OF ASSOCIATION. 12.2.1 The Promoter No 2 Developer 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 Purchasers 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 Purchasers 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 Purchasers hereby authorizes authorize the Promoter No 2 Developer to take all necessary steps in this connection on his/her/their/its behalf, and further the Allottee Purchasers 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. 12.2.2 . Each Apartment/unit in the Complex and/or the Project shall represent one (1) share, irrespective of the number of persons owning such Apartment/unit. Further, in the event an Apartment/unit is owned by more than one (1) person, then the person whose name first appears in the nomenclature of this Agreement Conveyance as the Allottee Purchasers shall only be entitled to become a member of the Association. In the event that the Allottee is a purchaser/s is/are minor, the local guardian of such minor minor/s shall become a member of the Association. A tenant or licensee of the Allottee Purchasers shall not be entitled to become a member of the Association. 12.2.3 . Upon formation of the Association, the Promoter No 2 Developer shall handover the Common Areas, together with the relevant documents and plans pertaining thereto, to the Association within such time period and in such manner as prescribed under Applicable Laws (hereinafter referred to as the “HANDOVER DATEHandover Date”). Save as provided herein, on and from the Handover Date, the Association shall shall, inter alia alia, become liable and responsible for the compliance, subsistence and renewal of all licenses, insurances, annual maintenance contracts and other contracts, guarantees, warranties, obligations etc., as may from time to time have been procured/ obtained/ entered into by the Promoter No 2 Developer and the Association shall take the responsibility for proper safety and maintenance of the Complex and of upkeep of all fixtures, equipment and machinery provided by the PromoterDeveloper, and the Promoter No 2 Developer shall immediately stand discharged of any liability and/or responsibility in respect thereof, thereof and the Allottee Purchasers and the Association shall keep each of the Owner and the Promoter Promoters fully safe, harmless and indemnified in respect thereof. 12.2.4 . The Allottee agrees Purchasers agree and undertakes undertake to deposit a non-interest bearing security deposit (as specified in the Payment Plan) with the Promoter No 2Developer, which deposit shall be pooled into a Sinking Fund (“Sinking Fund”). The Allottee Purchasers further agrees agree and acknowledges acknowledge that such Sinking Fund shall be handed over to the Association by the Promoter No 2Developer, without any interest, after adjusting/deducting therefrom all amounts then remaining due and payable by the Allottee Purchasers and the several Co-Buyers of the Complex to the Promoter No 2 Developer, together with interest thereon. Such amount(s), if any, thus transferred shall be held by the Association on behalf of and on account of the Allottee Purchasers and the several Co-Buyers and/or co-owners of the Complex Project, inter alia alia, as a sinking fund. The Allottee undertakes Purchasers undertake to make good and pay to the Association all Associationall such amounts that may be deducted/adjusted as aforesaid by the Promoter No 2as Developer as due and payable by the Allottee Purchasers and/or to replenish any shortfalls caused on account of the AllotteePurchasers. Further, it is hereby agreed that the Promoter No 2 Purchasers shall not be held liable, in any manner whatsoever, for any shortfall in the Sinking Fund due to the above adjustments or otherwise after the handover of the Sinking Fund by the Promoter No 2 Developer to the Association and the Allottee Purchasers and the Association shall jointly and severally keep the Promoter No 2 Developer indemnified for the same. 12.2.5 . The Allottee acknowledges Purchasers acknowledge and agrees agree to allow the Promoter No 2 Developer to adjust any receivables and/ or dues towards the Common Charges and Expenses from the Sinking Fund before the same is handed over to the Association. The Allottee Purchasers hereby agrees agree and undertakes undertake to bear all taxes that may be levied on the Promoter No 2 Developer on account of making such adjustments and/or on account of the Promoter No 2 Developer transferring/handing over the Sinking Fund to the Association. On any such adjustments being made from the Sinking Fund, the Allottee Purchasers hereby undertakes undertake to make good the resultant shortfall in the Sinking Fund within 15 (fifteen) days of a demand made by the Association with respect thereto. 12.2.6 . The Promoter No 2 Developer and/or the Association, as the case may be, shall be entitled to invest the Sinking Fund in such securities and in such manner as the Promoter No 2 Developer and/or Association, as the case may be, may think fit and apply the income for the purpose of repairs, maintenance, security and upkeep of the Complex. Such payment towards the Sinking Fund shall not absolve the Allottee Purchasers of its obligation to pay the applicable maintenance charges in terms of this Agreement. 12.2.7 Conveyance. The Allottee acknowledges Purchasers acknowledge that it/he/she they shall be bound by the rules and regulations which may be framed in relation to maintenance and management of the Building and/or the Complex by the Promoter No 2 Developer or the Association, as the case may be, and in any event, by way of negative covenants, agrees not to act contrary to such rules and regulations which may be framed and/or be made applicable to all the apartment owners or occupiers of the Building and/or the Complex. 12.2.8 . The Allottee Purchasers expressly agrees agree and acknowledges acknowledge that it is obligatory on the part of the Allottee Purchasers to regularly and punctually make payment of the proportionate share of the Common Charges and Expenses and further acknowledges that non-payment of the same is likely to affect the maintenance and rendition of the common services, thus affecting the 12.2.9 the right of the Co-Buyers and/or Co-Occupiers in the Complex. Further, the Allottee agrees Purchasers agree and undertakes undertake to pay all necessary deposits/charges to the Promoter No 2 Developer or the Association, as the case may be, including the interest free security deposit(s) payable to the concerned statutory bodies/ authorities or other entities, each as may be determined by the Promoter No 2 or the Association, as the case may be, each within such timelines as may be prescribed by the Promoter No 2 or the Association, as the case may be. 12.2.10 Promoters. Without prejudice to the rights available under this AgreementConveyance, in the event that any amount payable to the Promoter No 2 Developer or the Association is not paid within 2 (two) months from the date of the notice in this regard, the Promoter No 2 Developer or the Association, as the case may be, shall also be entitled to take such further steps as it may reasonably determine for recovery of the said amounts. It has been agreed by the parties that the Association (s) of all the Purchasers of all the buildings in the Complex as and when the Complex is completedin its entirety shall own in common all common areas, amenities and facilities of the Complex together with all easement rights and appurtenances belonging thereto.

FORMATION OF ASSOCIATION. 12.2.1 a. The Promoter No 2 shall, in accordance with Applicable Laws, call upon the respective apartment owners to form an association (“ASSOCIATIONAssociation”), 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 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 No 2 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. 12.2.2 b. Each Apartment/unit Unit in the Complex Project shall represent one (1) share, irrespective of the number of persons owning such Apartment/unitUnit and irrespective of the same person owning more than one (1) Unit. Further, in the event an Apartment/unit a Unit is owned by more than one (1) person, then the person whose name first appears in the nomenclature of this Agreement as the Allottee shall only be entitled to become a member of the Association. In the event that the Allottee is a minor, the local guardian of such minor shall become a member of the Association. A tenant or licensee of the Allottee shall not be entitled to become a member of the Association. 12.2.3 c. The Promoter shall be responsible to provide and maintain essential services in the Project till the taking over of the maintenance of the Project by the Association upon the issuance of the completion certificate or the occupancy certificate, as the case may be, of the Project as provided in this Agreement. The cost of such maintenance has been included in the Total Price of the Apartment. d. Upon formation of the Association, the Promoter No 2 shall handover the Common Areas, together with the relevant documents and plans pertaining thereto, to the Association within such time period and in such manner as prescribed under Applicable Laws (hereinafter referred to as the “HANDOVER DATEHandover Date”). Save as provided herein, on On and from the Handover Date, the Association shall inter alia become liable and responsible for the compliance, subsistence and renewal of all licenses, insurances, annual maintenance contracts and other contracts, guarantees, warranties, obligations etc.. to various authorities under Applicable Laws, as may from time to time have been procured/ obtained/ entered into by the Promoter No 2 and the Association shall take the responsibility for proper safety and maintenance of the Complex Project and of upkeep of all fixtures, equipment and machinery provided by the PromoterPromoter and the Owners, and the Promoter No 2 and the Owners shall immediately stand discharged of any liability and/or responsibility in respect thereof, and the Allottee and the Association shall keep each of the Owner and the Promoter fully safe, harmless and indemnified in respect thereof. 12.2.4 e. The Allottee agrees and undertakes to deposit INR [●] (Indian Rupees [●]) as a non-interest bearing security deposit (as specified in the Payment Plan) with the Promoter No 2Sellers, which deposit shall be pooled into a Sinking Fund corpus deposit (“Sinking FundCorpus Deposit”). The Allottee further agrees and acknowledges that such Sinking Fund Corpus Deposit shall be handed over to the Promoter/ Association by the Promoter No 2Sellers, without any interest, after adjusting/deducting therefrom all amounts then remaining due and payable by the Allottee and the several Co-Buyers of the Complex Project to the Promoter No 2 Sellers, together with interest thereon. Such amount(s), if any, thus transferred shall be held by the Promoter/ Association on behalf of and on account of the Allottee and the several Co-Buyers of the Complex Project inter alia as a sinking fund. The Allottee undertakes to make good and pay to the Promoter/ Association all such amounts that may be deducted/adjusted as aforesaid by the Promoter No 2as Sellers as due and payable by the Allottee and/or to replenish any shortfalls caused on account of the Allottee. Further, it is hereby agreed that the Promoter No 2 Sellers shall not be held liable, in any manner whatsoever, for any shortfall in the Sinking Fund Corpus Deposit due to the above adjustments or otherwise after the handover of the Sinking Fund Corpus Deposit by the Promoter No 2 Sellers to the Promoter/ Association and the Allottee and the Promoter/ Association shall jointly and severally keep the Promoter No 2 Sellers indemnified for the same. 12.2.5 The f. In case of failure of the Allottee acknowledges and agrees to allow the Promoter No 2 to adjust any receivables and/ or dues towards pay the Common Charges and Expenses on or before the due date, the Allottee authorises the Sellers or the Promoter/ Association, as the case may be, to adjust such outstanding amounts from the Sinking Fund before the same is handed over to the AssociationCorpus Deposit. The Allottee hereby agrees and undertakes to bear all taxes that may be levied on the Promoter No 2 Sellers or the Promoter/ Association, as the case may be, on account of making such adjustments and/or on account of the Promoter No 2 Sellers transferring/handing over the Sinking Fund Corpus Deposit to the Promoter/ Association. On any such adjustments being made from the Sinking FundCorpus Deposit, the Allottee hereby undertakes to make good the resultant shortfall in the Sinking Fund Corpus Deposit within 15 (fifteen) days of a demand made by the Promoter/ Association with respect thereto. 12.2.6 g. The Promoter No 2 Sellers and/or the Promoter/ Association, as the case may be, shall be entitled to invest the Sinking Fund Corpus Deposit in such securities and in such manner as the Promoter No 2 Sellers and/or Promoter/ Association, as the case may be, may think fit and apply the income for the purpose of repairs, maintenance, security and upkeep of the Complex. Such Project and such payment towards the Sinking Fund Corpus Deposit shall not absolve the Allottee of its obligation to pay the applicable maintenance charges in terms of this Agreement. 12.2.7 h. The Allottee acknowledges that it/he/she shall be bound by the rules and regulations which may be framed in relation to maintenance and management of the Building and/or the Complex Project by the Promoter No 2 or the Sellers or the Association, as the case may be, and in any event, by way of negative covenants, agrees not to act contrary to such rules and regulations which may be framed by and/or be made applicable to all the apartment owners or occupiers of the Building and/or the ComplexProject. 12.2.8 i. The Allottee expressly agrees and acknowledges that it is obligatory on the part of the Allottee to regularly and punctually make payment of the proportionate share of the Common Charges and Expenses and further acknowledges that non-payment of the same is likely to affect the maintenance and rendition of the common services, thus affecting thethe right of the Co-Buyers and/or Co-Occupiers in the Project. 12.2.9 j. Further, the Allottee agrees and undertakes to pay all necessary deposits/charges to the Promoter No 2 Sellers or the Promoter/ Association, as the case may be, including the interest free security deposit(s) payable to the concerned statutory bodies/ authorities or other entities, each as may be determined by the Promoter No 2 Sellers or the Promoter/ Association, as the case may be, each within such timelines as may be prescribed by the Promoter No 2 Sellers or the Promoter/ Association, as the case may be. 12.2.10 k. Without prejudice to the rights available under this Agreement, in the event that any amount payable to the Promoter No 2 Sellers or the Promoter/ Association is not paid within 2 (two) months from the date of the notice in this regardnotice, the Promoter No 2 Sellers or the Promoter/ Association, as the case may be, shall also be entitled to take such further steps as it may reasonably determine for recovery of the said amounts.

FORMATION OF ASSOCIATION. 12.2.1 i. The Promoter No 2 Developer 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 of the Project to the Association, including but not limited to stamp duty and registration costs, if any. The Allottee hereby authorizes the Promoter No 2 Developer 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. 12.2.2 ii. Each Apartment/unit in the Complex Project shall represent one one (1) share, irrespective of the number of persons owning such Apartment/unit. Further, in the event an a Apartment/unit is owned by more than one (1) person, then the person whose name first appears in the nomenclature of this Agreement as the Allottee shall only be entitled to become a member of the Association. In the event that the Allottee is a minor, the local guardian of such minor shall become a member of the Association. A tenant or licensee of the Allottee shall not be entitled to become a member of the Association. 12.2.3 iii. Upon formation of the Association, the Promoter No 2 Developer shall handover the Common Areas, together with the relevant documents and plans pertaining thereto, to the Association within such time period and in such manner as prescribed under Applicable Laws (hereinafter referred to as the “HANDOVER DATEHandover Date”). Save as provided herein, on and from the Handover Date, the Association shall shall, inter alia alia, become liable and responsible for the compliance, subsistence and renewal of all licenses, insurances, annual maintenance contracts and other contracts, guarantees, warranties, obligations etc., as may from time to time have been procured/ obtained/ entered into by the Promoter No 2 Developer and the Association shall take the responsibility for proper safety and maintenance of the Complex Project and of upkeep of all fixtures, equipment and machinery provided by the PromoterDeveloper, and the Promoter No 2 Developer shall immediately stand discharged of any liability and/or responsibility in respect thereof, and the Allottee and the Association shall keep each of the Owner and the Promoter fully safe, harmless and indemnified in respect thereof. 12.2.4 iv. The Allottee agrees and undertakes to deposit a non-non- interest bearing security deposit (as specified in the Payment Plan) with the Promoter No 2Developer, which deposit shall be pooled into a Sinking Fund Fund/Maintenance Deposit (“Sinking Fund”). The Allottee further agrees and acknowledges that such Sinking Fund shall be handed over to the Association by the Promoter No 2Developer, without any interest, after adjusting/deducting therefrom all amounts then remaining due and payable by the Allottee and the several Co-Buyers of the Project/Complex to the Promoter No 2 Developer, together with interest thereon. Such amount(s), if any, thus transferred shall be held by the Association on behalf of and on account of the Allottee and the several Co-Buyers and/or co-owners of the Complex Project, inter alia alia, as a sinking fund. The Allottee undertakes to make good and pay to the Association all such amounts that may be deducted/adjusted as aforesaid by the Promoter No 2as Developer as due and payable by the Allottee and/or to replenish any shortfalls caused on account of the Allottee. Further, it is hereby agreed that the Promoter No 2 Allottee shall not be held liable, in any manner whatsoever, for any shortfall in the Sinking Fund due to the above adjustments or otherwise after the handover of the Sinking Fund by the Promoter No 2 Developer to the Association and the Allottee and the Association shall jointly and severally keep the Promoter No 2 Developer indemnified for the same. 12.2.5 v. The Allottee acknowledges and agrees to allow the Promoter No 2 Developer to adjust any receivables and/ or dues towards the Common Charges and Expenses from the Sinking Fund before the same is handed over to the Association. The Allottee hereby agrees and undertakes to bear all taxes that may be levied on the Promoter No 2 Developer on account of making such adjustments and/or on account of the Promoter No 2 Developer transferring/handing over the Sinking Fund to the Association. On any such adjustments being made from the Sinking Fund, the Allottee hereby undertakes to make good the resultant shortfall in the Sinking Fund within 15 (fifteen) days of a demand made by the Association with respect thereto. 12.2.6 vi. The Promoter No 2 Developer and/or the Association, as the case may be, shall be entitled to invest the Sinking Fund in such securities and in such manner as the Promoter No 2 Developer and/or Association, as the case may be, may think fit and apply the income for the purpose of repairs, maintenance, security and upkeep of the Project/Complex. Such payment towards the Sinking Fund shall not absolve the Allottee of its obligation to pay the applicable maintenance charges in terms of this Agreement. 12.2.7 vii. The Allottee acknowledges that it/he/she shall be bound by the rules and regulations which may be framed in relation to maintenance and management of the Building and/or the Complex Project by the Promoter No 2 Developer or the Association, as the case may be, and in any event, by way of negative covenants, agrees not to act contrary to such rules and regulations which may be framed and/or be made applicable to all the apartment owners or occupiers of the Building and/or the Project/Complex. 12.2.8 viii. The Allottee expressly agrees and acknowledges that it is obligatory on the part of the Allottee to regularly and punctually make payment of the proportionate share of the Common Charges and Expenses and further acknowledges that non-payment of the same is likely to affect the maintenance and rendition of the common services, thus affecting thethe right of the Co-Buyers and/or Co-Occupiers in the Project/Complex. 12.2.9 ix. Further, the Allottee agrees and undertakes to pay all necessary deposits/charges to the Promoter No 2 Developer or the Association, as the case may be, including the interest free security deposit(s) payable to the concerned statutory bodies/ authorities or other entities, each as may be determined by the Promoter No 2 or the Association, as the case may be, each within such timelines as may be prescribed by the Promoter No 2 or the Association, as the case may be. 12.2.10 x. Without prejudice to the rights available under this Agreement, in the event that any amount payable to the Promoter No 2 Developer or the Association is not paid within 2 (two) months from the date of the notice in this regard, the Promoter No 2 Developer or the Association, as the case may be, shall also be entitled to take such further steps as it may reasonably determine for recovery of the said amounts. xi. It has been agreed by the parties that the Association (s) of all the Allottees of all the buildings in the Project as and when the Project is completed in its entirety shall own in common all common areas ,amenities and facilities of the Project/Complex together with all easement rights and appurtenances belonging thereto.

FORMATION OF ASSOCIATION. 12.2.1 The Promoter No 2 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 No 2 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. 12.2.2 Each Apartment/unit in the Complex shall represent one (1) share, irrespective of the number of persons owning such Apartment/unit. Further, in the event an Apartment/unit is owned by more than one (1) person, then the person whose name first appears in the nomenclature of this Agreement as the Allottee shall only be entitled to become a member of the Association. In the event that the Allottee is a minor, the local guardian of such minor shall become a member of the Association. A tenant or licensee of the Allottee shall not be entitled to become a member of the Association. 12.2.3 Upon formation of the Association, the Promoter No 2 shall handover the Common Areas, together with the relevant documents and plans pertaining thereto, to the Association within such time period and in such manner as prescribed under Applicable Laws (hereinafter referred to as the “HANDOVER DATE”). Save as provided herein, on and from the Handover Date, the Association shall inter alia become liable and responsible for the compliance, subsistence and renewal of all licenses, insurances, annual maintenance contracts and other contracts, guarantees, warranties, obligations etc., as may from time to time have been procured/ obtained/ entered into by the Promoter No 2 and the Association shall take the responsibility for proper safety and maintenance of the Complex and of upkeep of all fixtures, equipment and machinery provided by the Promoter, and the Promoter No 2 shall immediately stand discharged of any liability and/or responsibility in respect thereof, and the Allottee and the Association shall keep each of the Owner and the Promoter fully safe, harmless and indemnified in respect thereof. 12.2.4 The Allottee agrees and undertakes to deposit a non-interest bearing security deposit (as specified in the Payment Plan) with the Promoter No 2, which deposit shall be pooled into a Sinking Fund (“Sinking Fund”). The Allottee further agrees and acknowledges that such Sinking Fund shall be handed over to the Association by the Promoter No 2, without any interest, after adjusting/deducting therefrom all amounts then remaining due and payable by the Allottee and the several Co-Buyers of the Complex to the Promoter No 2 , together with interest thereon. Such amount(s), if any, thus transferred shall be held by the Association on behalf of and on account of the Allottee and the several Co-Buyers of the Complex inter alia as a sinking fund. The Allottee undertakes to make good and pay to the Association all such amounts that may be deducted/adjusted as aforesaid by the Promoter No 2as due and payable by the Allottee and/or to replenish any shortfalls caused on account of the Allottee. Further, it is hereby agreed that the Promoter No 2 shall not be held liable, in any manner whatsoever, for any shortfall in the Sinking Fund due to the above adjustments or otherwise after the handover of the Sinking Fund by the Promoter No 2 to the Association and the Allottee and the Association shall jointly and severally keep the Promoter No 2 indemnified for the same. 12.2.5 The Allottee acknowledges and agrees to allow the Promoter No 2 to adjust any receivables and/ or dues towards the Common Charges and Expenses from the Sinking Fund before the same is handed over to the Association. The Allottee hereby agrees and undertakes to bear all taxes that may be levied on the Promoter No 2 on account of making such adjustments and/or on account of the Promoter No 2 transferring/handing over the Sinking Fund to the Association. On any such adjustments being made from the Sinking Fund, the Allottee hereby undertakes to make good the resultant shortfall in the Sinking Fund within 15 (fifteen) days of a demand made by the Association with respect thereto. 12.2.6 The Promoter No 2 and/or the Association, as the case may be, shall be entitled to invest the Sinking Fund in such securities and in such manner as the Promoter No 2 and/or Association, as the case may be, may think fit and apply the income for the purpose of repairs, maintenance, security and upkeep of the Complex. Such payment towards the Sinking Fund shall not absolve the Allottee of its obligation to pay the applicable maintenance charges in terms of this Agreement. 12.2.7 The Allottee acknowledges that it/he/she shall be bound by the rules and regulations which may be framed in relation to maintenance and management of the Building and/or the Complex by the Promoter No 2 or the Association, as the case may be, and in any event, by way of negative covenants, agrees not to act contrary to such rules and regulations which may be framed and/or be made applicable to all the apartment owners or occupiers of the Building and/or the Complex. 12.2.8 The Allottee expressly agrees and acknowledges that it is obligatory on the part of the Allottee to regularly and punctually make payment of the proportionate share of the Common Charges and Expenses and further acknowledges that non-payment of the same is likely to affect the maintenance and rendition of the common services, thus affecting thethe right of the Co-Buyers and/or Co-Occupiers in the Complex. 12.2.9 Further, the Allottee agrees and undertakes to pay all necessary deposits/charges to the Promoter No 2 or the Association, as the case may be, including the interest free security deposit(s) payable to the concerned statutory bodies/ authorities or other entities, each as may be determined by the Promoter No 2 or the Association, as the case may be, each within such timelines as may be prescribed by the Promoter No 2 or the Association, as the case may be. 12.2.10 Without prejudice to the rights available under this Agreement, in the event that any amount payable to the Promoter No 2 or the Association is not paid within 2 (two) months from the date of the notice in this regard, the Promoter No 2 or the Association, as the case may be, shall also be entitled to take such further steps as it may reasonably determine for recovery of the said amounts.