Handover of Deposits to Society Sample Clauses

Handover of Deposits to Society. The Promoter shall utilize the aforesaid amounts/deposits only for the purposes for which the same are collected. The amounts paid to and deposited with the Promoter by the Purchaser(s) under this clause shall remain with the promoter until the said Organization/condominium/association takes over the management and maintenance of the complex. It is further clarified that no amount has been taken by the promoter from the allottee on account of common maintenance of the complex except interest bearing maintenance fund. The Promoter shall render the account of such deposits to the said association/Organization / Condominium only and not individually to the Purchaser(s) at any time. It is expressly clarified, agreed and understood between the parties hereto that in case the maintenance is handed over to said Organization/Association before ten (10) year the Promoter shall be entitled to retain 30% from the deposit collected under Clause hereinabove as a security for the payment of the proportionate share of all the outgoings in respect of maintenance and upkeep of all the common areas and facilities upto ten (10) year. The aforesaid 30% of the deposit which is retained by the Promoter shall be handed over to the said Organization/Association/Society only after the ten (10) year of completion of project. The Promoter shall maintain a separate account in respect of the sums received by the Promoter from the Purchaser/s as deposits, accrued interest on deposits and towards the outgoings.
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Related to Handover of Deposits to Society

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