Holding Organization Clause Samples
Holding Organization. 9.1 Immediately after the completion of the said Housing Complex and sale of at least 90% of the total saleable area and the possession is made over to the flat owners in the said building and/or Housing Complex the Seller may appoint a Facility Manager or shall form or cause to be formed an Association or a Society or Syndicate of the flat owners in the said building (hereinafter called the HOLDING ORGANIZATION) with such rules and regulations as shall be determined by the Advocates and Solicitors of the Seller.
9.2 The Buyer shall become a member of the Holding Organization and hereby agrees to abide by the rules and regulations which shall be framed by the said Holding Organization for the benefit of all the members of the said Holding Organization.
9.3 The Buyer shall be liable and agrees to abide by such further house rules as may be made applicable by the said Holding Organization.
9.4 As and when the said Holding Organization is formed, the Buyer shall become a member of such Holding Organization and without becoming a member of such Holding Organization shall not be entitled to avail of the various facilities and/or utilities at the said premises.
9.5 In the event of a Facility Manager being appointed such Facility Manager shall be entitled to a remuneration negotiated by Seller or his authorized person.
Holding Organization. 7.1 At such time as the Developer may deem fit and proper, the Holding Organisation shall be formed.
7.2 It shall be incumbent upon the Purchaser to become a member of the Holding Organisation, and to pay upon demand and at such time as designated by the Developer, the necessary subscription and/or membership charges, fees etc. together with the proportionate costs and expenses for the formation of the same, each as ascertained by the Developer, and the Purchaser hereby authorize(s) and empower(s) the Developer to take all necessary steps in respect thereof, it being clarified that without becoming a member of such Holding Organisation the Purchaser shall not be entitled to avail of the various facilities and/or utilities at the Said Premises and/or the Building including but not limited to the Commonly Used Areas And Facilities. Further, the Purchaser shall be bound to and undertake(s) and covenant(s) to abide by and comply with all the rules and regulations as may be framed and/or made applicable by the Holding Organisation on all the Apartment Holders including the Purchaser, and all the occupiers of the Project.
7.3 The Developer will, as and when it deems fit and proper, in due course cause to be transferred to the Apartment Holders/the Holding Organisation such of the rights and obligations of the Developer including those pertaining to the Common Purposes as the Developer deems fit and proper, whereupon only the Apartment Holders/Holding Organisation shall be entitled thereof and obliged therefor including but not limited to the compliance, subsistence and renewal of all licenses, annual maintenance contracts, other contracts, guarantees, warranties, obligations etc. to various authorities including under various statutes and/or to various third parties, as may from time to time have been procured/obtained/entered into by the Developer, and the Developer shall immediately stand discharged and/or absolved of any liability and/or responsibility in respect thereof, and all the Apartment Holders including the Purchaser shall keep each of the Indemnified Parties safe, harmless and indemnified in respect thereof.
7.4 For the avoidance of doubt it is clarified that if within the period specified by the Developer in the notice issued by the Developer in this regard, the Apartment Holders/the Holding Organisation fail and/or neglect to take over from the Developer the abovementioned rights and obligations, then on the expiry of the aforesaid period, the Deve...