Common use of MAINTENANCE CORPUS/SINKING FUND Clause in Contracts

MAINTENANCE CORPUS/SINKING FUND. The Total Price includes an amount of Rs. /- for creation of Maintenance Corpus/ Sinking Fund towards creation of a maintenance corpus / sinking fund for major repairs, renovation and/or reconstruction of the Common Areas and Facilities of the Luxury Zone and Luxury portion of the Future Development and/or for similar other eventualities. The maintenance corpus/sinking fund shall be held, invested and applied by the Promoter as a trustee of the allottees of the Luxury Zone and Luxury portion of the Future Development without requiring the express consent or approval of the allottees. This maintenance corpus/sinking fund together with accruals thereon (net of Income Tax) will be handed over to the Association at the time of handing over maintenance and management of the common areas and facilities of the Luxury Zone and Luxury portion of the Future Development, subject to adjustment/recovery of any expenses incurred by the Promoter on account of major repairs, renovation and/or reconstruction of any of the Common Areas and Facilities. P. DEFAULT IN PAYMENTS OF USAGE CHARGES OF COMMON FACILITIES DURING THE MAINTENANCE PERIOD: Failure to pay Maintenance Charges, Electricity Charges, DG usage Charges, and Membership Subscription of the Club within due dates may result in withdrawal/ restrictions/ disconnections/discontinuation of the respective common services to the Allottee and will make the Allottee liable to pay interest at 2% per month on the outstanding dues for the period of the delay, calculated from the due date till the date of actual payment.

MAINTENANCE CORPUS/SINKING FUND. The Total Price includes an amount of Rs. /- per sqft for creation of Maintenance Corpus/ Sinking Fund towards creation of a maintenance corpus / sinking fund for major repairs, renovation and/or reconstruction of the Common Areas and Facilities of the Luxury Zone and Luxury portion of the Future Development and/or for similar other eventualities. The maintenance corpus/sinking fund shall be held, invested and applied by the Promoter as a trustee of the allottees Allottees of the Luxury Zone and Luxury portion of the Future Development without requiring the express consent or approval of the allotteesAllottees. This maintenance corpus/sinking fund together with accruals thereon (net of Income Tax) will be handed over to the Association at the time of handing over maintenance and management of the common areas and facilities of the Luxury Zone and Luxury portion of the Future Development, subject to adjustment/recovery of any expenses incurred by the Promoter on account of major repairs, renovation and/or reconstruction of any of the Common Areas and Facilities. P. M. DEFAULT IN PAYMENTS OF USAGE CHARGES OF COMMON FACILITIES DURING THE MAINTENANCE PERIOD: Failure to pay Maintenance Charges, Electricity Charges, DG usage Charges, and Membership Subscription of the Club within due dates may result in withdrawal/ restrictions/ disconnections/discontinuation of the respective common services to the Allottee Allottees and will make the Allottee Allottees liable to pay interest at 2% per month on the outstanding dues for the period of the delay, calculated from the due date till the date of actual payment.