Common use of MAINTENANCE & OTHER SECURITY DEPOSITS Clause in Contracts

MAINTENANCE & OTHER SECURITY DEPOSITS. (i) The Allottee, on or before possession, shall deposit and amount equivalent to 2 year’s maintenance charges (the “MAINTENANCE SECURITY DEPOSIT”) which amount will be a part of the Total Price of the Apartment as mentioned in Annexure- “ ” hereto. The Promoter reserves the right to utilize this deposit to adjust any recoverable dues from the Allottee. The deposit after adjustment/ recovery of dues will be transferred/ handed over by the Promoter (without interest) to the Association at the time of handing over the maintenance and management of the Luxury Zone.