Common use of Maintenance Security Deposit Clause in Contracts

Maintenance Security Deposit. To secure the payment of the Maintenance Charge, at or before execution hereof, the Purchaser has deposited the amount mentioned in Schedule-P being Rs.2.50 per Square Feet of the Super Built Up Area of the Unit of the Purchaser for 12 (twelve) months hereafter referred to as the "Maintenance Security Deposit". In case the Purchaser defaults to timely pay any payment whatsoever to be made by it to the Developer, the Phase Association or the Complex Association, as the case may be: (i) The Developer, the Phase Association or the Complex Association, as the case may be, shall be entitled to utilise such part or portion of Maintenance Deposit to adjust any recoverable dues from the Purchaser. (ii) In the event, any part or portion of the Maintenance Deposit has to be utilised by the Developer, the Phase Association or the Complex Association, as the case may be, the Purchaser shall be bound to replenish the withdrawal amount within the time as demanded by the Developer, the Phase Association or the Complex Association, as the case may be. (iii) As an when the Maintenance Charge is increased, the Purchaser shall be asked to pay such further sum towards this Maintenance Security Deposit so that at all material times it is equal to 12 (twelve) months Maintenance Charge for the Unit of the Purchaser. (iv) The Developer shall transfer/hand over the Maintenance Security Deposit without any interest, after adjustment/recovery of any dues if any, to the Phase Association at the time of handing over the Maintenance to it.

Maintenance Security Deposit. To secure the payment of the Maintenance Charge, at or before execution hereof, the Purchaser Allottee has deposited the amount mentioned in Schedule-P being Rs.2.50 Rs.3.00 per Square Feet of the Super Built Up Area of the Unit of the Purchaser Allottee for 12 (twelve) months hereafter hereinafter referred to as the "Maintenance Security Deposit". In case the Purchaser Allottee defaults to timely pay any payment whatsoever to be made by it to the Developer, the Phase Association or the Complex Association, as the case may be: (ia) The Developer, the Phase Association or the Complex Association, as the case may be, shall be entitled to utilise such part or portion of the Maintenance Deposit to adjust any recoverable dues from the PurchaserAllottee. (iib) In the event, any part or portion of the Maintenance Deposit has to be utilised by the Developer, the Phase Association or the Complex Association, as the case may be, the Purchaser Allottee shall be bound to replenish the withdrawal withdrawn amount within the time as demanded by the Developer, the Phase Association or the Complex Association, as the case may be. (iiic) As an and when the Maintenance Charge is increased, the Purchaser Allottee shall be asked to pay such further sum towards this the Maintenance Security Deposit so that at all material times it is equal to 12 (twelve) months Maintenance Charge for the Unit of the PurchaserAllottee. (ivd) The Developer shall transfer/hand over the Maintenance Security Deposit without any interest, after adjustment/recovery of any dues if any, to the Phase Association at the time of handing over the Maintenance to it.