Common use of Maintenance Security Deposit Clause in Contracts

Maintenance Security Deposit. An interest free corpus deposit calculated at the rate of Rs 15 (fifteen) per sq ft of the Apartment Area (“Maintenance Security Deposit”) for the Apartment shall be paid by the Allottee to the Developer, on or before a date to be notified by the Developer which date shall not be a date later than the Possession Date. The amount of such Maintenance Security Deposit payable shall be intimated by the Developer on or before possession date. The Maintenance Security Deposit shall be used by the Developer/ Association for repair of the Complex or equipments provided therein. Notwithstanding the above, the Developer reserves the right to utilize this deposit to adjust any realizable dues from the Allottee. The unused portion of the Maintenance Security Deposit shall be transferred to the Association without interest when incorporated.

Maintenance Security Deposit. An interest free corpus deposit calculated at the rate of Rs 15 18 (fifteeneighteet) per sq ft of the Apartment Area (“Maintenance Security Deposit”) for the Apartment shall be paid by the Allottee to the Developer, on or before a date to be notified by the Developer which date shall not be a date later than the Possession Date. The amount of such Maintenance Security Deposit payable shall be intimated by the Developer on or before possession date. The Maintenance Security Deposit shall be used by the Developer/ Association for repair of the Complex or equipments provided therein. Notwithstanding the above, the Developer reserves the right to utilize this deposit to adjust any realizable dues from the Allottee. The unused portion of the Maintenance Security Deposit shall be transferred to the Association without interest when incorporated.

Maintenance Security Deposit. An interest free corpus deposit calculated at the rate of Rs 15 (fifteenRs. /- ( ) per sq ft square feet of the Apartment Carpet Area (“Maintenance Security Deposit”) for the Apartment shall be paid by the Allottee to the DeveloperOwner, on or before a date to be notified by the Developer Owner which date shall not be a date later than the Possession Date. The amount of such Maintenance Security Deposit payable shall be intimated by the Developer Owner on or before possession date. The Maintenance Security Deposit shall be used by the Developer/ Association Owner /Association for repair of the Complex or equipments provided therein. Notwithstanding the above, the Developer Owner reserves the right to utilize this deposit to adjust any realizable dues from the Allottee. The unused portion of the Maintenance Security Deposit shall be transferred to the Association without interest when incorporated.

Maintenance Security Deposit. An interest free corpus deposit calculated at the rate of Rs 15 18 (fifteenEIGHTEEN) per sq ft (FOR 1 YEAR) of the Apartment Area (“Maintenance Security Deposit”) for the Apartment shall be paid by the Allottee to the Developer, on or before a date to be notified by the Developer which date shall not be a date later than the Possession Date. The amount of such Maintenance Security Deposit payable shall be intimated by the Developer on or before possession date. The Maintenance Security Deposit shall be used by the Developer/ Association for repair of the Complex or equipments provided therein. Notwithstanding the above, the Developer reserves the right to utilize this deposit to adjust any realizable dues from the Allottee. The unused portion of the Maintenance Security Deposit shall be transferred to the Association without interest when incorporated.