Common use of Maintenance Security Deposit Clause in Contracts

Maintenance Security Deposit. An interest free corpus deposit calculated at the rate of Rs /- Deposit”) for the Bungalow shall be paid by the Allottee to the Promoter, on or before a date to be notified by the Promoter 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 Promoter on or before possession date. The Maintenance Security Deposit shall be used by the Promoter