Common use of Mechanical Car Parking Maintenance Deposit Clause in Contracts

Mechanical Car Parking Maintenance Deposit. The Owners/Xxxxxxxxx admits and agrees to pay the following amount towards Mechanical Parking Maintenance Deposit to the Association(upon formation) an amount of Rs. 1,25,000/- (Rupees One Lakh Twenty Five Thousand) only per system. The Association upon its formation shall be liable to run and maintain the Mechanical Parking System out of the interest amount generated by this deposit. In future if the amount of aforesaid interest is not/will not be sufficient for the maintenance of the parking system then the association may enhance the said deposit amount and the allottee is/will be liable to pay/deposit further the same and in this regard the decision of the association will be final and binding.

Mechanical Car Parking Maintenance Deposit. The Owners/Xxxxxxxxx Developer admits and agrees to pay the following amount towards Mechanical Parking Maintenance Deposit to the Association(upon formation) an amount of Rs. 1,25,000/- (Rupees One Lakh Twenty Five Thousand) only per system. The Association upon its formation shall be liable to run and maintain the Mechanical Parking System out of the interest amount generated by this deposit. In future if the amount of aforesaid interest is not/will not be sufficient for the maintenance of the parking system then the association may enhance the said deposit amount and the allottee is/will be liable to pay/deposit further the same and in this regard the decision of the association will be final and binding.