The Residents‟ Activity Centre Sample Clauses

The Residents‟ Activity Centre. The Promoter has set up a “Residents Activity Centre” (RAC) in the Project. The RAC is part of common areas and facilities of the Project and will be handed over to the Owners Association. The RAC shall be managed by the Promoter either by itself or through its nominee, during the Interim Maintenance Period. All apartment Owners of the Project are entitled to become the members of the RAC. The usage of the RAC, however, is subject to the payment of subscription charges. Efficiency Apartment Owners in the Project shall be entitled for 1(one) membership and Comfort I/II Apartment Owners shall entitled to 2(two) memberships of RAC. For the usage of RAC one member shall mean and include an adult with his/her spouse and dependent children below the age of 18 years. The rate of Annual Subscription charge for members is mentioned below. Efficiency Comfort I & II Annual Subscription (payable on or before possession) Rs. Rs. The annual subscription for 2 (two) years has been paid to the Promoter or its nominee, at the time of possession, which is a part of the Total Price. Surplus or deficit, if any, arising out of the operation of the RAC for the period of these 2 (two) years shall to the account of the Promoter. Some of the facilities at the RAC shall be available to the members, subject to the payment of the Annual Subscription, while other facilities will be available on „pay and use‟ basis over and above the Annual Subscription Charges. Detailed terms and conditions of RAC membership, different charges and rules and regulations governing the usage of the RAC will be formulated in due course and circulated to all the members, which will be binding on all the members. In case the Apartment is transferred, the membership will automatically stand transferred to the transferee of the Apartment and the transferor will cease to be member of the RAC.
Sample 1
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