TOWNSHIP CORPUS FUND Sample Clauses

TOWNSHIP CORPUS FUND i. The Allottee shall hand over Rs.49100/- (Rupees Forty Nine Thousand Corpus Fund for the said Building at the time of handing over possession of the said Apartment to the Allottee. The Corpus Fund shall be utilized by the Promoter towards major expenditure in maintenance of the said Building and other infrastructural facilities and amenities in the Project. The Promoter shall transfer the said amount after deducting any expense incurred, without any interest, to the Association of allottees as and when formed. The Association when formed may decide to enhance the corpus and such increased corpus amount will be paid by the Allottee. The Allottee understands the importance of the deposit amount as the same is required towards a corpus meant for contingencies including but not limited to major or capital expenditure. ii. It is hereby expressly clarified, agreed and understood that in the event of there being any increase in the amounts mentioned hereinabove and/or any other amounts/deposits which are not referred to therein become payable, for any reason including for the efflux of time, then the Allottee shall be liable to bear and pay the same within 30 (thirty) days from receipt of the Promoter's written intimation in this regard. iii. The Promoter shall utilise the aforesaid amounts/deposits only for the purposes for which the same are collected. The amounts paid to and deposited with the Promoter by the Allottee under this clause shall not carry any interest, and shall remain with the Promoter until the Association of allottees is formed. Thereafter, the residual balance out of the afore-said deposits (i.e. less deductions by way of expenditures already incurred as provided for in this Agreement) shall be paid over by the Promoter to the Association of allottees . The Promoter shall not be required to render the account of such deposits except as mandated by the Act, to the Association of allottees only and not individually to the Allottee at any time. It is expressly clarified, agreed and understood between the parties hereto that the Promoter shall be entitled to retain 30% from the deposit collected hereinabove as a security for the payment of the proportionate share of all the outgoings in respect of maintenance and upkeep of all the common areas and facilities including the Internal Roads and Club House till the completion of the development of the Project. The residual balance of the aforesaid 30% of the deposit which is retained by the Promoter ...
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TOWNSHIP CORPUS FUND. 2.9.1 The Allottee/s shall hand over Xx.Xx. 108900/-(Rupees Nine Hundred /-) of the Schedule B Property to the Promoter at the time of handing over possession of the Apartment to the Allottee/s, towards Township Corpus Fund for the Complex. . The Promoter shall transfer the amounts without any interest, to the Federation comprising all Apex Associations or all Association of Owners of entire Complex (“Federation”), once the Promoter completes development of the Complex. The Federation may decide to enhance the corpus and such increased corpus amount will be the obligation of the Allottee/s. 2.9.2 It is hereby expressly clarified, agreed and understood that in the event of there being any increase in the amounts mentioned hereinabove and/or any other amounts/deposits which are not re-ferred to therein become payable, for any reason including for the efflux of time, then the Allottee/s shall be liable to bear and pay the same within 30 (thirty) days from receipt of the Promoter's written intimation in this regard. 2.9.3 The Promoter shall retain the aforesaid amounts/depos-its only for the purposes for which the same are col-lected. The amounts paid to and deposited with the Promoter by the Allottee/s under this clause shall not carry any interest, and shall remain with the Promoter until the entire Complex is completed and handed over to the Federation. Thereafter, the afore-said deposits shall be paid over by the Promoter to the Federation. The Promoter shall not be required to render the account of such deposits except as mandated by the Act, and then only to the Association/Federation and not at any time, individually to the Allottee/s. 2.9.4 The Allottee/s understand/s and accept/s that the Township Corpus Fund is payable by the Allottee/s to meet part of the future maintenance of arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, street lighting, recreation areas, infrastructure amenities etc., and for the purpose of maintenance and upkeep of recreation areas and other facilities which the Promoter may provide in the Complex. It is clarified that the Township Corpus Fund is not by way of consideration for acquiring the Apartment by the Allottee/s and/or for any purported or alleged right or interest created on the Internal Layout Roads, Recreation Areas, Street Lighting etc., and/or for the recreation areas and/or other facilities, but for the purpose of payment for future maintenance in respect of the aforesaid ...
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Related to TOWNSHIP CORPUS FUND

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • Entire Agreement This DPA and the Service Agreement constitute the entire agreement of the Parties relating to the subject matter hereof and supersedes all prior communications, representations, or agreements, oral or written, by the Parties relating thereto. This DPA may be amended and the observance of any provision of this DPA may be waived (either generally or in any particular instance and either retroactively or prospectively) only with the signed written consent of both Parties. Neither failure nor delay on the part of any Party in exercising any right, power, or privilege hereunder shall operate as a waiver of such right, nor shall any single or partial exercise of any such right, power, or privilege preclude any further exercise thereof or the exercise of any other right, power, or privilege.

  • Interpretation Nothing herein contained shall be deemed to require the Trust or the Fund to take any action contrary to the Trust’s Declaration of Trust or Bylaws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Trust’s Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the Fund.

  • General The Trustee shall keep proper books of record and account of all the transactions of each Trust under this Indenture at its corporate trust office, including a record of the name and address of, and the Units issued by each Trust and held by, every Unit holder, and such books and records of each Trust shall be open to inspection by any Unit holder of such Trust at all reasonable times during the usual business hours. The Trustee shall make such annual or other reports as may from time to time be required under any applicable state or federal statute or rule or regulations thereunder.

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • Assignment This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Counterparts This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

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