Common use of TOWNSHIP CORPUS FUND Clause in Contracts

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 shall be handed over to the said Apex Association only on the completion of the development of the Project.

TOWNSHIP CORPUS FUND. i. a. The Allottee Allottee/s shall hand over Rs.49100/- Rs.133450/- (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.One Lakh Thirty Three Thousand ii. It x. Xx 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 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. iii. c. 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 Allottee/s under this clause shall not carry any interest, and shall remain with the Promoter until the Association of allottees Owners is formed. Thereafter, the residual balance out of the afore-said aforesaid 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 said Association. The Promoter shall not be required to render the account of such deposits except as mandated by the Act, and then only to the said Association of allottees only and not at any time, individually to the Allottee at any time. Allottee/s. It is expressly clarified, agreed and understood between the parties Parties hereto that the Promoter shall be entitled to retain 30% from the deposit 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 Projectsaid Layout. The residual balance of the aforesaid 30% of the deposit which is retained by the Promoter shall be handed over to the said Apex Association only on the completion of the development of the said Project.

TOWNSHIP CORPUS FUND. i. The Allottee Allottee/s shall hand over Rs.49100/- INR.82500/- (Rupees Forty Nine Eighty Two Thousand Five Hundred only) of the Schedule 'B' Property to the Promoter as Corpus Fund for the said Building at the time of handing over possession of the said Apartment to the Allottee. /s. 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 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. /s. The Allottee Allottee/s 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 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. 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 Allottee/s under this clause shall not carry any interest, and shall remain with the Promoter until the Association of allottees 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 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 Allottees only and not individually to the Allottee Allottee/s 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 shall be handed over to the said Apex Association only on the completion of the development of the Project.

TOWNSHIP CORPUS FUND. i. The Allottee Allottee/s shall hand over Rs.49100/- INR.32750/- (Rupees Forty Nine Thirty Two Thousand Seven Hundred Fifty only) of the Schedule 'B' Property to the Promoter as Corpus Fund for the said Building at the time of handing over possession of the said Apartment to the Allottee. /s. 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 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. /s. The Allottee Allottee/s 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 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. 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 Allottee/s under this clause shall not carry any interest, and shall remain with the Promoter until the Association of allottees 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 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 Allottees only and not individually to the Allottee Allottee/s 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 shall be handed over to the said Apex Association only on the completion of the development of the Project.

TOWNSHIP CORPUS FUND. i. The Allottee Allottee/s shall hand over Rs.49100/- INR.63500/- (Rupees Forty Nine Sixty Three Thousand Five Hundred only) of the Schedule 'B' Property to the Promoter as Corpus Fund for the said Building at the time of handing over possession of the said Apartment to the Allottee. /s. 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 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. /s. The Allottee Allottee/s 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 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. 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 Allottee/s under this clause shall not carry any interest, and shall remain with the Promoter until the Association of allottees 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 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 Allottees only and not individually to the Allottee Allottee/s 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 shall be handed over to the said Apex Association only on the completion of the development of the Project.

TOWNSHIP CORPUS FUND. i. The Allottee shall hand over Rs.49100/- Rs.84650/- (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 shall be handed over to the said Apex Association only on the completion of the development of the Project.

TOWNSHIP CORPUS FUND. i. (i) The Allottee shall hand over Rs.49100/- Rs. 170211/- (Rupees Forty Nine One Lakh Seventy Thousand Corpus Fund for the said Building at the time Two of handing over taking 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 ProjectPlot. The Promoter shall transfer the said amount after deducting any expense incurredamount, without any interest, to the Apex Association once the entire development of allottees as the House of Hiranandani - Devanahalli scheme is completed and when an Apex Association is formed. The Association of plot Allotee/s when formed may decide to enhance separately collect a Corpus Fund in the corpus interim period and such increased corpus amount will be paid by the Allottee. The Allottee understands to 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 expenditureAssociation directly. (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 retain 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 entire Larger Development is formedcompleted and handed over to the Apex Association. 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) aforesaid deposits., shall be paid over by the Promoter to the Association of allottees Apex Association. The Promoter shall not be required to render the account of such deposits except as mandated by the Act, and then only to the said Association of allottees only and not at any time, 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 shall be handed over to the said Apex Association only on the completion of the development of the ProjectAllottee.

TOWNSHIP CORPUS FUND. i. a. The Allottee Allottee/s shall hand over Rs.49100/- Rs.87850/- (Rupees Forty Nine Eighty Seven 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.Eight ii. It x. Xx 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 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. iii. c. 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 Allottee/s under this clause shall not carry any interest, and shall remain with the Promoter until the Association of allottees Owners is formed. Thereafter, the residual balance out of the afore-said aforesaid 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 said Association. The Promoter shall not be required to render the account of such deposits except as mandated by the Act, and then only to the said Association of allottees only and not at any time, individually to the Allottee at any time. Allottee/s. It is expressly clarified, agreed and understood between the parties Parties hereto that the Promoter shall be entitled to retain 30% from the deposit 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 Projectsaid Layout. The residual balance of the aforesaid 30% of the deposit which is retained by the Promoter shall be handed over to the said Apex Association only on the completion of the development of the said Project.

TOWNSHIP CORPUS FUND. i. a. The Allottee Allottee/s shall hand over Rs.49100/- Rs.120000/- (Rupees Forty Nine One Lakh Twenty 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.Only) ii. It x. Xx 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 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. iii. c. 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 Allottee/s under this clause shall not carry any interest, and shall remain with the Promoter until the Association of allottees Owners is formed. Thereafter, the residual balance out of the afore-said aforesaid 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 said Association. The Promoter shall not be required to render the account of such deposits except as mandated by the Act, and then only to the said Association of allottees only and not at any time, individually to the Allottee at any time. Allottee/s. It is expressly clarified, agreed and understood between the parties Parties hereto that the Promoter shall be entitled to retain 30% from the deposit 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 Projectsaid Layout. The residual balance of the aforesaid 30% of the deposit which is retained by the Promoter shall be handed over to the said Apex Association only on the completion of the development of the said Project.

TOWNSHIP CORPUS FUND. i. a. The Allottee Allottee/s shall hand over Rs.49100/- Rs.112300/- (Rupees Forty Nine One Lakh Twelve 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.Three ii. It x. Xx 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 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. iii. c. 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 Allottee/s under this clause shall not carry any interest, and shall remain with the Promoter until the Association of allottees Owners is formed. Thereafter, the residual balance out of the afore-said aforesaid 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 said Association. The Promoter shall not be required to render the account of such deposits except as mandated by the Act, and then only to the said Association of allottees only and not at any time, individually to the Allottee at any time. Allottee/s. It is expressly clarified, agreed and understood between the parties Parties hereto that the Promoter shall be entitled to retain 30% from the deposit 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 Projectsaid Layout. The residual balance of the aforesaid 30% of the deposit which is retained by the Promoter shall be handed over to the said Apex Association only on the completion of the development of the said Project.

TOWNSHIP CORPUS FUND. i. a. The Allottee Allottee/s 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.over ii. It x. Xx 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 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. iii. c. 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 Allottee/s under this clause shall not carry any interest, and shall remain with the Promoter until the Association of allottees Owners is formed. Thereafter, the residual balance out of the afore-said aforesaid 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 said Association. The Promoter shall not be required to render the account of such deposits except as mandated by the Act, and then only to the said Association of allottees only and not at any time, individually to the Allottee at any time. Allottee/s. It is expressly clarified, agreed and understood between the parties Parties hereto that the Promoter shall be entitled to retain 30% from the deposit 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 Projectsaid Layout. The residual balance of the aforesaid 30% of the deposit which is retained by the Promoter shall be handed over to the said Apex Association only on the completion of the development of the said Project.