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 area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of the balance of the Township Corpus amount. The Allottee/s declare/s and confirm/s that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter. 2.9.5 The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed. 2.9.6 The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses of the Federation of Association.
Appears in 1 contract
Samples: Construction Agreement
TOWNSHIP CORPUS FUND. 2.9.1 (i) The Allottee/s Allottee shall hand over Xx.Xx. 108900/-(Rupees Nine Hundred /-) Rs.256500 /- of the Schedule B Property C Villa to the Promoter at as Corpus Fund for the said CLOVER VILLA At the time of handing over possession of the Apartment said Villa to the Allottee/s, towards Township . The Corpus Fund for shall be utilized by the Complex. Promoter towards major expenditure in maintenance of the said CLOVER VILLA and other infrastructural facilities and amenities in the Project. The Promoter shall transfer the amounts said amount after deducting any expense incurred, 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 Complexallottees as and when formed. The Federation Association when formed may decide to enhance the corpus and such increased corpus amount will be paid by the obligation Allottee. The Allottee understands the importance of the Allottee/s.deposit amount as the same is required towards a corpus meant for contingencies including but not limited to major or capital expenditure.
2.9.2 (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 re-ferred referred to therein become payable, for any reason including for the efflux of time, then the Allottee/s Allottee shall be liable to bear and pay the same within 30 (thirty) thirty days from receipt of the Promoter's written intimation in this regard.
2.9.3 (iii) The Promoter shall retain utilise the aforesaid amounts/depos-its deposits only for the purposes for which the same are col-lectedcollected. The amounts paid to and deposited with the Promoter by the Allottee/s Allottee under this clause shall not carry any interest, and shall remain with the Promoter until the entire Complex Association of allottees is completed and handed over to the Federationformed. Thereafter, the afore-said residual balance out of the 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 FederationAssociation of allottees. 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 Association of allottees only and not individually to the Allottee at any time. It is expressly clarified, individually to agreed and understood between the Allottee/s.
2.9.4 The Allottee/s understand/s and accept/s parties hereto that the Township Corpus Fund is payable by Promoter shall be entitled to retain 30% from the Allottee/s to meet part deposit collected hereinabove as a security for the payment of the future maintenance proportionate share of arterial roads, gardens, Township Common Areas, sub-stations, all the landscaped common areas, street lighting, recreation areas, infrastructure amenities etc., and for the purpose outgoings in respect of maintenance and upkeep of recreation all the common 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 including the Internal Layout Roads, Recreation Areas, Street Lighting etc., and/or for Roads till the recreation areas and/or other facilities, but for completion of the purpose development of payment for future maintenance in respect the Project. The residual balance of the aforesaid area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose 30% of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas deposit which is retained by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of handed over to the balance of said Apex Association only on the Township Corpus amount. The Allottee/s declare/s and confirm/s that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses development of the Federation of AssociationProject.
Appears in 1 contract
Samples: Sale Agreement
TOWNSHIP CORPUS FUND. 2.9.1 i. The Allottee/s Allottee shall hand over Xx.Xx. 108900/-(Rupees Nine Rs.60500/- (Rupees Sixty 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, towards Township . The Corpus Fund for shall be utilized by the Complex. Promoter towards major expenditure in maintenance of the said Building and other infrastructural facilities and amenities in the Project. The Promoter shall transfer the amounts said amount after deducting any expense incurred, 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 Complexallottees as and when formed. The Federation Association when formed may decide to enhance the corpus and such increased corpus amount will be paid by the obligation Allottee. The Allottee understands the importance of the Allottee/s.deposit amount as the same is required towards a corpus meant for contingencies including but not limited to major or capital expenditure.
2.9.2 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 re-ferred referred to therein become payable, for any reason including for the efflux of time, then the Allottee/s 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.
2.9.3 iii. The Promoter shall retain utilise the aforesaid amounts/depos-its deposits only for the purposes for which the same are col-lectedcollected. The amounts paid to and deposited with the Promoter by the Allottee/s Allottee under this clause shall not carry any interest, and shall remain with the Promoter until the entire Complex Association of allottees is completed and handed over to the Federationformed. 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 FederationAssociation of allottees . 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 Association of allottees only and not individually to the Allottee at any time. It is expressly clarified, individually to agreed and understood between the Allottee/s.
2.9.4 The Allottee/s understand/s and accept/s parties hereto that the Township Corpus Fund is payable by Promoter shall be entitled to retain 30% from the Allottee/s to meet part deposit collected hereinabove as a security for the payment of the future maintenance proportionate share of arterial roads, gardens, Township Common Areas, sub-stations, all the landscaped common areas, street lighting, recreation areas, infrastructure amenities etc., and for the purpose outgoings in respect of maintenance and upkeep of recreation all the common 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 including the Internal Layout Roads, Recreation Areas, Street Lighting etc., and/or for Roads and Club House till the recreation areas and/or other facilities, but for completion of the purpose development of payment for future maintenance in respect the Project. The residual balance of the aforesaid area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose 30% of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas deposit which is retained by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of handed over to the balance of said Apex Association only on the Township Corpus amount. The Allottee/s declare/s and confirm/s that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses development of the Federation of AssociationProject.
Appears in 1 contract
Samples: Sale Agreement
TOWNSHIP CORPUS FUND. 2.9.1 i. The Allottee/s Allottee shall hand over Xx.Xx. 108900/-(Rupees Rs.58950/- (Rupees Fifty Eight Thousand Nine 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, towards Township . The Corpus Fund for shall be utilized by the Complex. Promoter towards major expenditure in maintenance of the said Building and other infrastructural facilities and amenities in the Project. The Promoter shall transfer the amounts said amount after deducting any expense incurred, 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 Complexallottees as and when formed. The Federation Association when formed may decide to enhance the corpus and such increased corpus amount will be paid by the obligation Allottee. The Allottee understands the importance of the Allottee/s.deposit amount as the same is required towards a corpus meant for contingencies including but not limited to major or capital expenditure.
2.9.2 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 re-ferred referred to therein become payable, for any reason including for the efflux of time, then the Allottee/s 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.
2.9.3 iii. The Promoter shall retain utilise the aforesaid amounts/depos-its deposits only for the purposes for which the same are col-lectedcollected. The amounts paid to and deposited with the Promoter by the Allottee/s Allottee under this clause shall not carry any interest, and shall remain with the Promoter until the entire Complex Association of allottees is completed and handed over to the Federationformed. 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 FederationAssociation of allottees . 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 Association of allottees only and not individually to the Allottee at any time. It is expressly clarified, individually to agreed and understood between the Allottee/s.
2.9.4 The Allottee/s understand/s and accept/s parties hereto that the Township Corpus Fund is payable by Promoter shall be entitled to retain 30% from the Allottee/s to meet part deposit collected hereinabove as a security for the payment of the future maintenance proportionate share of arterial roads, gardens, Township Common Areas, sub-stations, all the landscaped common areas, street lighting, recreation areas, infrastructure amenities etc., and for the purpose outgoings in respect of maintenance and upkeep of recreation all the common 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 including the Internal Layout Roads, Recreation Areas, Street Lighting etc., and/or for Roads and Club House till the recreation areas and/or other facilities, but for completion of the purpose development of payment for future maintenance in respect the Project. The residual balance of the aforesaid area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose 30% of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas deposit which is retained by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of handed over to the balance of said Apex Association only on the Township Corpus amount. The Allottee/s declare/s and confirm/s that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses development of the Federation of AssociationProject.
Appears in 1 contract
Samples: Sale Agreement
TOWNSHIP CORPUS FUND. 2.9.1 (i) The Allottee/s shall hand over Xx.XxRs. 108900/-(Rupees Nine Hundred /-77050/-(Rupees Seventy Seven Thousand Fifty) 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.s .
2.9.2 (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 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 (iii) The Promoter shall retain the aforesaid afore 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 afore- 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 (iv) The Allottee/s understand/s understands and accept/s accepts 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 Roadsarterial roads, Recreation gardens, Township Common Areas, Street Lighting sub-stations, the landscaped common areas, street lighting, recreation areas, infrastructure amenities 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 afore area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose of the aforesaid afore arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas by reason of the fact that the aforesaid afore Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of the balance of the Township Corpus amount. The Allottee/s declare/s declare and confirm/s confirm that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 (v) The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 (vi) The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses of the Federation of Association.
Appears in 1 contract
Samples: Construction Agreement
TOWNSHIP CORPUS FUND. 2.9.1 i. The Allottee/s Allottee shall hand over Xx.Xx. 108900/-(Rupees Nine Hundred /-) of Rs.74300/- (Rupees Promoter as Corpus Fund for the Schedule B Property to the Promoter said Building at the time of handing over possession of the said Apartment to the Allottee/s, towards Township . The Corpus Fund for shall be utilized by the Complex. Promoter towards major expenditure in maintenance of the said Building and other infrastructural facilities and amenities in the Project. The Promoter shall transfer the amounts said amount after deducting any expense incurred, 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 Complexallottees as and when formed. The Federation Association when formed may decide to enhance the corpus and such increased corpus amount will be paid by the obligation Allottee. The Allottee understands the importance of the Allottee/s.deposit amount as the same is required towards a corpus meant for contingencies including but not limited to major or capital expenditure.
2.9.2 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 re-ferred referred to therein become payable, for any reason including for the efflux of time, then the Allottee/s 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.
2.9.3 iii. The Promoter shall retain utilise the aforesaid amounts/depos-its deposits only for the purposes for which the same are col-lectedcollected. The amounts paid to and deposited with the Promoter by the Allottee/s Allottee under this clause shall not carry any interest, and shall remain with the Promoter until the entire Complex Association of allottees is completed and handed over to the Federationformed. 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 FederationAssociation of allottees . 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 Association of allottees only and not individually to the Allottee at any time. It is expressly clarified, individually to agreed and understood between the Allottee/s.
2.9.4 The Allottee/s understand/s and accept/s parties hereto that the Township Corpus Fund is payable by Promoter shall be entitled to retain 30% from the Allottee/s to meet part deposit collected hereinabove as a security for the payment of the future maintenance proportionate share of arterial roads, gardens, Township Common Areas, sub-stations, all the landscaped common areas, street lighting, recreation areas, infrastructure amenities etc., and for the purpose outgoings in respect of maintenance and upkeep of recreation all the common 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 including the Internal Layout Roads, Recreation Areas, Street Lighting etc., and/or for Roads and Club House till the recreation areas and/or other facilities, but for completion of the purpose development of payment for future maintenance in respect the Project. The residual balance of the aforesaid area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose 30% of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas deposit which is retained by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of handed over to the balance of said Apex Association only on the Township Corpus amount. The Allottee/s declare/s and confirm/s that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses development of the Federation of AssociationProject.
Appears in 1 contract
Samples: Sale Agreement
TOWNSHIP CORPUS FUND. 2.9.1 (i) The Allottee/s shall hand over Xx.Xx. 108900/-(Rupees Nine Rs.75250(Rupees Seventy Five Thousand Two Hundred /-Fifty ) 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 (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 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 (iii) 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 said Association/Federation and not at any time, individually to the Allottee/s.
2.9.4 (iv) The Allottee/s understand/s understands and accept/s accepts 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 Roadsarterial roads, Recreation gardens, Township Common Areas, Street Lighting sub-stations, the landscaped common areas, street lighting, recreation areas, infrastructure amenities 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 area. It is further agreed that the Promoter alone will have full, full right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Apex Association / Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of the balance of the said Township Corpus amount. The Allottee/s declare/s declare and confirm/s confirm that the payment of the said sum as stated hereinabove xxxxxxxxxxx is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the said amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 (v) The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 (vi) The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses of the Federation of Association.
Appears in 1 contract
Samples: Construction Agreement
TOWNSHIP CORPUS FUND. 2.9.1 i. The Allottee/s Allottee shall hand over Xx.XxRs. 108900/-(Rupees Nine 305100/- (Rupees Three Lakh Five Thousand One Hundred /-only) of the Schedule B Property C Villa to the Promoter at as Corpus Fund for the said VILLA PHASE 1A At the time of handing over possession of the Apartment said Villa to the Allottee/s, towards Township . The Corpus Fund for shall be utilized by the Complex. Promoter towards major expenditure in maintenance of the said VILLA PHASE 1A and other infrastructural facilities and amenities in the Project. The Promoter shall transfer the amounts said amount after deducting any expense incurred, 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 Complexallottees as and when formed. The Federation Association when formed may decide to enhance the corpus and such increased corpus amount will be paid by the obligation Allottee. The Allottee understands the importance of the Allottee/s.deposit amount as the same is required towards a corpus meant for contingencies including but not limited to major or capital expenditure.
2.9.2 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 re-ferred referred to therein become payable, for any reason including for the efflux of time, then the Allottee/s Allottee shall be liable to bear and pay the same within 30 (thirty) thirty days from receipt of the Promoter's written intimation in this regard.
2.9.3 iii. The Promoter shall retain utilise the aforesaid amounts/depos-its deposits only for the purposes for which the same are col-lectedcollected. The amounts paid to and deposited with the Promoter by the Allottee/s Allottee under this clause shall not carry any interest, and shall remain with the Promoter until the entire Complex Association of allottees is completed and handed over to the Federationformed. Thereafter, the afore-said residual balance out of the 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 FederationAssociation of allottees. 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 Association of allottees only and not individually to the Allottee at any time. It is expressly clarified, individually to agreed and understood between the Allottee/s.
2.9.4 The Allottee/s understand/s and accept/s parties hereto that the Township Corpus Fund is payable by Promoter shall be entitled to retain 30% from the Allottee/s to meet part deposit collected hereinabove as a security for the payment of the future maintenance proportionate share of arterial roads, gardens, Township Common Areas, sub-stations, all the landscaped common areas, street lighting, recreation areas, infrastructure amenities etc., and for the purpose outgoings in respect of maintenance and upkeep of recreation all the common 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 including the Internal Layout Roads, Recreation Areas, Street Lighting etc., and/or for Roads till the recreation areas and/or other facilities, but for completion of the purpose development of payment for future maintenance in respect the Project. The residual balance of the aforesaid area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose 30% of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas deposit which is retained by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of handed over to the balance of said Apex Association only on the Township Corpus amount. The Allottee/s declare/s and confirm/s that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses development of the Federation of AssociationProject.
Appears in 1 contract
Samples: Sale Agreement
TOWNSHIP CORPUS FUND. 2.9.1 (i) The Allottee/s shall hand over Xx.XxRs. 108900/-(Rupees Nine 63450/-(Rupees Sixty Three Thousand Four Hundred /-Fifty) 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 Owners
(“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 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 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 (iii) The Promoter shall retain the aforesaid afore 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 afore- 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 (iv) The Allottee/s understand/s understands and accept/s accepts 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 Roadsarterial roads, Recreation gardens, Township Common Areas, Street Lighting sub-stations, the landscaped common areas, street lighting, recreation areas, infrastructure amenities 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 afore area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose of the aforesaid afore arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas by reason of the fact that the aforesaid afore Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of the balance of the Township Corpus amount. The Allottee/s declare/s declare and confirm/s confirm that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 (v) The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 (vi) The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses of the Federation of Association.
Appears in 1 contract
Samples: Construction Agreement
TOWNSHIP CORPUS FUND. 2.9.1 1. The Allottee/s Allottee shall hand over Xx.XxRs.29750/- (Rupees. 108900/-(Rupees Nine Hundred /-Fifty Only) of the Schedule B Property Apartment 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, towards Township . The Corpus Fund for shall be utilized by the Complex. Promoter towards major expenditure in maintenance of the said Building and other infrastructural facilities and amenities in the Project. The Promoter shall transfer the amounts said amount after deducting any expense incurred, 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 Complexowners as and when formed. The Federation Association when formed may decide to enhance the corpus and such increased corpus amount will be paid by the obligation Allottee. The Allottee understands the importance of the Allottee/s.deposit amount as the same is required towards a corpus meant for contingencies including but not limited to major or capital expenditure.
2.9.2 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 referred to therein become payable, for any reason including for the efflux of time, then the Allottee/s 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.
2.9.3 3. The Promoter shall retain utilise the aforesaid amounts/depos-its deposits only for the purposes for which the same are col-lectedcollected. The amounts paid to and deposited with the Promoter by the Allottee/s Allottee under this clause shall not carry any interest, and shall remain with the Promoter until the entire Complex Association of owners is completed and handed over to the Federationformed. Thereafter, the afore-said residual balance out of the 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 FederationAssociation of owners. 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 Association of owners only and not individually to the Allottee at any time. It is expressly clarified, individually to agreed and understood between the Allottee/s.
2.9.4 The Allottee/s understand/s and accept/s parties hereto that the Township Corpus Fund is payable by Promoter shall be entitled to retain 30% from the Allottee/s to meet part deposit collected herein above as a security for the payment of the future maintenance proportionate share of arterial roads, gardens, Township Common Areas, sub-stations, all the landscaped common areas, street lighting, recreation areas, infrastructure amenities etc., and for the purpose outgoings in respect of maintenance and upkeep of recreation all the common 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 including the Internal Layout Roads, Recreation Areas, Street Lighting etc., and/or for Roads and Club House till the recreation areas and/or other facilities, but for completion of the purpose development of payment for future maintenance in respect the Project. The residual balance of the aforesaid area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose 30% of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas deposit which is retained by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of handed over to the balance of said Apex Association only on the Township Corpus amount. The Allottee/s declare/s and confirm/s that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses development of the Federation of AssociationProject.
Appears in 1 contract
Samples: Sale Agreement
TOWNSHIP CORPUS FUND. 2.9.1 i. The Allottee/s shall hand over Xx.Xx. 108900/-(Rupees Nine Hundred /-INR.88000/- (Rupees Eighty Eight Thousand only) of the Schedule B '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, towards Township s. The Corpus Fund for shall be utilized by the Complex. Promoter towards major expenditure in maintenance of the Said Building and other infrastructural facilities and amenities in the Project. The Promoter shall transfer the amounts said amount after deducting any expense incurred, 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 ComplexAllottees as and when formed. The Federation Association when formed may decide to enhance the corpus and such increased corpus amount will be the obligation of paid by the Allottee/s.s. The 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.
2.9.2 ii. It is hereby expressly clarified, agreed and understood that in the event of there being any increase in the amounts mentioned hereinabove herein above and/or any other amounts/deposits which are not re-ferred referred 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 iii. The Promoter shall retain utilise the aforesaid amounts/depos-its deposits only for the purposes for which the same are col-lectedcollected. 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 Association of Allottees is completed and handed over to the Federationformed. Thereafter, the afore-said residual balance out of the 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 FederationAssociation of Allottees . 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 Association of Allottees only and not at any time, individually to the Allottee/s.
2.9.4 The Allottee/s understand/s at any time. It is expressly clarified, agreed and accept/s understood between the parties hereto that the Township Corpus Fund is payable by Promoter shall be entitled to retain 30% from the Allottee/s to meet part deposit collected hereinabove as a security for the payment of the future maintenance proportionate share of arterial roads, gardens, Township Common Areas, sub-stations, all the landscaped common areas, street lighting, recreation areas, infrastructure amenities etc., and for the purpose outgoings in respect of maintenance and upkeep of recreation all the common 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 including the Internal Layout Roads, Recreation Areas, Street Lighting etc., and/or for Roads and Club House till the recreation areas and/or other facilities, but for completion of the purpose development of payment for future maintenance in respect the Project. The residual balance of the aforesaid area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose 30% of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas deposit which is retained by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of handed over to the balance of said Apex Association only on the Township Corpus amount. The Allottee/s declare/s and confirm/s that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses development of the Federation of AssociationProject.
Appears in 1 contract
Samples: Sale Agreement
TOWNSHIP CORPUS FUND. 2.9.1 (i) The Allottee/s shall hand over Xx.XxRs. 108900/-(Rupees Nine 51350/-(Rupees Fifty One Thousand Three Hundred /-Fifty) 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.s .
2.9.2 (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 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 (iii) The Promoter shall retain the aforesaid afore 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 afore- 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 (iv) The Allottee/s understand/s understands and accept/s accepts 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 Roadsarterial roads, Recreation gardens, Township Common Areas, Street Lighting sub-stations, the landscaped common areas, street lighting, recreation areas, infrastructure amenities 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 afore area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose of the aforesaid afore arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas by reason of the fact that the aforesaid afore Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of the balance of the Township Corpus amount. The Allottee/s declare/s declare and confirm/s confirm that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 (v) The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 (vi) The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses of the Federation of Association.
Appears in 1 contract
Samples: Construction Agreement
TOWNSHIP CORPUS FUND. 2.9.1 i. The Allottee/s shall hand over Xx.Xx. 108900/-(Rupees Nine INR.90500/- (Rupees Ninety Thousand Five Hundred /-only) of the Schedule B '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, towards Township s. The Corpus Fund for shall be utilized by the Complex. Promoter towards major expenditure in maintenance of the Said Building and other infrastructural facilities and amenities in the Project. The Promoter shall transfer the amounts said amount after deducting any expense incurred, 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 ComplexAllottees as and when formed. The Federation Association when formed may decide to enhance the corpus and such increased corpus amount will be the obligation of paid by the Allottee/s.s. The 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.
2.9.2 ii. It is hereby expressly clarified, agreed and understood that in the event of there being any increase in the amounts mentioned hereinabove herein above and/or any other amounts/deposits which are not re-ferred referred 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 iii. The Promoter shall retain utilise the aforesaid amounts/depos-its deposits only for the purposes for which the same are col-lectedcollected. 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 Association of Allottees is completed and handed over to the Federationformed. Thereafter, the afore-said residual balance out of the 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 FederationAssociation of Allottees . 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 Association of Allottees only and not at any time, individually to the Allottee/s.
2.9.4 The Allottee/s understand/s at any time. It is expressly clarified, agreed and accept/s understood between the parties hereto that the Township Corpus Fund is payable by Promoter shall be entitled to retain 30% from the Allottee/s to meet part deposit collected hereinabove as a security for the payment of the future maintenance proportionate share of arterial roads, gardens, Township Common Areas, sub-stations, all the landscaped common areas, street lighting, recreation areas, infrastructure amenities etc., and for the purpose outgoings in respect of maintenance and upkeep of recreation all the common 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 including the Internal Layout Roads, Recreation Areas, Street Lighting etc., and/or for Roads and Club House till the recreation areas and/or other facilities, but for completion of the purpose development of payment for future maintenance in respect the Project. The residual balance of the aforesaid area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose 30% of the aforesaid arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas deposit which is retained by reason of the fact that the aforesaid Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of handed over to the balance of said Apex Association only on the Township Corpus amount. The Allottee/s declare/s and confirm/s that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses development of the Federation of AssociationProject.
Appears in 1 contract
Samples: Sale Agreement
TOWNSHIP CORPUS FUND. 2.9.1 (i) The Allottee/s shall hand over Xx.XxRs. 108900/-(Rupees Nine Hundred /-) of the Schedule B Property to the Promoter at the time of handing over 77800/-(Rupees Seventy Seven Thousand Eight 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 Owners
(“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 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 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 (iii) The Promoter shall retain the aforesaid afore 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 afore- 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 (iv) The Allottee/s understand/s understands and accept/s accepts 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 Roadsarterial roads, Recreation gardens, Township Common Areas, Street Lighting sub-stations, the landscaped common areas, street lighting, recreation areas, infrastructure amenities 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 afore area. It is further agreed that the Promoter alone will have full, right, absolute authority and good power to invest the Township Corpus Fund in the manner deemed fit by the Promoter and the Allottee/s shall have no right/claim on the Township Corpus Fund and the Allottee/s shall not claim either refund thereof or hold the Promoter liable in that behalf in any manner whatsoever. It is agreed that the Promoter shall at their own option be entitled to utilize the Township Corpus Fund for the purpose of the aforesaid afore arrangement in respect of the maintenance of internal layout roads, recreation areas and repairs thereof including street lighting etc. However, the Promoter shall not be liable for any act/s, commission/s and/or omission/s and/or failure in future to maintenance and/or repairs of internal layout roads, recreation areas, street lighting, other facilities and/or other areas by reason of the fact that the aforesaid afore Township Corpus Fund is paid by the Allottee/s to the Promoter. The Promoter shall be entitled to transfer the balance Township Corpus Fund to such Federation as the Promoter may nominate and whereupon the Promoter shall be absolved from their liability in respect of the balance of the Township Corpus amount. The Allottee/s declare/s declare and confirm/s confirm that the payment of the sum as stated hereinabove is over and above the purchase price and also various deposits and charges agreed to be paid by the Allottee/s and the amounts shall not be set off or adjusted against any other amount or amounts in any manner whatsoever. It is however agreed that this amount is on ad hoc basis and the Allottee/s shall be responsible to make good all short falls, as and when demanded by the Promoter.
2.9.5 (v) The Promoter shall retain the ownership of the balance area comprising the arterial roads, gardens, Township Common Areas, sub-stations, the landscaped common areas, infrastructure amenities etc. till the entire Complex is completed.
2.9.6 (vi) The Promoter states that, for the purposes of continued maintenance of the Township, after completion of the last unit in the Complex, the entire balance area as specified above will be handed over/conveyed to the Governmental Authorities (as may be required) and to the Federation of Association at the absolute cost and expenses of the Federation of Association.
Appears in 1 contract
Samples: Construction Agreement