Common use of Allottee to Participate in Formation of Association Clause in Contracts

Allottee to Participate in Formation of Association. In addition to Clause 12 and its sub-clauses above, the Allottee admits and accepts that the Allottee and other Intending Allottee of Units/Apartments in the Said Block shall form the Association and the Allottee shall become a member thereof. The Allottee shall bear and pay the proportionate costs of formation and the expenses of the Association and shall pay for, acquire and hold membership with voting rights and in this regard the Allottee shall sign, execute and deliver necessary applications and all other papers, declarations and documents as may be required. Upon formation of the Association, the residue then remaining of the Advance Common Expenses/Maintenance Charges and the Common Expenses/ Maintenance Deposit paid by the Allottee (after adjustment of all amounts then remaining due and payable) shall be transferred by the Promoter to the Association. The deposits shall thereafter be held by the Association in the account of the Allottee. The Association shall look after the maintenance of the Common Portions of the Said Block and the Said Property.

Allottee to Participate in Formation of Association. In addition to Clause 12 and its sub-clauses above, the Allottee admits and accepts that the Allottee and other Intending Allottee of Units/Apartments in the Said Block Building shall form the Association and the Allottee shall become a member thereof. The Allottee shall bear and pay the proportionate costs of formation and the expenses of the Association and shall pay for, acquire and hold membership with voting rights and in this regard the Allottee shall sign, execute and deliver necessary applications and all other papers, declarations and documents as may be required. Upon formation of the Association, the residue then remaining of the Advance Common Expenses/Maintenance Charges and the Common Expenses/ Maintenance Deposit paid by the Allottee (after adjustment of all amounts then remaining due and payable) shall be transferred by the Promoter to the Association. The deposits shall thereafter be held by the Association in the account of the Allottee. The Association shall look after the maintenance of the Common Portions of the Said Block Building and the Said Property.