Common use of Maintenance Deposit Clause in Contracts

Maintenance Deposit. At or before entering into this agreement it has been expressly communicated to the Buyer that the said Building is to be kept and retained as a decent residential building in Siliguri and as such to avoid any controversy in future and also for ensuring that proper maintenance and up-keep of the said Building continues it has been agreed that the Buyer shall keep in deposit a sum not to exceed Rs 25,000/- (Rupees Twenty Five Thousand only) as may be agreed or determined by the Seller in its absolute discretion towards Maintenance Deposit which shall be held free of interest by the Seller and upon the formation of the Society/ Association/ Holding Organization/Syndicate (HOLDING ORGANIZATION) make over to the Holding Organization which shall be entitled to invest the same in such securities and in such manner as the Holding Organization may think fit and apply the income for the purpose of meeting the expenses which may be necessary or required for the purpose of repairs maintenance security and upkeep of the building and such deposit towards such maintenance deposit shall not absolve the Buyer of his/her/its obligation for the payment or contribution for periodical maintenance and other charges. In case of non- payment of periodical maintenance, the Seller shall be entitled to in its complete discretion to adjust the same along with interest from the Maintenance Deposit before making over to the Holding Organization.

Maintenance Deposit. At or before entering into this agreement it has been expressly communicated to the Buyer that the said Building is to be kept and retained as a decent residential building in Siliguri and as such to avoid any controversy in future and also for ensuring that proper maintenance and up-keep of the said Building continues it has been agreed that the Buyer shall keep in deposit a sum not to exceed Rs 25,000/- Rs. 30,000/- (Rupees Twenty Five Thousand onlyThirty Thousand) as may be agreed or determined by the Seller in its absolute discretion towards Maintenance Deposit which shall be held free of interest by the Seller and upon the formation of the Society/ Association/ Holding Organization/Syndicate (HOLDING ORGANIZATIONORGANISATION) make made over to the Holding Organization which shall be entitled to invest the same in such securities and in such manner as the Holding Organization Organisation may think fit and apply the income for the purpose of meeting the expenses which may be necessary or required for the purpose of repairs maintenance security and upkeep of the building and such deposit towards such maintenance deposit shall not absolve the Buyer of his/her/its obligation for the payment or contribution for periodical maintenance and other charges. In case of non- non-payment of periodical maintenance, the Seller shall be entitled to in its complete discretion to adjust the same along with interest from the Maintenance Deposit before making over to the Holding OrganizationOrganisation.