Common use of Maintenance Fund Clause in Contracts

Maintenance Fund. Each purchaser/ flat owner shall make a payment of the advance maintenance fund (i.e., an amount equivalent to 24 (twenty-four) months’ maintenance charges) at the time of purchasing a flat in the Project (which is included in the total amount payable by each purchaser/ flat owner under this agreement. The Developer reserves the right to utilize the said advance maintenance fund in order to provide essential maintenance services in the Project till the time Association is formed. At the time of handover of the maintenance services to such Association by the Developer, the balance advance maintenance fund (if any) shall be transferred to the Association within 30 (thirty) days from the date of such handover.

Maintenance Fund. Each purchaser/ flat owner shall make a payment of the advance maintenance fund (i.e., i.e. an amount equivalent to 24 (twenty-four) months’ maintenance charges) at the time of purchasing a flat in the Project (which is included in the total amount payable by each purchaser/ flat owner under this agreement. The Developer Vendor reserves the right to utilize the said advance maintenance fund in order to provide essential maintenance services in the Project till the time Association is formed. At the time of handover of the maintenance services to such Association by the DeveloperVendor, the balance advance maintenance fund (if any) shall be transferred to the Association within 30 (thirty) days from the date of such handover.