Common use of MAINTENANCE OF THE SAID BUILDING Clause in Contracts

MAINTENANCE OF THE SAID BUILDING. APARTMENT / PROJECT: The Promoter shall be responsible to provide and maintain essential services in the Project until the taking over of the maintenance of the project by the association of allottees upon the issuance of the completion certificate of the project. The cost of Interest bearing maintenance fund (IBMF) has been included in the Total Price of the Apartment. The Allottee/s further agrees that Allottee's shall pay the Interest bearing maintenance fund at the rate Rs. 160/- per sqft of carpet area to the Promoter on offer of possession or before execution of sale deed whichever is earlier .The amounts so paid by the Allottee to the Promoter shall remain with the Promoter until the formation of association of the said Project . Until the Society or Association is formed and all the maintenance management is transferred to it, and , in order to provide necessary maintenance service being non segreble part the Promoter or it’s nominated agency will take care of maintenances, facilities and other services related matter of common areas (lifts, corridors, passages, staircases, roads, recreational facilities, gardens, drainage, security, water supply, electricity and other such services) and properties of common enjoyment of SUN VALLEY. Within 15 days after notice in writing is given by the Promoter to the Allottee that the Apartment is ready for use and occupation, the Allottee shall be liable to bear and pay the proportionate share (i.e. in proportion to the floor area of the Apartment) of outgoings in respect of the said Land and Building/s namely local taxes, betterment charges or such other levies by the concerned local authority and/or Government water charges, insurance, common lights, repairs and salaries of clerks xxxx collectors, chowkidars, sweepers and all other expenses necessary and incidental to the management and maintenance of the said land and building/s. Purchaser/Vendee authorizes Promoter/ Maintenance Agency to adjust in the first instance, the interest accrued on interest bearing maintenance fund (IBMF) of the Allottee /s against such proportionate share of outgoings, expenses or charges mentioned herein. If in case such accrued interest falls short of the amount actually paid for maintenance services, Allotteee / Purchaser(s) further authorize/s Promoter / Maintenance Agency to adjust the principal amount of the IBMF against such maintenance expenses. If due to such adjustments in the principal amount, the IBMF falls below the 50% of principle amount, then Alotteee / Purchaser(s) hereby undertake/s to make good the resultant shortfall within fifteen (15) days of demand by Promoter / Maintenance Agency/association as the case may be. In case ,If the said shortfall as mentioned hereinabove is not paid within the time as may be mentioned in the demand letter ,the Allottee shall be regarded as the default on the part of the Allottee and the Allottee/s shall be liable for penalty, which is extend upto five Percent of Apartment or building cost, and/ or punishable with imprisonment for a term which is extend upto one year with fine as the case may be as default continuous as determined by the Authority under sec. 67 and 68 of the said Act.

MAINTENANCE OF THE SAID BUILDING. APARTMENT APARTMENT/VILLA / PROJECT: The Promoter shall be responsible to provide and maintain essential services in the Project until till the taking over of the maintenance of the project Project by the association Association of allottees Allottees upon the issuance of the completion certificate of the projectProject. The cost of Interest bearing such maintenance fund (IBMF) until the offer of possession of the said Plot has been included in the Total Price of the ApartmentPlot. The Allottee/s further agrees However, in case, the Allottee / Association of Allottees fails to take possession of the said Common Areas and facilities / essential services as envisaged in the Agreement or prevalent laws governing the same, and/or the Association of Allottees request/ desire that Allottee's the maintenance of the Common Areas and facilities shall pay be done by the Interest bearing maintenance fund at Promoters or the rate Rs. 160/- per sqft of carpet area to Maintenance Agency, then in such a case, the Promoter on or the maintenance agency appointed by it has right to recover applicable maintenance charges and other charges (as set out in the maintenance agreement) from the date offer of possession or before execution of sale deed whichever is earlier .The amounts so paid by the Allottee to the Promoter shall remain with the Promoter until the formation of association of the said Project . Until the Society or Association is formed and all the maintenance management is transferred to it, and , in order to provide necessary maintenance service being non segreble part the Promoter or it’s nominated agency will take care of maintenances, facilities and other services related matter of common areas (lifts, corridors, passages, staircases, roads, recreational facilities, gardens, drainage, security, water supply, electricity and other such services) and properties of common enjoyment of SUN VALLEY. Within 15 days after notice in writing Plot is given by the Promoter to the Allottee that Allottee. The Promoter shall have a right to appoint any agency for undertaking the Apartment is ready for use maintenance services in the Project (“Maintenance Agency”) as it may deem fit, till handover of the Common Areas and occupationfacilities of the Project to the Association of the Allottees. In addition to the maintenance charges, the Allottee shall be liable to bear and pay the proportionate share (i.e. in proportion to the floor area of the Apartment) of outgoings in respect of the said Land and Building/s namely local taxes, betterment charges or such other levies by the concerned local authority and/or Government water charges, insurance, common lights, repairs and salaries of clerks xxxx collectors, chowkidars, sweepers and all other expenses necessary and incidental to the management and maintenance of the said land and building/s. Purchaser/Vendee authorizes Promoter/ Maintenance Agency to adjust in the first instance, the interest accrued on interest bearing maintenance fund (IBMF) of the Allottee /s against such proportionate share of outgoings, expenses or charges mentioned herein. If in case such accrued interest falls short of the amount actually paid for maintenance services, Allotteee / Purchaser(s) further authorize/s Promoter / Maintenance Agency to adjust or the principal amount of the IBMF against such maintenance expenses. If due to such adjustments in the principal amountcompetent authorities, as may be required, the IBMF falls below monthly electricity charges as per the 50% bills raised on the basis of principle amountactual consumption based on the readings of meter installed for the said Plot, then Alotteee / Purchaser(scharges for water consumption and any other utility charges as may be applicable. The Allottee(s) hereby undertakeagree/s to make good execute a separate maintenance agreement detailing the resultant shortfall within fifteen (15) days terms and conditions with the Promoter/its nominated Maintenance Agency for maintenance of demand by Promoter / Maintenance Agency/association as the case may be. In case ,If the said shortfall as mentioned hereinabove is not paid within the time as may be mentioned in the demand letter ,the Allottee shall be regarded as the default on the part Common Areas and facilities of the Allottee and the Allottee/s shall be liable for penalty, which is extend upto five Percent of Apartment or building cost, and/ or punishable with imprisonment for a term which is extend upto one year with fine as the case may be as default continuous as determined by the Authority under sec. 67 and 68 of the said ActProject.

MAINTENANCE OF THE SAID BUILDING. APARTMENT APARTMENT/VILLA / PROJECT: The Promoter shall be responsible to provide and maintain essential services in the Project until till the taking over of the maintenance of the project Project by the association Association of allottees Allottees upon the issuance of the completion certificate of the projectProject. The cost of Interest bearing such maintenance fund (IBMF) until the offer of possession of the said Apartment/Villa has been included in the Total Price of the Apartment/Villa/Villa. The Allottee/s further agrees However, in case, the Allottee / Association of Allottees fails to take possession of the said Common Areas and facilities / essential services as envisaged in the Agreement or prevalent laws governing the same, and/or the Association of Allottees request/ desire that Allottee's the maintenance of the Common Areas and facilities shall pay be done by the Interest bearing maintenance fund at Promoters or the rate Rs. 160/- per sqft of carpet area to Maintenance Agency, then in such a case, the Promoter on or the maintenance agency appointed by it has right to recover applicable maintenance charges and other charges (as set out in the maintenance agreement) from the date offer of possession or before execution of sale deed whichever is earlier .The amounts so paid by the Allottee to the Promoter shall remain with the Promoter until the formation of association of the said Project . Until the Society or Association is formed and all the maintenance management is transferred to it, and , in order to provide necessary maintenance service being non segreble part the Promoter or it’s nominated agency will take care of maintenances, facilities and other services related matter of common areas (lifts, corridors, passages, staircases, roads, recreational facilities, gardens, drainage, security, water supply, electricity and other such services) and properties of common enjoyment of SUN VALLEY. Within 15 days after notice in writing Apartment/Villa is given by the Promoter to the Allottee that Allottee. The Promoter shall have a right to appoint any agency for undertaking the Apartment is ready for use maintenance services in the Project (“Maintenance Agency”) as it may deem fit, till handover of the Common Areas and occupationfacilities of the Project to the Association of the Allottees. In addition to the maintenance charges, the Allottee shall be liable to bear and pay the proportionate share (i.e. in proportion to the floor area of the Apartment) of outgoings in respect of the said Land and Building/s namely local taxes, betterment charges or such other levies by the concerned local authority and/or Government water charges, insurance, common lights, repairs and salaries of clerks xxxx collectors, chowkidars, sweepers and all other expenses necessary and incidental to the management and maintenance of the said land and building/s. Purchaser/Vendee authorizes Promoter/ Maintenance Agency to adjust in the first instance, the interest accrued on interest bearing maintenance fund (IBMF) of the Allottee /s against such proportionate share of outgoings, expenses or charges mentioned herein. If in case such accrued interest falls short of the amount actually paid for maintenance services, Allotteee / Purchaser(s) further authorize/s Promoter / Maintenance Agency to adjust or the principal amount of the IBMF against such maintenance expenses. If due to such adjustments in the principal amountcompetent authorities, as may be required, the IBMF falls below monthly electricity charges as per the 50% bills raised on the basis of principle amountactual consumption based on the readings of meter installed for the said Apartment/Villa, then Alotteee / Purchaser(scharges for water consumption and any other utility charges as may be applicable. The Allottee(s) hereby undertakeagree/s to make good execute a separate maintenance agreement detailing the resultant shortfall within fifteen (15) days terms and conditions with the Promoter/its nominated Maintenance Agency for maintenance of demand by Promoter / Maintenance Agency/association as the case may be. In case ,If the said shortfall as mentioned hereinabove is not paid within the time as may be mentioned in the demand letter ,the Allottee shall be regarded as the default on the part Common Areas and facilities of the Allottee and the Allottee/s shall be liable for penalty, which is extend upto five Percent of Apartment or building cost, and/ or punishable with imprisonment for a term which is extend upto one year with fine as the case may be as default continuous as determined by the Authority under sec. 67 and 68 of the said ActProject.

MAINTENANCE OF THE SAID BUILDING. APARTMENT / PROJECT: The Promoter shall be responsible to provide and maintain essential services in the Project until the taking over of the maintenance of the project by the association of allottees upon the issuance of the completion certificate of the project. The cost of Interest bearing maintenance fund (IBMF) )* has been included in the Total Price of the Apartment. The Allottee/s further agrees that Allottee's shall pay the Interest bearing maintenance fund at the rate Rs. 160/- per sqft of carpet area to the Promoter on offer of possession or before execution of sale deed whichever is earlier .The amounts so paid by the Allottee to the Promoter shall remain with the Promoter until the formation of association of the said Project . Until the Society or Association is formed and all the maintenance management is transferred to it, and , in order to provide necessary maintenance service being non segreble part , the Promoter or it’s nominated agency will take care of maintenances, facilities and other services related matter of common areas (lifts, corridors, passages, staircases, roads, recreational facilities, gardens, drainage, security, water supply, electricity and other such services) and properties of common enjoyment of SUN VALLEY. Within 15 days after notice in writing is given by the Promoter to the Allottee that the Apartment is ready for use and occupation, the Allottee shall be liable to bear and pay the proportionate share (i.e. in proportion to the floor area of the Apartment) of outgoings in respect of the said Land and Building/s namely local taxes, betterment charges or such other levies by the concerned local authority and/or Government water charges, insurance, common lights, repairs and salaries of clerks xxxx collectors, chowkidars, sweepers and all other expenses necessary and incidental to the management and maintenance of the said land and building/s. Purchaser/Vendee authorizes Promoter/ Maintenance Agency to adjust in the first instance, the interest accrued on interest bearing maintenance fund (IBMF) of the Allottee /s against such proportionate share of outgoings, expenses or charges mentioned herein. If in case such accrued interest falls short of the amount actually paid for maintenance services, Allotteee / Purchaser(s) further authorize/s Promoter / Maintenance Agency to adjust the principal amount of the IBMF against such maintenance expenses. If due to such adjustments in the principal amount, the IBMF falls below the 50% of principle amount, then Alotteee / Purchaser(s) hereby undertake/s to make good the resultant shortfall within fifteen (15) days of demand by Promoter / Maintenance Agency/association as the case may be. In case ,If the said shortfall as mentioned hereinabove is not paid within the time as may be mentioned in the demand letter ,the Allottee shall be regarded as the default on the part of the Allottee and the Allottee/s shall be liable for penalty, which is extend upto five Percent of Apartment or building cost, and/ or punishable with imprisonment for a term which is extend upto one year with fine as the case may be as default continuous as determined by the Authority under sec. 67 and 68 of the said Act.

MAINTENANCE OF THE SAID BUILDING. APARTMENT / PROJECT: The Promoter shall be responsible to provide and maintain essential services in the Project until the taking over of the maintenance of the project by the association of allottees upon the issuance of the completion certificate of the project. The cost For proper upkeeping and maintenance of Interest bearing complex for long period without repeated demand of maintenance fund (IBMFcharge a concept is designed by the Promoter and this whole concept of maintenance is based on the principle that a certain amount is collected as Intrerest Bearing Security Fund(IBSF) has been included in from alottee along with other apartment owner and the Total Price interest accrued on this IBS FUND is utilized for the maintenance. That, In order to secure adequate provision of the Apartment. The maintenance services and due performance of maintenance expenses, the Allottee/s further agrees that Allottee's shall pay and shall keep deposited the Interest bearing maintenance Security fund Rs. as mentioned herein in para 1.1(b) (at the rate Rs. 160/- per sqft of carpet area of said apartment ) to the Promoter on offer of possession or before execution of sale deed whichever is earlier .The carrying simple yearly interest as per the applicable bank rates on fixed deposits (applicable to one year fixed deposit) accepted by State Bank of India at the close of each financial year on 31st March calculated from the date of realization of the amount by the Promoter. This security deposit/fund and/or interest earned on this deposit/fund shall be utilized towards, day to day common maintenance expense, replacement , refurnishing, major repairs of plants, machinery etc installed in the said complex or towards any unforeseen contingency occurring in future.The amounts so paid by the Allottee to the Promoter shall remain with the Promoter until the formation of association of the said Project . Until the Society or Association is formed and all the maintenance management is transferred to it, and , in order to provide necessary maintenance service being non segreble part the Promoter or it’s nominated agency will take care of maintenances, facilities and other services related matter of common areas (lifts, corridors, passages, staircases, roads, recreational facilities, gardens, drainage, security, water supply, electricity and other such services) and properties of common enjoyment of SUN VALLEY. Within 15 days after notice in writing is given by the Promoter to the Allottee that the Apartment is ready for use and occupation, the Allottee shall be liable to bear and pay the proportionate share (i.e. in proportion to the floor area of the Apartment) of outgoings in respect of the said Land and Building/s namely local taxes, betterment charges or such other levies by the concerned local authority and/or Government water charges, insurance, common lights, repairs and salaries of clerks xxxx collectors, chowkidars, sweepers and all other expenses necessary and incidental to the management and maintenance of the said land and building/s. Purchaser/Vendee Alottee authorizes Promoter/ Maintenance Agency to adjust in the first instance, the interest accrued on interest Interest bearing maintenance fund (IBMF) of the Allottee /s against such proportionate share of outgoings, expenses or charges mentioned herein. If in case such accrued interest falls short of the amount actually paid for maintenance services, Allotteee / Purchaser(s) further authorize/s Promoter / Maintenance Agency to adjust the principal amount of the IBMF IBSF against such maintenance expenses. If due to such adjustments in the principal amount, the IBMF falls below the 50% of principle amount, then Alotteee / Purchaser(s) hereby undertake/s to make good the resultant shortfall within fifteen (15) days of demand by Promoter / Maintenance Agency/association as the case may be. In case ,If the said shortfall as mentioned hereinabove is not paid within the time as may be mentioned in the demand letter ,the Allottee shall be regarded as the default on the part of the Allottee and the Allottee/s shall be liable for penalty, which is extend upto five Percent of Apartment or building cost, and/ or punishable with imprisonment for a term which is extend upto one year with fine as the case may be as default continuous as determined by the Authority under sec. 67 and 68 of the said Act.