Compliance Deposit definition
Examples of Compliance Deposit in a sentence
The Compliance Deposit is paid to the Association as security against violation of the Restrictions, the Construction Rules, or any damage caused to the Association’s common areas, streets, or other property in the Development.
In the event that the Buyer fails to fully comply with the Building Requirements, in Seller’s opinion, in addition to any and all remedies of Seller, as provided herein, at law or equity, Seller shall have the right to use the Compliance Deposit to effectuate Buyer’s compliance with the Building Requirements and/or enforce Seller’s rights herein against Buyer, including the payment of Seller’s attorney fees associated with said enforcement.
The ACC or a majority of the Board may increase the Compliance Deposit in the event the ACC or a majority of the Board determine that the amount is insufficient to secure compliance with the Restrictions, the Construction Rules, or the Approval and Construction Requirements, or to protect the Development from damage caused or occasioned by construction of the proposed improvements.
If failure to do so, they may be liable to forfeit their Compliance Deposit, and be subject to submit a new Compliance Deposit.
The balance of the Compliance Deposit, less the amount stated below, will be held until the completion of construction of all improvements and/or installation of landscaping/irrigation on the Lot in accordance with the plans, specification or schematic design approved by the VRPOA-ACC.
The value of any committed bookings that are cancelled due to damage or abnormal janitorial or maintenance requirements will be deducted from the Compliance Deposit.
The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Tranche B 2022 Term Lender the then unpaid principal amount of each Tranche B 2022 Term Loan on the Tranche B 2022 Term Loan Maturity Date.
If there is cause for retaining all or any portion of the remaining balance of the Compliance Deposit, the VRPOA-ACC shall return to the depositing party the remaining balance of the Compliance Deposit, if any, together with a written description and itemized list of all deductions within thirty (30) days of the occurrence of the latest of the above-referenced events.
At any time during which the Purchaser is in default of this Agreement, the Developer may apply and use the Compliance Deposit or any part thereof, to reimburse the Developer for monies expended by it to cause compliance with the terms hereof, or to do any work required of the Purchaser hereunder and done by the Developer on the Purchaser's behalf.
The Compliance Deposit is paid to the Association as security against violation of the Restrictions, the Construction Rules, the Approval and Construction Requirements, and any damage caused to the Association’s common areas, streets, or other property in the Development.