MAINTENANCE CORPUS/SINKING FUND Sample Clauses

MAINTENANCE CORPUS/SINKING FUND. The Total Price includes an amount of Rs. /- for creation of Maintenance Corpus/ Sinking Fund towards creation of a maintenance corpus / sinking fund for major repairs, renovation and/or reconstruction of the Common Areas and Facilities of the Luxury Zone and Luxury portion of the Future Development and/or for similar other eventualities. The maintenance corpus/sinking fund shall be held, invested and applied by the Promoter as a trustee of the allottees of the Luxury Zone and Luxury portion of the Future Development without requiring the express consent or approval of the allottees. This maintenance corpus/sinking fund together with accruals thereon (net of Income Tax) will be handed over to the Association at the time of handing over maintenance and management of the common areas and facilities of the Luxury Zone and Luxury portion of the Future Development, subject to adjustment/recovery of any expenses incurred by the Promoter on account of major repairs, renovation and/or reconstruction of any of the Common Areas and Facilities. P. DEFAULT IN PAYMENTS OF USAGE CHARGES OF COMMON FACILITIES DURING THE MAINTENANCE PERIOD: Failure to pay Maintenance Charges, Electricity Charges, DG usage Charges, and Membership Subscription of the Club within due dates may result in withdrawal/ restrictions/ disconnections/discontinuation of the respective common services to the Allottee and will make the Allottee liable to pay interest at 2% per month on the outstanding dues for the period of the delay, calculated from the due date till the date of actual payment.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
MAINTENANCE CORPUS/SINKING FUND. The Total Price includes an amount of Rs. /- for creation of Maintenance Corpus/ Sinking Fund towards creation of a maintenance corpus / sinking fund for major repairs, renovation and/or reconstruction of the Common Areas and Facilities of the Luxury Zone and Luxury portion of the Future Development and/or for similar other eventualities. The maintenance corpus/sinking fund shall be held, invested and applied by the Promoter as a trustee of the allottees of the Luxury Zone and Luxury portion of the Future Development without requiring the express consent or approval of the allottees. This maintenance corpus/sinking fund together with accruals thereon (net of Income Tax) will be handed over to the Association at the time of handing over maintenance and management of the common areas and facilities of the Luxury Zone and Luxury portion of the Future Development, subject to adjustment/recovery of any expenses incurred by the Promoter on account of major repairs, renovation and/or reconstruction of any of the Common Areas and Facilities.
Sample 1Sample 2Sample 3
MAINTENANCE CORPUS/SINKING FUND. Before taking over the possession of the Apartment, the Allottee shall also pay to the Promoter an interest free security deposit amount towards the Sinking Fund Deposit calculated @Rs39/-, for creation of maintenance corpus/ sinking fund for, among others, major repairs, renovation and/or reconstruction of the Common Areas (“Maintenance Corpus”/ “Sinking Fund”) which has been included in the Total Price of the Apartment herein. All tax liabilities on account of Maintenance Security Deposit shall be borne by the Allottee. The Maintenance Corpus/Sinking Fund shall be held, invested and applied by the Promoter as a trustee of the purchasers/allottees of the Residential Zone without requiring the express consent or approval. This Maintenance Corpus/Sinking Fund together with accruals thereon (net of Income Tax) will be handed over to the Residential Zone Association at the time of taking over maintenance and management of the Residential Zone Shared Common Areas by the Residential Zone Association, subject to adjustment/recovery of any expenses incurred by the Promoter on account of major repairs, renovation and/or reconstruction of any of the Common Areas.
Sample 1
MAINTENANCE CORPUS/SINKING FUND. Before taking over the possession of the Apartment, the Allottee agrees to pay the Developer an amount for creation of maintenance corpus/ sinking fund for, among others, major repairs, renovation and/or reconstruction of the Common Areas (“Maintenance Corpus/Sinking Fund”) which has been included in the Total Price of the Apartment herein. All tax liabilities on account of Maintenance Corpus/Sinking Fund have to be borne by the Allottee. The Maintenance Corpus/Sinking Fund shall be held, invested and applied by the Developer as a trustee of the allottees of the Project without requiring the express consent or approval. This Maintenance Corpus/Sinking Fund together with interest which will be calculated on the basis of prevailing general interest rate on fixed deposits of 3 (three) years tenure offered by SBI (excluding any special rate) and the same(net of Income Tax) will be handed over to the Project Association and the Federation proportionately at the time of taking over maintenance and management of the Shared Common Areas by the Federation, subject to adjustment/recovery of any expenses incurred by the Developer on account of major repairs, renovation and/or reconstruction of any of the Common Areas. The Allottee will be required to replenish their contribution towards Maintenance Corpus/Sinking Fund on receipt of any utilization of the Maintenance Corpus/Sinking Fund towards major repair, maintenance and replacement of infrastructure facilities including but not limited to STP (serving entire Housing Complex), transformer(s), DG Set(s) and façade/super structure of the of the Apartments in the Project.
Sample 1

Related to MAINTENANCE CORPUS/SINKING FUND

  • No Sinking Fund No sinking fund shall be established for the retirement or redemption of Series A Preferred Units.

  • Mandatory Sinking Fund Redemption The Series 1998A Bonds will be subject to mandatory redemption and payment prior to their stated maturity on September 1 of each year, at 100% of the principal amount thereof, plus accrued interest to the redemption date, without premium, in accordance with the terms of the Indenture. Selection of Series 1998A Bonds to be Redeemed. Series 1998A Bonds in the Weekly Mode or the Monthly Mode shall be redeemed in the principal amount of $100,000 or any integral multiple of $5,000 in excess thereof. Series 1998A Bonds in any other Interest Rate Mode shall be redeemed in the principal amount of $5,000 or any integral multiple thereof. The Series 1998A Bonds to be redeemed shall be selected by the Trustee first from Series 1998A Bonds registered in the name of or for the account of or pledged as security to the Letter of Credit Provider, next from all other Series 1998A Bonds (other than Series 1998A Bonds registered in the name of or for the account of the Lessee other than Series 1998A Bonds pledged as security to the Letter of Credit Provider), and then, from Series 1998A Bonds registered in the name of or for the account of the Lessee. Except for the order set forth above, selection of Series 1998A Bonds or portions of Series 1998A Bonds to be redeemed shall be by such method as the Trustee shall deem equitable, provided that for this purpose Series 1998A Bonds of a denomination larger than the minimum authorized denomination or integral multiples thereof shall be treated on the same basis as if they were the appropriate number of Series 1998A Bonds of such minimum authorized denomination. The portions of the principal of outstanding Series 1998A Bonds so selected for partial redemption shall be equal to such minimum authorized denomination or integral multiples thereof. Any Series 1998A Bond which is to be redeemed only in part shall be submitted to the Paying Agent and delivered to the Trustee who shall authenticate and deliver to the Owner of such Series 1998A Bond, without service charge, a new Series 1998A Bond or Series 1998A Bonds, of any authorized denomination as requested by such Owner in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Series 1998A Bonds so surrendered. If the Owner of any such Series 1998A Bond of a denomination greater than the minimum authorized denomination for such Series 1998A Bond fails to present such Series 1998A Bond to the Paying Agent for payment and exchange as aforesaid, such Series 1998A Bond shall, nevertheless, become due and payable on the redemption date to the extent of the principal amount of such Series 1998A Bond called for redemption (and to that extent only).

  • Sinking Fund The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01 for Securities of such series. The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

  • Fund Upon receipt of the Net Deposit, Principal Life will establish, under this Agreement, a bookkeeping account in the name of the Agreement Holder, which will evidence Principal Life’s obligations under this Agreement. The Deposit deemed received (as specified in the Annex), (i) less any withdrawals to make payments hereunder and (ii) plus any interest accrued and premium, if any, pursuant to Section 7, will be referred to as the “Fund”. Principal Life is neither a trustee nor a fiduciary with respect to the Fund.

  • Optional If Vendor would like to display any applicable certificates or licenses (including HUB certificates) for TIPS and TIPS Member Customer consideration, Vendor may upload those at this location. These supplemental documents shall not be considered part of the TIPS Contract. Rather, they are Vendor Supplemental Information for marketing and informational purposes only.

  • Currencies of Tender and Payment 14.1 The currency (ies) of the Tender, the currency (ies) of award and the currency (ies) of contract payments shall be the same.

Time is Money Join Law Insider Premium to draft better contracts faster.