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A. Ownership
of the entire property including the cottages rests with the Company.
The residents will have the right of residence in the House by way of a
license, with out any right on the property.
B. Residents
would have full residential rights for twenty years and renewable for
another twenty years on mutual consent. When the Cottage is no longer
required, it will revert to the Company and the amount deposited would
be returned after deducting 20% of the Deposit to their nominee.
C. The
refund would be governed by the provisions of the License agreement that
will be entered in to by the Resident with the Company, which will,
interalia, incorporate the following terms :
1.
There would be an initial lock in period
of two years during which, the deposit amount can not be refunded.
2.
All the maintenance would be done by the
Company and the Residents would not be allowed to make any repair or
structural alteration.
3.
Management of the property and all the
facilities rests with the Company and the Residents would assist the
Company in the day to day functions, if required.
4.
The decision of the Company on all the
matters relating to the residential facility will be final and binding.
5.
The Company will have powers to accept or
reject any application for registration without assigning any reasons.
6.
An additional non refundable amount of Rs.
50,000/= ((Rupees fifty thousand only) will be collected from the
Residents at the time of occupation as “CORPUS FUND”, for the
maintenance of the Infrastructure.
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