Final RERA Agreement
Final RERA Agreement
To
Sub: Request Letter for Opening of Escrow Account under Real Estate
Regulation Act
We agree that the opening and operation of the escrow account(s) will be
additionally governed by the following terms and conditions:
1. The term Escrow Account/ Account shall mean and include all
accounts and/or subaccounts of the Escrow Account opened and
maintained by the Parties with the Account Bank for the purposes
specified/ detailed herein.
2. That the contents of this Request Letter and the Terms and Conditions
shall be binding on us in our individual/ independent capacity as Client
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Address of the Branch where the account is to be opened.
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3. The Escrow Account and its operation shall be bound by the Terms and
Conditions for Escrow Account contained in/ hosted on ICICI Banks
website http://www.icicibank.com/terms-
condition/pdf/New_Terms_and_Conditions.pdf (as amended by the Account
Bank at its sole discretion and in accordance with the applicable law).
4. The usage of the Escrow Account is subject to submission of documents (if any)
as mandated by the Account Bank and in accordance to applicable law in force.
The Client undertakes to ensure compliance and submit updated documents from
time to time. In the event the Client is unable to submit the necessary
documents, the Account Bank shall reserve the right to freeze the Escrow Account
or take such action as may be appropriate under applicable law.
5. That the said Escrow Account shall bear the following title and be in the
name of _________________________RERA Escrow Account. The Parties
further agree that the Account shall be denominated in Indian Rupees.
6. The Branch office of the Account Bank in which the Account has to be
opened and maintained is as under:
______________________________
______________________________
______________________________
7. Notice:
Address: []
Attention: []
Tel: []
Fax: []
Address: []
Attention: []
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Address: ICICI Bank Limited, Autumn Estate, B wing, 3rd floor, Chandivali
Farm Road, Behind Chandivali Studio, Chandivali, Andheri (East),
Mumbai - 400 072.
Attention: Escrow Team
Tel: []
8. Fees:
(II) The Account Bank shall operate the Account in the manner as defined
below:
The Account Bank shall transfer monies lying to the credit of the
Account(s) on _______ (date) (the Sweep Date) in the following
manner and priority :
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(IV) The Beneficiary shall ensure that all instructions given to the Account
Bank shall be in accordance with the applicable law.
(V) The purpose for giving the instructions shall include (please tick one or
more)
a) Land cost
b) Construction cost
c) Refund to allottees
d)
e)
(VI) Notice Period: The Account Bank shall retire at any time by giving 30
days notice in advance to the Parties.
(VI) Authorised Signatories of the Parties who can give instructions to the
Account Bank:
Client(s)2:
Name of Authorised Designatio Specimen
Signatory n Signature
Beneficiary(ies)3:
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Mr. Ms.:______________
Designation: _____________
Signature: ________________
BENEFICIARY
For Beneficiary:
Designation: _______________
Signature: _____________
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Place of Execution:
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