Common use of Completion and Subdivision of Employee Units & Registration of Option Clause in Contracts

Completion and Subdivision of Employee Units & Registration of Option. RFR - No Dwelling Unit on the Land may be occupied or used for any purpose until: a. the 14 Employee Units have been constructed to completion in accordance with the Development Plans and the Municipality has issued occupancy permits for all such Employee Units; b. the Land has been subdivided such that separate indefeasible titles have been raised in the LTO for each Employee Unit on the Land, as individual parcels or strata lots; and c. the Owner has granted the Option/RFR to the Municipality in relation to each Employee Unit and caused the Option/RFR to be registered in the LTO against title to each Employee Unit, with priority over all mortgages and other financial liens, charges and encumbrances, except those in favour of the Municipality or approved in writing by the Municipality.