Condominium Sample Clauses
The Condominium clause defines the rights and obligations of parties in relation to a property that is part of a condominium development. It typically outlines the shared ownership of common areas, the responsibilities for maintenance fees, and the rules governing the use of both private units and communal spaces. For example, it may specify how costs for repairs to shared facilities are divided among unit owners or set guidelines for alterations to individual units. The core function of this clause is to ensure clear governance and management of the condominium property, preventing disputes by delineating responsibilities and usage rights among all owners.
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Condominium. (a) Borrower shall promptly and faithfully make all payments required under, and promptly and faithfully observe and perform all other terms, covenants and conditions on the part of Borrower to be observed and performed under (i) the Declaration; (ii) the by-laws of the Condominium; (iii) the rules and regulations promulgated by the Condominium Board or other executive body of the Condominium from time to time; and (iv) all other documents (A) creating the Unit, (B) related, in any material respect, to the condominium characteristics of ownership of the Unit, to the ownership rights of Borrower in and to the Unit or to the relationship among owners of units in the Condominium, or governing the Unit, as the same may be amended (collectively, the “Condominium Documents”).
(b) Borrower shall pay in respect of the Unit on or before the expiration of any applicable grace or cure period all common expenses, charges and assessments, special or general, and other items for the payment of which Borrower is or may hereafter be responsible under the terms of the Condominium Documents (collectively, “Condominium Charges”).
(c) Lender shall have the right, at reasonable times and upon reasonable notice, to inspect the records of the Condominium as provided in the Condominium Documents until such time as the Indebtedness is paid in full.
(d) Borrower will take all commercially reasonable action to obtain as promptly as possible, and forthwith upon receipt furnish to the Lender, upon Lender’s request, a true and correct copy of: (i) each notice of any meeting of the association of owners of the Condominium; (ii) the minutes of any such meeting; (iii) any statement of financial condition of said association, audited or otherwise, furnished to or available to an owner; (iv) any statement showing the allocation of expenses and any other assessments against the owners; (v) any statements issued to Borrower calling for payment of expenses other than the regular monthly maintenance statements; and (vi) any notice of default given to Borrower in respect of the observance of the Condominium Documents, or any of them.
(e) In the event that Lender (or its nominee) shall acquire title to the Unit through the exercise of its rights and remedies under the Security Instrument or by way of a deed in lieu thereof, then Borrower hereby acknowledges and agrees that, subject to the provisions of the Condominium Documents, Lender (or its nominee) shall be solely entitled to remove any Condo...
Condominium. This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the “Declaration”) which are or shall be recorded in order to convert the Land and the improvements erected thereon to a condominium form of ownership in accordance with the provisions of Article 9-B of the Real Property Law, or any successor thereto, provided the Declaration does not include other terms which increase Tenant’s obligations (in any material respect) or decrease Tenant’s rights (in any material respect). If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this Lease confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s Tax Share and Tenant’s Operating Share and appropriate reductions in the Operating Expenses for the Base Operating Year and the Base Tax Amount; provided, that, such amendment shall not reduce Tenant’s rights or increase Tenant’s obligations under this Lease (in either case in any material respect) or increase Tenant’s monetary obligations under the Lease.
Condominium. (a) The Borrower represents, warrants and covenants that the Condominium Documents and all of the easements and other rights granted thereby are now valid and subsisting.
(b) The Borrower will cause the Property Owner to fully and faithfully pay when due and payable the assessments, common charges and other charges mentioned in and made payable by the Property Owner under the Condominium Documents, and shall cause the Property Owner to fully and faithfully perform all obligations on the part of the Property Owner to be performed under the Condominium Documents in the time and manner therein prescribed.
(c) The Borrower shall cause the Property Owner to do all things necessary to preserve and keep unimpaired its rights, powers and privileges under the Condominium Documents and to prevent the termination or expiration of the Condominium Documents, or the withdrawal of the Condominium from a condominium form of ownership, to the end that the Property Owner may enjoy all of the rights granted to it as a party to the Condominium Documents.
(d) The Borrower will promptly notify Agent of any failure by the Property Owner to comply with the Condominium Documents.
(e) The Borrower will (i) promptly notify Agent of the receipt by the Borrower, the Manager, the Member or the Property Owner of any notice asserting or claiming a default by the Property Owner under, or lack of compliance by the Property Owner with, the Condominium Documents, (ii) promptly notify Agent of the receipt by the Borrower, the Manager, the Member or the Property Owner of any notice or request of a termination or purported termination of the Condominium Documents or of the Condominium or of or for the commencement or taking of or intent to commence to take any action to terminate the Condominium or the Condominium Documents or to withdraw the Condominium from the condominium ownership pursuant to applicable law or to seek any action for partition of the Condominium, (iii) promptly notify Agent of the receipt by the Borrower, the Manager, the Member or the Property Owner of any notice or request of a modification or change or proposed modification or change of or to the Condominium Documents, and (iv) promptly cause a copy of each such notice or request received by the Property Owner, the Manager, the Member or the Borrower to be delivered to Agent. The Borrower will promptly notify Agent of the institution of a proceeding to partition the Condominium or withdraw same from condominium ownership ...
Condominium. Mortgaged property is part of condominium regime where units are wholly-owned by the borrower; however, the borrower is permitted to obtain partial release of up to 4 of the 6 Representation Number on Exhibit C Mortgage Loan Name and Number as Identified on Exhibit A Description of Exception units comprising the regime in connection with partial defeasance of the loan; the borrower maintains affirmative control of owners’ association so long as no more than 4 units are released.
Condominium. To the extent that a Public Garage is located on the same Project Parcel as one or more of the Buildings comprising the Private Improvements, and either such Project Parcel is not capable of being subdivided to locate such Project Garage on a separate legal lot or the Redeveloper determines not to pursue subdivision of the Project Parcel, the Redeveloper shall create a Condominium on such Project Parcel in accordance with CIOA, pursuant to which the Public Garage shall constitute a separate condominium unit. Redeveloper shall prepare a draft of the Condominium Documents for any such Project Parcel for submission to and approval by the City’s Finance Director (after consultation with the City’s Corporation Counsel or outside counsel) within six (6) months following the date on which the Redeveloper is issued a building permit for the Parking Garage to be constructed on such Project Parcel, such approval not to be unreasonably withheld, conditioned or delayed. The Condominium Documents for the applicable Condominium shall be consistent with the terms set forth on Exhibit EE with respect thereto or such other terms as are agreed to by the Redeveloper and the City’s Finance Director, after consultation with the City’s Corporation Counsel or outside counsel. The Parties shall cooperate with one another to make such changes to any such draft Condominium Documents as may be necessary or desirable based on the final design and construction of the Improvements located or to be located on such Project Parcel, the reasonable requirements of lenders making loans on individual units within the Condominium (including any secondary mortgage market requirements). Finalization and recording of the Condominium Declaration (and finalization of the remaining Condominium Documents) shall be a condition precedent to the Redeveloper’s obligation to complete and convey the applicable Public Garage to the City and the City’s obligation to deliver payment for such Public Garage. Nothing herein shall restrict the Redeveloper’s ability to create more than one common interest community (as defined in CIOA) on any Project Parcel (including the use of one or more sub-common interest communities with respect to one or more units located in any underlying master common interest community).
Condominium. (a) Borrower has a 12.5492% aggregate percentage interest in the General Common Elements of the Condominium. Borrower has a proportionate interest in the Retail Common Elements, the Retail Limited Common Elements, the Commercial Limited Common Elements and the Commercial Common Elements as specified in the Condominium Documents. The remaining 87.4508% aggregate percentage interest in the General Common Elements of the Condominium is owned as specified on Schedule I. The Borrower Unit and the Units owned by the other parties described in this paragraph (a) are the only Units in the Condominium.
(b) Each Condominium Document is in full force and effect and constitutes the binding obligation of Borrower and, to Borrower's knowledge, each other party thereto.
(c) Except as expressly set forth in the Exception Report or which has previously been delivered to Lender, Borrower has not consented to any amendment or modification (oral or written) of any of the Condominium Documents, nor, to Borrower's knowledge, does any such amendment or modification (oral or written) of any of the Condominium Documents exist.
(d) No events exist which, now or after the passage of time, or both, would constitute a default by Borrower under any of the Condominium Documents (unless such default would not cause a Material Adverse Effect). In addition, to Borrower's knowledge, no events exist which, now or after the passage of time, or both, would constitute a default by any party other than Borrower under any of the Condominium Documents (unless such default would not cause a Material Adverse Effect).
(e) Except as set forth in the Exception Report, there are no sums which are due and payable by Borrower under any of the Condominium Documents to either the Association or the owners of the Units other than the Borrower Unit, which sums remain unpaid. In addition, except as set forth in the Exception Report, to Borrower's knowledge, there are no sums due and payable by the Association or the owners of the Units other than the Borrower Unit and other than the residential Units under any of the Condominium Documents to Borrower, which sums remain unpaid.
(f) The current budgeted annual Common Charges for the Borrower Unit are $1,830,580.
(g) To Borrower's knowledge, there are no currently outstanding special assessments under the Condominium Documents, and, to Borrower's knowledge, none are presently contemplated.
(h) As of the date hereof, the sole members of the board of directors of t...
Condominium. The Property is a unit of a condominium that is primarily run by a unit owners’ association. Section 3407 of the Uniform Condominium Act of Pennsylvania requires Seller to furnish Buyer with a Certificate of Resale and copies of the condominium declaration (other than plats and plans), the bylaws and the rules and regulations of the association. PLANNED COMMUNITY (HOMEOWNER ASSOCIATION). The Property is part of a planned community as defined by the Uniform Planned Community Act. Section 5407(a) of the Act requires Seller to furnish Buyer with a copy of the declaration (other than plats and plans), the bylaws, the rules and regulations of the association, and a Certificate containing the provisions set forth in Section 5407(a) of the Act.
Condominium. If the Property is a condominium:
Condominium. This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the “Declaration”) which are or shall be recorded in order to convert the Land and the improvements erected thereon to a condominium form of ownership in accordance with the provisions of Article 9-B of the Real Property Law, or any successor thereto, provided the Declaration does not include any terms which increase Tenant’s monetary or non-monetary obligations (other than to a de minimis extent) or decrease Tenant’s rights (other than to a de minimis extent) or materially interfere with Tenant’s use of the Premises for executive, administrative and general office purposes. If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this Lease (at no out-of-pocket costs to Tenant other than any legal fees incurred by Tenant in connection with same) reasonably acceptable to Tenant confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s Share and appropriate reductions in the Base Operating Amount, the Base PILOT Amount and the Base Impositions Amount; provided, that, Landlord provides to Tenant a subordination, non-disturbance and attornment agreement duly executed by the board of such condominium in a form reasonably acceptable to Tenant.
Condominium. (i) Contained in the Inspection Records are true and complete copies of (A) the condominium declaration for the Essex House Condominium and the by-laws annexed thereto (collectively, the “Condominium Declaration”) and (B) the Amended and Restated Offering Plan dated August 18, 2006, as amended through the date hereof (the “2006 Plan”). The minutes of the meetings of the Board of Managers of the Essex House Condominium (the “Board”) and the minutes of the meetings of unit owners of the Essex House Condominium for the period of time from June 2010 to August 2012 have been made available to Purchaser for inspection at the offices of the Essex House Condominium. None of the foregoing documents have been amended, modified or supplemented, except as set forth in the Inspection Records.
(ii) Neither Seller nor, to Seller’s knowledge, the Board is in default under Condominium Declaration and, except as set forth in the Inspection Agreement, no claim has been made against Seller or the Essex House Condominium under the Condominium Declaration. Except for the claims described in the Inspection Agreement, there are no claims against Seller under the 2006 Plan.
(iii) Attached to the Inspection Agreement is a true and complete copy of the Management Agreement dated January 15, 2006, between Essex House Condominium and Jumeirah Hospitality & Leisure (USA) Inc. and includes all amendments and modifications thereto, including, without limitation, that certain Settlement Agreement and Release dated as of June 29, 2012 between Essex House Condominium and Jumeirah Hospitality & Leisure (USA) Inc. (the “Condominium Management Agreement”). There are no agreements with Jumeirah Hospitality & Leisure (USA) Inc. which affect the management of the Essex House Condominium other than the Condominium Management Agreement and other than any agreement entered after the date hereof in accordance with Section 4.3. To Seller’s knowledge, there is no default by Jumeirah Hospitality & Leisure (USA) Inc. under the Condominium Management Agreement.
(iv) Seller has not received any written communications from the OAG or from any purchasers or prospective purchasers of any unit sold by Seller at the Essex House Condominium with respect to disclosures contained in the 2006 Plan or under the ▇▇▇▇▇▇ Act.
(v) As of October 31, 2011, the 2006 Plan has expired and accordingly, Seller had not marketed or entered into any contracts of sale for the Residential Units since October 31, 2011.
(vi) To Selle...