Common use of No conversion of the Common Areas and Facilities Clause in Contracts

No conversion of the Common Areas and Facilities. No Owner (including the First Owner) shall have the right to convert the Common Areas and Facilities or any part thereof to his own use or for his own benefit unless with the approval by a resolution of the Owners’ Committee. Any payment received for the granting of such approval shall be credited to the Special Fund.

Appears in 1 contract

Sources: Deed of Assignment

No conversion of the Common Areas and Facilities. No Owner (including the First Owner) shall have the right to convert any part of the Common Areas and Facilities or any part thereof to his own use or for his own benefit unless with the approval approved by a resolution of the Owners’ Committee. Any payment received for the granting of such approval shall be credited to the Special Fund.

Appears in 1 contract

Sources: Deed of Mutual Covenant and Management Agreement