The Condominium Sample Clauses

The "THE CONDOMINIUM" clause defines and describes the specific property that is the subject of the agreement, typically identifying the condominium unit, its location, and any associated common areas or amenities. In practice, this clause will reference the legal description of the unit, its address, and may include details such as parking spaces, storage units, or access to shared facilities. Its core function is to ensure all parties have a clear and unambiguous understanding of exactly what property is being conveyed or governed by the contract, thereby preventing disputes over property boundaries or rights.
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The Condominium a. Buyer agrees to be bound by the Declaration, the Articles of Incorporation and Bylaws of the Association, and the rules and regulations pertaining to the Condominium, as such documents may be amended from time to time. b. The execution of this Agreement by Buyer shall be deemed an application for membership in the Condominium Association, which membership shall automatically take effect at Closing. At Closing, Buyer agrees to accept the liabilities and obligations of membership. c. Buyer acknowledges certain reserved rights of Seller, its affiliated entities, nominees, assigns and other parties relating to any central cable, telecommunications, security, receiving and distribution systems that may be installed at the Condominium and other services and systems in which any of the aforementioned parties may retain ownership, use, license or profit rights and grant same, wholly or partially, to successors and assigns. In the event such installations are provided by Seller, Buyer further acknowledges and agrees that neither Buyer nor the Condominium Association (as such term is defined in the Declaration) shall be deemed to obtain any right, title, interest or profit in any of the foregoing reserved by Seller or third party rights.
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The Condominium. A. Developer will construct and equip the condominium building in substantial compliance with the plans and specifications therefor, which are available for inspection by Buyer at the office of Developer. Plans and specifications filed with Brevard County, or any other government agency, shall not be deemed incorporated herein by reference. Developer hereby reserves the exclusive right, in its sole discretion, to make non-substantial changes in plans and specifications and/or substitutions of materials, equipment, or appliances used in the construction of the Property, including variations in color, brand, grade and dimensions, provided such non-substantial changes are in compliance with applicable building codes and/or substitutions are of comparable or better quality, and to make minor changes in the layout and dimensions of the Property, which do not substantially affect the value of the Property. Construction of the condominium (including the Property) shall be in compliance with applicable governmental codes and regulations, subject to local governmental interpretations and applications, and the final inspection and acceptance by such governmental agency, as evidenced by issuance of a Certificate of Occupancy, shall constitute conclusive evidence that the Property has been completed in accordance with this Agreement and the obligations of Developer hereunder have been fully satisfied. B. The Developer agrees that the condominium shall be ready for occupancy by the Buyer within twenty-four (24) months from the date of acceptance of this offer, with the provision, however, that the time set for completion and occupancy herein provided for shall be extended for delays and other events that would be sufficient to support a defense under Florida law based upon impossibility of performance for reasons beyond the Developer’s control. C. This agreement and all rights hereunder are subordinate and inferior to any construction or other mortgage placed by the Developer or its nominee upon the condominium and its appurtenant lands, whether such construction or other mortgage shall be executed before or after the date of this agreement. The subordination herein contained is automatic and shall not require nor be deemed to require any writing; however, in the event any mortgagee contemplated in this paragraph shall require it, Buyer shall execute a subordination agreement suitable in the mortgagee’s opinion, to effectuate the provisions of this paragraph. The Buyer...
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The Condominium. (a) That, it is expressly agreed that the Allottee will be entitled to use the common areas and facilities appurtenant with the said apartment and the nature, extent and description of such common areas and facilities are set out in the Prakoshtha Declaration of the building U/s. Section 2 of the Madhya Pradesh Prakoshtha Swamitva Adhiniyam, 2000 and the usage thereof shall exclusively governed as per the provisions made in the Prakoshtha Declaration and the Madhya Pradesh Prakoshtha Swamitva Adhiniyam, 2000.
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The Condominium. Developer is in the process of developing a condominium project to be known as Sommet Blanc Residences, located in Park City, Summit County, Utah (the “Community”). The Community is tentatively planned to include one (1) multi-story residential building (the “Building”) containing a total of twenty (20) condominiums, with the intention that it shall be developed in conjunction with other surrounding properties.
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The Condominium. Developer is in the process of developing a condominium project to be known as RC 14 Condominiums located at Canyons Village in Park City, Summit County, Utah (the “Project”). The Project is currently planned to be operated as a YOTELPAD condominium hotel project and to include a multi-story condominium hotel building (the “Building”) containing a total of one hundred forty-four
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The Condominium. The Condominium has been duly formed and is validly existing pursuant to applicable law, including Massachusetts General Law c. 183A, as amended. The percentage interest in the common areas of the Condominium which are appurtenant to Dedham Place is 51%. The Condominium Documents (i) are all of the material documents and instruments which have been entered into in connection with the creation of the Condominium, (ii) have not been modified or amended and (iii) are in full force and effect. All common expenses and assessments which are due and payable with respect to the Dedham Place Condominium Unit have been paid in full, and to the Actual Knowledge of Contributor, all common expenses and assessments which are due and payable with respect to the Hotel Unit have been paid in full. To the Actual Knowledge of Contributor, no increase in the annual common expenses and assessments payable with respect to the Dedham Place Condominium Unit is currently contemplated or pending. To the Actual Knowledge of Contributor, Contributor is not in default of any of its material obligations under or with respect to the Condominium Documents, and Contributor has not received any written notice of any such default which remains uncured. The trustees with respect to the Dedham Place Condominium Trust are ▇▇▇▇▇▇▇ ▇. ▇▇▇▇, III and ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇. The insurance required to be maintained by the trustees pursuant to Section 5.7.1 of the Dedham Place Condominium Trust and By-Laws is in full force and effect, and true and correct copies of the insurance certificate evidencing the same is annexed hereto as part of Schedule A-10. Contributor has informed Contributee that historically there has not been a separate budget for common area expenses of the Condominium, and each unit owner has paid separately for maintenance of the common areas of the Condominium. Promptly after the date hereof Contributor shall develop a proposed 1998 budget for the common area expenses of the Condominium, which budget shall be subject to the reasonable prior approval of Contributee.
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The Condominium 
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Related to The Condominium

  • 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 Condominium Board members appointed by Borrower representing the Unit and/or to designate replacement or substitute Condominium Board members representing the Unit. (f) Borrower has delivered to Lender the executed Proxy on the date hereof. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right to exercise the power of attorney granted pursuant to the Proxy and exercise all rights, powers and remedies of Borrower as owner of the Unit pursuant to the Condominium Documents. The rights granted to Lender under the Proxy shall automatically terminate upon the payment of the Loan in full. (g) Without the prior written consent of Lender (not to be unreasonably withheld), Borrower shall not vote as to any of the following matters upon which Borrower, as an “owner” under the provisions of the Condominium Documents, would or might be authorized to vote, any such vote without such consent being void and of no effect: (i) any subdivision of the Unit not otherwise permitted by the Declaration which would result in a partition of all or a part of the Property subject to the Declaration or have a material adverse effect on (A) the value of the Property, (B) the business operations or financial condition of Borrower, or (C) the ability of Borrower to repay the principal and interest on the Loan as it becomes due; (ii) the nature and amount of any insurance covering all or a part of the Condominium and the disposition of any proceeds thereof relating to the Property; the manner in which any condemnation or threat of condemnation of all or a part of the Condominium (but only to the extent directly relating to the Property) shall be defended or settled and the disposition of any award or settlement in connection therewith; (iii) any amendment to the Condominium Documents which by its terms requires the consent of Lender and any removal of the Condominium from the provisions of the Condominium Act; (iv) subject to the obligations of the Borrower under the Condominium Documents, the creation of, or any change in, any private restrictive covenant, zoning ordinance, or other public or private restrictions, now or hereafter limiting or defining the uses which may be made of the Condominium or any part thereof; or (v) any relocation of the boundaries of the Units that would adversely affect the Unit. Borrower shall not, and shall not cause the Condominium to take any action inconsistent with the terms and conditions of this Agreement, the Security Instrument or any other Loan Document which would have a material adverse effect on (A) the value of the Property, (B) the business operations or financial condition of Borrower, or (C) the ability of Borrower to repay the principal and interest on the Loan as it becomes due.

  • Condominium Documents (a) Borrower shall observe and perform each and every material term to be observed or performed by Borrower as the owner of Condominium Property under the Condominium Documents. (b) Subject to Borrower’s right to contest the same in accordance with the express terms and conditions hereof and of the other Loan Documents and of the Condominium Documents, if any, Borrower shall promptly pay all Assessments imposed pursuant to the Condominium Documents when the same become due and payable with respect to the Condominium Property. Borrower shall deliver to Lender, promptly upon request, evidence satisfactory to Lender that the Assessments have been so paid and are not delinquent with respect to the Condominium Property. (c) Lender shall have the rights and privileges which Borrower has as though Lender were in fact the owner of the Condominium Property, which rights and privileges shall include, without limitation, all voting rights accruing to Borrower under the terms of the Condominium Documents. Upon the occurrence and during the continuance of an Event of Default, Lender may vote in place of Borrower and may exercise any and all of said rights. Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest to vote as Borrower’s proxy and to act with respect to all of said rights so long as such Event of Default continues hereunder. Notwithstanding anything contained herein to the contrary, nothing contained herein or otherwise shall render Lender liable for any Assessments. (d) The Trustee shall at all times be a financial institution or trust company having a long-term credit rating of not less than “A” or its equivalent by S&P and ▇▇▇▇▇’▇. (e) Borrower shall promptly deliver to Lender a true, complete and correct copy of all notices of default received by Borrower with respect to any obligation or duty of Borrower under the Condominium Documents.

  • Real Estate Taxes and Special Assessments The 2022 calendar year real estate taxes due and payable in 2023 shall be paid by Seller. Seller shall credit Buyer(s) at closing for said 2022 real estate taxes payable in 2023 based on the most recent ascertainable tax figures. ▇▇▇▇▇ is responsible for all subsequent real estate taxes.

  • Condominiums/Planned Unit Developments If the Mortgaged Property is a condominium unit or a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project such Mortgage Loan was originated in accordance with, and the Mortgaged Property meets the guidelines set forth in the Originator's Underwriting Guidelines;

  • Project 3.01. The Recipient declares its commitment to the objectives of the Project. To this end, the Recipient shall carry out the Project in accordance with the provisions of Article IV of the General Conditions.