Common use of Timeshare Declaration Clause in Contracts

Timeshare Declaration. Lender acknowledges that at the time of the execution of this Agreement, no Timeshare Declaration has been recorded against the Land and all references to a Timeshare Declaration that are contained in this Agreement and the other Acquisition Loan Documents are presently of no force or effect, given the absence of a Timeshare Declaration. However, in the event Borrower subsequently prepares a Timeshare Declaration for recording against the Land, such references shall then become applicable to such Timeshare Declaration. Borrower agrees to give Lender prompt written notice at such time as Borrower intends to record a Timeshare Declaration against the Land and promptly furnish Lender with a copy of the unrecorded Timeshare Declaration for Lender’s review and approval before the same is recorded against the Land and upon Lender’s reasonable approval of such Timeshare Declaration and related documents, Lender shall execute a consent to such Timeshare Declaration for recording in the public records. Furthermore, at such time as the Timeshare Declaration is recorded, BVU agrees to collaterally assign its declarant’s rights to Lender as further security for the payment and performance of the Obligations, pursuant to the Collateral Assignment of Declarant’s Rights, in a form reasonably acceptable to Lender and Borrower, which assignment will be recorded in in the Official Public Records of Bexar County, Texas.

Timeshare Declaration. Lender Administrative Agent acknowledges that at the time of the execution of this Agreement, no Timeshare Declaration has been recorded against the Land and all references to a Timeshare Declaration that are contained in this Agreement and the other Acquisition Loan Documents are presently of no force or effect, given the absence of a Timeshare Declaration. However, in the event Borrower ▇▇▇▇▇▇▇▇ subsequently prepares a Timeshare Declaration for recording against the Land, such references shall then become applicable to such Timeshare Declaration. Borrower ▇▇▇▇▇▇▇▇ agrees to give Lender Administrative Agent prompt written notice at such time as Borrower ▇▇▇▇▇▇▇▇ intends to record a Timeshare Declaration against the Land and promptly furnish Lender Administrative Agent with a copy of the unrecorded Timeshare Declaration for LenderAdministrative Agent’s reasonable review and approval before the same is recorded against the Land and upon LenderAdministrative Agent’s reasonable approval of such Timeshare Declaration and related documents, Lender Administrative Agent shall execute a consent to such Timeshare Declaration for recording in the public records. Furthermore, at such time as the Timeshare Declaration is recorded, BVU agrees to collaterally assign its declarant’s rights to Lender Administrative Agent as further security for the payment and performance of the Obligations, pursuant to the Collateral Assignment of Declarant’s Rights, in a form reasonably acceptable to Lender Administrative Agent and Borrower, which assignment will be recorded in in the Official Public Records of Bexar Bay County, TexasFlorida.