Applicable Declaration Sample Clauses

Applicable Declaration. On or before the first closing of a Timeshare Interest sale to a Purchaser by Borrower in an Applicable Phase or Applicable Resort, all Units, all material improvements as represented to Purchasers for such Applicable Phase, all equipment, furnishings and appliances available for use in connection therewith pertaining to such Timeshare Interest in such Applicable Phase will have been and thereafter will continue to be duly submitted to the provisions of the Applicable Declaration, as amended to include the Applicable Phase(s) as part of the timeshare regime, which Applicable Declaration and any amendment will have been recorded in the public records of the Applicable Jurisdiction. Obligors will not amend the Applicable Declaration in any way which would materially alter the Applicable Resort, the rights of Purchasers, the rights of lenders foreclosing on a Timeshare Interest or any priority of past due assessment claims over the lien of any mortgage encumbering a Timeshare Interest without the prior written consent of Lender. Obligors shall not require Lender’s written consent to amend the rules and regulations of any Applicable Resort or the bylaws of the Applicable Association unless such amendment is likely to materially and adversely affect Obligor’s ability to repay the Obligations hereunder.