Condominium Bylaws Sample Clauses
The Condominium Bylaws clause establishes the rules and regulations governing the operation, management, and use of a condominium property. It typically outlines the rights and responsibilities of unit owners, the powers and duties of the condominium association, and procedures for meetings, voting, and maintenance. For example, the bylaws may specify how common expenses are shared, how disputes are resolved, and the process for making amendments. The core function of this clause is to provide a clear framework for the orderly administration of the condominium, ensuring that all residents and stakeholders understand their obligations and the mechanisms for decision-making.
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Condominium Bylaws mean Exhibit “A” hereto, being the Bylaws setting forth the substantive rights and obligations of the Co-Owners and required by the Act to be recorded as part of the Master Deed.
Condominium Bylaws. A copy of the proposed draft of the Condominium Bylaws is attached as Exhibit Three hereto, and is accepted by Lessee and Lessor. Lessor hereby represents that the final version of such Bylaws shall not be materially different from the draft, and that the final version of such Bylaws, any amendment to them or any resolution based on any amendment to the Bylaws shall not materially adversely affect the rights or obligations of the Lessee under this Lease, and Lessee’s right to use the Premises for the Contemplated Uses, as permitted under this Agreement. Pursuant to articles 23 and 34 of Law Number 7933, “Ley Reguladora de la Propiedad en Condominio” (Law to Regulate Condominium Property), the Lessee shall be required to comply with the Condominium Bylaws. However, Lessor shall give written notice to the Lessee, as indicated in Section 11 herein, whenever a Condominium General Owners Assembly will be held, in order to modify the Condominium By-laws. Such notice shall be given to the Lessee at least thirty (30) calendar days prior to the celebration of such Assembly, and shall include a clear description of the By-laws that are going to be modified. Lessee will then have fifteen (15) calendar days to reply to such notice, indicating the following: i) If all, or any portion of the changes intended will or may adversely affect Lessee ii) A monetary estimation of the costs and damages that Lessee may suffer. Lessor may then decide to take all possible actions to impede such changes, or go forward with them, and previously compensate the Lessee. If the Lessor where to decide to compensate, damages and costs will have to be duly demonstrated and quantified before any such compensation. Besides, such compensation should be paid within the following fifteen days after any modification to such Bylaws is approved. If the Lessee does not reply to the notice in the period given, or if he does not give an estimation for the damages he claims he will suffer, this will be deemed as an acceptance of all changes, and that such changes do not generate any materially adverse damages to Lessee. Lessor also represents and warrants, that in all Condominium Assemblies he will vote against any disposition that could materially adversely affect the rights or obligations of the Lessee under this Agreement only in case such dispositions could eventually affect the rights of the Lessee to use the Premises and Common Areas as indicated in Provision 2.01 of this Contract, or the right t...
Condominium Bylaws. The authorities of the Management Company and any instruction and limitation with respect to any leased premises in the Building shall be noted as binding instructions in the Condominium Bylaws, in case the Lessor decides, at its sole discretion, to register the Building in the Condominiums Register.