Condominium Contracts Clause Samples
A Condominium Contracts clause outlines the terms and conditions governing agreements related to the purchase, sale, or management of condominium units. This clause typically addresses issues such as the rights and obligations of unit owners, the role of the condominium association, and procedures for handling common expenses or maintenance. By clearly defining these aspects, the clause helps ensure that all parties understand their responsibilities and reduces the risk of disputes regarding property use, fees, or governance within the condominium community.
Condominium Contracts. To the extent any Condominium Contracts are not terminated at or prior to Closing, deposits under such Condominium Contracts shall be transferred and assigned to the benefit of the Owner.
Condominium Contracts. Except as set forth in the immediately following sentence, without the prior written consent of Lender, Borrower shall not, and shall not cause, permit or suffer any other Person acting on behalf of or as agent for Borrower, to enter into a contract for the sale of any Unit (each a “Condominium Contract” and collectively, “Condominium Contracts”). Notwithstanding the foregoing, provided no Event of Default has occurred, Borrower may enter into a bonafide, third party Condominium Contract if each of the following conditions is satisfied (each such Condominium Contract which satisfies such conditions is referred to as an “Approved Condominium Contract” and collectively as the “Approved Condominium Contracts”):
(a) Such agreement shall be evidenced by a form of purchase agreement, together with form riders or approved modification language, which are attached hereto as Exhibit G (the “Form Condominium Contract”);
(b) The Contract Buyer must be a third party not related to or affiliated, directly or indirectly, with Borrower, Guarantor or any principal of Borrower and which has no direct or indirect interest in the Property, unless said Condominium Contract is approved by Lender and meets or exceeds all release requirements contained herein, and is purchasing the Unit for his own use and not for investment, unless approved by Lender;
(c) Unless consented to by Lender, the Contract Buyer under said Condominium Contract has (in the aggregate with all its Affiliates) not contracted to purchase more than two (2) Residential Units;
(d) The ▇▇▇▇▇▇▇ money deposit required thereunder is no less than one percent (1%) of the Base Purchase Price of such Unit;
(e) There are no unexpired contingencies thereunder, including a mortgage contingency;
(f) The Base Purchase Price for each Unit shall be greater than or equal to the following calculations, as applicable to such Unit: (1) if Upgrades are required for such Unit and such Unit is included in the Mass Closing, then the Base Purchase Price for such Unit shall be greater than or equal to the Minimum Unit Sales Price for such Unit; (2) if such Unit is included in the Mass Closing but the Unit is to be sold “as-is” with no required Upgrades, then the Base Purchase Price for such Unit shall be greater than or equal to 95% of the Minimum Unit Sales Price for such Unit; or (3) if such Unit is not included in the Mass Closing, then the Base Purchase Price for such Unit shall be greater than or equal to 95% of the Minimum Unit ...
Condominium Contracts. No Modification or Termination of Condominium Contracts
Condominium Contracts. Upon execution thereof, complete copies of all Condominium Contracts.
Condominium Contracts. Upon the execution and delivery thereof, all Approved Condominium Contracts shall be in full force and effect and shall be in compliance with Section 8.1. No event of default, or any event which, with the passage of time or the giving of notice, or both, would constitute an event of default, has occurred pursuant to the terms of any of the Approved Condominium Contracts, upon the execution and delivery thereof, on the part of Borrower or, to Borrower’s knowledge, the other parties thereto.