Common use of Condominium Declaration Clause in Contracts

Condominium Declaration. Subsequent to the Real Estate Closing and prior to the Project Commencement Closing, the Developer and the Holding Company shall prepare a condominium declaration, plat and association documents (collectively, the “Condominium Documents”) for the purpose of subjecting the fee interest in the Project Parcel to the condominium form of ownership, pursuant to the Wisconsin Condominium Act. The condominium to be established by the Condominium Documents (the “Condominium”) is anticipated to be a five-unit condominium consisting of units (each, a “Unit”) within which the five Project Elements will be constructed: (i) the Block 88 Office Building Unit, the Hotel Unit, the Block 105 Future Expansion Unit (these three Units, collectively the “Private Units”) and