Description and Ownership Sample Clauses

Description and Ownership. (a) The Foundation shall own, operate and maintain the Country Club Facility for the pleasure, recreation and social benefit of its Members in accordance with the Founding Documents. The use of said facilities shall be limited to Participating Members of the Foundation, and to certain family membersFamily Members, guests and invitees, all as provided in the Founding Documents, and to such others as Foundation shall determine subject to this Declaration and the other Founding Documents. The Foundation shall be responsible for the management and operation of the common facilitiesall such Country Club Facilities, including, but not limited to, the golf clubhouse, the golf courses, the tennis facilities, the maintenance facilities, the playgrounds, and the related Common Areas including the lakes, preserves and fountains located within the Development. The Foundation shall maintain these facilities, and shall provide for the operation and use of these facilities during normal business hours, in a first-class manner as contemplated in the GoverningFounding Documents and the Foundation's Rules and Regulations during normal hours. Other than seasonal adjustments to operations as at similarly situated country clubs in Florida, there shall be no reductions in service unless approved by a Super Majority Vote of the Board. For purposes of this Section 4.1(a), a “reduction in service” which requires a Super Majority Vote of the Board shall be defined as a reduction in service to the membersMembers which would reduce the use or value of a membershipMembership to a current memberMember or a prospective Lot purchaserOwner. Notwithstanding the foregoing, any facility schedule change or service reduction for a duration of less than 30 days would require only an affirmative vote of a majority of the Board.
Sample 1
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Description and Ownership. All Units are delineated on the plat attached hereto as Exhibit B and made a part of this Declaration and are legally described as follows: (See Exhibit A) Eighty-seven (87) Units Numbered 1, 2, 3, 10, 20, 30, 40, 50, 60, 70, 80, 90, 100, 110, 120, 130, 140, 150, 160, 170, 180, 190, 200, 210, 220, 230, 240, 250, 260, 270, 280, 290, 300, 310, 320, 330, 340, 350, 360, 370, 380, 390, 400, 410, 420, 430, 440, 450, 460, 470, 480, 490, 510, 520, 530, 540, 550, 560, 570, 580, 590, 600, 610, 620, 630, 640, 650, 660, 670, 680, 690, 700, 710, 720, 730, 740, 750, 760, 770, 780, 790, 800, 810, 820, 830, 840, 850 in Mariners' Village Condominiums, as delineated on the Plat of the Parcel. Each of the eighty-seven (87) Units is identified on the plat by a distinguishing number or other symbol. The legal description of each Unit shall refer to such identifying number or Symbol. It is understood that each Unit consists of the space enclosed or bounded by the horizontal and vertical plains set forth in the delineation thereof in the plat. The legal description of each Unit shall consist of the identifying number or symbol of such Unit as shown in Exhibit B. Every deed, lease, mortgage or other instrument may legally describe a Unit by ifs identifying number or symbol as shown on Exhibit B and every such description shall be deemed good and sufficient for all purposes. Except as provided by the Act, no owner shall, by deed, plat, condominization or otherwise, subdivide or in any other manner cause his Unit to be separated into any tracts, Units, or parcels different from the whole Unit as shown on Exhibit B.
Sample 1
Description and Ownership. No later than the Initial Delivery Date, a written description of such Project and the name of the owner or if subject to a Ground Lease, the lessee, of all or any portion of such Project (which owner(s) or lessee must be the Borrower or a Wholly-Owned Subsidiary that is or becomes a Subsidiary Guarantor as of the date on which such Project is added as a Qualified Property);
Sample 1
Description and Ownership. (a) The Foundation shall own, operate and maintain the Country Club Facility for the pleasure, recreation and social benefit of its Members in accordance with the Founding Documents. The use of said facilities shall be limited to Participating Members, and to certain Family Members, guests and invitees, all as provided in the Founding Documents, and to such others as Foundation shall determine subject to this Declaration and the other Founding Documents. The Foundation shall be responsible for the management and operation of all such Country Club Facilities, including, but not limited to, the golf clubhouse, the golf courses, the tennis facilities, the maintenance facilities, the playgrounds, and the related Common Areas including the lakes, preserves and fountains located within the Development. The Foundation shall maintain these facilities, and shall provide for the operation and use of these facilities during normal business hours, in a first-class manner as contemplated in the Founding Documents. Other than seasonal adjustments to operations as at similarly situated country clubs in Florida, there shall be no reductions in service unless approved by a Super Majority Vote of the Board. For purposes of this Section 4.1(a), a “reduction in service” which requires a Super Majority Vote of the Board shall be defined as a reduction in service to the Members which would reduce the use or value of a Membership to a current Member or a prospective Owner. Notwithstanding the foregoing, any facility schedule change or service reduction for a duration of less than 30 days would require only an affirmative vote of a majority of the Board.
Sample 1

Related to Description and Ownership

  • Capitalization and Ownership (a) As of the date of this Agreement, the entire authorized capital stock of GRS consists of 100,000,000 shares of which 90,000,000 have been designated as GRS Common Stock and 10,000,000 have been designated as Preferred Stock. All of the presently outstanding shares of capital stock of GRS have been validly authorized and issued and are fully paid and nonassessable. Except as set forth on Schedule 5.03, GRS has not issued any other shares of its capital stock and there are no outstanding options, warrants, subscriptions or other rights or obligations to purchase or acquire any of such shares, nor any outstanding securities convertible into or exchangeable for such shares. No dividends are accrued but unpaid on any capital stock of GRS.

  • Record Ownership The Company, or its attorney, shall maintain a register of the Holder of the Debentures (the "Register") showing their names and addresses and the serial numbers and principal amounts of Debentures issued to them. The Register may be maintained in electronic, magnetic or other computerized form. The Company may treat the person named as the Holder of this Debenture in the Register as the sole owner of this Debenture. The Holder of this Debenture is the person exclusively entitled to receive payments of interest on this Debenture, receive notifications with respect to this Debenture, convert it into Common Stock and otherwise exercise all of the rights and powers as the absolute owner hereof.

  • Position and Title The Company hereby agrees to employ the Employee in the position(s) described on Addendum A attached hereto and the Employee hereby accepts such position(s) and agrees to serve the Company, including Company Affiliates (as defined below), in such capacity until this Agreement expires as set forth in Addendum A or this Agreement is earlier terminated by one of the parties in accordance with the terms set forth in Section 4 below.

  • Equity Interests and Ownership The Equity Interests of each of Borrower and its Subsidiaries have been duly authorized and validly issued and are fully paid and non-assessable. Except as set forth on Schedule 4.2, as of the date hereof, there is no existing option, warrant, call, right, commitment or other agreement to which Borrower or any of its Subsidiaries is a party requiring, and there is no membership interest or other Equity Interests of Borrower or any of its Subsidiaries outstanding which upon conversion or exchange would require, the issuance by Borrower or any of its Subsidiaries of any additional membership interests or other Equity Interests of Borrower or any of its Subsidiaries or other Securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase a membership interest or other Equity Interests of Borrower or any of its Subsidiaries. Schedule 4.2 correctly sets forth the ownership interest of Borrower and each of its Subsidiaries as of the Third Restatement Date.

  • Formation and Name Office; Purpose; Term

  • POLICY TITLE AND OWNERSHIP Title and ownership shall reside in the Bank for its use and for the use of the Insured all in accordance with this Agreement. The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the policy cash values. Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Split Dollar policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.

  • Title and Ownership Contractor warrants and represents that it has (i) full ownership, clear title free of all liens, or (ii) the right to transfer or deliver specified license rights to any Products acquired by Authorized User under this Contract. Contractor shall be solely liable for any costs of acquisition associated therewith. Contractor shall indemnify Authorized Users and hold Authorized Users harmless from any damages and liabilities (including reasonable attorneys’ fees and costs) awarded by a court of competent jurisdiction arising from any breach of Contractor’s warranties as set forth herein.

  • Property Ownership The Fund owns or leases all such properties as are necessary to the conduct of its operations as presently conducted.

  • IP Ownership All Company Registered IP is owned by and registered or applied for solely in the name of a Group Company, is valid and subsisting and has not been abandoned, and all necessary registration, maintenance and renewal fees with respect thereto and currently due have been satisfied. No Group Company or any of its employees, officers or directors has taken any actions or failed to take any actions that would cause any Company Owned IP to be invalid, unenforceable or not subsisting. No funding or facilities of a Governmental Authority or a university, college, other educational institution or research center was used in the development of any material Company Owned IP. No material Company Owned IP is the subject of any Lien, license or other Contract granting rights therein to any other Person. No Group Company is or has been a member or promoter of, or contributor to, any industry standards bodies, patent pooling organizations or similar organizations that could require or obligate a Group Company to grant or offer to any Person any license or right to any material Company Owned IP. No Company Owned IP is subject to any proceeding or outstanding Governmental Order or settlement agreement or stipulation that (a) restricts in any manner the use, transfer or licensing thereof, or the making, using, sale, or offering for sale of any Group Company’s products or services, by any Group Company, or (b) may affect the validity, use or enforceability of such Company Owned IP. Each Principal has assigned and transferred to a Group Company any and all of his/her Intellectual Property related to the Business. No Group Company has (a) transferred or assigned any Company IP; (b) authorized the joint ownership of, any Company IP; or (c) permitted the rights of any Group Company in any Company IP to lapse or enter the public domain.

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