Common use of Historical Context Clause in Contracts

Historical Context. In 1989, shortly after the conversion to cooperative ownership, the Board of Directors adopted a policy designed to (1) provide flexibility to shareholders who need to sublet for economic and personal reasons and (2) maintain the residential character of the building. More recently, the Board recognized a third reason: to maximize the Co-op’s financial health and its ability to borrow at the most favorable rates. Modifications to the policy have been introduced over the intervening years to respond to those shareholders who wish to purchase additional apartments and establish guidelines for those shareholders who purchase apartments as a non-primary residence, for example, as a pied-à- terre, home office, artist studio, or residence for a family member. See Family Member, below. Those shareholders who do not purchase an apartment as a primary residence are not permitted to sublet. The Board reviews the policy periodically to ensure it balances the various interests of the Co-op, keeps pace with changing life-styles, and promotes the fair and reasonable application of the rules in individual cases.

Historical Context. In 1989, shortly after the conversion to cooperative ownership, the Board of Directors adopted a policy designed to (1) provide flexibility to shareholders who need to sublet for economic and personal reasons and (2) maintain the residential character of the building. More recently, the Board recognized a third reason: to maximize the Co-op’s financial health and its ability to borrow at the most favorable rates. Modifications to the policy have been introduced over the intervening years to respond to those shareholders who wish to purchase additional apartments and establish guidelines for those shareholders who purchase apartments as a non-primary residence, for example, as a pied-à- à-terre, home office, artist studio, or residence for a family member. See Family Member, below. Those shareholders who do not purchase an apartment as a primary residence are not permitted to sublet. The Board reviews the policy periodically to ensure it balances the various interests of the Co-op, keeps pace with changing life-styles, and promotes the fair and reasonable application of the rules in individual cases.