Common use of Immediate Payment Clause in Contracts

Immediate Payment. If we choose, all of what is owed (including amounts that haven't become due) must be paid immediately if any of the following things happens: • The managing body fails to comply with a material obligation under condominium law or the condominium rules. • A court makes a judgment or order against the managing body. • The managing body, in our opinion, materially fails to manage the complex in a prudent manner. • A court appoints an inspector, administrator or similar officer under condominium law. • The managing body becomes bankrupt. • Substantial work is started on the complex, or there is a substantial increase in the common expenses or a substantial decrease in the services that the managing body provides, or a step is taken for any of those things. • There is a material change to any of the condominium rules, or a step is taken for that. • There is substantial damage to the complex. • The complex or part of it ceases to be governed by condominium law or the condominium rules, or is sold or expropriated, or the managing body is amalgamated, or the condominium is terminated, or a step is taken for any of those things.

Immediate Payment. If we choose, all of what is owed (including amounts that haven't become due) must be paid immediately if any of the following things happens: •  The managing body fails to comply with a material obligation under condominium law or the condominium rules. •  A court makes a judgment or order against the managing body. •  The managing body, in our opinion, materially fails to manage the complex in a prudent manner. •  A court appoints an inspector, administrator or similar officer under condominium law. •  The managing body becomes bankrupt. •  Substantial work is started on the complex, or there is a substantial increase in the common expenses or a substantial decrease in the services that the managing body provides, or a step is taken for any of those things. •  There is a material change to any of the condominium rules, or a step is taken for that. •  There is substantial damage to the complex. •  The complex or part of it ceases to be governed by condominium law or the condominium rules, or is sold or expropriated, or the managing body is amalgamated, or the condominium is terminated, or a step is taken for any of those things.