Common use of Initial Operating Period Clause in Contracts

Initial Operating Period. 19.1 Initial Operating Period," as defined in the Bylaws, means the period of time commencing on the date that the Condominium is created and ending on the date to which 75% of the Percentage Interests appertain have been conveyed by the Declarant or two (2) years from the conveyance of the first Unit, or on such earlier date as the Declarant in its sole discretion may determine. During the Initial Operating Period, at Declarant's election (i) the Declarant shall pay the costs of operating the Condominium and (ii) each Unit Owner, in lieu of an assessment, shall pay to the Declarant a fee in an amount equal to 90% of the units' estimated monthly condominium fee for each month (or portion of a month on a pro rata basis) during the Initial Operating Period that the Unit Owner owns a unit. The Declarant shall not be obligated to fund or otherwise contribute to any capital or other reserve for the Condominium during the Initial Operating Period.

Initial Operating Period. 19.1 Initial Operating Period," as defined in the Bylaws, means the period of time commencing on the date that the Condominium is created and ending on the date which is sixty (60) days after units to which 75% of the Percentage Interests appertain have been conveyed by the Declarant or two (2) years from the conveyance of the first Unit, or on such earlier date as the Declarant in its sole discretion may determine. During the Initial Operating Period, at Declarant's election (i) the Declarant shall pay the costs of operating the Condominium and (ii) each Unit Owner, in lieu of an assessment, shall pay to the Declarant a fee in an amount equal to 90% of the units' estimated monthly condominium fee for each month (or portion of a month on a pro rata basis) during the Initial Operating Period that the Unit Owner owns a unit. The Declarant shall not be obligated to fund or otherwise contribute to any capital or other reserve for the Condominium during the Initial Operating Period.

Initial Operating Period. 19.1 18.1 Initial Operating Period," as defined in the Bylaws, means the period of time commencing on the date that the Condominium is created and ending on the date which is sixty (60) days after units to which 75% of the Percentage Interests appertain have been conveyed by the Declarant or two (2) years from the conveyance of the first Unit, or on such earlier date as the Declarant in its sole discretion may determine. During the Initial Operating Period, at Declarant's election (i) the Declarant shall pay the costs of operating the Condominium and (ii) each Unit Owner, in lieu of an assessment, shall pay to the Declarant a fee in an amount equal to 90% of the units' estimated monthly condominium fee for each month (or portion of a month on a pro rata basis) during the Initial Operating Period that the Unit Owner owns a unit. The Declarant shall not be obligated to fund or otherwise contribute to any capital or other reserve for the Condominium during the Initial Operating Period.