Master CC&Rs Clause Samples
The Master CC&Rs (Covenants, Conditions, and Restrictions) clause establishes the overarching rules and guidelines that govern the use, maintenance, and management of a property or community development. This clause typically applies to all property owners within a development, outlining obligations such as architectural standards, maintenance responsibilities, and restrictions on property use. By setting uniform standards and expectations, the Master CC&Rs ensure consistency, protect property values, and help prevent disputes among owners by providing a clear framework for community governance.
POPULAR SAMPLE Copied 1 times
Master CC&Rs. “Master CC&Rs” means that certain Declaration of Covenants, Conditions and Restrictions for ▇▇▇▇▇▇ Hills East Commercial Center dated as of January 1, 1978 and recorded on April 13, 1978 in the Official Records of Los Angeles County (“Official Records”) as Document No. 78-390435: (a) as amended and modified by (i) that certain First Amendment to Declaration of Covenants, Conditions and Restrictions for ▇▇▇▇▇▇ Hills East Commercial Center dated as of June 28, 1979 and recorded on July 10, 1979 as Instrument No. 79-749965 in the Official Records, and (ii) that certain Modification of Declaration of Covenants, Conditions and Restrictions for ▇▇▇▇▇▇ Hills Commercial Center dated as of November 30, 1992 and recorded in the Official Records on December 3, 1992 as Instrument No. ▇▇-▇▇▇▇▇▇▇, and (b) as supplemented with respect to the Shopping Center by that certain “Supplemental Agreement and Second Amendment to Declaration of Covenants, Conditions and Restrictions” between Costco and the Estate, dated and recorded concurrently herewith.
Master CC&Rs. (a) Tenant has approved the locations of the Common Areas (as defined in the Master CC&Rs) which Landlord anticipates will be located on the Premises as described on the site plan which is attached to the form of Master CC&Rs attached to this Lease (being the Shared Road, Auto-Court (Shared), Plaza (Shared) and Legacy West Walkway (Shared)), each as depicted on such site plan.
(b) In no event shall Tenant have any obligation to pay any Regular Assessments or Special Group Assessments (each as defined in the Master CC&Rs) to the extent the aggregate amount of such Regular Assessments and Special Group Assessments during any calendar year exceeds the Assessment Cap (defined below). As used herein, “Assessment Cap” means, during the first full calendar year falling within the Term, $45,000.00, and during any subsequent calendar year within the Term, the Assessment Cap in effect during the prior calendar year within the Term multiplied by 1.03. For instance, the Assessment Cap during the second calendar year of the Term will be $46,350.00 (i.e., $45,000.00 * 1.03), and the Assessment Cap during the third calendar year of the Term will be $47,740.50 (i.e., $46,350.00 * 1.