Non-Owner Occupied Sample Clauses

The Non-Owner Occupied clause defines the requirements and restrictions for properties that are not occupied by their legal owner. Typically, this clause outlines whether a property can be rented out, used as an investment, or must remain vacant if not owner-occupied, and may specify notification or approval requirements for such use. For example, it might prohibit short-term rentals or require the owner to inform the lender or association if the property is leased to tenants. The core function of this clause is to clarify permissible uses of the property, manage risk for lenders or associations, and ensure compliance with relevant occupancy policies.