The Condominium Sample Clauses
The "THE CONDOMINIUM" clause defines and describes the specific property that is the subject of the agreement, typically identifying the condominium unit, its location, and any associated common areas or amenities. In practice, this clause will reference the legal description of the unit, its address, and may include details such as parking spaces, storage units, or access to shared facilities. Its core function is to ensure all parties have a clear and unambiguous understanding of exactly what property is being conveyed or governed by the contract, thereby preventing disputes over property boundaries or rights.
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The Condominium a. Buyer agrees to be bound by the Declaration, the Articles of Incorporation and Bylaws of the Association, and the rules and regulations pertaining to the Condominium, as such documents may be amended from time to time.
b. The execution of this Agreement by Buyer shall be deemed an application for membership in the Condominium Association, which membership shall automatically take effect at Closing. At Closing, Buyer agrees to accept the liabilities and obligations of membership.
c. Buyer acknowledges certain reserved rights of Seller, its affiliated entities, nominees, assigns and other parties relating to any central cable, telecommunications, security, receiving and distribution systems that may be installed at the Condominium and other services and systems in which any of the aforementioned parties may retain ownership, use, license or profit rights and grant same, wholly or partially, to successors and assigns. In the event such installations are provided by Seller, Buyer further acknowledges and agrees that neither Buyer nor the Condominium Association (as such term is defined in the Declaration) shall be deemed to obtain any right, title, interest or profit in any of the foregoing reserved by Seller or third party rights.
The Condominium. A. Developer will construct and equip the condominium building in substantial compliance with the plans and specifications therefor, which are available for inspection by Buyer at the office of Developer. Plans and specifications filed with Brevard County, or any other government agency, shall not be deemed incorporated herein by reference. Developer hereby reserves the exclusive right, in its sole discretion, to make non-substantial changes in plans and specifications and/or substitutions of materials, equipment, or appliances used in the construction of the Property, including variations in color, brand, grade and dimensions, provided such non-substantial changes are in compliance with applicable building codes and/or substitutions are of comparable or better quality, and to make minor changes in the layout and dimensions of the Property, which do not substantially affect the value of the Property. Construction of the condominium (including the Property) shall be in compliance with applicable governmental codes and regulations, subject to local governmental interpretations and applications, and the final inspection and acceptance by such governmental agency, as evidenced by issuance of a Certificate of Occupancy, shall constitute conclusive evidence that the Property has been completed in accordance with this Agreement and the obligations of Developer hereunder have been fully satisfied.
B. The Developer agrees that the condominium shall be ready for occupancy by the Buyer within twenty-four (24) months from the date of acceptance of this offer, with the provision, however, that the time set for completion and occupancy herein provided for shall be extended for delays and other events that would be sufficient to support a defense under Florida law based upon impossibility of performance for reasons beyond the Developer’s control.
C. This agreement and all rights hereunder are subordinate and inferior to any construction or other mortgage placed by the Developer or its nominee upon the condominium and its appurtenant lands, whether such construction or other mortgage shall be executed before or after the date of this agreement. The subordination herein contained is automatic and shall not require nor be deemed to require any writing; however, in the event any mortgagee contemplated in this paragraph shall require it, Buyer shall execute a subordination agreement suitable in the mortgagee’s opinion, to effectuate the provisions of this paragraph. The Buyer...
The Condominium. (a) That, it is expressly agreed that the Allottee will be entitled to use the common areas and facilities appurtenant with the said apartment and the nature, extent and description of such common areas and facilities are set out in the Prakoshtha Declaration of the building U/s. Section 2 of the Madhya Pradesh Prakoshtha Swamitva Adhiniyam, 2000 and the usage thereof shall exclusively governed as per the provisions made in the Prakoshtha Declaration and the Madhya Pradesh Prakoshtha Swamitva Adhiniyam, 2000.
The Condominium. Developer is in the process of developing a condominium project to be known as Sommet Blanc Residences, located in Park City, Summit County, Utah (the “Community”). The Community is tentatively planned to include one (1) multi-story residential building (the “Building”) containing a total of twenty (20) condominiums, with the intention that it shall be developed in conjunction with other surrounding properties.
The Condominium. Developer is in the process of developing a condominium project to be known as RC 14 Condominiums located at Canyons Village in Park City, Summit County, Utah (the “Project”). The Project is currently planned to be operated as a YOTELPAD condominium hotel project and to include a multi-story condominium hotel building (the “Building”) containing a total of one hundred forty-four
The Condominium. The Condominium has been duly formed and is validly existing pursuant to applicable law, including Massachusetts General Law c. 183A, as amended. The percentage interest in the common areas of the Condominium which are appurtenant to Dedham Place is 51%. The Condominium Documents (i) are all of the material documents and instruments which have been entered into in connection with the creation of the Condominium, (ii) have not been modified or amended and (iii) are in full force and effect. All common expenses and assessments which are due and payable with respect to the Dedham Place Condominium Unit have been paid in full, and to the Actual Knowledge of Contributor, all common expenses and assessments which are due and payable with respect to the Hotel Unit have been paid in full. To the Actual Knowledge of Contributor, no increase in the annual common expenses and assessments payable with respect to the Dedham Place Condominium Unit is currently contemplated or pending. To the Actual Knowledge of Contributor, Contributor is not in default of any of its material obligations under or with respect to the Condominium Documents, and Contributor has not received any written notice of any such default which remains uncured. The trustees with respect to the Dedham Place Condominium Trust are ▇▇▇▇▇▇▇ ▇. ▇▇▇▇, III and ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇. The insurance required to be maintained by the trustees pursuant to Section 5.7.1 of the Dedham Place Condominium Trust and By-Laws is in full force and effect, and true and correct copies of the insurance certificate evidencing the same is annexed hereto as part of Schedule A-10. Contributor has informed Contributee that historically there has not been a separate budget for common area expenses of the Condominium, and each unit owner has paid separately for maintenance of the common areas of the Condominium. Promptly after the date hereof Contributor shall develop a proposed 1998 budget for the common area expenses of the Condominium, which budget shall be subject to the reasonable prior approval of Contributee.
The Condominium