Transferred Membership Sample Clauses
Transferred Membership. Membership in the Association shall not be transferred, encumbered, pledged, or alienated in any way, except upon the sale or encumbrance of the Condominium to which it is appurtenant, and then only to the purchaser, in the case of a sale, or mortgagee, in the case of any encumbrance of such Condominium. On any transfer of title to an Owner’s Condominium, including a transfer on the death of an Owner, membership passes automatically with title to the transferee. A mortgagee does not have membership rights until it obtains title to the Condominium by Foreclosure or deed in lieu thereof. Any attempt to make a prohibited transfer is void. No Member may resign his membership. On notice of a transfer, the Association shall record the transfer on its books.
Transferred Membership. Membership in the Association shall not be transferred, pledged or alienated in any way, except upon the transferof the leasehold interest in the Lot to which it is appurtenant, and then automatically to the new Ground Lessee as provided in Section 11.2 above, and except if required by a First Mortgagee in connection with the creation or assumption of a First Mortgage. Any attempt to make a prohibited transfer is void. Upon the transfer of a leasehold interest in a Lot, the Association shall, upon being advised of the same, record the transfer upon its books, causing an automatic transfer of Membership as provided in Section 11.2 above. No separate instrument shall be required to affectthe transfer of membership upon the transfer of a leasehold interest in a Lot from one Person to another, by whatever means, and no certificate of Membership shall, or shall be required to, be issued.
Transferred Membership. Membership in the Association shall not be transferred, pledged, or alienated in any way, except upon the transfer of ownership of the Lot to which it is appurtenant, and then only to the new Owner. Any attempt to make a prohibited transfer shall be void ab initio.
Transferred Membership. 42 Section 11.4 Classes of Membership ..............................................................................42 Section 11.5