UNIT RECORDS Sample Clauses
The "Unit Records" clause establishes requirements for maintaining and managing detailed records related to individual units, such as apartments, vehicles, or equipment, within the scope of an agreement. Typically, this clause outlines what information must be recorded for each unit, how records should be updated, and who is responsible for their accuracy and safekeeping. For example, it may require the tracking of maintenance history, occupancy, or usage data for each unit. The core function of this clause is to ensure transparency and accountability by providing a clear record of each unit's status and history, which helps prevent disputes and facilitates efficient management.
UNIT RECORDS. ISSUANCE AND TRANSFERRABILITY OF UNITS. Records shall be kept by or on behalf of and under the direction of the Trustee which shall contain the names and addresses of the Holders, the number of Units held by them respectively, and in which there shall be recorded all transfers of Units. The Persons in whose names Units are registered on the records of the Trust shall be deemed the absolute owners of the Units for all purposes of this Trust; but nothing herein shall be deemed to preclude the Trustee or their agents or representatives from inquiring as to the actual ownership of Units. Permitted transfers of Units shall be registered on the records of the Trust only as of the end of the last day of the month in which it receives notice of the transfer. Until a transfer is duly registered as to the Trust, the Trustee shall not be affected by any notice of such transfer either actual or constructive. The payment thereof to the Person in whose name any Units are registered on the records of the Trust or to the duly authorized agent of such Person (or if such Units are registered in the name of more than one person, to any one of such Persons or to the duly authorized agent of such Person) shall be a sufficient discharge for all distributions payable or deliverable in support of such Units and from all liability to see to the application thereof. The Trustee may prescribe further rules and regulations, not inconsistent herewith, as it may deem necessary or advisable concerning the transfer of Units.