Affected Owners definition
Examples of Affected Owners in a sentence
The plans and specifications for such repair and restoration shall be prepared by the Architect, unless the Affected Owners otherwise agree upon another person or entity to prepare them, subject to the approval of their Mortgagees, in accordance with instructions given by all Affected Owners.
The Remaining Owners shall have the -------------------------- option to purchase all or any shares of the Affected Owner's Stock ("Remaining Stock") that was not purchased by Corporation in accordance with Section 5.1(a), for the Purchase Price and on the Payment Terms.
The Architect (or other architect or engineer preparing the plans and specifications) shall furnish to each of the Affected Owners, and their Mortgagees, a set of the plans and specifications which it has prepared or caused to be prepared.
In the event the Affected Owners, and their Mortgagees, ifrequired, fail to agree upon the selection ofa contractor or contractors, the Affected Owners shall request the advice ofthe Architect.
If the Property is damaged by fire or other casualty and if the provisions ofSection 9.3 are not applicable because the damage occurred to both the Condominium Improvements and the Commercial Improvements, the repair and restoration ofonly that portion of such damage which does not fall within those categories shall be the joint responsibility of the Owner or Owners in whose portion of the Property the damage occurs or whose Facilities are damaged (the "Affected Owners").
Such plans and specifications shall provide for the damaged portion of the CHIDOCS212051113123111.5 712412000 9:37 AM 29 Property to be rebuilt as nearly identical as commercially practicable to the damaged portion of Property as constructed prior to the unless prohibited by law or unless the Affected Owners otherwise agree, subject to the approval of their Mortgagees and subject to the consent of other Owners under Section 14.I(B) where required.
All insurance money received in respect of any policy of insurance on the Damaged Part shall likewise be distributed amongst the Affected Owners.
Such repair and restoration shall be commenced and pursued to completion in as timely a manner as practicable and shall be performed on behalfofthe Affected Owners by a contractor or contractorsjointly selected by the Affected Owners, which selection shall be subject to the approval ofthe Mortgagees ifthe approximate cost ofthe repair and restoration is greater than $500,000.00 (in 2000 Equivalent Dollars).