Condominium Conversion definition

Condominium Conversion means the filing or recording with the applicable county clerk or county recorder, or other applicable state, municipal or local governmental entity or agency, of any document providing for the conversion of the Property to a Condominium Project.

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Condominium Conversion means the filing or recording of any document providing for the conversion of the Property to a form of condominium ownership under any state or local statute or ordinance.

Condominium Conversion means the conversion of an existing building to a condominium property which was not developed for that purpose. Such conversion shall require a new occupancy permit in compliance with these Codified Ordinances and applicable State law for each condominium unit. (Ord. 1987-125. Passed 11-16-87.)

Examples of Condominium Conversion in a sentence

• In the event that Foreclosure Purchaser did commit a Condominium Conversion during such Foreclosure Purchaser’s period of ownership of the Property, then Foreclosure Purchaser shall have the obligation to indemnify, defend and hold harmless Seller and the Related Parties with respect to any Condominium Conversion during such Foreclosure Purchaser’s period of ownership.

• From and after the Condominium Conversion Date, all of the provisions of the Condominium Documents shall be deemed and taken to be covenants running with the Land, the Building and the Unit (subject and subordinate to the Ground Lease and the Unit Ground Lease), as though such provisions were recited and stipulated at length herein and in each and every other lease of the Unit (or to any portion of the Unit).

• As of the Closing, the Condominium Conversion and creation of the Unit have been completed in accordance with all applicable laws and no further authorizations or approvals are required for the legal conveyance of the Real Property by Seller to Buyer.

• Any third party transferee of a Foreclosure Purchaser shall have the obligation to indemnify, defend and hold harmless Seller and the Related Parties with respect to any Condominium Conversion after such transferee’s acquisition of the Property.

• As a condition of final project approval, applicant will complete the appropriate HIP Developer Agreement [e.g., HIP Sale, HIP Sale (Condominium Conversion), or HIP Rental Agreement].

More Definitions of Condominium Conversion

Condominium Conversion means that both of the following have occurred as to a Residential Property: (a) notice of the conversion of such Property to a condominium form of ownership has been sent to the tenants of such Property if required by Applicable Law, and (b) a declaration of condominium or other similar document with respect to such Property has been filed with the applicable Governmental Authority.

Condominium Conversion means the conversion of the Property to a condominium regime of ownership in accordance with the Building Loan Agreement and this Agreement.

Condominium Conversion means the conversion of apartments, or other rental units, into ownership property that consist of an undivided interest in common in a portion of real property coupled with a separate interest within the boundaries of the dwelling unit.

Condominium Conversion shall have the meaning given to such term in Section 8.1(o) hereof.

Condominium Conversion. As defined in the Loan Agreement.

Condominium Conversion means the conversion of ownership of any units in a residential housing building consisting of two or more units or the conversion of any residential housing building that is or was previously occupied as a rental residential unit or building to single ownership in which a residential unit or the residential building may be sold individually. Notwithstanding the foregoing, in accordance with the Agreement, the City and the Declarant have acknowledged that some portion(s) of the TIF Parcels may be developed into single family residential development at some point prior to the expiration of the TIF Exemption.

Condominium Conversion means the conversion of property occupied under tenancies or estates other than condominium to occupancy as condominiums. (See Chapter 17.82 of the San Luis Obispo Municipal Code, Condominium Development and Conversion.)