Condominium Regime definition
Examples of Condominium Regime in a sentence
Condominium, a condominium project in Rockwall, Rockwall County, Texas created under and described in the Declaration of Condominium Regime For The ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇.
Once Lender has approved the Condominium Documents, which approval shall not be unreasonably withheld, delay, or conditioned, Lender shall consent to and/or execute such Condominium Documents as are required of Lender, in its capacity as the holder of a security interest in the Land, to facilitate Borrower’s conversion of the Land into the Condominium Regime under the laws of the Commonwealth of Virginia.
Once the Lender has approved the Condominium Documents, which approval shall not be unreasonably conditioned, delayed or withheld, the Lender shall consent to and/or execute such Condominium Documents as are required of the Lender, in its capacity as the holder of a security interest in the Land, to facilitate the Borrower’s conversion of the Project into a Condominium Regime under the laws of the Commonwealth of Virginia.
Borrower shall submit all existing or proposed Condominium Documents intended or necessary to convert the Land into a multi-unit Condominium Regime to Lender for Lender’s review and approval concurrently with Borrower’s submission of the Condominium Documents to any Public Authority required to review and approve the Condominium Documents as a precondition to creation of the Condominium Regime.
Borrower shall provide Lender with evidence that all Public Authorities have approved the Condominium Documents creating the Condominium Regime and that all Condominium Documents required to legally create the Condominium Regime have been duly recorded with the appropriate Public Authorities resulting in the creation of the requisite number of single family attached townhome condominium Units per Building Pad prior to the closing of the out-sale of the first Unit within such Building Pad.
Borrower shall submit all existing or proposed documentation (the “Condominium Documents”) intended or necessary to convert the Project into a multi-unit condominium regime (the “Condominium Regime”) to the Lender for the Lender’s review and approval prior to the Borrower’s submission of the Condominium Documents to any governmental authority required to review and approve the Condominium Documents as a pre-condition to the creation of the Condominium Regime.
Project – The Land as separated into the four (4) Building Pads and Common Areas, the creation of the Condominium Regime for the Land, and the construction of Buildings and the other Improvements on the Land are collectively hereinafter referred to as the Project.
Common Areas – The common elements of the Condominium Regime as identified and created pursuant to the Condominium Documents.
Condominium (“Condominium”) comprised of 490,000 square feet of rentable area (“Rentable Area”) together with Unit A’s undivided interest in and to the Common Elements as defined in and provided by that certain Declaration of Condominium Regime for The 3▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇.
Subject to the provisions of this Section, the proceeds shall be disbursed first for the repair or restoration of the damaged Common Elements and Units, and Unit Owners and lien holders are not entitled to receive payment of any portion of the proceeds after the Common Elements and Units have been completely repaired or restored, or the Condominium Regime is terminated.