Garage Condominium Unit definition

Garage Condominium Unit. Deed shall mean a limited warranty deed by which Developer shall convey its interest in the Garage Condominium Unit to CDC, together with all improvements thereon, which deed shall be subject only to (a) the Permitted Exceptions; and (b) matters created or consented to by City Bodies or its successor or contemplated herein. Garage Lease shall mean the lease by and among CDC, RDC, and Developer pursuant to which CDC shall lease the Garage Condominium Unit and the Garage to Developer for the Lease Term, and which lease shall: (a) be subject only to the Permitted Exceptions; and (b) include (i) an environmental indemnity from Developer; (ii) rights similar to those set forth in the Power of Termination; and (iii) such other terms as are consistent with this Agreement and the Ancillary Agreements. City Bodies shall be responsible for all management, maintenance, operation, insurance, repair and reconstruction of the Garage (including all responsibilities under the Declaration). The rental payments under the Garage Lease shall be the sole liability and obligation of City Bodies. The Garage Lease shall be further subject to the terms and conditions of the Declaration to be executed on or before Closing. General Contractor shall mean the general contractor that is: (a) selected by Developer to construct the Project; and (b) reasonably acceptable to City; with experience in constructing or managing projects similar to the Project. Primary sub-contractors shall be approved in advance by City, which approval shall not be unreasonably withheld. Inspector shall mean such party designated by City as its inspector. Latent Defect shall mean a Material Defect that: (a) is not discovered, and reasonably is not discoverable, by City or Inspector during a Permitted Inspection and/or the Final Inspection; and
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Garage Condominium Unit means that certain condominium unit within which the Garage is to be constructed, which unit is identified by a property identification number separate and distinct from the Retail Condominium Unit and from the Multi-Family Condominium Unit.” Garage Condominium Unit Deed shall be added as follows:
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Examples of Garage Condominium Unit in a sentence

  • The form of the Garage Condominium Unit Deed shall be sufficient to convey the Garage Condominium Unit to CDC after the Garage is completed and the condominium declaration is recorded.

  • As of expiration of the Diligence Period, City shall have determined that no test, inspection, examination, study, or investigation of the Garage Condominium Unit establishes that there are conditions that would interfere materially with the construction and use of the Garage, in accordance with the terms and conditions of this Agreement.

  • In lieu of exercising the Power of Termination as a result of a default under Section 17(a) or 17(b), City may alternatively elect to require Developer to re-convey the Mixed-Use Condominium Units to a City Body and relinquish its estate in and to the Garage and the Garage Condominium Unit in accordance with the terms and conditions of this Subsection, in which case City and Developer shall close the reconveyance within fifteen (15) days after such election.

  • If a City Body owns the Garage Condominium Unit, City Bodies assume and agree to pay Real Estate Taxes and Assessments becoming a lien against the Garage Condominium Unit whenever assessed, due, or payable.

  • Developer shall be responsible for all real estate taxes and assessments, assessed, due and/or payable prior to the reconveyance and for all costs of reconveyance and to satisfy any liens and encumbrances on its leasehold estate in and to the Garage Condominium Unit and the Garage and on the Mixed-Use Condominium Units, including, without limitation the Project Loan.

  • Ancillary Agreements shall mean all instruments and agreements referenced or contemplated herein, including, without limitation, the Garage Lease, the Funding Agreement, the Declaration, the Developer Obligations Agreement, the Multi-Party Agreement, the Public Land Deed, the Garage Condominium Unit Deed, and any other agreements or reservations set forth therein and other documents needed to effecuate the intent of this Agreement and the Closing.

  • Closing shall mean the closing with respect to: (a) if not yet aquired, Developer’s acquisition of the Development Land; (b) CDC’s conveyance to Developer of the Public Land; (c) approval of the Plat (and recordation, if possible with the contemplated horizontal property regime); and (c) Developer’s and City’s agreement to the form of the Garage Condominium Unit Deed.

  • The Survey shall establish the legal description of: (A) the Mixed-Use Condominium Units; and (B) the Garage Condominium Unit, to the extent possible prior to condominiumization.

  • The Plat shall establish the precise legal description of: (A) the Mixed-Use Condominium Units; (B) the Public Right-of-Way; and (C) the Garage Condominium Unit; for purposes of title insurance and closing documents.

  • As of expiration of the Diligence Period, City shall have determined that there: (i) is no contamination or pollution of the Garage Condominium Unit, or any groundwater thereunder by any hazardous waste, material, or substance in violation of any Laws; (ii) are no underground storage tanks located on the Garage Condominium Unit; and (iii) are no wetlands on the Garage Condominium Unit.

Related to Garage Condominium Unit

  • Condominium means a common interest community in which portions of the real estate are designated for separate ownership and the remainder of the real estate is designated for common ownership solely by the owners of those portions. A common interest community is not a condominium unless the undivided interests in the common elements are vested in the unit owners.

  • Built-Up Area and/or “Covered Area” in relation to a Flat shall mean the floor area of that Flat including the area of balconies and terraces, if any attached thereto, and also the thickness of the walls (external or internal) and the columns and pillars therein Provided That if any wall, column or pillar be common between two Flats, then one-half of the area under such wall column or pillar shall be included in the built-up area of each such Flat.

  • Area A means the area marked “Area A” outlined in red on the Plan (excluding that part shaded grey on the Plan);