Ownership Unit definition
Examples of Ownership Unit in a sentence
After receiving Thirty (30) days written notice, in the event that any Member fails to contribute their proportionate share of any or all of the additional capital requested by a majority of Ownership Unit holders, then other Members, or any one of them, may contribute the additional capital not paid in by such refusing Member, and shall receive an increase in the proportionate share of the Ownership Units in the entire Company in direct proportion to the additional capital contributed.
The Members may, but are not required, to contribute additional capital deemed necessary by a vote of a majority of the Ownership Unit holders of the Company.
The books and records of the Associations are correct and complete in all material respects and all Association funds collected from Vacation Ownership Unit owners and VOI owners have been properly accounted for and expended solely for such purposes as are authorized under the bylaws of each Association, except where such failures would not have an Acquired Company Material Adverse Effect.
As of the date of the closing, all homeowner funds received by the Acquired Companies, for the benefit of the Vacation Ownership Unit owners and VOI owners having use and accompanying rights subsequent to the date hereof, have been duly accounted for and reflected in the Association Financials.
The initial Disposal of each Shared Ownership Unit allocated for Shared Ownership Housing to a person who is proposed to become an Occupier shall (unless otherwise agreed in writing by the Council) include the following terms: tThe Disposal shall not involve the sale of an equity stake of less than 5% or more than 75%; and tThe rent payable under the Shared Ownership Lease shall not amount to more than 2.75% of the Market Value of the unsold equity of the relevant Shared Ownership Housing Unit.
Vistana shall not facilitate the exchange by Owners of any Licensed Vacation Ownership Interests or Licensed Unbranded Vacation Ownership Interests of their right to use and occupy a Licensed Vacation Ownership Unit or Licensed Unbranded Vacation Ownership Unit for stays (or other benefits) at Hotels other than those operated or franchised by Starwood or its Affiliates, except through Exchange Programs approved by Starwood pursuant to this Section 8.4.
Each person to whom a Transfer of an Ownership Unit is permitted by this Agreement, who receives a Transfer of an Ownership Unit during the term of the Partnership, and who agrees in writing to be bound by the provisions hereof, shall thereafter become a “Partner” for all purposes of this Agreement.
Not to Occupy any Shared Ownership Unit other than under a shared ownership lease which includes the following terms: initial purchase in the range of 25%-75% the percentage of the equity; and the annual rent (paid weekly or monthly) for the outstanding equity shall accord with HCA guidelines; and the ability but no obligation to purchase additional shares of equity up to 100%.
Determine the area median income for a household size that is one person larger than the number of bedrooms in the Affordable Ownership Unit.
Owner by and for itself and any successors in interest hereby covenants and agrees that each Restricted Ownership Unit thereon may only be sold to an Eligible Purchaser at an Affordable Housing Cost.