Resort Interests definition
Examples of Resort Interests in a sentence
The Club Trustee has all necessary trust and other authorizations and powers required to carry out its obligations under the Club Trust Agreement in the State of Florida and in all other states in which it holds Resort Interests.
The Club Trustee has all necessary trust and other authorizations and powers required to carry out its obligations under the Club Trust Agreement in the State of Florida and in all other states in which it owns Resort Interests.
Except with respect to the Mortgages, the Club Trustee has permitted none of such Resort Interests to be made subject to any lien or encumbrance during the time it has been a part of the trust estate under the Club Trust Agreement.
The Club Trustee shall not incur any Indebtedness other than (i) trade payables and operating expenses (including taxes) incurred in the ordinary course of business or (ii) in connection with servicing Resort Interests included in the Club's trust estate in the ordinary course of business consistent with past practices; provided, that in no event shall the Club Trustee incur Indebtedness for borrowed money.
The Servicer (if Bluegreen Corporation or its Affiliate is acting as Servicer) on behalf of the Trust and at the discretion of the Agent, shall take all necessary steps to have the record title of the applicable Resort Interests subject to such Defaulted Receivables continue to be held by the Club Trustee.
Borrower shall have the right but not the obligation to sell Club Membership Interests and Resort Interests at sales locations other than the ILX Sellers’ former locations and shall notify Lender accordingly.
Bluegreen, on behalf of the Trust and at the discretion of the Facility Administrator, shall take all necessary steps to have the record title of the applicable Resort Interests subject to such Defaulted Receivables continue to be held by the Club Trustee.
The Club Trustee has all necessary trust and other authorizations and powers required to carry out its obligations under the Trust Agreement in the State of Florida and in all other states in which it owns Resort Interests.
Borrower and Marketing and Sales Agent are engaged in the active marketing and sale of Resort Interests at the Resort and Club Membership Interests at the Club.
Except with respect to the Purchase Money Mortgages, the Club Trustee has permitted none of such Resort Interests to be made subject to any lien or encumbrance during the time it has been a part of the trust estate under the Trust Agreement.