Second Owner definition
Examples of Second Owner in a sentence
The [Second] Owner is the Freehold owner of the Application Land comprised in Title No. DN[ ] at the Land Registry shown edged [ ] on the Location Plan (being the [the whole of/a part of] the land comprised in the said title.
Immediately prior to the assignment to the Second Owner, the First Owner was the registered owner of the Land which is held from the Government for the residue of a term of 99 years commencing from the 1st day of July 1898 (as extended until the 30th day of June 2047 under Section 6 of the New Territories Leases (Extension) Ordinance (Cap.150)) subject to payment of the rent and to the observance and performance of the terms.
Second Owner shall be entitled to receive confirmation of the status of the insurance annually directly from the insurance carrier.
The Specified Number shall be calculated as follows: (i) Percentage of Second Owner Interest that has Vested; multiplied by (ii) total number of Shares underlying the Second Owner Interest; multiplied by (iii) 50%.
Thus, the First Owner is the owner of undivided two-third share in the Premises and the Second Owner of the undivided one-third share therein.
Any and all reasonable expenses not covered shall be paid by Second Owner.
The First Owner and the Second Owner shall be tenants-in-common of the Shares in the proportions and otherwise on the terms set out in this Agreement.
Notices to the Second Owner given for purposes of this Agreement shall be sent to him or her at the address specified in the Particulars of Award.
Upon formation of the Association, the First Owner and Second Owner shall hand over the Security Deposit to the Association.
Signed as a deed by [insert name of Second Owner here] in the presence of [insert name of witness here] of [insert witness address below] ………………………………………… ………………………………………… ………………………………………… ………………………………………… ....................