Nondisturbance Agreement means an instrument by which a hypothecation lender agrees to conditions substantially the same as those set forth in paragraph “a”.2. In lieu of compliance with subsection 1, a surety bond or letter of credit satisfying the requirements of this subsection may be delivered to and accepted by the attorney general. The surety bond or letter of credit shall be issued to the attorney general for the benefit of purchasers and shall be in an amount which is not less than one hundred five percent ofthe remaining principal balance of every indebtedness secured by a blanket encumbrance affecting the campground. The bond shall be issued by a surety which is authorized to do business in this state and which has sufficient net worth to satisfy the indebtedness. The aggregate liability of the surety for all damages shall not exceed the amount of the bond. The letter of credit shall be irrevocable, shall be drawn upon a bank, savings and loan, or financial institution, and shall be in form and content acceptable to the attorney general. The bond or letter of credit shall provide for payment of all amounts secured by the blanket encumbrance including costs, expenses, and legal fees of the lienholder, if for any reason the blanket encumbrance is enforced. The bond or letter of credit may be reduced at the option of the membership camping operator periodically in proportion to the reductions of the amounts secured by the blanket encumbrance.3. The nondisturbance agreement shall be recorded in the real estate records of the county in which the campground is located.87 Acts, ch 181, §16Referred to in §557B.3 557B.13 Advertising plans — disclosures — unlawful acts.1. Any advertisement, communication, or sales literature relating to membership camping contracts, including oral statements by a salesperson or any other person, shall not contain:
Nondisturbance Agreement shall have the meaning set forth in Section 7.1 hereof.
Nondisturbance Agreement means an instrument by which a hypothecation lender agrees to conditions substantially the same as those set forth in paragraph “a”.
Examples of Nondisturbance Agreement in a sentence
Nondisturbance agreement supersedes, subordination clause and estoppel and subordination attornment agreement! The dissenting judge argues that the attornment clause was conditional, and that Xxxxxx Devel.
More Definitions of Nondisturbance Agreement
Nondisturbance Agreement means an instrument by which the holder of a blanket encumbrance agrees that the holder’s rights in the timeshare property shall be subordinate to the rights of any timeshare owner. Every nondisturbance agreement shall contain a covenant by the lienholder that the lienholder, its successors, and anyone who acquires the timeshare property through the blanket lien shall not use, or cause or permit the property to be used in a manner that prevents a timeshare owner from using the timeshare property in the manner contemplated by the timeshare plan. The lienholder’s agreement not to disturb an owner may require as a continuing condition that the owner perform all obligations and make all payments due under any purchase money agreement for the owner’s timeshare and, if the timeshare is held as a leasehold, under the lease for the owner’s timeshare.
Nondisturbance Agreement means an instrument by which the holder of a blanket encumbrance agrees that: (a) Its rights in any campground made available to purchasers, prior or subsequent to the agreement, by the camping resort operator shall be subordinate to the rights of purchasers from and after the recording of the instrument;
Nondisturbance Agreement means any instrument executed by the owner of a blanket encumbrance which subordinates the rights of the owner of the blanket encumbrance to the rights of the purchasers of membership camping contracts. Unless the agreement specifically so provides, the owner of a blanket encumbrance does not by the fact of such ownership assume any of the obligations of the membership camping operator under membership camping contracts or under this chapter.
Nondisturbance Agreement means an instrument by
Nondisturbance Agreement means an instrument in recordable form by which the holder of a blanket encumbrance agrees to all of the following:
Nondisturbance Agreement means the Estoppel and Nondisturbance Agreement dated as of December 12, 1994 between TRT and the Company (as assignee of Mobile Energy).
Nondisturbance Agreement means an agreement, in form and substance satisfactory to Lender, pursuant to which the holders of any lien interest on the streets, amenities, common areas, or other off-site improvements forming a part of the Project agree that, notwithstanding a foreclosure or other realization of such encumbrance, (i) the Purchasers shall have uninterrupted use of such streets, amenities, common areas and other off-site improvements and uninterrupted use and possession of their respective Time-Share Interests, (ii) the rights and privileges of such Purchasers shall not be otherwise impaired, and (iii) the governing documents of the Project, including any declarations of condominium, shall not be modified.