Adjustments with the Association. Buyer understands that Seller may advance money to the Condominium Association to permit it to pay for certain of its expenses (for example, but without limitation, insurance premiums, Common Element utility and/or cable or other interactive communication charges and deposits, permit and license fees, charges for service contracts, salaries of employees of the Condominium Association and other similar expenses). Seller is entitled to be reimbursed by the Condominium Association for all of these sums advanced by Seller, to the extent in excess of Seller’s assessment obligations (and/or deficit funding obligations, if any). To the extent that Seller is entitled to reimbursement, the Condominium Association will reimburse Seller out of regular assessments paid by Buyer and other owners as those contributions and assessments are collected, or as otherwise requested by Seller. Seller also, at its election, may receive reimbursement (to the extent that it is otherwise entitled to reimbursement) for these payments by way of a credit against any sums it may become obligated to pay to the Condominium Association. To the extent that there is any guarantee of assessments in place and in effect, no initial contributions of purchasers to the Condominium Association may be used for such purposes however. The provisions of this Section 12 will survive (continue to be effective after) closing.
Adjustments with the Association. Buyer understands that Seller may advance money to the Association to permit it to pay for certain of its initial expenses (for example, but without limitation, insurance premiums, Common Element utility, cable or interactive communication charges and deposits, permit and license fees, charges for elevator and other service contracts, salaries of Association employees and other similar expenses): Seller is entitled to be reimbursed by the appropriate Association for all of these sums advanced by it. The Association will reimburse Seller out of initial contributions and regular assessments paid by Xxxxx and other unit owners as those contributions and assessments are collected or otherwise requested by Seller. Seller also, at its election, may receive reimbursement for these payments by way of a credit against any sums it may become obligated to pay to the Association.
Adjustments with the Association. Buyer understands that Seller may advance money to the Association to permit the Association to pay for certain of the Association’s common expenses. Seller is entitled to be reimbursed by the Association for any advancements of common expenses made by the Seller. The Association will reimburse Seller out of initial contributions and regular assessments paid by Buyer and other owners as those contributions and assessments are collected, or as otherwise requested by Seller. Seller also, at its election, may receive reimbursement for these payments by way of a credit against any sums it may become obligated to pay to the Association. No initial contributions of buyers to the Condominium Association may be used for such purposes, however, as long as any guaranty by Seller of such Association’s assessments is in effect.
Adjustments with the Association. Buyer understands that Seller may advance money to the Association to permit the Association to pay for certain of the Association’s common expenses. Seller is entitled to be reimbursed by the Association for any advancements of common expenses made by the Seller in excess of the Seller’s financial obligation pursuant to the guarantee as set forth in the Declaration. The Association will reimburse Seller out of initial contributions and regular assessments paid by Buyer and other owners as those contributions and assessments are collected, or as otherwise requested by Seller. Seller also, at its election, may receive reimbursement for these payments by way of a credit against any sums it may become obligated to pay to the Association.
