Amenity Units: Fitness Facility License Agreement. Purchaser acknowledges and agrees that (i) certain Condominium Units within the Project designated as an “Amenity Unit” in the Declaration and identified as “Amenity Unit A” and “Amenity Unit B” on the East Map are not Common Elements of the Project and shall be owned and operated by the owner of the applicable Amenity Unit, subject to the restrictions of the Declaration, (ii) Amenity Unit A will be initially owned and operated by Seller or an affiliate of Seller as it determines within its exclusive discretion, subject, however, to any requirements of the Declaration and the terms of that certain Fitness Facility License Agreement entered into between the Association and Seller (the “Fitness Facility License Agreement”), (iii) pursuant to the Fitness Facility License Agreement, Purchaser as owner of the Unit will enjoy certain access privileges while in residence and be subject to certain obligations, to the extent that the Fitness Facility License Agreement remains in full force and effect, and (iv) Amenity Unit A is subject to other license agreements with other associations and third parties who shall enjoy access rights and privileges to the Amenity Unit. Purchaser is advised to review the Fitness Facility License Agreement and any limitations and/or restrictions on such rights and the related obligations. Purchaser is also advised to review the applicable provisions of the Declaration related to the Amenity Units, which provisions include, without limitation, the obligation of the Association, at the election of the owner of either Amenity Unit, to accept a future conveyance of the applicable Amenity Unit and to operate such Amenity Unit in accordance with any restrictions and obligations to which such Amenity Unit is subject (e.g., the fitness facility license agreements then in effect for Amenity Unit A).
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Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
