Condominium Corporation Sample Clauses

Condominium Corporation. In this policy the words “Condominium Corporation” mean a condominium, strata corporation or Syndicate established under Provincial legislation.
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Condominium Corporation. The term “
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Condominium Corporation. The Purchaser is aware that a condominium corporation (the “Corporation”) has been or will be, by virtue of the Act, established on registration of the Condominium Plan. The Purchaser agrees to observe and perform the terms and provisions of the Act, the Bylaws and regulations of the Corporation, and the management agreement entered into by the Corporation, all of which the Vendor may amend from time to time, and, in particular, the Purchaser is aware: (a) that the Vendor estimates the initial amount of the monthly common expense contribution for the Unit to be as indicated at page 2 of this Purchase Agreement. The said contribution comprises the Purchaser's proportionate share of the estimated monthly property and management expenses of the Development and is determined by applying the Unit Factor for the Unit to the total of such expenses, or as otherwise provided in the Bylaws. Any estimated budget which is presented to the Purchaser is for informational purposes only; (b) that the Vendor will have the right to arrange for management of the Development on substantially those terms and conditions as set out in the management agreement referred to in Schedule “5” and the Purchaser acknowledges that management costs for the Project shall be included in common expenses; and (c) that the Vendor shall be maintaining and operating show units in the Development and any Bylaw which might restrict the Vendor in this respect, if any, is hereby waived by the Purchaser.
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Condominium Corporation. The Purchaser is aware that a condominium corporation (the “Corporation”) has been or will be, by virtue of the Act, established on registration of the Condominium Plan. The Purchaser agrees to observe and perform the terms and provisions of the Act, the Bylaws and regulations of the Corporation, and the management agreement entered into by the Corporation, all of which the Vendor may amend from time to time, and, in particular, the Purchaser is aware: (a) that the Vendor estimates the initial amount of the monthly common expense contribution for the Unit to be as indicated at page 2 of this Purchase Agreement. The said contribution comprises the Purchaser's proportionate share of the estimated monthly property and management expenses of the Development and is determined by applying the Unit Factor for the Unit to the total of such expenses, or as otherwise provided in the Bylaws; (b) that the Vendor will have the right to arrange for management of the Development on substantially those terms and conditions as set out in the management agreement referred to in Schedule “5” and the Purchaser acknowledges that management costs for the Project shall be included in common expenses; and (c) that the Vendor shall be maintaining and operating show units in the Development and any Bylaw which might restrict the Vendor in this respect, if any, is hereby waived by the Purchaser.
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Condominium Corporation. The “condominium corporation” has the exclusive right to adjust any loss with the insurer, and the owner of a damaged “unit” is bound by such adjustment, provided, however, that the said “condominium corporation”, may in writing, authorize an owner to adjust any loss to their “unit” with the insurer.
Sample 1

Related to Condominium Corporation

  • Condominium Borrower covenants and agrees as follows: (i) Borrower shall pay all common charges and other assessments as required by the Condominium Documents in respect of the Property and shall promptly, following demand, exhibit to Lender proof of all such payments; (ii) Borrower shall not, unless directed otherwise in writing by Lender, without first obtaining Lender's prior written consent, (a) vote for, consent to or permit to occur any modification of, amendment to, or relaxation in the enforcement of, any material provision of the Condominium Documents; provided, however, Lender's approval shall not be required for amendments to the Condominium Documents containing disclosures or other provisions required to be made by Legal Requirements; (b) in the event of damage to or destruction of the Property, vote in opposition to a motion to repair, restore or rebuild, unless the Indebtedness will be repaid in full pursuant to Section 5.16; (c) partition or subdivide any Condominium Unit, or combine any Condominium Unit with another Condominium Unit; (d) consent to the termination of a Condominium; or (e) vote in favor of the imposition of special assessments for capital improvements pursuant to the Condominium Documents. (iii) Borrower shall fully and faithfully observe, keep and perform, in all material respects, each and every material requirement, condition, covenant, agreement and provisions under the Texas Condominium Act and the Condominium Documents on the part of Borrower to be observed, kept and performed. Borrower shall promptly deliver to Lender a copy of any notice of default received by Borrower with respect to any obligation of Borrower under the provisions of the Condominium Documents or the Texas Condominium Act.

  • Real Property Holding Corporation The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s request.

  • Management Company 14 Maturity....................................................................14

  • Condominiums/Planned Unit Developments If the Mortgaged Property is a condominium unit or a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project such Mortgage Loan was originated in accordance with, and the Mortgaged Property meets the guidelines set forth in the Originator's Underwriting Guidelines;

  • Building With respect to each parcel of Real Estate, all of the buildings, structures and improvements now or hereafter located thereon. Business Day. Any day on which banking institutions located in the same city and State as the Agent’s Head Office are located are open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day.

  • Real Property Holding Company The Company is not a real property holding company within the meaning of Section 897 of the Code.

  • HOMEOWNERS ASSOCIATION 9.1 The Purchaser acknowledges that the Property falls under the jurisdiction of the HOA, being a new Homeowners’ Association, which came into existence on registration of transfer of the first Erf in the Development from the Seller to a third party purchaser, it being recorded that the HOA is established for the benefit of, inter alia, all of owners of xxxxx in the Development and to control and maintain roads, services and amenities within, inter alia, the Development.

  • Project or Building Name and Signage Landlord shall have the right at any time to change the name of the Project or Building and to install, affix and maintain any and all signs on the exterior and on the interior of the Project or Building as Landlord may, in Landlord’s sole discretion, desire. Tenant shall not use the name of the Project or Building or use pictures or illustrations of the Project or Building in advertising or other publicity or for any purpose other than as the address of the business to be conducted by Tenant in the Premises, without the prior written consent of Landlord.

  • U.S. Real Property Holding Corporation The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s request.

  • OWNERS’ ASSOCIATION 13.1 That the Purchaser shall become a member of the association / society that has been formed (details of association are given in annexure – A) to look after the maintenance of the Housing Project and shall abide by its rules. 13.2 In case the society / association has yet to be formed, the Purchaser shall pay to the Vendor such proportionate cost of outgoings such as common water charges, common lights, repairs, salaries of clerk, watchman, sweepers, etc., as may be determined by the Vendor. It is proposed that the monthly maintenance charges payable by the Purchaser to the Association/Vendor shall be Rs. 2/- per sft from the deemed date of completion of the Scheduled Flat. The rate shall be subject to change and periodic upward revision. 13.3 If the Purchaser ever fails to pay maintenance charges, corpus fund or other charges related to the Scheduled Flat, the Association shall be entitled to disconnect and stop providing all or any services to the Scheduled Flat including water, electricity, etc. Further, the Purchaser may be barred from using common amenities like clubhouse, swimming pool, parks, open areas, generator backup, etc., till such time all arrears are cleared. 13.4 The Purchaser shall pay corpus fund to the Association at the time of taking possession of the completed flat. The details of corpus fund payable are given in Annexure – A. The details of the initial monthly maintenance charges payable by the Purchaser to the Association/Vendor, from the deemed date of completion of the Scheduled Flat is given in Annexure -A. 13.5 The Vendor has proposed to deliver the common amenities in phases on or before completion of the last block of flats. The monthly maintenance charges payable by the Purchaser to the Association shall not be linked to provision/completion of common amenities. The Purchaser shall not raise any objection on this count. 13.6 The monthly maintenance charges payable to the Association are proposed to be increased from time to time and the Purchaser shall be liable to pay such increased charges. 13.7 The Purchaser agrees not to withhold or delay payment of monthly maintenance charges to the Association for any defects in construction. Repairs/correction of defects in construction, if any, is the responsibility of the Vendor and the Purchaser agrees to not withhold payment of monthly maintenance charges. 13.8 The Vendor shall be entitled to form the Owners Association and draft its bye-laws as he deems fit and proper. The Vendor and its nominees shall be the founding members of the Association. The Association shall be handed over to the members of the Association (i.e., prospective purchasers) at the time of completion of the entire Housing Project, by calling for elections for its executive committee members. Till such time the Vendor and its nominees shall run the day today affairs of the Association. The Purchaser shall not raise any objection on this count.

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