Condominium Regime Sample Clauses
The Condominium Regime clause defines the legal structure and governance of a property that is divided into individually owned units and common areas managed collectively by all unit owners. This clause typically outlines the rights and responsibilities of unit owners, the role of the homeowners' association, and the rules for maintaining shared spaces such as lobbies, pools, or parking lots. Its core function is to establish a clear framework for ownership, use, and management within a condominium, thereby preventing disputes and ensuring orderly operation of the property.
POPULAR SAMPLE Copied 1 times
Condominium Regime. (a) The Property is subject to a condominium regime pursuant to the Declaration of Condominium (as amended to date, collectively the “Declaration”) of The New York Times Building LLC (the “Condominium”) specified in Exhibit A attached hereto, dated as of August 4, 2006 made by The New York Times Building LLC and recorded in the Office of the City Register, New York County on August 15, 2006, as CRFN 2006000460293, as amended by that certain First Amendment to the Declaration, which First Amendment was dated as of January 29, 2007, and recorded in the Office of the City Register, New York County on February 8, 2007 as CRFN 2007000075106, and further amended by that certain Second Amendment to the Declaration, which Second Amendment was dated October 11, 2007, and recorded in the Office of the City Register, New York County on January 8, 2008 as CRFN 2008000008735, and further amended by that certain Third Amendment to the Declaration, which Third Amendment was dated March , 2009, and is intended to recorded in the Office of the City Register, New York County. A Board of Managers (the “Board of Managers”) governs the Condominium pursuant to the by-laws of the Condominium (the “Bylaws”) which were recorded in the like office together with the Declaration. Borrower represents and covenants that Borrower is in compliance with, and at all times hereafter shall maintain compliance with, the terms of the Lease Agreement with respect to any Condominium Documents.
(b) Borrower will fully and faithfully perform and comply with the terms, conditions, and provisions of the Condominium Documents.
(c) Borrower will use its commercially reasonable efforts, within fifteen (15) days after written demand by Lender, to obtain from the Board of Managers under the Condominium Documents and furnish to Lender the estoppel certificate in recordable form of such Board of Managers either required to be issued by such Board of Managers pursuant to the provisions of the Condominium Documents or in form reasonably requested by Lender.
Condominium Regime. Tenant confirms that it has been provided with copies of the current Condominium Declaration affecting the Building, such being attached hereto as EXHIBIT B. Subject to the terms of this §19, Tenant shall observe and comply with the Condominium Declaration and any amendments or restatements thereto (upon receipt thereof from Landlord) provided that such do not impose material obligations or costs upon Tenant not already included in this Lease. This Lease, at Landlord’s option, shall be subordinate to the Condominium Declaration regarding maintenance and use of any areas contained in any portion of the Project. Tenant agrees that no documentation other than this Lease shall be required to evidence such subordination. Landlord shall have absolute and complete discretion to provide for such condominium regime on such terms and conditions as it shall determine in its sole discretion; provided in no event shall Landlord take any action with respect to such condominium regime which may reasonably impose material obligations or costs upon Tenant not already included in this Lease or otherwise materially and adversely affect Tenant’s rights under this Lease. Further, Tenant recognizes that under the Condominium Declaration, certain obligations or requirements of performance that might otherwise be the obligation or requirement of the “Landlord” hereunder may, in fact, be the obligation of or are performable by an association created under the Condominium to operate and manage the condominium regime (the “Association”). Without limitation, such obligations might include certain maintenance and repair obligations of the Condominium Common Areas and the obligation to carry insurance and certain restoration obligations in the event of a casualty or condemnation. The existence of the Condominium and/or the delegation of any obligations otherwise performable hereunder by Landlord to any such Association shall not release Landlord, as between Tenant and Landlord, for such obligations, but Tenant agrees that the performance by the Association of such obligations shall satisfy any obligations of Landlord with respect thereto. Tenant confirms that it has been provided with copies of the current Condominium Declaration affecting the Building. Landlord represents and warrants that the Condominium Declaration attached hereto as EXHIBIT B is true, correct and complete and has not been modified.
Condominium Regime. On the Closing Date, the Developer will execute and record the Condominium Documents, all as required by Applicable Law, pursuant to which the Developer shall submit its leasehold interest in the Project Land to create a Condominium Regime. The Condominium Regime shall contain one or more Residential Units, one or more Parking Units, one or more Office Units, one or more Commercial Units, one or more Public Units and a Surf Park Unit. Prior to the Pre-Development Phase Outside Date, the Developer and the Authority shall have agreed upon the form and substance of the Condominium Documents, including a Condominium Purchase Agreement, wherein the Authority agrees to acquire the Parking Units and the Public Units from the Developer for the Parking Units Purchase Price and the Public Units Purchase Price, respectively, established and set forth in the Condominium Development Budget. The Condominium Documents shall provide rules of usage of the Public Units allowing the Developer, and its Affiliates and assignees, to exclusively vend goods and services to the general public from certain specified areas within the boundaries of the Public Units as mutually agreed by the Parties.
Condominium Regime. Borrower shall submit all existing or proposed documentation (the “Condominium Documents”) intended or necessary to convert the Project into a multi-unit condominium regime (the “Condominium Regime”) to the Lender for the Lender’s review and approval prior to the Borrower’s submission of the Condominium Documents to any governmental authority required to review and approve the Condominium Documents as a pre-condition to the creation of the Condominium Regime. Once the Lender has approved the Condominium Documents, which approval shall not be unreasonably conditioned, delayed or withheld, the Lender shall consent to and/or execute such Condominium Documents as are required of the Lender, in its capacity as the holder of a security interest in the Land, to facilitate the Borrower’s conversion of the Project into a Condominium Regime under the laws of the Commonwealth of Virginia.
Condominium Regime. At least fifteen (15) days prior to the Project Closing Date, Seller shall prepare and furnish to Purchaser for approval, which approval shall not be unreasonably withheld, a proposed condominium declaration, together with all exhibits and unit owners' association documents (collectively, the "DECLARATION"), sufficient to establish the Project as a condominium in accordance with the terms of the Act. Such Declaration shall provide for the establishment of the Hotel Unit and the Office Unit and shall provide, inter alia, that (i) not less than 200 parking spaces in the parking garage (such spaces to be in locations acceptable to Purchaser) will be limited common elements appurtenant to the Office Unit, (ii) the elevator lobby and elevator which serves the Office Unit exclusively is a limited common element appurtenant to the Office Unit, and (iii) that the owner of the Hotel Unit will have an ongoing (a) right of first refusal for a period of thirty (30) days to elect to purchase the Office Unit upon the same terms and conditions that the owner of the Office Unit is then willing to sell the Office Unit to a bona fide third party purchaser in an arms-length transaction and (b) option to lease or purchase the top floor of the Office Unit at the fair market value upon a change of control of ▇▇▇▇▇▇'▇ Seafood Restaurants, Inc. ("▇▇▇▇▇▇'▇"), as defined in the Employment Contract (effective January 1, 1998) between ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇'▇. Purchaser shall, within ten (10) days after receipt of the proposed Declaration, either notify Seller that it has approved same or notify Seller of Purchaser's specific objections to same. Seller and Purchaser shall resolve any objections which Purchaser has to the proposed Declaration promptly so as not to delay the Project Closing Date. Immediately prior to, or on, the Project Closing Date, Seller shall record the Declaration with respect to the Project and the Declaration, once recorded, shall be deemed a Permitted Exception.
Condominium Regime. The Units will be conveyed with an undivided interest in the Common Elements, as identified and allocated to each of the Units in the Condominium Declaration (defined below). The Units are within that certain Declaration of Condominium Regime For Lantana Place (referred to as the “Regime”) recorded under Document No. 2017067525 of the Official Public Records of ▇▇▇▇▇▇, Texas, as amended by First Amendment to Declaration of Condominium Regime For Lantana Place recorded under Document No. 20190588762 (as further amended and supplemented from time to time, the “Condominium Declaration”). The Parties agree that ▇▇▇▇▇▇ is the declarant under the Condominium Declaration and a resale certificate is not required under Chapter 82 of the Texas Property Code.
Condominium Regime. (a) The Fund Member, on behalf of the Company and Legacy Tenant, shall cause the MTA to, immediately prior to the Closing, submit the Building to a condominium form of ownership (the “Condominium”) in accordance with the provisions of Article 9-B of the New York State Real Property Law (the “Condominium Act”) and this Section 3.7.
(b) Attached hereto as Exhibit C-1 is the form condominium declaration for the Condominium (the “Form Declaration”), which Form Declaration is hereby approved by the Coach Member and the Fund Member. The Form Declaration, with any revisions thereto approved by the Coach Member in accordance with Section 3.7(f) is referred to herein as the “Condominium Declaration”.
(c) Attached hereto as Exhibit C-2 is the form of by-laws of the Condominium (“Form By-laws”), which Form By-laws are hereby approved by Coach Member and Fund Member. The Form By-laws, together with any revisions approved by the Coach Member in accordance with Section 3.7(f) are referred to herein as the “Condominium By-laws”.
(d) Attached hereto as Exhibit C-3 are the form Floor Plans (“Form Floor Plans”), which Form Floor Plans are hereby approved by Coach Member and Fund Member. The Form Floor Plans, together with any revisions thereto approved by the Coach Member in accordance with Section 3.7(f) are referred to herein as the “Floor Plans”. The Fund Member shall cause the approved Floor Plans to be filed with (and in the form required by) the New York City Department of Finance Tax Map Unit and recorded in the Register’s Office.
(e) The Fund Member shall, on behalf of the MTA, use its commercially reasonable efforts to obtain or cause Legacy Tenant to obtain a “no action” letter from the New York State Department of Law (the “NYS Law Department”) permitting the distribution of the Coach Unit to the Coach Member or the Coach Designee and the other Units without the necessity of filing an offering plan and without such distribution being made pursuant to an offering plan (the “No Action Letter”). The Fund Member shall, on behalf of the MTA, file or cause Legacy Tenant to file the applicable application with the NYS Law Department requesting that the NYS Law Department issue the No Action Letter (the “Application”). The Coach Member will, upon the Fund Member’s request, at no expense to the Coach Member, execute and deliver to the Fund Member an affidavit of a principal of the Coach Member, in support of the No Action Letter, in form and substance reasonably acceptabl...
Condominium Regime. The declaration of condominium, the map of the condominium and all other documents relating to the creation and operation of the condominium regime in the Project, including, without limitation, any covenants, conditions and restrictions, easements (including reciprocal easements), declarations, owners’ association documents, rules and regulations, and purchaser deeds (collectively, the “Governing Documents”) shall not adversely affect Operator’s rights or obligations under this Agreement in any material respect.
Condominium Regime. 3.3.1 Upon substantial completion of the Project, Lessee shall submit the Project to the leasehold condominium form of ownership in accordance with the Oregon Condominium Act. ▇▇▇▇▇▇ has prepared drafts of the condominium declaration, articles of incorporation, and bylaws for the Condominium Association (collectively, the “Condominium Documents”). The condominium plat will be prepared at or after substantial completion of the Project.. ▇▇▇▇▇▇ has also prepared an assignment and assumption of this Lease to the Condominium Association which will be memorialized in the records of Lane County, Oregon by a recorded Memorandum of Lease Assignment. Forms of the foregoing are attached hereto as assignment of this Lease, forms of which are attached hereto as Exhibit D (Condominium Declaration), Exhibit E (Articles of Incorporation of Condominium Association), Exhibit F (By- Laws of the Condominium Association), and Exhibit G (Assignment and Assumption of Lease to Condominium Association).Lessee will pay all expenses necessary to establish and maintain the Project as a condominium, including, without limitation, legal fees for preparation of the Condominium Documents, surveying costs, costs to obtain Oregon Real Estate Agency approval of the final Condominium Documents and the approval of the Lane County Surveyor’s Office of the Condominium plat, and all recording fees for recording the assignment of this Lease, the Condominium plat, Condominium declaration and bylaws, and filing fees for formation of the Condominium Association as an Oregon non-profit corporation.
3.3.2 Lessor agrees to join in any required Condominium Documents to properly create the Condominium if ▇▇▇▇▇▇ being joined as owner of the Real Property is legally required to permit the Condominiums to be formed.
3.3.3 Lessor agrees that, at or after substantial completion of the Project, Lessee may submit the Condominium Documents in substantially the form attached to this Lease to the Oregon Real Estate Agency for approval, and file the articles of incorporation of the Condominium Association with the Oregon Corporation Division.
3.3.4 Promptly upon receiving approval from the Oregon Real Estate Agency and Lane County Surveyor’s Office, Lessee shall record an assignment of this Lease to the Condominium Association and the approved Condominium Declaration, Bylaws, and plat with the county recorder's office. The sale of a Unit shall not constitute an assignment of this Lease.
Condominium Regime. “THE PROMISING BUYER PARTY", undertakes and commits itself to:
A) Comply with the Regime and Regulations to which “THE DEVELOPMENT” will be subject in the condominium to which “THE LOT” belongs and which is the reason for this contract.
B) To cover the condominium administration fees established for such purpose, for which, upon signing this contract, agrees to make a payment to "THE PROMISING SELLER PARTY"as an anticipated administration fee whose amount is the equivalent to one year of payment of monthly fee, as established in the "FEES" section described in "ANNEX 3" of this contract, with a maximum term for its liquidation on DECEMBER TWO THOUSAND TWENTY-