Common use of CONDOMINIUMS AND SUBDIVIDING OF BUILDING SITES Clause in Contracts

CONDOMINIUMS AND SUBDIVIDING OF BUILDING SITES. A. The subdivision of any Building Site into two (2) or more parcels or the creation of a system of condominium ownership of a Building Site or Building thereon shall be subject to the prior approval of Landlord and the Tenant thereof. Landlord shall have the right but not the obligation to approve such proposals and no covenant is herein made by Landlord that any resubdividing or condominiumizing will be so approved. Any such subdivision or creation of a condominium may be made subject to such conditions as may be imposed by Landlord and the Tenant thereof, including, but not limited to, provisions for the creation of Special Common Properties and the addition of General Common Properties in accordance with the provisions of these Regulations and Restrictions. B. All subdivision, or resubdivisions, of a Building Site shall be accomplished in accordance with the applicable governmental laws, rules and regulations and any documents to be submitted to governmental agencies or recorded to accomplish such subdividing, or resubdividing, shall be subject to the Landlord’s prior written approval. C. Documents creating a system of condominium ownership on any Building Site shall be subject to the prior approval of Landlord. The documents shall provide that the condominium association shall be liable for the collection and payment to Landlord of ail assessments due to be paid under the Declaration by Owners of the Building Site and that Landlord shall have a lien against the entire condominium project for any unpaid assessments, in accordance with the provisions of these Regulations and Restrictions. Such condominium declaration also shall prescribe the voting method among the individual condominium owners that will constitute the procedure for establishing the vote of the “Tenant” where called for in these Regulations and Restrictions.