Convertible Areas Clause Samples
The "Convertible Areas" clause defines specific portions of a property that may be converted from one use or designation to another, typically within a lease or property agreement. This clause outlines the conditions under which areas such as storage rooms, common spaces, or unfinished sections can be transformed into leasable premises or other functional spaces, often subject to landlord approval or compliance with building codes. Its core practical function is to provide flexibility for both parties, allowing the property to adapt to changing needs or tenant requirements while clarifying the process and limitations for such conversions.
Convertible Areas. All present and future Common Elements and Units are designated as Convertible Areas and the land area within which the Units and Common Elements may be expanded and modified and within which Limited Common Elements may be created as provided in this Article 8. The Developer reserves the right, but not the obligation, to convert all or any portion of the Convertible Areas. No additional Units may be created in the Convertible Area, and Units may be expanded, modified or decreased as provided in this Article 8. All structures and improvements within the Convertible Areas of the Condominium shall be compatible with residential uses and with the structures and improvements on other portions of the Condominium, as determined by Developer in its sole discretion.
Convertible Areas. The General Common Elements are designated on the Condominium Subdivision Plan as Convertible Areas within which Units and Common Elements may be expanded and modified and within which Limited Common Elements may be created as provided in this Article XI. The Developer reserves the right, but not an obligation, to convert the Convertible Areas. The maximum number of Units that may be created in the Convertible Areas is zero, although Units may be expanded and modified as provided in this Article XI. The number of Units in the Condominium may decrease, but shall not increase, as a result of the conversion of the Convertible Areas.
Convertible Areas. (a) The Common Elements and all Units have been designated on the Condominium Subdivision Plan as Convertible Areas within which the Units and Common Elements may be modified and within which Units may be expanded, moved, deleted and created as provided in this Article IX. The Developer reserves the right, but not an obligation, to convert the Convertible Areas.
(b) The Developer reserves the right, in its sole discretion, during a period ending six
Convertible Areas. The Condominium is established as a convertible condominium in accordance with the provisions of this Article:
Convertible Areas. Notwithstanding any other provision in this Master Deed or the Bylaws, Developer retains and may exercise its right of convertibility in accordance with Section 31 of the Act, any applicable local ordinances and regulations, this Article IX, and subject to Township approval; such changes in the affected Units and/or Common Elements shall be promptly reflected in a duly recorded amendment or amendments to this Master ▇▇▇▇. Developer reserves the sole right during the Construction and Sales Period and without the consent of any other Co-Owner or any mortgagee of any Unit to do the following:
Convertible Areas