Common use of Distribution of Surplus Clause in Contracts

Distribution of Surplus. The balance of the award in respect of the Unit, if any, shall be distributed to the Owner of the Unit and to each mortgagee of the Unit, the remittance being made payable jointly to the Owner and such mortgagees.

Appears in 3 contracts

Samples: Declaration of Condominium, Declaration of Condominium, Third Amendment (MHI Hospitality CORP)

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Distribution of Surplus. The balance of the award in respect of the UnitUnit or its Limited Common Elements, if any, shall be distributed to the Owner of the Unit and to each mortgagee of the Unit, the remittance being made payable jointly to the Owner and such mortgagees.

Appears in 1 contract

Samples: Declaration of Condominium

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