Effect of Fire Loss on Interest of Member. In the event of loss or damage by fire or other casualty to a Space without the fault or negligence of the Member, the Cooperative shall determine, if feasible, when to restore the damaged Space (but not the Mobile Home) and shall further determine, in the event such Space shall not be restored, the amount that shall be paid to the Member to redeem the Membership of the Member. If, under such circumstances, the Cooperative determines to restore the Space, Regular Assessments shall be abated wholly or partially as determined by the Cooperative until the Space has been restored. If the Cooperative determines not to restore the Space, the Regular Assessments shall cease from the date of such loss or casualty.
Appears in 3 contracts
Samples: Occupancy Agreement, Occupancy Agreement, Occupancy Agreement
Effect of Fire Loss on Interest of Member. In the event of loss or damage by fire or other casualty to a Space without the fault or negligence of the Member, the Cooperative shall determine, if feasible, determine when to restore the damaged Space (but not the Mobile Home) and shall further determine, in the event such Space shall not be restored, the amount that shall be paid to the Member to redeem the Membership of the Member. If, under such circumstances, the Cooperative determines to restore the Space, Regular Assessments shall be abated wholly or partially as determined by the Cooperative until the Space has been restored. If the Cooperative determines not to restore the Space, the Regular Assessments shall cease from the date of such loss or casualty.casualty.β
Appears in 1 contract
Samples: Occupancy Agreement
