Entity as Condo-Hotel Owner Sample Clauses

Entity as Condo-Hotel Owner. If an entity (whether a corporation, partnership, limited liability company, trust or otherwise) is a record owner of legal title to a Condo-Hotel Unit (an “Entity Condo-Hotel Owner”), the Entity Condo-Hotel Owner must provide Hotel Owner with a copy of such Entity Condo-Hotel Owner’s articles of incorporation or operating agreement. For the purposes of this Declaration, the officers and directors of such Entity Condo-Hotel Owner will be considered deeded Owners of its respective Unit. Such Entity Condo-Hotel Owner must designate in writing to the Hotel Owner and the Condo-Hotel Association which one (1) individual is the primary point of contact for receiving correspondence and making decisions for such Condo-Hotel Unit (“Responsible Individual”). The maximum number of persons permitted to be on the articles of incorporation or in the operating agreement as the officers and directors or managers of such Entity Condo-Hotel Owner of such Condo-Hotel Unit for purposes of determining the Resort Subsidy Charge (as defined in the Hotel Declaration) applicable to such Condo-Hotel Unit shall not exceed a total of six (6) persons at any time. If more than six (6) officers and directors or managers exist, such Responsible Individual must designate in writing to the Hotel Owner the six (6) individuals permitted to be treated the same as an Individual Owner for purposes of determining the Resort Subsidy Charge applicable to such Condo-Hotel Unit. The designation by an Entity Condo-Hotel Owner under this subsection may not be changed more frequently than once in any twelve (12) month period, regardless of a change in ownership of the Entity Condo-Hotel Owner of such Condo-Hotel Unit.
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