Common use of HOMEOWNERS ASSOCIATION Clause in Contracts

HOMEOWNERS ASSOCIATION. 26.1 The Purchaser acknowledges that he shall be obliged to become a member of the Home Owners’ Association (if any) and shall be bound by the Memorandum of Incorporation of the Home Owners’ Association (which may, subject to the ring fencing provisions therein contained, from time to time be amended by a special resolution of the members thereof) and the rules from time to time laid down by the Home Owners’ Association. 26.2 The Purchaser undertakes that he and all persons deriving use of the Property or any part thereof through him will, from the Date of Occupation, duly comply with all the obligations imposed upon members under the Home Owners’ Association’s Memorandum of Incorporation including, but not limited to the obligation to pay a monthly levy to the Home Owners’ Association, the amount of which is to be determined, from time to time, by the directors of the Home Owners’ Association. 26.3 The Property shall be transferred to the Purchaser subject to a title condition to the effect that the Purchaser shall not be entitled to sell or otherwise transfer ownership of the Property unless it is a suspensive condition of such sale or other transfer that the transferee, in a manner acceptable to the Homeowners’ Association, agrees to become a member and is admitted as a member of the Home Owners’ Association.

HOMEOWNERS ASSOCIATION. 26.1 The Purchaser acknowledges that he shall be obliged to become a member of the Home Owners’ Association (if any) and shall be bound by the Memorandum of Incorporation of the Home Owners’ Association (which may, subject to the ring fencing provisions therein contained, from time to time be amended by a special resolution of the members thereof) and the rules from time to time laid down by the Home Owners’ Association. 26.2 The Purchaser undertakes that he and all persons deriving use of the Property or any part thereof through him will, from the Date of Occupation, duly comply with all the obligations imposed upon members under the Home Owners’ Association’s Memorandum of Incorporation including, but not limited to the obligation to pay a monthly levy to the Home Owners’ Association, the amount of which is to be determined, from time to time, by the directors of the Home Owners’ Association. 26.3 The Property shall be transferred to the Purchaser subject to a title condition to the effect that the Purchaser shall not be entitled to sell or otherwise transfer ownership of the Property unless it is a suspensive condition of such sale or other transfer that the transferee, in a manner acceptable to the HomeownersHome Owners’ Association, agrees to become a member and is admitted as a member of the Home Owners’ Association.