Interstate Land Sales Full Disclosure Act. The Interstate Land Sales Full Disclosure Act codified at 15 C.F.R. § 1701 et seq.
Interstate Land Sales Full Disclosure Act. Buyer and Seller intend that the sale of Property pursuant to this Agreement qualify for the Improved Lot Exemption pursuant to 15 U.S.C. Section 1702(a)(2) and that nothing in this Agreement shall be construed or operate, as to any obligations or rights of Seller or Purchaser, in any manner which would render such exemption inapplicable to the sale of the Property pursuant to this Agreement.
Interstate Land Sales Full Disclosure Act. In connection with the conversion of the Property to a Condominium Regime, Borrower will comply with the Interstate Land Sales Full Disclosure Act (15 U.S.C. § 1701, et seq.) and the rules and regulations associated therewith (in this Section only collectively, the “Land Act”), and will deliver to the U.S. Department of Housing and Urban Development (“HUD”) two (2) copies of the final printed version of the Offering Materials upon preparation thereof and will at all times thereafter during the term hereof, file the Annual Report of Activity and all amendments and supplements thereto, as required pursuant to 24 CFR 1710.310, and will thereafter take all action necessary or desirable to comply with the Land Act. Borrower shall deliver copies of all such filings to Lender within ten (10) days after the filing thereof, together with all notices, requests, correspondence, and demands delivered by HUD to Borrower. Failure by Borrower to comply at all times with the Land Act, when applicable, shall constitute an Event of Default. Notwithstanding anything to the contrary contained in this Section, Borrower shall not be required to comply with the provisions of this Section in the event Borrower is exempt from the requirements of the Land Act.
Interstate Land Sales Full Disclosure Act. No Seller has violated any provision of the Interstate Land Sales Full Disclosure Act, except where such violation could not reasonably be expected to have a Material Adverse Effect. Attached hereto as Schedule 5.31 is an identification of (a) all subdivisions developed by Sellers which are or were exempt from the registration requirements of the Interstate Land Sales Full Disclosure Act, indicating the particular grounds for exemption and (b) all statements of record filed pursuant to 15 U.S.C. §1706 and all property reports furnished pursuant to 15 U.S.C. §1707 for subdivisions which are or were not exempt from the registration requirements of the Interstate Land Sales Full Disclosure Act. Sellers have furnished true and correct copies or each of such property reports to Buyer. Sellers’ standard retail home sales contract is in compliance with the Interstate Land Sales Full Disclosure Act.
Interstate Land Sales Full Disclosure Act. Owner and Builder believe and intend that the sales provided for herein are exempt from the Interstate Land Sales Full Disclosure Act and any other similar state subdivision laws by reason of being within one or more of the exemptions set forth therein or in the regulations promulgated pursuant thereto. In the support of such exemption, Builder represents and warrants to Owner as follows, which representation and warranty shall be true and correct at all times during the term of this Agreement and shall survive the term of this Agreement: Builder is regularly engaged in the business of constructing residential, commercial or industrial buildings and/or reselling or leasing lots to persons engaged in such business, is acquiring the Homesites in the ordinary course of that business and otherwise meets the exemption prerequisites set forth in 15 U.S.C. Section 1702(a)(7) and further defined in 23 C.F.R. Section 1710.5(g) and 23 C.F.R. Section 1710, Appendix A. Builder shall indemnify, defend and hold harmless Owner and all Owner-Related Persons for, from and against any and all Claims incurred as a result of any misrepresentation by Builder in this Section 16.1.
Interstate Land Sales Full Disclosure Act. Seller advises that the sale of the Unit pursuant to this Agreement qualifies for the “Condominium Unit” exemption under the Interstate Land Sales Full Disclosure Act (“ILSFDA”) pursuant to 15 U.S.C. Section 1702(b)(9). Nothing contained in this Agreement shall be construed or shall operate in a manner inconsistent with Seller's obligation to complete and deliver the Unit as an improved lot in the manner required for compliance with the foregoing exemption. Accordingly, if any provisions of this Agreement, or portions thereof, serves to limit, qualify or otherwise preclude the sale of this Unit from qualifying for the “Condominium Unit” exemption under the Interstate Land Sales Full Disclosure Act pursuant to 15 U.S.C. Section 1702(b)(9), then any such provisions, or portions thereof, shall either be (i) deemed revised as necessary to bring this Agreement into full compliance with such exemption, or (ii) stricken and made null and void ab initio as if never a part of this Agreement, as the case may be.
Interstate Land Sales Full Disclosure Act. Seller and Buyer believe and intend that the sales provided for herein are exempt from state subdivided land sales laws and the Interstate Land Sales Full Disclosure Act by reason of being within one or more of the exemptions set forth therein or in the regulations promulgated pursuant thereto. In support of such exemption, Buyer represents and warrants to Seller as follows, which representation and warranty shall be true and correct at all times during the term of this Agreement and shall survive the term of this Agreement without limitation: Buyer is regularly engaged in the business of constructing residential, commercial or industrial buildings and/or reselling or leasing lots to persons engaged in such business, is acquiring the Lots in the ordinary course of that business and otherwise meets the exemption prerequisites set forth in 15 U.S.C. Section 1702(a) (7) and further defined in 24 CFR 1710.5
Interstate Land Sales Full Disclosure Act. Seller and Buyer intend ----------------------------------------- that the sale of the Property will comply with the exception requirements of the Interstate Land Sales Full Disclosure Act, as stated in 15 U.S. Code Section 1702(a)(8), and Seller and Buyer confirm that the conditions set forth in such Section are met.
Interstate Land Sales Full Disclosure Act. Tenant recognizes that the Premises are presently zoned by the appropriate governmental authority for Industrial or commercial development; that the appropriate local authorities have approved access from the Premises to a public street or highway; and that Landlord intends that this Lease qualify for the developer's exemption from the Interstate Land Sales Full Disclosure Act (the "Act") as provided by paragraph 1403(a)(7) thereof contained in 15 United States Code 1702(a)
Interstate Land Sales Full Disclosure Act. The development, marketing and sale of all Units (including the purchase contract between Borrower and all Unit purchasers) shall comply with the Improved Lot Exemption to the Interstate Land Sales Full Disclosure Act 15 U.S.C. 1702(a)(2).
