Common use of Joint Ownership of Units Clause in Contracts

Joint Ownership of Units. A Unit may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Unit shall be required to constitute the action of the owners of such Unit; provided, that the written consent of only one joint owner will be required if the Company has been provided with evidence satisfactory to the counsel for the Company that the actions of a single joint owner can bind both owners under the applicable Laws of the state of residence of such joint owners. Upon the death of one owner of a Unit held in a joint tenancy with a right of survivorship, the Unit shall become owned solely by the survivor as a Member and not as an assignee. The Company need not recognize the death of one of the owners of a jointly held Unit until it shall have received certificated notice of such death. Upon notice to the Company from either owner, the Company shall cause the Unit to be divided into two equal Units, which shall thereafter be owned separately by each of the former joint owners.

Joint Ownership of Units. A Unit may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Unit shall be required to constitute the action of the owners of such Unit; provided, that the written consent of only one joint owner will be required if the Company has been provided with evidence satisfactory to the counsel for the Company that the actions of a single joint owner can bind both owners under the applicable Laws of the state of residence of such joint owners. Upon the death of one owner of a Unit held in a joint tenancy with a right of survivorship, the Unit shall become owned solely by the survivor as a Member and not as an assignee. The Company need not recognize the death of one of the owners of a jointly jointly-held Unit until it shall have received certificated notice of such death. Upon notice to the Company Managing Member from either owner, the Company Managing Member shall cause the Unit to be divided into two equal Units, which shall thereafter be owned separately by each of the former joint owners. 10.7.

Joint Ownership of Units. A Unit may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Unit shall be required to constitute the action of the owners of such Unit; provided, that the written consent of only one joint owner will be required if the Company has been provided with evidence satisfactory to the counsel for the Company that the actions of a single joint owner can bind both owners under the applicable Laws of the state of residence of such joint owners. Upon the death of one owner of a Unit held in a joint tenancy with a right of survivorship, the Unit shall become owned solely by the survivor as a Member and not as an assignee. The Company need not recognize the death of one of the owners of a jointly jointly-held Unit until it shall have received certificated notice of such death. Upon notice to the Company Managing Member from either owner, the Company Managing Member shall cause the Unit to be divided into two equal Units, which shall thereafter be owned separately by each of the former joint owners.

Joint Ownership of Units. A Member Unit may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Member Unit shall be required to constitute the action of the owners of such Member Unit; provided, however, that the written consent of only one joint owner will be required if the Company has been provided with evidence satisfactory to the counsel for the Company that the actions of a single joint owner can bind both owners under the applicable Laws laws of the state of residence of such joint owners. Upon the death of one owner of a Member Unit held in a joint tenancy with a right of survivorship, the Member Unit shall become owned solely by the survivor as a Member and not as an assignee. The Company need not recognize the death of one of the owners of a jointly jointly-held Member Unit until it shall have received certificated notice of such death. Upon notice to the Company Managing Member from either owner, the Company Managing Member shall cause the Unit Member Units to be divided into two equal Unitsparts, which shall thereafter be owned separately by each of the former joint owners.