Leasing Permits. The request of a Person who has entered into a binding purchase and sale agreement for a Unit or of an Owner for a Leasing Permit for a Unit shall be approved if current, outstanding Leasing Permits have not been issued for more than twenty-one (21) Units of the total number of Units in the Condominium. A Leasing Permit shall be automatically revoked upon the happening of any of the following events: (A) the sale or transfer of the Unit to a third party (excluding the sale to a Person who applied for a Leasing Permit in accordance with the above, and sales or transfers to (1) an Owner’s spouse, (2) a person cohabitating with the Owner, and (3) a corporation, partnership, company, or legal entity in which the Owner is a principal); (B) if the Leasing Permit was granted to a Person who was not an Owner but had entered into a binding purchase and sale agreement for a Unit, the termination of such agreement for any reason or the failure to close the purchase of the Unit within sixty (60) days of the date that the Leasing Permit was issued; (C) the failure of an Owner of a Unit to lease his or her Unit within one hundred twenty (120) days of the initial purchase from Developer of a Unit and the issuance of a Leasing Permit or the failure of an Owner of a Unit to lease his or her Unit within ninety (90) days of a resale of the Unit if a Leasing Permit has been issued; or (D) the failure of an Owner of a Unit to have his or her Unit leased for any consecutive ninety (90) day period thereafter. If current Leasing Permits have been issued for twenty-one (21) Units (excluding Units owned by Developer), no additional Leasing Permits shall be issued (except for Hardship Leasing Permits) until the number of outstanding current Leasing Permits falls below twenty-one (21) (excluding Units owned by Developer). An Owner of a Unit who has been denied a Leasing Permit shall automatically be placed on a waiting list for a Leasing Permit and shall be issued the same if they so desire when the number of current outstanding Leasing Permits issued falls to less than twenty-one (21) (excluding Units owned by Developer). The issuance of a Hardship Leasing Permit to an Owner of a Unit shall not cause the Owner of a Unit to be removed from the waiting list for a Leasing Permit.
Leasing Permits. Notwithstanding anything to the contrary stated herein or represented by Broker or Seller, leasing of a Unit shall be permitted only in accordance with Article 15 of the Declaration if Purchaser purchases a “Leasing Permit” or applies for and is granted a “Hardship Leasing Permit.” Article 15 of the Declaration defines “leasing” as regular, exclusive occupancy of a Unit by any person other than the “Owner” of the Unit or a roommate of an Owner who occupies the Unit as such Owner’s primary residence. Occupancy by Xxxxxxxxx’s family member or Purchaser’s employee shall be deemed “leasing” requiring a “Leasing Permit” unless Purchaser simultaneously occupies the Unit as Purchaser’s primary residence. Select (a) or (b) below and initial paragraph and any applicable sub-paragraphs selected: [Initial if applicable.] Purchaser hereby represents and warrants that Purchaser does not desire to purchase a Leasing Permit and therefore shall not be entitled to lease the Unit. Subject to Article 15, Purchaser may apply for a Hardship Leasing Permit if Purchaser ever needs to lease in the future or Purchaser may seek to purchase a Leasing Permit in the future if any are available for purchase. [Initial if applicable.] Purchaser hereby represents and warrants that Purchaser desires to lease the Unit to a third party or desires the right to lease the Unit in the future and Purchaser desires to purchase a Leasing Permit. Notwithstanding the foregoing or anything to the contrary in this Agreement or the Declaration, in the event Purchaser selected “Residential occupancy by Purchaser” or “Residential occupancy by Purchaser’s family member or Purchaser’s employee” in Section 32 above, Purchaser shall not lease the Unit until the date being one (1) year after the Closing. The foregoing restriction shall be incorporated into any Leasing Permit acquired by Purchaser prior to such date. Purchaser agrees and acknowledges that Purchaser’s selections above shall constitute a true and correct representation and warranty by Purchaser which shall be true and correct as of the Binding Agreement Date and as of the date of the Closing.
