New Association and CC&Rs Sample Clauses

New Association and CC&Rs. Purchaser acknowledges that the Property is currently not subject to governance by the Xxxx Xxxx Mesa Business Park East II Owners' Association (the "Existing Association"), established for the purpose of owning, operating and maintaining certain landscape maintenance areas, structural maintenance areas and common areas pursuant to a certain Declaration of Covenants, Conditions and Restrictions for Xxxx Xxxx Mesa Business Park East II (the "Existing CC&Rs"), and as contemplated under the articles of incorporation and bylaws of the Existing Association. Purchaser further acknowledges that Seller has provided Purchaser with drafts of a declaration of covenants, conditions and restrictions and formation documents for an owners' association to be formed and to be effective against the Land together with certain other property, including other property owned by Seller, adjacent to the Land. Seller and certain other adjoining land owners currently contemplate entering into such covenants, conditions and restrictions (the "New CC&Rs") and forming an owners' association for the enforcement thereof (the "New Association"). Purchaser shall reasonably consider subjecting the Property to the New CC&Rs; provided, however, the New CC&Rs do not adversely affect the value or utility of the Property. Notwithstanding the foregoing, Seller agrees that the recording and implementation of the New CC&Rs will be subject to Purchaser's prior written approval of the New CC&Rs, as well as Purchaser's demand that certain provisions of the New CC&Rs which may affect the improvements Tenant plans to build on the Property be waived with respect to Tenant (e.g., any design approval). In the event Purchaser does not enter into the New CC&Rs or join the New Association, or Seller and said other adjoining land owners are unable, or elect not, to form the New Association and cause their properties to be subject to the New CC&Rs, Purchaser may voluntarily or, upon written demand from Seller (if Purchaser's failure to do so would subject Seller to liability therefor) or the City (which demand may be contested by Purchaser in good faith) Purchaser shall, subject the Property to the lien of the Existing CC&Rs and shall join the Existing Association; provided, however, that Purchaser receive an estoppel certificate from an authorized officer of the Existing Association stating that Purchaser is not in violation of the Existing CC&Rs.
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Related to New Association and CC&Rs

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