Owners’ Associations Sample Clauses

Owners’ Associations. To Sellers’ Knowledge, such Seller has made available to the Buyer true and complete owners’ association documents and all by-laws in connection with the foregoing, relating to such Seller’s Properties, to the extent the same are in such Seller’s possession (collectively, the “Owners’ Association Documents”). Such Seller has not received any written notice that it is in default of any monetary or other payment amounts owed by such Seller with respect to any Owners’ Associations, and to such Sellers’ Knowledge, it is not in default thereunder. Other than as provided in the Owners’ Association Documents or as provided in this Agreement, such Seller has no other obligations relating to the Owners’ Associations.

Owners’ Associations. This Section is applicable if the Property is located within one or more Common Interest 287 Communities and subject to one or more declarations (Association). 288 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON 289 INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF 290 THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS’ ASSOCIATION FOR THE 291 COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE 292 ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL 293 OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS 294 OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD 000 XXXXX A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS 296 AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING 297 CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A 298 COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF 299 PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL 300 OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE 301 DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE 302 ASSOCIATION.

Owners’ Associations. The Borrower shall, and shall cause ------------------- each of its Subsidiaries to, cause each Purchaser to automatically be a member of each Project's owners association or associations, if any, and shall be entitled to vote on the affairs thereof (subject, however, to any preferential voting rights in favor of the Borrower or any of its Subsidiaries as permitted under applicable time-share Laws). Each such owners association shall have the authority to fix and levy pro rata upon each Purchaser annual assessments to cover the costs of maintaining and operating such Project (including, without limitation, taxes and assessments not levied by the appropriate taxing authority directly against owners of Time-Share Interests) and to establish a reasonable reserve for improvements, the replacement of property and furnishings, and contingencies. If the Borrower or any of its Subsidiaries controls an owners association, the Borrower or any of its Subsidiaries will while it controls such association: (i) cause such owners association to discharge timely and completely its obligations under such Project's governing documents and maintain the reserve described above and (ii) to the extent requested to do so by the Administrative Agent, pay or loan to such owners association, not less often than is necessary to provide sufficient funding for such owners association in order to maintain, preserve and maximize the ownership, quality, safety, marketability, value and appearance of the applicable Project, the difference between (A) the cumulative total amount of the maintenance and operating expenses incurred by such association, together with the amount of any installment of real property taxes currently due and payable with respect to such Project not directly levied against owners of Time-Share Interests, through the end of the calendar month preceding the month in which such payment or loan is made and (B) the cumulative total amount of assessments (less amounts thereof allocated to reserve expenses) payable to the association by Time-Share Interest owners other than the Borrower or its Subsidiaries, as appropriate, through the end of the calendar month preceding the month in which such payment or loan is made.

Owners’ Associations. It is to the benefit of all that owners form an “Owners’ Association”, and we actively encourage owners to do so, and will be happy to promote the formation of Associations within developments which we manage. Associations improve communication and allow owners regular direct contact with the Property Manager on a structured basis. The spirit of co-operation and involvement created among owners and the Property Manager benefits all.

Owners’ Associations. Pursuant to the Master Declaration, Seller has formed the North Mt. Crested Butte Property Owners Association as a Colorado nonprofit corporation to administer and enforce the Master Declaration (the “Master Association”). Pursuant to the Prospect Declaration, Seller has formed the Prospect at Mt. Crested Butte Property Owners Association as a Colorado nonprofit corporation to administer and enforce the Prospect Declaration (the “Prospect Association”). For so long as Purchaser owns the Lot, Purchaser will automatically be a member of the Master Association and the Prospect Association. As a member of the Master Association and the Prospect Association, Purchaser will be subject to the Master Declaration, the Prospect Declaration, as well as the articles of incorporation, bylaws and rules and regulations of the Master Association and the Prospect Association.

Owners’ Associations. 11.1 The Master POA will be established for the Development, as envisaged in Section 29 of the Drakenstein Municipality Land Use Planning By-Law of 2015, as promulgated in the Provincial Gazette. 11.2 The Association will be established on the portion of the Development within which the Property is situated, as envisaged in Section 29 of the Drakenstein Municipality Land Use Planning By- Law, as promulgated in the Provincial Gazette. 11.3 The Property is sold subject to the terms and conditions of the Constitutions of the Master POA and the Association, which is available on the website xxx.xxxxxxxxxxxxxxx.xx.xx, or upon request. 11.4 The Purchaser herewith acknowledges that he has read a copy of the draft proposal of the constitution of the Association, as well as the constitution of the Master POA and understands the contents thereof. 11.5 These Constitutions will take effect on the date of registration of transfer of the first property indicated on the General Plan from the Seller into the name of the Purchaser thereof. 11.6 The Purchaser shall be and remain a member of the Association for as long as he is the registered owner of the Property and shall: 11.6.1 Be responsible for and pay promptly on due date all levies and other charges as may be payable to the Master POA and/or the Association in accordance with its Constitutions; and 11.6.2 Comply with (and procure that all other occupants of the Property comply with) the terms of the Constitution of the Master POA and the Association, as well as any house or conduct rules which may be adopted by them from time to time. 11.7 Upon registration of transfer of the Property in the name of the Purchaser, a title deed condition shall be registered against the title of the Property, reading as follows: SUBJECT to the following condition imposed by the Transferor, XXXXXX XXXXXXXXX PROPRIETARY LIMITED, Registration Number 2017/650267/07, for the benefit of the ZANDDRIFT ESTATE OWNERS’ ASSOCIATION, established in terms of Section 29 of the Drakenstein Municipality Land Use Planning By-Law of 2015, as promulgated in the Provincial Gazette:

Owners’ Associations. The Owner, a homeowner’s association, and/or a property owner’s association created by the Owner, not the Town, shall be responsible for maintaining any and all community parks, open space areas, roads, sidewalks, streetlights, signs, stormwater management structures, entrance features, boundary walls and/or fences, access tracts and landscaped tracts within the Project. This paragraph shall survive the termination of this Agreement. The Owner envisions developing a portion of the Project as a gated community. The Town shall maintain waterlines and the wastewater provider shall maintain the sewer lines which serve the property within the Project. For any portion of the Project that is not developed as a gated community and for which the streets are dedicated to the Town, then the Town shall maintain the roads, sidewalks, and signs.

Owners’ Associations. (1) The Municipality may, when approving an application for a subdivision of land, impose conditions relating to the compulsory establishment of an owners’ association by the applicant for an area determined in the conditions. (2) An owners’ association that comes into being by virtue of subsection (1) is a juristic person and must have a constitution. (3) The constitution of an owners’ association must be approved by the Municipality before the transfer of the first land parcel and (a) the owners’ association to formally represent the collective mutual interests of the area, suburb or neighbourhood set out in the constitution in accordance with the conditions of approval; (b) control over and maintenance of buildings, services or amenities arising from the subdivision; (c) the regulation of at least one yearly meeting with its members; (d) control over the design guidelines of the buildings and xxxxx arising from the subdivision; (e) the ownership by the owners’ association of all common property arising from the subdivision, including— (i) private open spaces; (ii) private roads; (iii) private places; and (iv) land required for services provided by the owners’ association;

Owners’ Associations. (a) Sellers shall not initiate, approve or consent to the any agreement or waiver or the execution of any document or instrument that would be considered an Owner’s Association Document, including, any agreement, waiver, document or instrument that would (i) increase or modify in any way the obligations relating to the Properties being acquired at Closing, (ii) result in the creation of a new Owner’s Association (iii) amend, modify, extend, surrender, terminate or renew any Owner’s Association Document without the prior written consent of the Buyer which consent may be withheld in the Buyer’s sole discretion. If the Buyer does not reject or approve the execution of any document or instrument referred to in this Section 3.5 within five (5) Business Days after receipt of a copy thereof, then the Buyer shall be deemed to have approved such document or instrument. (b) Sellers shall use their commercially reasonable efforts to assist Buyer in obtaining estoppel certificates from each Owner’s Association relating to a Property and such other acknowledgments, documents and instruments Buyer may reasonably require from such Owner’s Association in connection with the transactions contemplated by this Agreement and any Buyer’s related financing, including without limitation, (i) executing or facilitating the execution of any documents or instruments required under the Owner’s Association Documents in connection with the transfer of the Properties to Buyer, (ii) causing any officer or director of any Owner’s Association or related board that is a representative of the Sellers or the Property, if any, to resign his or her position as an officer or director with respect to the Properties set forth on Schedule 3.5(b)(ii), (iii) executing or facilitating any documents or instruments required under the Owner’s Association Documents in order to assign all of Seller’s (or an of its Affiliate’s) interest as developer, declarant or other similar entity, if any, under the Owner’s Association Documents with respect to the Properties set forth on Schedule 3.5(b)(iii) and (iv) facilitating the appointment of Buyer’s and its Affiliates’ representatives as replacement officers or directors to the extent permitted under the applicable Owners’ Association Documents.

Owners’ Associations. 11 4 PROVINCIAL GAZETTE / PROVINSIALE KOERANT, 11 SEPTEMBER 2015 / 11 SEPTEMBER 2015 __________________________________________________________________________________________________________ ---------------------------------------------------------------------------------------------------------------------------------------------------