Common use of Owners’ Associations and REAs Clause in Contracts

Owners’ Associations and REAs. (a) Sellers shall not initiate, approve or consent to any agreement or waiver or the execution of any document or instrument that would be considered an Owners’ Association Document, including any agreement, waiver, document or instrument that would (i) increase or modify in any way the obligations of Sellers relating to the Properties being acquired at Closing, (ii) result in the creation of a new Owners’ Association, or (iii) amend, modify, extend, surrender, terminate or renew any Owners’ 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.

Owners’ Associations and REAs. (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 Owners’ Association Document, including including, any agreement, waiver, document or instrument that would (i) increase or modify in any way the obligations of Sellers relating to the Properties being acquired at Closing, (ii) result in the creation of a new Owners’ Association, or Association (iii) amend, modify, extend, surrender, terminate or renew any Owners’ Association Document, Document without the prior written consent of the Buyer, 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.