Common use of Parcel Area Clause in Contracts

Parcel Area. The Parcel Area of each Parcel subject to assessment as of the date of recordation of this Declaration is indicated on EXHIBIT C. The Parcel Area of one or more Parcels shall be redetermined and shall be subject to the approval of Declarant and the Board in the event of: (a) resubdivision of any Parcel or a merger affecting two or more Parcels, in which event the Parcel Area shall be redetermined for each resulting Parcel; (b) a lot line or boundary adjustment affecting two or more Parcels; or (c) any other change in the gross square footage of any Parcel. The Board shall maintain a current schedule of the Parcel Area of the Parcels, which shall be available for inspection by any Owner upon request. From time to time, as deemed appropriate by the Board, Declarant or the Board shall have the right to execute and record a supplement to this Declaration, which includes the modified Parcel Areas in an updated EXHIBIT C. Such supplement need only be executed by the Board and the EXHIBIT C incorporated in such supplement shall replace the EXHIBIT C hereto or in any previously recorded supplement.