Partial Assignment of Master Declarant Rights Sample Clauses
The Partial Assignment of Master Declarant Rights clause allows the original master declarant to transfer some, but not all, of their rights and responsibilities under a master declaration to another party. In practice, this means that specific powers—such as the authority to approve architectural changes or manage common areas—can be assigned to a new entity while the original declarant retains other rights. This clause provides flexibility in the management and development of a property, ensuring that responsibilities can be distributed as needed without requiring a full transfer of control.
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Partial Assignment of Master Declarant Rights. Declarant along with Silver Mesa and Gold Peak, are collectively referred to as the "Declarant" as that term is defined in the Master Declaration, and are collectively referred to herein as "Master Declarant." Silver Mesa and Gold Peak are executing this Assignment to evidence their consent to the partial assignment of Master Declarant rights set out in this Section. Declarant hereby assigns to Purchaser, as such rights relate to the Property only, the following Master Declarant rights ("Assigned Master Declarant Rights"): 17.1 So long as Purchaser is current in its payment to the Master Association of its "Village Declarant Assessment Contributions" as that term is defined in the Master Declaration, a non-exclusive easement for the use of the Colorado Club as set out in Section 9.5 of the Master Declaration, "Declarant's Easements" in common with the Master Declarant ("Easement Interest"). The Easement Interest shall extend to Purchaser's tenants and such tenants' immediate family members residing with such tenants' in residential units located on the Property and terminating as provided in said Section 9.5 as to such parties.