Common use of Possible Merger of Project with Additional Phases Clause in Contracts

Possible Merger of Project with Additional Phases. The Declaration of Merger, among other things, gives the Seller the right, in its sole and absolute discretion, to cause and effect an administrative merger or mergers of the Project with a condominium project or projects located or to be located on lands (or a portion or portions thereof) in the vicinity of the Land of the Project, as part of the same incremental plan of development of the Project, such that the use of the respective common elements, the respective common expenses and the management of the respective affairs of the Project and the additional phases are shared, and the administration of the Project and the additional phases is unified under one association of unit owners, but the ownership interests of the unit owners in the Project and the additional phases are not altered or affected. The Declaration of Merger also gives the Seller the right, in its sole and absolute discretion, to cause and effect an ownership merger or mergers of the Project and the additional phases, as an alternative to an administrative merger or mergers of the Project and the additional phases, to provide for the common ownership of the Project and the additional phases by all of the unit owners of the Project and the additional phases. Upon an ownership merger, all of the units in the merged phases shall be treated as though they were all included in a single condominium project (the "Merged Project"), all common elements of the merged phases will become the common elements of the Merged Project, and the common interest appurtenant to the Unit shall be decreased from the percentage set forth in Article I above to a percentage as set forth in the "Certificate of Ownership Merger" recorded by the Seller, in accordance with the Declaration of Merger. By accepting an interest in the Project, Buyer (a) agrees to cooperate with the Seller in the merger of the Project and the additional phases, (b) consents and agrees to an administrative merger or mergers or an ownership merger or mergers, (c) agrees to execute any document or instrument necessary or appropriate, as determined in the sole and absolute discretion of the Seller, to carry out an administrative merger or mergers or an ownership merger or mergers, and (d) irrevocably appoints the Seller the true and lawful attorney of Buyer, in Buyer’s name, place and stead, to execute, acknowledge, deliver and file and/or record any document(s) or instrument(s) necessary or appropriate, as determined in the sole and absolute discretion of the Seller, to effect an administrative merger or mergers or an ownership merger or mergers, all as more fully set forth in the Declaration of Merger. Nothing herein will be deemed to require Seller to develop the additional phases or to merge the additional phases into the Project, or to prohibit Seller from dealing with any lands adjacent to the Project not merged with the Project, including without limitation, developing all or any part of such lands for purposes inconsistent with the merger of such lands into the Project.