Right of Association to Borrow Money Sample Clauses

Right of Association to Borrow Money. The right of the Board of Directors of the Association to borrow money (i) for the purpose of improving the Development, or any portion thereof, (ii) for acquiring additional Common Areas, (iii) for constructing, repairing, maintaining or improving any facilities located or to be located within the Development, or (iv) for providing the services authorized herein, and, subject to the provisions of Section 11.2, to give as security for the payment of any such loan a deed of trust or other security instrument conveying all or any portion of the Common Areas; provided, however, that the lien and encumbrance of any such security instrument given by the Association will be subject and subordinate to any and all rights, interest, options, licenses, easements, and privileges herein reserved or established for the benefit of the Declarant, any Owner, or the holder of any Mortgage, irrespective of when such Mortgage is executed or given. The right of the Association to borrow money under this Section 6.2(a) is subject to the written approval of eighty percent (80%) or more of the votes of the entire Association, by a duly held Referendum or a duly held meeting of Members (which percentage will also constitute the quorum required for any such meeting).
Sample 1
AutoNDA by SimpleDocs

Related to Right of Association to Borrow Money

  • Information to the Association A. Upon prior notice, the Superintendent or designee will make available to the Association information that is available to permit the Association to bargain understandingly and administer this Agreement.

  • RIGHTS OF THE ASSOCIATION Section 4.1 The Association has the right and responsibility to represent the interests of all employees in the unit; to present its views to the District on matters of concern, either orally or in writing as requested by the District up to and including negotiating the collective bargaining agreement.

  • FORMATION OF ASSOCIATION 12.2.1 The Promoter shall, in accordance with Applicable Laws, call upon the respective apartment owners to form an association (“ASSOCIATION”), and it shall be incumbent upon the Allottee to join the Association as a member and for this purpose also from time to time sign and execute the application for registration and/or membership and the other papers and documents necessary for the same. The Allottee shall pay the necessary subscription and/or membership amounts, together with the proportionate costs and expenses for (i) formation of the Association, and (ii) transfer of the Common Areas to the Association, including but not limited to stamp duty and registration costs, if any. The Allottee hereby authorizes the Promoter to take all necessary steps in this connection on his/her/their/its behalf, and further the Allottee shall comply with and/or adhere to all the Applicable Laws and all the rules, regulations, guidelines, etc. formulated from time to time by the Association.

  • Notification to the Association The Hospital, with the nurse's consent, will inform the Association within three (3) days of any nurse who has been assaulted while performing her/his work. Such information shall be submitted, in writing, to the Association as soon as possible.

  • Remedies of the Association Section 5.01. Pursuant to Section 6.02 (h) of the General Conditions, the following additional events are specified:

  • RIGHTS AND PRIVILEGES OF THE ASSOCIATION 3.1 Recognition:

  • Hold the Escrow Money Hold any Escrow Money until the Parties mutually agree to its disbursement or until a court of competent jurisdiction or arbitrator determines the rights of the Parties; or

  • Recognition of Association 16 X. Xxxxxxxx to and in accordance with all the applicable provisions of Act 176 of the Public Acts of 1939 and Act 336 of the Public Acts of 1947, as amended, EMU does hereby recognize the Association as the certified exclusive collective bargaining representative for all teaching Faculty employed by Eastern Michigan University, including professors, associate professors, assistant professors, instructors, media service managers*, coach/teachers* and librarians with Faculty rank; and excluding Deans, Directors, Department Heads and other supervisory employees, lecturers, visiting professors, adjunct professors, non-tenure track academic employees, career army personnel in the Department of Military Science, and all other employees. *In accordance with MERC cases #R75J-427 and R76A-1.

  • Power of the Authority to undertake works 16.5.1 Notwithstanding anything to the contrary contained in Clauses 16.1.1, 16.2 and 16.3, the Authority may, after giving notice to the Concessionaire and considering its reply thereto, award any works or services, contemplated under Clause 16.1.1, to any person on the basis of open competitive bidding. Provided that the Concessionaire shall have the option of matching the first ranked bid in terms of the selection criteria, subject to payment of 2% (two per cent) of the bid amount to the Authority$, and thereupon securing the award of such works or services. For the avoidance of doubt, it is agreed that the Concessionaire shall be entitled to exercise such option only if it has participated in the bidding process and its bid does not exceed the first ranked bid by more than 10% (ten percent) thereof. It is also agreed that the Concessionaire shall provide access, assistance and cooperation to the person who undertakes the works or services hereunder.

  • Freedom of Association A teacher's participation or non-participation in religious, political or teacher association activities conducted outside duty hours and off school property shall not be grounds for disciplinary action or for discrimination with respect to professional employment, providing said activities do not violate local, state or national laws or are not prejudicial to the teacher's effectiveness in teaching performance.

Time is Money Join Law Insider Premium to draft better contracts faster.