Common use of Sale of Interval Clause in Contracts

Sale of Interval. Provided and it is hereby agreed that if an Owner shall make default in the payment of any Annual Fee, Special Charge or Personal Charge, and two (2) months shall have elapsed without such payment being made, it shall be lawful for the Association, after having given written notice to the persons and in the manner and form prescribed by the Personal Property Security Act, R.S.O 1990, not less than thirty-five (35) days previous, without any further consent or concurrence of the Owner in default, to sell and absolutely dispose of his/her Interval, subject to the provisions of this Agreement, with the appurtenances, by public auction or private contract, and to convey and assure the same when so sold to the New Owner thereof and to do and execute all such assurances, acts, matters or things as may be found necessary for the purposes aforesaid, provided always that this Agreement is complied with, and the Association shall stand and be possessed of and be interested in the monies to arise and be produced by such sale upon trust in the first place to pay and satisfy any prior claim, in the next place to pay and satisfy the costs and charges of preparing for and making the sale as aforesaid, and all other costs, charges, damages and expenses which the Association shall bear, sustain or be put to for taxes, insurance and repairs, and all other costs and charges which may be incurred in and about the execution of any of the trusts and duties hereby imposed on the Association, and in the next place to pay and satisfy the Annual Fees and Personal Charges, or so much thereof as shall remain unpaid up to and including the day on which same is satisfied, and finally, to pay the surplus, if any, to the Owner. Provided always and it is hereby further agreed and declared that notwithstanding this power of sale, the Association shall have and be entitled to its rights of foreclosure of the equity of the Owner in default in the Interval and/or the right to sue for the payment provided for in Article VI hereof as fully and effectually as if this power of sale had not been contained herein.

Sale of Interval. Provided and it is hereby agreed that if an Owner shall make default in the payment of any Annual Fee, Special Basic Charge or Personal Charge, and two (2) months shall have elapsed without such payment being made, it shall be lawful for the Association, after having given written notice to the persons and in the manner and form prescribed by the Personal Property Security Act, R.S.O 1990, not less than thirty-five (35) days previous, without any further consent or concurrence of the Owner in default, to sell and absolutely dispose of his/her Interval, subject to the provisions of this Agreement, with the appurtenances, by public auction or private contract, and to convey and assure the same when so sold to the New Owner thereof and to do and execute all such assurances, acts, matters or things as may be found necessary for the purposes aforesaid, provided always that this Agreement is complied with, and the Association shall stand and be possessed of and be interested in the monies to arise and be produced by such sale upon trust in the first place to pay and satisfy any prior claim, in the next place to pay and satisfy the costs and charges of preparing for and making the sale as aforesaid, and all other costs, charges, damages and expenses which the Association shall bear, sustain or be put to for taxes, insurance and repairs, and all other costs and charges which may be incurred in and about the execution of any of the trusts and duties hereby imposed on the Association, and in the next place to pay and satisfy the Annual Fees Basic Charges and Personal Charges, or so much thereof as shall remain unpaid up to and including the day on which same is satisfied, and finally, to pay the surplus, if any, to the Owner. Provided always and it is hereby further agreed and declared that notwithstanding this power of sale, the Association shall have and be entitled to its rights of foreclosure of the equity of the Owner in default in the Interval and/or the right to sue for the payment provided for in Article VI hereof as fully and effectually as if this power of sale had not been contained herein.