Special Requirements Regarding Condominium Developments and Planned Unit Developments Sample Clauses

Special Requirements Regarding Condominium Developments and Planned Unit Developments. If a Mortgage Loan for a Qualified Residence is for financing either: (i) a unit in a condominium development, meaning a real estate development which is: (A) formed pursuant to the condominium statutes of the State and a recorded declaration and other constituent documents; (B) the unit owners of which have title to a unit in a building, an undivided interest in the common areas of the development, and may have the right to the exclusive use of certain limited common areas; and (C) the common areas of which are administered and maintained but not owned by an owners association, which may levy assessment against each unit estate; or (ii) a unit in a planned unit development, meaning a real estate development of separately owned lots with: (A) contiguous or noncontiguous areas or facilities usually owned by an owners association in which the owners of the lots have a stock or membership interest; (B) title to the real estate under the dwelling units being held by the individual lot owners and not by the owners association; (C) the association having title to and administering the common areas, and levying monthly charges against the lot owners for common area expenses; and (D) membership in the owners’ association not being severed from the ownership of an individual unit, then the Mortgage Loan shall be eligible for purchase under a Program if the Mortgage Loan meets all the requirements of FHA, VA, RHS, a PMI Insurer, Xxxxxx Xxx or Xxxxxxx Mac, as applicable, and is eligible for inclusion in a Xxxxxx Mae Pool, Xxxxxx Xxx Pool or Xxxxxxx Mac Pool under the Xxxxxx Xxx Guide, Xxxxxx Mae Guides or Xxxxxxx Mac Guide applicable to such Program. Notwithstanding the foregoing, the term “planned unit development” shall not include: (i) a planned unit development comprised of a parcel of land that contains common property and improvements owned and maintained by a homeowner’s association, corporation or trust (which requires automatic, nonseverable membership of each individual development unit owner, with mandatory assessments) for the benefit and use of individual one-to-four-family dwelling units within such parcel of land, if such common property and improvements have relatively insignificant influence on the enjoyment of the premises or have little or no effect on the value of the property securing the mortgage on any unit in the planned unit development; or a planned unit development whose organizational or other relevant documents provide that the lien for a...
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Related to Special Requirements Regarding Condominium Developments and Planned Unit Developments

  • DEVELOPMENTAL REQUIREMENTS The Personal Development Plan (PDP) for addressing developmental gaps is attached as Annexure B.

  • For Product Development Projects and Project Demonstrations  Published documents, including date, title, and periodical name.  Estimated or actual energy and cost savings, and estimated statewide energy savings once market potential has been realized. Identify all assumptions used in the estimates.  Greenhouse gas and criteria emissions reductions.  Other non-energy benefits such as reliability, public safety, lower operational cost, environmental improvement, indoor environmental quality, and societal benefits.  Data on potential job creation, market potential, economic development, and increased state revenue as a result of the project.  A discussion of project product downloads from websites, and publications in technical journals.  A comparison of project expectations and performance. Discuss whether the goals and objectives of the Agreement have been met and what improvements are needed, if any.

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