Common use of Terms of Transfer Clause in Contracts

Terms of Transfer. If an Offer made pursuant to subsection (a) or (b) of this Section 1 is accepted, the terms of purchase and sale to Association or Declarant or any other purchaser permitted herein, as the case may be, shall be as follows: The purchase price shall be the value of the Condominium as determined under Section 3 of this Article XIV (the "Section 3 Price"). If sale is to the Association or Declarant, the closing of any such sale shall occur not less than 30 days nor more than 90 days from date of acceptance of Owner’s Offer or as mutually agreed. Proceeds of the purchase price due to Owner shall be applied as follows: (1) Prorated assessments to date of closing, shall be paid from the Owner and purchaser proceeds. All delinquent assessments, late fees and penalties assessed by the Association against the Owner shall be paid to the Association from the Owner proceeds prior to the closing. (2) Amounts due to Owner’s Mortgagees as their interests may appear, or by assumption of the mortgage(s), as desired and arranged by the Purchaser and as agreed to by the Mortgagee. (3) Amounts due to Owner’s lien holders as their interests may appear. (4) Closing costs customarily charged to sellers including by way of example but not limitation, title insurance premiums, documentary transfer tax, association transfer fees, and escrow fees unless mutually agreed otherwise in writing. (5) A reasonable repair and cleaning allowance (the "Repair Allowance") shall be withheld by Declarant in order to ensure that the Unit and its component parts conform to a "high standard of habitability and maintenance" if the repairs and cleaning are to be performed by Declarant after the close of

Terms of Transfer. If an Offer made pursuant to subsection (a) or (b) of this Section 1 is accepted, the terms of purchase and sale to Association or Declarant or any other purchaser permitted herein, as the case may be, shall be as follows: The purchase price shall be the value of the Condominium as determined under Section 3 of this Article XIV (the "Section 3 Price"). If sale is to the Association or Declarant, the closing of any such sale shall occur not less than 30 days nor more than 90 days from date of acceptance of Owner’s 's Offer or as mutually agreed. Proceeds of the purchase price due to Owner shall be applied as follows: (1) Prorated assessments to date of closing, shall be paid from the Owner and purchaser proceeds. All delinquent assessments, late fees and penalties assessed by the Association against the Owner shall be paid to the Association from the Owner proceeds prior to the closing. (2) Amounts due to Owner’s 's Mortgagees as their interests may appear, or by assumption of the mortgage(s), as desired and arranged by the Purchaser and as agreed to by the Mortgagee. (3) Amounts due to Owner’s 's lien holders as their interests may appear. (4) Closing costs customarily charged to sellers including by way of example but not limitation, title insurance premiums, documentary transfer tax, association transfer fees, and escrow fees unless mutually agreed otherwise in writing. (5) A reasonable repair and cleaning allowance (the "Repair Allowance") shall be withheld by Declarant in order to ensure that the Unit and its component parts conform to a "high standard of habitability and maintenance" if the repairs and cleaning are to be performed by Declarant after the close of escrow. Declarant is authorized to use any such funds withheld to ensure that the Unit and component parts conform to such standard, and to pay itself a surcharge not to exceed twenty-five percent (25%) of the total costs incurred to bring the Unit to such standard if Declarant arranges, administrates and/or oversees the work ("Repair Surcharge"). Declarant may from time to time publish written procedures and guidelines for implementation and enforcement of the Owner's obligation to maintain the Condominium in a "high standard of habitability and maintenance" throughout his ownership of the Condominium and to deliver the Condominium at the time of sale in a condition that meets such standard. When applying this standard, the age of