The Cirque Residences Sample Clauses

The Cirque Residences. The Unit is part of a mixed-use condominium development constructed or to be constructed by Seller in Snowmass Base Village within the Town of Snowmass Village, Colorado (the “Town”) generally referred to as “Cirque Residences at Viceroy Snowmass” (“Cirque Residences”) and is legally the second development phase of Assay Hill Lodge Condominium and, upon substantial completion of construction, shall be incorporated into Assay Hill Lodge Condominium (all property subject to such condominium regime, including the Cirque Residences, is collectively referred to as the "Condominium Project"). The Unit is established (or to be established) pursuant to a Supplement to Declaration (the “Declaration Supplement”) incorporating the Unit into the Declaration of Covenants, Conditions and Restrictions for Assay Hill Lodge Condominium recorded at Reception No. 594664 (as amended and supplemented, the “Declaration”) and a Supplement to Condominium Map (the “Map Supplement”) that supplements the Condominium Map for Assay Hill Lodge Condominium recorded at Reception No. 574907 (as amended and supplemented, the "Map"), each of which Seller has recorded (or will record) in the Office of the Clerk and Recorder of Pitkin County, Colorado (the “Pitkin County Records”). The Condominium Project is organized pursuant to the laws of the State of Colorado. It is defined as a condominium under the general provisions of the Colorado Common Interest Ownership Act, C.R.S. 38-33.3-101, et seq. (the "Act"). The Condominium Project operates as a hotel and owners will be entitled to receive certain hotel services and enjoy certain amenities as expressly set forth in this Agreement and the documents described in Section 9 below and may elect to rent the Unit through the on-site hotel operations, although such rental is not required and rentals may be handled by any rental management company or directly by the owner. It is anticipated that the hotel operations of the Cirque Residences shall be incorporated into the hotel operations of the overall Condominium Project and initially be conducted under the existing license agreement with Viceroy Hotels, L.L.C., but that the hotel will remain independently owned and operated as described in Section 19.c of this Agreement below. The Declaration Supplement and the Map Supplement must be recorded prior to the closing of the purchase and sale of the Unit (the "Closing"). The Cirque Residences will be located on the property described on Exhibit A attach...
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