Common use of The Condominium Clause in Contracts

The Condominium. X. Xxxxxxxxx will construct and equip the condominium building in substantial compliance with the plans and specifications therefor, which are available for inspection by Buyer at the office of Developer. Plans and specifications filed with Brevard County, or any other government agency, shall not be deemed incorporated herein by reference. Developer hereby reserves the exclusive right, in its sole discretion, to make non-substantial changes in plans and specifications and/or substitutions of materials, equipment, or appliances used in the construction of the Property, including variations in color, brand, grade and dimensions, provided such non-substantial changes are in compliance with applicable building codes and/or substitutions are of comparable or better quality, and to make minor changes in the layout and dimensions of the Property, which do not substantially affect the value of the Property. Construction of the condominium (including the Property) shall be in compliance with applicable governmental codes and regulations, subject to local governmental interpretations and applications, and the final inspection and acceptance by such governmental agency, as evidenced by issuance of a Certificate of Occupancy, shall constitute conclusive evidence that the Property has been completed in accordance with this Agreement and the obligations of Developer hereunder have been fully satisfied. B. The Developer agrees that the condominium shall be ready for occupancy by the Buyer within twenty-four (24) months from the date of acceptance of this offer, with the provision, however, that the time set for completion and occupancy herein provided for shall be extended for delays and other events that would be sufficient to support a defense under Florida law based upon impossibility of performance for reasons beyond the Developer’s control. C. This agreement and all rights hereunder are subordinate and inferior to any construction or other mortgage placed by the Developer or its nominee upon the condominium and its appurtenant lands, whether such construction or other mortgage shall be executed before or after the date of this agreement. The subordination herein contained is automatic and shall not require nor be deemed to require any writing; however, in the event any mortgagee contemplated in this paragraph shall require it, Buyer shall execute a subordination agreement suitable in the mortgagee’s opinion, to effectuate the provisions of this paragraph. The Buyer agrees and acknowledges that the construction lender is not guaranteeing or warranting the completion of the project, nor is the construction lender guaranteeing or warranting the fitness, merchantability or other quality of any unit or of the project. Buyer acknowledges and agrees that any periodic inspections of the construction at the project, and any review or approval of any of Developer’s requests for disbursement of escrow deposits or any other funds, made by, through, or for the construction lender, are for the construction lender's loan administration purposes only and that neither the construction lender nor any of its representatives, agents, nor contractors assumes any responsibility or liability due the Buyer or any other person by reason of any such actions and that the Buyer may not rely upon any of such actions for any purpose whatsoever, including, but not limited to matters of design, adequacy of workmanship or materials, compliance with law, engineering detail, and conformance to any approved plans and specifications. Further, Xxxxx acknowledges that the construction lender shall assume no responsibility for the proper application of the security of all or any portion of any deposit made hereunder by Xxxxx. Xxxxx agrees that the construction lender shall have no responsibility whatsoever to Buyer for assuring the Developer’s compliance with the terms of this agreement or with any escrow agreement between the Developer and the Buyer.

Appears in 2 contracts

Samples: Sale and Purchase Agreement, Sale and Purchase Agreement

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The Condominium. X. Xxxxxxxxx A. Developer will construct and equip the condominium building in substantial compliance with the plans and specifications therefor, which are available for inspection by Buyer at the office of Developer. Plans and specifications filed with Brevard County, or any other government agency, shall not be deemed incorporated herein by reference. Developer hereby reserves the exclusive right, in its sole discretion, to make non-substantial changes in plans and specifications and/or substitutions of materials, equipment, or appliances used in the construction of the Property, including variations in color, brand, grade and dimensions, provided such non-substantial changes are in compliance with applicable building codes and/or substitutions are of comparable or better quality, and to make minor changes in the layout and dimensions of the Property, which do not substantially affect the value of the Property. Construction of the condominium (including the Property) shall be in compliance with applicable governmental codes and regulations, subject to local governmental interpretations and applications, and the final inspection and acceptance by such governmental agency, as evidenced by issuance of a Certificate of Occupancy, shall constitute conclusive evidence that the Property has been completed in accordance with this Agreement and the obligations of Developer hereunder have been fully satisfied. B. The Developer agrees that the condominium shall be ready for occupancy by the Buyer within twenty-four (24) months from the date of acceptance of this offer, with the provision, however, that the time set for completion and occupancy herein provided for shall be extended for delays and other events that would be sufficient to support a defense under Florida law based upon impossibility of performance for reasons beyond the Developer’s control. C. This agreement and all rights hereunder are subordinate and inferior to any construction or other mortgage placed by the Developer or its nominee upon the condominium and its appurtenant lands, whether such construction or other mortgage shall be executed before or after the date of this agreement. The subordination herein contained is automatic and shall not require nor be deemed to require any writing; however, in the event any mortgagee contemplated in this paragraph shall require it, Buyer shall execute a subordination agreement suitable in the mortgagee’s opinion, to effectuate the provisions of this paragraph. The Buyer agrees and acknowledges that the construction lender is not guaranteeing or warranting the completion of the project, nor is the construction lender guaranteeing or warranting the fitness, merchantability or other quality of any unit or of the project. Buyer acknowledges and agrees that any periodic inspections of the construction at the project, and any review or approval of any of Developer’s requests for disbursement of escrow deposits or any other funds, made by, through, or for the construction lender, are for the construction lender's loan administration purposes only and that neither the construction lender nor any of its representatives, agents, nor contractors assumes any responsibility or liability due the Buyer or any other person by reason of any such actions and that the Buyer may not rely upon any of such actions for any purpose whatsoever, including, but not limited to matters of design, adequacy of workmanship or materials, compliance with law, engineering detail, and conformance to any approved plans and specifications. Further, Xxxxx Buyer acknowledges that the construction lender shall assume no responsibility for the proper application of the security of all or any portion of any deposit made hereunder by XxxxxBuyer. Xxxxx Buyer agrees that the construction lender shall have no responsibility whatsoever to Buyer for assuring the Developer’s compliance with the terms of this agreement or with any escrow agreement between the Developer and the Buyer.

Appears in 2 contracts

Samples: Sale and Purchase Agreement, Sale and Purchase Agreement

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