Unqualified Owners Clause Samples

Unqualified Owners. An Owner who is unqualified for any reason at the time he becomes an Owner (including without limitation, any Mortgagee, or Foreclosure Sale Purchaser [as defined herein]), shall within four months of the transfer of title to such unqualified Owner: (i) provide to Declarant and the Association proof reasonably satisfactory to them that the unqualified Owner is or has become a qualified Owner under this Article XIII, or (ii) sell the Condominium pursuant to the procedures and requirements of Section (1)(a) or 1(b) of Article XIV. If an unqualified Owner shall fail within the time allowed to follow any one of the foregoing procedures, then Association or Declarant shall give to such unqualified Owner notice of such failure to comply, whereupon such unqualified Owner shall be deemed to have made an irrevocable Offer to sell his Condominium to Declarant and/or Association pursuant to the provisions of Section 1(b) of Article XIV. However, the making of such Offer or the giving of any notice hereinabove described shall not be a prerequisite to the enforcement of the provisions of this Article by any person, the Association, or Declarant. Declarant may, in its discretion, temporarily waive the lack of qualified status of any Owner and such unqualified Owner may continue to own, possess, occupy and/or use the Condominium, but only until Declarant notifies such unqualified Owner in writing that Declarant's temporary waiver has been revoked, in which event the preceding provisions of this Section 3 of Article XIII shall immediately apply. It is the intent of this Section 3 of Article XIII to prohibit ownership, possession, or occupancy of any Condominium by an unqualified person or entity and, to the extent an unqualified person or entity becomes an Owner of a Condominium (regardless of the means or procedure by which such unqualified Owner acquired title to the Condominium), to require that such Owner promptly sell the Condominium to a qualified person, Association or Declarant according to the provisions and procedures set forth in Articles XIII and XIV within the time parameters set forth in this Section 3 of Article XIII.