Condominium ownership definition

Condominium ownership means the individual ownership of a particular apartment in a building and the common right to a share, with other co‑owners, in the general and limited common elements of the property;
View Source
Condominium ownership implies the individual units will be sold to individual property owners. A home owners association funded by the property owners will provide maintenance of the Central Paseo landscaping, recreational amenities, hardscape, common areas, private interior streets and project monument signage. All residential owners must adhere to Covenants, Conditions and Restrictions (CC & R’s) for the future maintenance of their property.
View Source

Examples of Condominium ownership in a sentence

  • In the event the Phase II Land is submitted to Condominium ownership pursuant to this Declaration and amendments thereto, the easements, reserved, granted and created hereunder shall automatically cease to exist.

  • Following the establishment of the Project by the parties, the CC&Rs shall provide that the owner of each Condominium shall become a member of the Association and shall have all of the rights and obligations of Condominium ownership as set forth in the CC&Rs.

  • From and after such time as Borrower shall have elected to convert the Property to Condominium ownership, all Condominium Documents comply with all applicable State statutes (including, without limitation, condominium statutes), Federal and State Securities Laws, Federal and State Truth-in-Lending Statutes, HUD filings re: interstate sales (if applicable), and the requirements of any Governmental Authority or Local Authority having jurisdiction.