Condominium Project definition

Condominium Project. Real estate including the separate ownership in fee, or on a satisfactory leasehold estate, of a particular residential unit with an indivisible interest in the real estate designated for common ownership strictly by unit owners.

Condominium Project means a real estate condominium project; a plan or

Condominium Project means a real estate condominium project; a plan or project whereby two or more units, whether contained in existing or proposed apartments, commercial or industrial buildings or structures, or otherwise, are separately offered or proposed to be offered for sale. Condominium project also means the property when the context so requires.

Examples of Condominium Project in a sentence

• As to each Condominium Project or PUD in which a Mortgaged Property is located, a CGL Insurance policy should provide coverage of at least $1,000,000 for personal injury, bodily injury or property damage for any single occurrence.

• Except as a greater amount may be required by an applicable law, each Hazard Insurance deductible for a blanket policy covering a Condominium Project or PUD may not exceed the lesser of (a) $10,000 or (b) one percent of the applicable amount of coverage.

• If a steam boiler is operating within the Condominium Project or PUD in which a Mortgaged Property is located, then the Servicer must ensure that boiler and machinery coverage is in force at all times.

• Except as a greater amount may be required by applicable law, each Flood Insurance deductible for a blanket policy covering a Condominium Project or PUD may not exceed the lesser of (a) $5,000 or (b) one percent of the applicable amount of coverage.

• Unless alternative coverage is provided pursuant to Section 16.3 hereunder, the Servicer must verify that each such Mortgaged Property is covered at all times by Hazard Insurance policy which provides blanket coverage for the individual units in the Condominium Project or PUD.

More Definitions of Condominium Project

Condominium Project. ’ means real es- tate (A) which has five or more residential condominium units, in each residential struc- ture, and the remaining portions of the real estate are designated for common ownership solely by the owners of those units, each owner having an undivided interest in the common elements, and (B) where such units are or have been offered for sale or sold, di- rectly or indirectly, through the use of any means or instruments of transportation or communication of interstate commerce, or the mails;

Condominium Project means a real estate condominium project; a plan or project whereby four (4) or more apartments, rooms, office spaces, or other units in existing or proposed buildings or structures are offered or proposed to be offered for sale.

Condominium Project means the same as that term is defined in Section 57-8-3.

Condominium Project. ’ means real es-

Condominium Project means any project all or a portion of which has located thereon a Condominium or a Condominium Conversion.

Condominium Project means a real property development in which ownership of a separate interest is coupled with an undivided interest in all or part of the common area. (b) The undivided interest in the common area and the separate interest may be a specified three-dimensional space filled with air, earth, or water, or any combination thereof, and need not be physically attached to land except by easements for access and, if necessary, support. (c) The boundaries of the common area shall be described on a recorded final map, parcel map, or condominium plan. (d) The boundaries of the separate interests shall be described on a recorded final map, parcel map, or condominium plan. A description of a separate interest may refer to (1) boundaries described in the recorded final map, parcel map, or condominium plan, (2) physical boundaries, either in existence, or to be constructed, such as walls, floors, and ceilings of a structure or any portion thereof, (3) an entire structure containing one or more separate interests, or (4) any combination thereof. (e) An individual condominium within a condominium project may include, in addition, a separate interest in other portions of the real property.

Condominium Project means the sale of or plan by a developer to sell or the offering for sale of residential condominium units in an existing building or building to be constructed or under construction.