Examples of Homeowners Corporation in a sentence
In the event that the actual Common Costs for such Lease Year are less than the Common Costs that had been estimated by the Homeowners Corporation or the Sublessor, the overpayment by the Sublessee shall be applied to the Common Costs payable to the Homeowners Corporation or the Sublessor, as the case may be, for the next Lease Year.
The Sublessor may, from time to time, delegate to the Homeowners Corporation, all or any part of the Sublessor’s rights and obligations hereunder, including, without limitation, the right to grant approvals or consents, and may change such delegation from time to time.
Specific obligations of the Homeowners Corporation are contained in its Articles, a copy of which has been made available to the Sublessee prior to the execution of this Sublease.
In accordance with the Articles of the Homeowners Corporation, each share of the Homeowners Corporation must be transferred to the assignee of the Sublease in respect of which the share was issued, and no share may be dealt with independently from the Sublease.
The rights and obligations of the Homeowners Corporation shall be subject and subordinate to the Sublessor’s rights under this Sublease.
The Sublessee acknowledges that the operations of the Homeowners Corporation will be paid for by assessments (the “Assessments”) made by the Homeowners Corporation to the Sublessees.
In the event the actual Common Costs for such Lease Year are greater than the Common Costs that had been estimated by the Homeowners Corporation or the Sublessor, the Homeowners Corporation or the Sublessor shall have the right to either include the amounts in the Common Costs for the upcoming Lease Year or assess the Sublessees for the shortfall, and the Sublessee shall pay such additional amounts at the time or times required by the Homeowners Corporation or the Sublessor.
At the request of the Sublessor, or the Homeowners Corporation, the Sublessee shall establish an automatic pre-authorized payment plan that will be used to make payments due under this Sublease.
Such Assessments shall constitute Additional Rent pursuant to this Sublease, shall bear interest as provided for in this Sublease if not paid when due, and shall afford the Sublessor and the Homeowners Corporation with all remedies available to them pursuant to this Sublease.
The Homeowners Corporation, and its agents, employees and contractors, shall have the right to enter upon the Leased Premises and the Common Areas and Common Facilities to enable it to carry out its duties and responsibilities in connection with the Common Areas and Common Facilities.