Interval Identification Number definition

Interval Identification Number is defined in Section 2.01;

Interval Identification Number is defined in Section 2.01; “Interval No.” means the number of the Interval from 1 to 10 created in each Cottage which sets the order by which Floating Weeks may be reserved; “Interval Ownership” or simply an “Interval” are inter-changeable terms and mean: (i) membership in the Association ; plus (ii) the right to reserve on a priority basis and then use for five (5) separate one (1) week periods: (A) a specific Cottage and that Cottage only every calendar year; (B) one (1) Fixed Week during the prime summer period every calendar year; and (C) four (4) Floating Weeks every calendar year, one (1) in the Spring Season, one (1) in the Fall Season, one (1) in the Winter Season and one (1) Additional Week; plus (iii) the obligation to pay one (1) Share of the Association Expenses. These three (3) parts of an Interval are indivisible; “Major Service Period” is defined in Section 2.02; “Minor Service Period” is defined in Section 2.02; “New Owner” is defined in Section 3.01; “Occupant” means each Owner, Exchange User, Renter and Visitor when they are on any part of the Property. It also includes the Visitor of an Occupant who is not an Owner or Exchange User; “One Share” is defined in Section 6.02(b); “Owner” means a person who from time to time is an Owner of an Interval (and a member of the Association ) who has become a party to this Agreement, either by being an original party, or by being a New Owner pursuant to the Transfer Agreement attached as Exhibit "B"; “Owner’s Purchase Contract” means the Agreement of Purchase and Sale whereby and Owner acquired that Owner’s Interval(s) from the Association ; “Partial Destruction of Cottages” is defined in Section 10.01; “Partial Destruction Not Affecting the Cottages” is defined in Section 10.01; “Partial Taking” is defined in Section 10.01; “Partial Taking Not Affecting the Cottages” is defined in Section 10.01; “Personal Charges” is defined in Section 6.02(e); “Proceeds” is defined in Section 6.18; “Project” means all the Cottages built on the Property, there being six (6) Cottages;

Examples of Interval Identification Number in a sentence

• Pursuant to the Inaski Shores Owners' Agreement dated as of April 13, 2013, (the "Inaski Shores Owners' Agreement"), the Prior Owner was assigned Interval Identification Number 1-2-3 (the "Interval").

• The notice must give: (i) name and address of the New Owner; (ii) date of Transfer; (iii) copy of Transfer; (iv) Interval Identification Number; and (v) Transfer Agreement executed by the New Owner.

• Documents must accompany the Transfer which reference the Interval Identification Number.

• If any Destruction or Taking makes a Cottage unusable then pending Restoration and/or reconstitution of the Project, all reservation and use rights of those Owners whose Interval Identification Number corresponding to the number of that Cottage shall be suspended.