Interval Ownership definition

Interval Ownership or simply an “Interval” are inter-changeable terms and mean:
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Interval Ownership means a conveyance in fee simple absolute of an undivided interest in the common elements owned or tenants in common with all other unit and interval unit owners of an undivided interest in the time- shared dwellings with all other interval owners and a right to use a dwelling annually for a stated period of time in accordance with the Declaration, the Bylaws and Rules of the Council.
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Interval Ownership means a concept whereby Lot(s) or Living Unit(s) are conveyed for periods of time, the Owner receiving a stated time period for a period of years together with a remainder over in
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Examples of Interval Ownership in a sentence

  • The benefits of the Protective Covenants and Interval Ownership Agreement set forth herein are intended to run with the land and to each Owner, his heirs, personal representatives, administrators, successors and assigns.

  • An exchange program allows the Owner to exchange his Use Period for the Use Period in other similar projects or for different use periods at Meadow Lake Resort, as more fully set forth in the exchange program, which is not a part of this Interval Ownership Agreement.

  • In addition, the Grantor of an Interval Estate governed by the Declaration of Protective Covenants and Interval Ownership Agreement for Spy GlassSpyglass Village or the Managing Agent appointed under this Agreement shall be entitled to reasonable costs and attorney fees enforcing said declaration and agreement.

  • As used in this Agreement, the following words and terms shall have the following meanings: Interval Ownership Agreement Declaration of Protective Covenants and Alternate Year Interval Ownership Agreement for Glacier Village and any amendments thereto.

  • In the event either a buyer or seller of an Interval Estate defaults under the terms of the Spyglass Village Interval Ownership Purchase Agreement, the non-defaulting party shall be entitled to reasonable costs and attorney fees incurred because of such default.

  • TANGLEWOOD TOWNHOUSES --------------------- That property on which is located Tanglewood Townhouses as described in a Declaration of Individual and/or Interval Ownership recorded in Docket 862 at Page 312 and any Amendments and Supplements thereto all filed of record in the Office of the County Recorder of Coconino County, Arizona.

  • In the event either a buyer or seller of an Interval Estate defaults under the te1ms of the Spy GlassSpyglass Village Interval Ownership Purchase Agreement1 the non-defaulting party shall be entitled to reasonable costs and attorney fees incurred because of such default.

  • BUYER understands that his interest will be determined for all purposes by reference to the plat and the Declaration of Individual and/or Interval Ownership applicable hereto.

  • Declaration of individual and/or Interval Ownership and, if applicable, the Fairshare Vacation Plan Use Management Trust and Use Restriction, and any supplements or amendments thereto or hereafter filed.

  • That certain Declaration of Covenants and Restrictions of Interval Ownership dated December 30, 1996, and recorded on December 30, 1996, in the Newport Land Evidence Records in Book 749, at Page 369, together with any amendments, supplements, or restatements thereof, including but not limited to any Supplemental Declaration, as such term is defined in the Timeshare Declaration.