Examples of Ownership Merger in a sentence
The term "thirty-five percent (35%) of the owners" herein means the owners of units to which are appurtenant thirty-five percent (35%) of the common interests as established by the Declaration, or, in the event of an ownership merger of the Project with an additional phase or phases, as set forth in the Certificate of Ownership Merger, as provided in the Declaration of Merger referred to in Section S of the Declaration.
Voting shall be on a percentage basis with the percentage of the total vote to which each unit is entitled being the same as the percentage of the common interests assigned to such unit in the Declaration, or, in the event of an ownership merger of the Project with an additional phase or phases, as set forth in the Certificate of Ownership Merger, as provided in the Declaration of Merger referred to in Section S of the Declaration.
The recordation of one or more Certificates of Ownership Merger described in this Paragraph 5 shall be conclusive evidence that Developer has elected to effect an ownership merger or mergers of such Phases.
Each unit in the Merged Project shall have an undivided percentage interest in the common elements and in all common profits and expenses of the Merged Project, and for all other purposes, including voting, as shall be set forth in the Certificate of Ownership Merger.
From and after the Ownership Merger Date, the merged Phases shall be treated for all purposes as though they had been developed, divided into units and used by the unit owners thereof as a single undivided project.
The unit owners in one Phase shall not be obligated to pay any outstanding debts, expenses, costs or other obligations of the unit owners in any other Phase as of the Administrative Merger Date or the Ownership Merger Date, as the case may be.
If ownership merger of all of the Phases is not effected pursuant to the foregoing provisions prior to December 31, 2027 (the "Ownership Merger Expiration Date"), the right of Developer to effect any such merger shall terminate automatically on the Ownership Merger Expiration Date.
If ownership merger of all of the Phases is not effected pursuant to the foregoing provisions prior to December 31, 2029 (the "Ownership Merger Expiration Date"), the right of Developer to effect any such merger shall terminate automatically on the Ownership Merger Expiration Date.
Voting shall be on a percentage basis with the percentage of the total vote to which each unit is entitled being the same as thepercentage of the common interests assigned to such unit in the Declaration, or, in the event of an ownership merger of the Project with an additional phase or phases, as set forth in the Certificate of Ownership Merger, as provided in the Declaration of Merger referred to in Section S of the Declaration.
The Certificate of Ownership, Merger and Name Change shall provide that the Merger shall be effective January 1, 1999 at 12:01 a.m. (the "Effective Date and Time").