Percentage Ownership Interest definition
Examples of Percentage Ownership Interest in a sentence
Where an obligation arises because of a Unit Owner's interest in the Common Area, and such obligation does not relate solely to an individual Unit, each Unit Owner shall be liable by way of a Common Assessment or Special Assessment only for its proportional part of the obligation as determined in accordance with its Percentage Ownership Interest.
Upon Approval or amendment of the budget, the Board shall separately assess each Unit Owner its share of the estimated Common Expenses for such budget year, according to its Percentage Ownership Interest (unless BAHA agrees in writing to a different allocation for any Unit), which assessment shall be due and payable in accordance with the provisions of Section 7.06.
Upon sale by partition or if sale is authorized under Sections 8.06(e),(f) and (g) by decision of the Board as provided in this Section 8.08(c), the net proceeds of sale shall be divided in accordance with each Unit Owner's Percentage Ownership Interest; provided that such distribution is subject to the provisions of Section 8.08(d).
Upon acquisition by an existing Unit Owner of any interest of another Unit Owner through outright purchase, purchase at foreclosure or otherwise, the acquiring Unit Owner's Percentage Ownership Interest shall be recomputed, as necessary, to reflect the acquiring Unit Owner's new holdings.
Upon approval of an expenditure by the Board as a Common Expense not contained in the budget Approved by the Board, the Board shall separately assess each Unit Owner its share of the Extra Common Assessment according to its Percentage Ownership Interest, which shall be due and payable as provided in Section 7.06.