proprietary lease concerning unsold shares

38. (a)  The term “Unsold Shares” means and has
exclusive reference to the shares of the Lessor
which have been issued or transferred to the
Sponsor or as provided in the Offering Plan to con­
vert the premises to Cooperative Ownership to acquir
Unsold Shares or to a nominee or design.ee of such
Individual(s); and all shares which are Unsold
Shares retain their character as such (regardless
of transfer) until an individual purchases same for use and occupancy by himself or a member of his family.

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