Additional Condominium Provisions Sample Clauses
Additional Condominium Provisions. (a) Borrower hereby irrevocably constitutes and appoints Lender as Borrower’s proxy and attorney-in-fact (which appointment will be deemed coupled with an interest) for and on its behalf to perform all of the obligations of Borrower and to exercise all of the rights and powers of Borrower under the Condominium Instruments without any liability to Borrower or third parties, unless such liability arises from Lender’s gross negligence or willful misconduct.
(b) Borrower hereby instructs and grants and gives to Lender as Borrower’s attorney-in-fact, full power and authority to do and perform every act authorized, permitted, requisite or necessary to be done by Borrower under the provisions of the Condominium Instruments to all intents and purposes the same as Borrower might do. Borrower hereby ratifies and confirms all such acts that Lender lawfully does or performs by virtue of this appointment. Borrower acknowledges and agrees that the provisions set forth in this Section do not impose, burden or obligate Lender to do or perform any act whatsoever. Notwithstanding anything in this Section to the contrary, Lender may not exercise the rights and powers as Borrower’s attorney-in-fact prior toexcept during the occurrencecontinuance of an Event of Default.
(c) Nothing contained in this Loan Agreement is intended to or will be construed to constitute Lender as the Declarant under the Condominium Act and/or the Condominium Instruments or as an owner of the Condominium, a partner or joint venturer of Borrower.
F. The following definitions are added to Article XII:
Additional Condominium Provisions. Additional Condominium Provisions to be included in the Condominium Instruments: The Condominium shall be governed by an Association of Unit Owners (the “Condominium Association”), which in turn shall be run by a Board of Directors comprised of 3 directors, two appointed by the owner of Unit 2 and one appointed by the owner of Unit 1. The management of the Condominium Association shall be decided by the Board of Directors. The following are a list of decisions that cannot be taken by the Unit Owners, the Condominium Association or the Board of Directors of such Association, without the consent of the owner of Unit 1:
Additional Condominium Provisions. 129 ARTICLE X. MISCELLANEOUS. ...........................................................................................130 Section 10.1 Survival .....................................................................................................130
Additional Condominium Provisions. (a) [Intentionally Omitted.]
(b) ▇▇▇▇▇▇▇ Borrower shall comply with all terms, conditions and covenants of the Declaration, the bylaws of the Regime (the “Bylaws”) and all rules and regulations promulgated or otherwise existing with respect to the Regime (collectively, the “Condominium Rules”) as those are in force and effect.
(c) Borrower shall promptly deliver to Lender a true and full copy of each and every notice of default by Borrower received by Borrower with respect to any obligation of ▇▇▇▇▇▇▇ Borrower under the provisions of the Condominium Documents or the Condominium Rules.
(d) In each and every case in which, under the provisions of the Declaration or the Condominium Rules, the consent or the vote of the owners of a unit is required, Borrower shall not vote or give such consent if doing so would materially and adversely impair the lien of the Security Instrument or the security therefor without, in each and every case, the prior written consent of Lender.
(e) ▇▇▇▇▇▇▇ Borrower shall promptly pay, as the same become due and payable, all common charges or other payments for maintenance and reserve funds and all assessments as required by the Condominium Documents or the Condominium Rules or any resolutions adopted pursuant thereto, and shall promptly upon demand exhibit to Lender receipts for all such payments. In the event that ▇▇▇▇▇▇▇ Borrower fails to make such payments as the same become due and payable, Lender may from time to time at its option, but without any obligation to do so and following ten (10) days’ notice to or demand upon Borrower, make such payments, and the same shall be added to the debt secured hereby, and shall bear interest until repaid at the Default Rate. 129 0123905.0782082 4863-1270-3898v11
(f) In the event of the failure of ▇▇▇▇▇▇▇ Borrower to perform any of its material obligations relating to the ▇▇▇▇▇▇▇ Property under the Condominium Documents or Condominium Rules within a period of thirty (30) days (or longer or shorter period to the extent dictated by the Condominium Documents) after written notice from the Condominium Board or from Lender, if ▇▇▇▇▇▇▇ Borrower fails to proceed promptly after such time period to cure or remedy the same with due diligence, then in any such case, Lender may from time to time at its option, but without any obligation so to do, upon ten (10) days’ notice to Borrower, cure or remedy any such default of Borrower (Borrower hereby authorizing Lender to enter upon the ▇▇▇▇▇▇▇ Property as ma...