Condominium Sample Clauses

Condominium. (a) As it relates to the Condominium created pursuant to the Declaration (Master), Borrower has a 55.2278% aggregate percentage interest in the Common Elements of the Condominium and the remaining 44.7722% aggregate percentage interest in the Common Elements is owned entirely by the Sub-Units. The Condominium Units owned by Borrower and the Residential Master Unit are the only Condominium Units in the Condominium created pursuant to the Declaration (Master). (b) As it relates to the Condominium created pursuant to the Declaration (Hotel-Residential), Borrower has a 61.2195% aggregate percentage interest in the Common Elements of the Condominium and the remaining 38.7805% aggregate percentage interest in the Common Elements is owned entirely by the owners of the Sub-Units. The Condominium Unit owned by Borrower and the Sub-Units are the only Condominium Units in the Condominium created pursuant to the Declaration (Hotel-Residential). (c) Each Condominium Document is in full force and effect in all material respects and constitutes the binding obligation of Borrower and, to Borrower's knowledge, each other party thereto. (d) Except as expressly set forth in the Exception Report, Borrower has not consented to any amendment or modification (oral or written) of any of the Condominium Documents, nor, to Borrower's knowledge, does any such amendment or modification (oral or written) of any of the Condominium Documents exist. (e) To Borrower's knowledge, no events exist that, now or after the passage of time, or both, would constitute a default by Borrower under any of the Condominium Documents (unless such default would not cause or reasonably be expected to result in a Material Adverse Effect). In addition, to Borrower's knowledge, no events exist that, now or after the passage of time, or both, would constitute a default by any Person other than Borrower under any of the Condominium Documents (unless such default would not cause or reasonably be expected to result in a Material Adverse Effect). (f) Except as set forth in the Exception Report, there are no sums that are due and payable by Borrower under any of the Condominium Documents to either the Condominium Associations or the owners of the Condominium Units other than the Condominium Units owned by Borrower, which sums remain unpaid. In addition, except as set forth in the Exception Report, to Borrower's knowledge, there are no sums due and payable by the Condominium Associations or the owners of the Condom...

Condominium. Borrower covenants and agrees as follows: (i) Borrower shall pay all common charges and other assessments as required by the Condominium Documents in respect of the Property and shall promptly, following demand, exhibit to Lender proof of all such payments; (ii) Borrower shall not, unless directed otherwise in writing by Lender, without first obtaining Lender's prior written consent, (a) vote for, consent to or permit to occur any modification of, amendment to, or relaxation in the enforcement of, any material provision of the Condominium Documents; provided, however, Lender's approval shall not be required for amendments to the Condominium Documents containing disclosures or other provisions required to be made by Legal Requirements; (b) in the event of damage to or destruction of the Property, vote in opposition to a motion to repair, restore or rebuild, unless the Indebtedness will be repaid in full pursuant to Section 5.16; (c) partition or subdivide any Condominium Unit, or combine any Condominium Unit with another Condominium Unit; (d) consent to the termination of a Condominium; or (e) vote in favor of the imposition of special assessments for capital improvements pursuant to the Condominium Documents. (iii) Borrower shall fully and faithfully observe, keep and perform, in all material respects, each and every material requirement, condition, covenant, agreement and provisions under the Texas Condominium Act and the Condominium Documents on the part of Borrower to be observed, kept and performed. Borrower shall promptly deliver to Lender a copy of any notice of default received by Borrower with respect to any obligation of Borrower under the provisions of the Condominium Documents or the Texas Condominium Act.

Condominium. To the extent that a Public Garage is located on the same Project Parcel as one or more of the Buildings comprising the Private Improvements, and either such Project Parcel is not capable of being subdivided to locate such Project Garage on a separate legal lot or the Redeveloper determines not to pursue subdivision of the Project Parcel, the Redeveloper shall create a Condominium on such Project Parcel in accordance with CIOA, pursuant to which the Public Garage shall constitute a separate condominium unit. Redeveloper shall prepare a draft of the Condominium Documents for any such Project Parcel for submission to and approval by the City’s Finance Director (after consultation with the City’s Corporation Counsel or outside counsel) within six (6) months following the date on which the Redeveloper is issued a building permit for the Parking Garage to be constructed on such Project Parcel, such approval not to be unreasonably withheld, conditioned or delayed. The Condominium Documents for the applicable Condominium shall be consistent with the terms set forth on Exhibit EE with respect thereto or such other terms as are agreed to by the Redeveloper and the City’s Finance Director, after consultation with the City’s Corporation Counsel or outside counsel. The Parties shall cooperate with one another to make such changes to any such draft Condominium Documents as may be necessary or desirable based on the final design and construction of the Improvements located or to be located on such Project Parcel, the reasonable requirements of lenders making loans on individual units within the Condominium (including any secondary mortgage market requirements). Finalization and recording of the Condominium Declaration (and finalization of the remaining Condominium Documents) shall be a condition precedent to the Redeveloper’s obligation to complete and convey the applicable Public Garage to the City and the City’s obligation to deliver payment for such Public Garage. Nothing herein shall restrict the Redeveloper’s ability to create more than one common interest community (as defined in CIOA) on any Project Parcel (including the use of one or more sub-common interest communities with respect to one or more units located in any underlying master common interest community).

Condominium. This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the “Declaration”) which are or shall be recorded in order to convert the Land and the improvements erected thereon to a condominium form of ownership in accordance with the provisions of Article 9-B of the Real Property Law, or any successor thereto, provided the Declaration does not include other terms which increase Tenant’s obligations (in any material respect) or decrease Tenant’s rights (in any material respect). If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this Lease confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s Tax Share and Tenant’s Operating Share and appropriate reductions in the Operating Expenses for the Base Operating Year and the Base Tax Amount; provided, that, such amendment shall not reduce Tenant’s rights or increase Tenant’s obligations under this Lease (in either case in any material respect) or increase Tenant’s monetary obligations under the Lease.

Condominium. The Property is a unit of a condominium that is primarily run by a unit owners’ association. Section 3407 of the Uniform Condominium Act of Pennsylvania requires Seller to furnish Buyer with a Certificate of Resale and copies of the condominium declaration (other than plats and plans), the bylaws and the rules and regulations of the association. PLANNED COMMUNITY (HOMEOWNER ASSOCIATION). The Property is part of a planned community as defined by the Uniform Planned Community Act. Section 5407(a) of the Act requires Seller to furnish Buyer with a copy of the declaration (other than plats and plans), the bylaws, the rules and regulations of the association, and a Certificate containing the provisions set forth in Section 5407(a) of the Act.

Condominium. This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the “Declaration”) which are or shall be recorded in order to convert the Land and the improvements erected thereon to a condominium form of ownership in accordance with the provisions of Article 9-B of the Real Property Law, or any successor thereto, provided the Declaration does not include any terms which increase Tenant’s monetary or non-monetary obligations (other than to a de minimis extent) or decrease Tenant’s rights (other than to a de minimis extent) or materially interfere with Tenant’s use of the Premises for executive, administrative and general office purposes. If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this Lease (at no out-of-pocket costs to Tenant other than any legal fees incurred by Tenant in connection with same) reasonably acceptable to Tenant confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s Share and appropriate reductions in the Base Operating Amount, the Base PILOT Amount and the Base Impositions Amount; provided, that, Landlord provides to Tenant a subordination, non-disturbance and attornment agreement duly executed by the board of such condominium in a form reasonably acceptable to Tenant.

Condominium. If the Property is a condominium:

Condominium. Mortgaged property is part of condominium regime where units are wholly-owned by the borrower; however, the borrower is permitted to obtain partial release of up to 4 of the 6 units comprising the regime in connection with partial defeasance of the loan; the borrower maintains affirmative control of owners’ association so long as no more than 4 units are released.

Condominium. (a) Borrower has provided Administrative Agent with true, correct and complete copies of the Condominium Documents. (b) Borrower agrees that: (i) Borrower shall not, without Administrative Agent’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed provided (x) no Event of Default exists and (y) such amendment or modification complies with all Condominium Laws, cause or permit Mortgage Borrower to amend, modify or supplement, or consent to or suffer the amendment, modification or supplementation of any of the Condominium Documents (except with respect to (1) price change amendments to the Offering Plan increasing the Schedule A—Purchase Prices (each a “Price Change Amendment”) as provided in Article 16 hereof, (2) annual update amendments required under Attorney General regulations to extend the term of the Offering Plan, and (3) the proposed eighth (8th) amendment thereto in the form attached hereto as Exhibit L and otherwise reasonably acceptable to Administrative Agent). Borrower shall not cause or permit Mortgage Borrower to consent to the merger of the Condominium with any other condominium without Administrative Agent’s prior written consent, which may be withheld in its sole and absolute discretion. Administrative Agent shall endeavor to respond to each request by Borrower for Administrative Agent’s approval of an amendment to the Condominium Documents within twenty (20) Business Days following Administrative Agent’s receipt of such request and all required documents and information relating to such request. If Administrative Agent does not notify Borrower of its approval or disapproval of a proposed amendment to the Condominium Documents within twenty (20) Business Days after request by Borrower and submission by Borrower of all information needed by Administrative Agent to evaluate said request, then Borrower may deliver a second request, which request shall state on the top of the first page in bold lettering “ADMINISTRATIVE AGENT’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE MEZZANINE LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND ADMINISTRATIVE AGENT.” If Administrative Agent does not notify Borrower of its approval or disapproval of the proposed amendment to the Condominium Documents within ten (10) Business Days after such second request, then as long as no Event of Default or Potential Event of Default exists, the same shall be deemed approv...

Condominium. Condominium" means an estate in real property, as defined in California Civil Code Section 783, consisting of an undivided interest in common in the Common Area, together with a separate fee interest in a Unit and any other separate interests in the real property as are described in this Declaration, in the Condominium Plan, or in the deed conveying the Condominium.