Condominium Covenants. (a) With respect to each Condominium, Borrower covenants as follows:
(i) it will not, without Lender’s prior written consent, vote to amend, modify, supplement or terminate, or consent to (1) the termination of any of the Condominium Documents or (2) the amendment, modification or supplementation of any of the Condominium Documents, in each case, in any material respect which would cause a Material Adverse Effect on the applicable Individual Property;
(ii) it will pay (or cause to be paid) all Condominium Charges and expenses actually assessed against, and payable by, those Units then owned or leased by it pursuant to the applicable Condominium Documents (or Ground Lease, if applicable) prior to delinquency, other than assessments or Condominium Charges that are being contested in good faith pursuant to the applicable Condominium Documents and this Agreement;
(iii) it will comply in all material respects with all of the terms, covenants and conditions on its part to be complied with, pursuant to the applicable Condominium Documents and any applicable Condominium Laws and rules and regulations that may be adopted for the Condominium as the same shall be in force and effect from time to time, provided that the failure of the Condominium Board to be inactive shall not be a breach of this clause (iii) as long as such inactivity does not give rise to a Material Adverse Effect on such Individual Property;
(iv) it will take all commercially reasonable actions as may be necessary from time to time to preserve and maintain the Condominium in accordance with the applicable Condominium Law; it will not, without the prior written consent of Lender, take (and hereby assigns to Lender any right it may have to take) any action to terminate the Condominium, withdraw the Condominium from the Condominium Law, or cause a partition of the Condominium;
(v) it will not, without Lender’s prior written consent, (A) vote to permit any of the terms or provisions of the Condominium Documents to be materially modified, supplemented or amended, including, without limitation, changing the boundaries of any Unit, changing any ownership percentage interest or vote allocated to a Unit or changing any rights of Borrower to appoint members to the Condominium Board or permit the Condominium to be terminated, withdrawn from a condominium regime, partitioned, subdivided, expanded or otherwise modified and/or (B) relinquish any rights that Borrower has under the Condominium Documents;
(vi) for ...
Condominium Covenants. In addition to the representations, warranties, covenants, and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows:
Condominium Covenants. In addition to the covenants and agreements made in this Agreement, Borrower and the Administrative Agent further covenant and agree as follows:
Condominium Covenants. (a) Borrower promptly shall observe and perform all of Borrower’s obligations under each Condominium Project’s Constituent Documents. As used herein, the term “Constituent Documents” shall mean all of the following, as applicable to a Condominium Unit, a Condominium Project and the owners association or other entity which acts for the Condominium Project (the “Owners Association”): (i) the declaration or any other document which creates the Condominium Project; (ii) the by-laws; (iii) the code of regulations; and (iv) other similar documents.
Condominium Covenants. 9798 Section 10.16
Condominium Covenants. (i) Owner shall promptly deliver to Lender a true and full copy of all notices of default received by the Owner with respect to any obligation or duty of the Owner under the Condominium Documents.
(ii) Owner shall not, except with the prior written consent of the Lender (a) institute any action or proceeding for partition of the Mortgaged Property; (b) vote for or consent to any modification of, amendment to or relaxation in the enforcement of the Condominium Documents or the termination of the Condominium; (c) expand or cause the expansion of the Condominium and annex to the land covered by the Condominium additional land and improvements thereon; and (d) in the event of damage to or destruction of the Common Elements or other portions of the Condominium other than the Mortgaged Property, vote not to repair, restore or rebuild the Common Elements or other portions of the Condominium other than the Mortgaged Property if Owner shall have such a voting right.
Condominium Covenants. (a) With respect to each Condominium, Borrower covenants as follows:
(i) it will not, without Lender’s prior written consent, vote to amend, modify, supplement or terminate, or consent to (1) the termination of any of the Condominium Documents or (2) the amendment, modification or supplementation of any of the Condominium Documents, in each case, in any material respect which would materially and adversely affect the applicable Mortgage Borrower, the applicable Individual Property and Lender’s rights under the Condominium Documents;
Condominium Covenants. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: So long as the Owners Association maintains, with a generally accepted insurance carrier, a “master” or “blanket” policy insuring all property subject to the condominium documents, including all improvements now existing or hereafter erected on the Property, and such policy is satisfactory to Lender and provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and other hazards included within the term “extended coverage,” and loss by flood, to the extent required by the Secretary, then: (i) Lender waives the provision in Paragraph 2 of this Security Instrument for the monthly payment to Lender of one-twelfth of the yearly premium installments for hazard insurance on the Property, and (ii) Borrower’s obligation under Paragraph 4 of this Security Instrument to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage and of any loss occurring from a hazard. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, whether to the condominium unit or to the common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to the entity legally entitled thereto. Xxxxxxxx promises to pay all dues and assessments imposed pursuant to the legal instruments creating and governing the Condominium Project. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any amounts disbursed by Xxxxxx under this Paragraph C shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrowers requesting payment. BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms and provisions contained in this Condominium Rider. ____________________________________ ____________________________________ -Borrower -Borrower ____________________________________ ________...
Condominium Covenants. In the event Borrower elects, at Borrower's sole and absolute discretion, to submit the Premises and Improvements constructed or to be constructed thereon to a form of condominium regime pursuant to the provisions of the Condominium Act to create the Residential Unit and the Retail Unit and no others, Borrower shall:
Condominium Covenants. (a) With respect to each Condominium, Borrower covenants as follows:
