Common use of Condominium Documents Clause in Contracts

Condominium Documents. Notwithstanding anything to the contrary contained in the foregoing Sections 5.2 through 5.4, to the extent the Condominium Documents require that all or any portion of any Proceeds or Awards be paid to the Board of Directors and that the Board of Directors hold or otherwise control such Proceeds or Awards and complete a Restoration, then the obligations of Borrowers to deliver (or cause to be delivered) Proceeds or Awards to Lender and to complete such Restoration shall be deemed satisfied provided that: (i) the Borrower owning the Unit exercises its rights as owner of the Unit (through voting, appointment of members or the Board of Directors and any rights otherwise available to Borrower under the Condominium Documents) to cause the Board of Directors to comply with its obligations regarding the Restoration; (ii) Borrowers apply any Proceeds or Awards otherwise received by Borrowers in accordance with this Article 5 and completes the Restoration of any portions of the Property that the Board of Directors is not required to restore; and (iii) Borrowers comply with any requirements applicable to the Borrower owning the Unit under the Condominium Documents in order to enable Lender to obtain all rights to which mortgagees of commercial units in the Condominium are entitled under the Condominium Documents with respect to Proceeds and Awards and other matters described in this Article 5; provided, however, that if the Condominium Documents are hereafter terminated, the provisions of this Section 5.5 shall automatically cease to be of any force or effect. Nothing in this Section 5.5 shall preclude Borrowers’ payment obligations (if any) under Section 5.4(c) above.

Condominium Documents. Notwithstanding anything (a) Each of the Condominium Documents is in full force and effect. (b) Neither Borrower nor Property Owner nor, to Borrower’s actual knowledge, any other party to any of the Condominium Documents, is in default under any of the Condominium Documents, and to the contrary contained in best of Borrower’s knowledge, there are no conditions which, with the foregoing Sections 5.2 through 5.4passage of time or the giving of notice, or both, would constitute a material default thereunder. (c) None of the Condominium Documents has been modified, amended or supplemented. (d) All conditions of the Condominium Documents which were required to be satisfied, and all approvals which were required to be given, as of the date hereof with respect to the Condominium Units constituting part of the Property, have been satisfied, given or waived. (e) Borrower has delivered to Lender a true and correct copy of each of the Condominium Documents, certified by Borrower. (f) All of the members and officers of the Board of Managers and the NYTC Board of Managers are listed on Schedule 5 attached hereto. The members of the Board of Managers or the NYTC Board of Managers appointed by Property Owner are designated as such on Schedule 5. (g) All charges, fees, assessments and reserves under the Condominium Documents that are payable by Property Owner or Borrower have been paid to the extent they are due and payable as of the Condominium Documents require that all or any portion date hereof. Borrower has no knowledge of any Proceeds or Awards pending assessments to which it would be paid to the Board of Directors and that the Board of Directors hold or otherwise control such Proceeds or Awards and complete a Restoration, then the obligations of Borrowers to deliver (or cause to be delivered) Proceeds or Awards to Lender and to complete such Restoration shall be deemed satisfied provided that: (i) the Borrower owning the Unit exercises its rights as owner of the Unit (through voting, appointment of members or the Board of Directors and any rights otherwise available to Borrower subject under the Condominium Documents) to cause the Board of Directors to comply with its obligations regarding the Restoration; (ii) Borrowers apply any Proceeds or Awards otherwise received by Borrowers in accordance with this Article 5 and completes the Restoration of any portions of the Property that the Board of Directors is not required to restore; and (iii) Borrowers comply with any requirements applicable to the Borrower owning the Unit under the Condominium Documents in order to enable Lender to obtain all rights to which mortgagees of commercial units in the Condominium are entitled under the Condominium Documents with respect to Proceeds and Awards and other matters described in this Article 5; provided, however, that if the Condominium Documents are hereafter terminated, the provisions of this Section 5.5 shall automatically cease to be of any force or effect. Nothing in this Section 5.5 shall preclude Borrowers’ payment obligations (if any) under Section 5.4(c) above.

Condominium Documents. Notwithstanding anything to the contrary contained in the foregoing Sections 5.2 7.2 through 5.47.4, to the extent the applicable Condominium Documents require that all or any portion of any Proceeds or Awards be paid to the applicable Condominium Board of Directors and that the such Condominium Board of Directors hold or otherwise control such Proceeds or Awards and complete a Restoration, then the obligations of Borrowers to deliver (or cause to be delivered) Proceeds or Awards to Lender and to complete such Restoration shall be deemed satisfied provided that: (i) the such Borrower owning the Unit exercises its rights as owner of the Unit (through voting, appointment of members or the Condominium Board of Directors and any rights otherwise available to such Borrower under the applicable Condominium Documents) to cause the such Condominium Board of Directors to comply with its obligations regarding the Restoration; (ii) Borrowers apply such Borrower applies any Proceeds or Awards otherwise received by Borrowers it in accordance with this Article 5 7 and completes the Restoration of any portions of the affected Property that the applicable Condominium Board of Directors is not required to restore; and (iii) Borrowers comply such Borrower complies with any requirements applicable to the Borrower owning it as owner of the Unit under the applicable Condominium Documents in order to enable Lender to obtain all rights to which mortgagees of commercial units in the Condominium are entitled under the such Condominium Documents with respect to Proceeds and Awards and other matters described in this Article 57; provided, however, that if the applicable Condominium Documents are hereafter terminated, the provisions of this Section 5.5 7.5 shall automatically cease to be of any force or effect. Nothing in this Section 5.5 7.5 shall preclude Borrowers’ payment obligations (if any) under Section 5.4(c) abovethis Article 7.