Condominium Matters. The Seller represents to the best of its knowledge:
(a) the current condominium charges for the Unit are estimated to be $596.59 per month;
(b) there are no planned special assessments, nor will there be any special assessments prior to closing unless Buyer is so notified and consents to same;
(c) there are no leases, licenses or occupancy agreements in force and effect for the Unit nor will Buyer be purchasing the Unit subject to any such agreements other than as set forth under Section 4 hereof;
(d) the Seller has no knowledge of any threatened or pending litigation against the Condominium.
Condominium Matters. (a) The Condominium will be established upon Sublessor’s recording of the Declaration, By-laws and Site plan for the Condominium, copies of which are attached hereto as Exhibit B (collectively, the “Condominium Documents”) with the Rockingham County Registry of Deeds. Upon recording the Condominium Documents, Sublessor agrees that it shall not modify, alter or amend the same prior to the amendment declaring the Building as a unit of the Condominium, without the prior written consent of Sublessee in each instance. Sublessee acknowledges that Sublessor intends to amend the Condominium Documents upon completion of the Building to declare the Building as Unit #2 of the Condominium, to designate the Lot and Common Facilities as limited common areas appurtenant to such unit, and to reserve such unit and limited common areas for the sole and exclusive use of Sublessee. Notwithstanding anything in the Condominium Documents or the Lease to the contrary, Sublessor acknowledges and agrees that Sublessee shall have the right to review, comment on and reasonably approve any such amendment to the Condominium Documents to the same extent as if they were the original Condominium Documents prior to Sublessor executing or recording the same to ensure that the unit complies with the requirements of Section 1.2 of the Lease and this Section 3. Sublessor agrees to submit such proposed amendment (including, without limitation, the revised site plan and floor plans depicting the location and dimensions of the unit and appurtenant limited common areas) to Sublessee for its review and approval at least 30 days prior to recording the same. The parties acknowledge and agree that because such unit will not be created or declared until such time as the Building has been constructed, in addition to the conditions set forth on Exhibit I to the Lease, it shall be a further condition to Sublessor’s achieving Substantial Completion that an acceptable amendment to the Condominium Documents satisfying the conditions of Section 1.2 of the Lease and this Section 3 has been reasonably approved by Sublessee and recorded by Sublessor in accordance with the Lease.
(b) Sublessor acknowledges and agrees that, during the term of the Lease, Sublessee shall have, at its option, the right to participate in all meetings of the Condominium and to exercise all voting and approval rights under the Condominium Documents as if it were the owner of the unit being leased by Sublessee. Sublessor agrees that it s...
Condominium Matters. Schedule 6.2(p) sets forth all documents and agreements evidencing any condominiums established with respect to a Property, including all amendments and modifications thereto, (collectively, the “Condo Documents”). VRLP has
(i) No written notice of default under the Condo Documents has been sent or received by any member of the Partnership Group with respect to a default which remains uncured under the Condo Documents and (ii) to VRLP’s Knowledge, (x) no member of the Partnership Group is in monetary default or material non-monetary default under the Condo Documents, (y) there is no event or circumstance that, with the giving of notice or the passage of time or both, would become a monetary default or material non-monetary default, under the Condo Documents on the part of any member of the Partnership Group or on the part of any Other Unit Owner and (z) no Other Unit Owner is in monetary default or material non-monetary default under the Condo Documents. The applicable member of the Partnership Group is current in the payment of its share of all common charges and other amounts due and payable with respect to any Property under the Condo Documents (or, notwithstanding anything to the contrary contained in this Agreement or the Amended and Restated Partnership Agreement to the extent such common charges and other amounts due and payable have not been paid, VRLP shall remain 100% liable for such common charges and other amounts to the extent relating to the time period prior to the Closing Date).
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Condominium Matters. The parties acknowledge that the Condominium Documents contain certain procedures with respect to Casualty, Condemnation, restoration of the Property, use of Net Proceeds and selection of an Insurance Trustee. Notwithstanding the foregoing, in connection with a vote or decision by the Condominium Board relating to a restoration or disposition of the Property after a Casualty or a Condemnation, the termination of the Condominium, settlement discussions and intermediate and final settlements with any insurance companies, or the possession and disposition of Net Proceeds or any other matters addressed in this Article 5, Borrower shall instruct the Board members representing the Hotel Unit to vote (or refrain from voting) on such matters in a manner consistent with the requirements of Section 4.35(h), Section 5.2, Section 5.3 and Section 5.4.
Condominium Matters. The following shall be added to the Purchase Agreement as new Section 4.2(n):
Condominium Matters. If and to the extent that Seller has any authority over any condominium regime affecting any Property, or if any person selected by or affiliated with Seller serves as an officer or director of any such condominium regime, then an instrument of assignment or relinquishment of such authority and resignations of each such officer or director.
Condominium Matters. From the Effective Date, (i) Seller shall not, without the prior written approval of Purchaser, amend, modify, terminate, or waive any terms, conditions, obligations, or rights under the Condominium Documents (either on its own or by its vote as a member of the Association) to create any negative affect on the Property, (ii) Seller shall provide Purchaser copies of all notices delivered to or received by Seller regarding the Association or the Condominium Documents promptly following receipt or delivery thereof, and (iii) Seller shall not sell, convey, assign, transfer, or encumber (either on its own or by vote as a member of the Association) any portion of the common elements, limited common elements or common areas of the Condominium, in each instance without the prior written approval of Purchaser.
Condominium Matters. (a) As of the Closing, the Condominium Association will be a nonprofit corporation duly incorporated and subsisting under the laws of the Commonwealth of Pennsylvania. As of the Closing, the Condominium Association will have full power and authority to own, operate and lease its properties and to carry on its businesses as then conducted.
(b) As of the Closing, each of Seller and the Condominium Association shall have duly performed in all material respects all its respective obligations under the Condominium Declaration, the Condominium Articles and the Condominium Bylaws, to the extent that such obligations to perform have accrued; and no material breach or default, alleged material breach or default, or event which would (with the passage of time, notice or both) constitute a material breach or default thereunder by Seller or the Condominium Association, shall have occurred or as a result of the Closing of the transactions contemplated by this Agreement or its performance hereunder will occur.
Condominium Matters
