CONDOMINIUM MORTGAGES. If your Property is a condominium unit, you promise to meet these obligations, in addition to your other Promises under the Mortgage: You must comply with the most current version of The Condominium Property Act, 1993 (Saskatchewan), and the most current declarations, by-laws and rules of the condominium corporation. We may ask you to provide proof of compliance. You must pay the common and reserve expenses and any special assessments that are made for your Property to the condominium corporation on the due dates. We may ask you to provide proof of payment. We have the right to give you notice that we will collect your contribution to the common and reserve expenses and any special assessments that are made from you and you agree to make that payment. We can accept a statement from the condominium corporation as conclusive evidence of how much is owed for common and reserve expenses and any special assessments that are made and when it must be paid. You will forward to us any notices or assessments from the condominium corporation. You must maintain in good condition and state of repair all improvements made to your Property. You must repair your Property after damage. You must ensure that the condominium corporation complies fully with: The terms of all insurance policies on the condominium or held by the condominium corporation; All obligations imposed by The Condominium Property Act, 1993 (Saskatchewan); The by-laws of the condominium corporation; and The insurance provisions of the declaration of the condominium corporation. You must carry adequate insurance. This means you must insure all improvements made to your Property. The insurance policy must cover your Property against destruction or damage by fire and by other perils usually covered in fire insurance policies, as well as those perils listed in Section 21(4) of the Mortgage. You must obtain insurance for any additional risks that we require. The policy must cover your Property for its full replacement cost: this means the maximum amount for which it can be insured. You must insure the common property, common areas and other parts of the condominium development buildings, both planned and existing, which form part of the condominium property if the condominium corporation fails to insure them. You must assign your insurance policies to us. As far as it is legal to do so, you must assign your interest in any insurance policies held by the condominium corporation. You must provide us with proof t...
CONDOMINIUM MORTGAGES. If your Property is a condominium unit, you promise to meet these obligations, in addition to your other Promises under the Mortgage: You must comply with the Condominium Act (P.E.I.), and the declaration, by-laws and rules of the condominium corporation. We may ask you to provide proof of compliance. You must pay the common expenses for your Property to the condominium corporation on the due dates. We may ask you to provide proof of payment. We have the right to give you notice that we will collect your contribution to the common expenses from you and you agree to make that payment. We can accept a statement from the condominium corporation as conclusive evidence of how much is owed for common expenses and when it must be paid. You will forward to us any notices or assessments from the condominium corporation. You must maintain in good condition and state of repair all improvements made to your Property. You must repair your Property after damage. You must ensure that the condominium corporation complies fully with: The terms of all insurance policies on the condominium or held by the condominium corporation;
CONDOMINIUM MORTGAGES
