Condominium Provisions. If the Lands or any part thereof are or become one or more Units in a condominium, the following provisions apply:
(a) The Borrower shall at all times and from time to time observe and perform all duties and obligations imposed on the Borrower by the Condominium Act and by the declaration, and any by-laws, rules and regulations, as amended from time to time, of the Condominium Corporation. Any breach of such duties and obligations shall, at the option of the Bank, be deemed a default under the Charge, entitling the Bank to demand repayment of all monies secured by the Charge with accrued interest thereon, or exercise any of its other rights and remedies.
(b) Without limiting the generality of the foregoing, the Borrower shall pay when due any contribution to common expenses required of the Borrower as an owner of the Lands and assessments and any other amounts levied by the Condominium Corporation in respect of the Lands. In the event of the Borrower failing to do so, the Bank, at its option, may make any and all such payments on behalf of the Borrower, and any monies so paid shall be payable immediately, and shall be added to the monies secured by the Charge, bear interest as set out in Section 4 and, together with such interest, form a charge on the Lands.
(c) The Borrower hereby irrevocably assigns to the Bank all of the Borrower’s rights under the Condominium Act, the declaration and any by-laws, rules and regulations, as amended from time to time, of the Condominium Corporation.
(d) The Borrower irrevocably authorizes and empowers the Bank to exercise the right of the Borrower as an owner of the Lands to vote or to consent in all matters relating to the affairs of the Condominium Corporation provided that:
(i) the Bank may at any time or from time to time give notice in writing to the Borrower and the Condominium Corporation that the Bank does not intend to exercise the right to vote or consent and in that event until the Bank revokes the notice the Borrower may exercise the right to vote or consent. Any such notice may be for an indeterminate period of time or for a limited period of time or for a specific meeting or matter;
(ii) the Bank shall not by virtue of the assignment to the Bank of the right to vote or consent be under any obligation to vote or consent or to protect the interests of the Borrower.
(e) At the Bank’s request, the Borrower shall deliver to the Bank such proxies or other instruments as may be considered requisite by the Bank to...
Condominium Provisions. A. Landlord reserves (and Tenant acknowledges that Landlord has) the right to convert (or join or acquiesce in the conversion of) the Building or Building Project to condominium form of ownership (hereinafter referred to as a “Conversion”) of which the demised premises may, in the sponsor and Landlord’s sole discretion, constitute all or a portion of a condominium unit (hereinafter referred to as the “Unit”). If the Building is converted to condominium form of ownership, then this lease shall not be affected thereby and shall continue in full force and effect, except as follows:
(i) Except as otherwise specifically set forth herein, references to the Building or Building Project shall be deemed to be references to the Unit;
(ii) Rents based upon increases in Expenses and/or Real Estate Taxes shall be payable upon the following terms:
(a) The Percentage applicable to real estate taxes [and/or Expenses, as the case may be,] shall be recomputed as a decimal fraction carried to four places beyond the decimal point by dividing the rentable square feet of the demised premises by the rentable square feet of the Unit (as each such area is determined by Landlord in its reasonable judgment);
(b) Expenses shall include all expenses heretofore defined and all charges, assessments and special assessments payable by the owner of or attributable to the Unit pursuant to the condominium’s declaration of condominium, its bylaws or resolution of the board of managers or condominium association having jurisdiction of the Unit;
(c) Expenses and base year taxes shall be recomputed by Landlord using its reasonable judgment to allocate to the Unit the actual expenses and real estate taxes as would have been allocated to the Unit for Base Year and base tax year had the condominium then been in existence and such amounts as Landlord shall have determined shall be deemed the Expenses and the base year taxes and base tax year, respectively;
(d) if any such conversion shall be effective on a date that is not the first day of a relevant comparative year, additional rent for increases in Expenses and real estate taxes, as the case may be, shall be calculated for the periods before and following the effective date of such conversion according to the appropriate methodology for such period and accordingly prorated for each such period; and
(e) All such determinations by Landlord in (b) and (c) shall be subject to Landlord’s delivery to Tenant of information sufficient to enable Tenant to ...
Condominium Provisions. (a) Borrower represents and warrants that, to the best of its knowledge, the Mortgaged Property is a condominium (the “Condominium”) and constitutes all of Unit 1 (as defined in the Condominium Instruments) and a 97% tenancy-in-common interest in the common elements comprising the Waterford Place Condominiums, a Condominium, as established under the applicable Condominium Act codified in California Civil Code Sections 1350 et seq., as from time to time amended (the “Condominium Act”). The Declaration, as recorded in the official records of Alameda County, State of California as Document No. 2003653881, Bylaws and Plats establishing and describing the Condominium, are collectively referred to below as the “Condominium Instruments.”
(b) Borrower hereby agrees that the Condominium Instruments will not be modified or amended without the prior written consent of Lender until the Indebtedness has been paid in full.
(c) Borrower represents and warrants that none of the units in Unit 1 and its 97% tenancy-in-common interest in the common elements comprising the Condominium have been sold, conveyed or encumbered or are subject to any agreement to convey or encumber. Borrower agrees that it will not in any way pledge, sell, convey or encumber or enter into a contract or agreement to pledge, sell, convey or encumber any unit in Unit 1 or any of its 97% tenancy-in-common interest in the common elements of the Condominium unless expressly agreed to in writing by Lender.
(d) Borrower agrees that it shall own, operate and maintain the Mortgaged Property in accordance with the terms of this Instrument and operate the Mortgaged Property solely as a rental apartment project.
(e) The Mortgaged Property granted, conveyed and assigned to Lender hereunder shall include all rights, easements, rights of way, reservations and powers of the Borrower under the Condominium Act and the Condominium Instruments in Borrower’s capacity as owner of the Mortgaged Property and as Declarant as well as any rights that Borrower may have, in any capacity, under the Condominium Act and the Condominium Instruments in addition to Borrower’s rights as owner of any of the units or the Condominium, specifically including but not limited to all rights to approve any amendments to the Condominium Instruments and all rights to expand the Condominium.
(f) Borrower hereby irrevocably constitutes and appoints Lender as Borrower’s proxy and attorney-in-fact (which appointment shall be deemed coupled with an ...
Condominium Provisions. If your property is a condominium, you must comply with the obligations set out in Schedule “C4”, see attached.
Condominium Provisions. Section 23.01. Landlord and Tenant acknowledge that the Premises and Building are subject to a condominium regime pursuant to the terms of that certain Master Deed and By-Laws dated of event date herewith (including any documents ancillary thereto, collectively, the “Condominium Documents”).
Section 23.02. In the event that any provision of the Condominium Documents purporting to prohibit the use of the Premises for the permitted use set forth in the Basic Lease Provisions shall be asserted by any third party, and such prohibition shall be upheld by a court of competent jurisdiction, Landlord shall have the right to terminate this Lease upon not less than ninety (90) days’ notice, in which event this Lease and the Term shall expire on the date set forth therefor in Landlord’s notice as if such date were the date initially fixed as the Expiration Date.
Section 23.03. Landlord agrees that only such Operating Expenses shall be passed through to Tenant as set forth herein and no reimbursement shall be made on account of Landlord’s payment for a separate payment for Condominium common charges.
Condominium Provisions. (a) Throughout the term of this Lease, this Lease (and the rights of Tenant hereunder) shall remain subject and subordinate to the terms of the Declaration and the By-laws and any Superior Lease, as each of the same shall be amended or modified in accordance with their respective terms, provided, however, that this Lease shall not be subject to any modification which shall increase Tenant’s obligations or liabilities or diminish Tenant’s rights or otherwise adversely affect Tenant under this Lease, except to a de minimis extent.
(b) Notwithstanding any of the provisions of this Section 10.01 to the contrary, if Landlord or a Landlord Affiliate obtains a non-disturbance, recognition and attornment agreement (or similar agreement) from the Condominium Board of Managers in favor of any other tenant (an “SNDA Tenant”) in the FC Office Units (a “Board SNDA”), Landlord shall
Condominium Provisions. Mortgagor shall not submit any of the Land to a declaration of condominium without the prior written consent of Lender. However, if a declaration of condominium is recorded against the Land or any portion thereof with the prior written consent of Lender, (a) Mortgagor shall abide by all of the terms, covenants and restrictions contained in the declaration of condominium, bylaws, rules and regulations, and all other condominium documents, and all licenses, use agreements and other documents pertaining to the use of any recreational facilities or common areas, (b) Mortgagor shall promptly pay, when due, all assessments imposed by any condominium association or other governing body of the condominium documents, (c) Mortgagor shall not, without the prior written consent of Lender, partition or subdivide the Land or consent to or otherwise allow the abandonment or termination of the condominium or any amendment of the declaration of condominium, bylaws, rules or regulations, license, agreement or other document pertaining to the condominium, and (d) Mortgagor shall fully comply with all obligations applicable to Mortgagor as the developer of the condominium imposed by federal, state or local law.
Condominium Provisions. The Condominium Provisions attached hereto as Schedule V are hereby incorporated herein as a part of this Agreement with the same force and effect as if set forth in the body hereof.
Condominium Provisions. Mortgagor further warrants, represents and covenants to Mortgagee as follows:
Condominium Provisions. (a) Throughout the term of this Lease, this Lease (and the rights of Tenant hereunder) shall remain subject and subordinate to the terms of the Declaration and the By-laws and any Superior Lease, as each of the same shall be amended or modified in accordance with their respective terms, provided, however, that this Lease shall not be subject to any modification which shall increase Tenant's obligations or liabilities or diminish Tenant's rights or otherwise adversely affect Tenant under this Lease, except to a de minimis extent.
