Common use of Condominium Unit Clause in Contracts

Condominium Unit. If the Lands or any part thereof are or become one or more Condominium Units, 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 any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. Any breach of such duties and obligations shall constitute default under this Mortgage, entitling the Lender to demand repayment of all monies secured by this Mortgage with accrued interest thereon. (b) Without limiting the generality of the foregoing, the Borrower shall pay when due all common area fees 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 Lender, at its option, may make any and all such payments on behalf of the Borrower, and any monies so paid shall be payable immediately, shall be added to the monies secured by this Mortgage, bear interest at the Interest Rate and form a charge on the Lands. (c) Subject to the Condominium Act, the Borrower hereby irrevocably assigns to the Lender all of the Borrower’s rights under the Condominium Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. (d) Subject to the Condominium Act, the Borrower hereby irrevocably assigns to the Lender the Borrower’s power to vote as the owner of any Condominium Unit charged hereby and as a member of the Condominium Corporation for the Borrower. The Borrower hereby acknowledges receipt of written notice that the Lender intends to exercise such power to vote. The Lender shall not by virtue of such assignment be under any obligation to vote or to protect the interests of the Borrower and shall not in any way be responsible for the result of any exercise of the power to vote or any failure to exercise the power to vote. Notwithstanding such assignment, the Borrower may, at any duly called meeting of the Condominium Corporation of which the Lender has received written notice, exercise its right to vote if the Lender is not, by its authorized representative, agent or proxy, present at such meeting, provided that the Borrower votes against any resolution of the members of the Condominium Corporation which could materially adversely affect the Lender’s security under this Mortgage. (e) At the Lender’s request, the Borrower shall deliver to the Lender such proxies or other instruments as may be considered requisite by the Lender to confer such power of voting upon the Lender. (f) The Borrower hereby irrevocably authorizes the Lender as the authorized agent of the Borrower at any time, and from time to time, to apply to the Condominium Corporation for copies of bylaws, financial statements, notices, minutes, information relating to levies and assessments and any other information or certificates available under the Condominium Act related to the Lands. (g) The Borrower shall ensure the Lender promptly receives all notices of the Condominium Corporation, including any notices of breaches. (h) No action taken by the Lender under this section 38 will make the Lender a mortgagee in possession.

Condominium Unit. If the Lands or any part thereof are is or become becomes one or more Condominium Units, 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 any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. Any breach of such duties and obligations shall constitute default under this Mortgage, entitling the Lender to demand repayment of all monies secured by this Mortgage with accrued interest thereon. (b) Without limiting the generality of the foregoing, the Borrower shall pay when due all common area fees maintenance payments 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 Lender, at its option, may make any and all such payments on behalf of the Borrower, and any monies so paid shall be payable immediately, shall be added to the monies secured by this Mortgage, bear interest at the Interest Rate and form a charge on the Lands. (c) Subject to the Condominium Act, the Borrower hereby irrevocably assigns to the Lender all of the Borrower’s rights under the Condominium Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. (d) Subject to the Condominium Act, the Borrower hereby irrevocably assigns to the Lender the Borrower’s power to vote as the owner of any Condominium Unit charged hereby and as a member of the Condominium Corporation for the Borrower. The Borrower hereby acknowledges receipt of written notice that the Lender intends to exercise such power to vote. The Lender shall not by virtue of such assignment be under any obligation to vote or to protect the interests of the Borrower and shall not in any way be responsible for the result of any exercise of the power to vote or any failure to exercise the power to vote. Notwithstanding such assignment, the Borrower may, at any duly called meeting of the Condominium Corporation of which the Lender has received written notice, exercise its right to vote if the Lender is not, by its authorized representative, agent or proxy, present at such meeting, provided that the Borrower votes against any resolution of the members of the Condominium Corporation which could materially adversely affect the Lender’s security under this Mortgage. (ei) At the Lender’s request, the Borrower shall deliver to the Lender such proxies or other instruments as may be considered requisite by the Lender to confer such power of voting upon the Lender. (f) . The Borrower hereby irrevocably authorizes the Lender as the authorized agent of the Borrower at any time, and from time to time, to apply to the Condominium Corporation for copies of bylaws, financial statements, notices, minutes, information relating to levies and assessments and any other information or certificates available under the Condominium Act related to the Lands. (g) . The Borrower shall ensure the Lender promptly receives all notices of the Condominium Corporation, including any notices of breaches. . The Borrower shall not give up possession of the Lands to a person on the basis of an agreement providing for the purchase of the Lands by the occupier or on the basis of Lease for a term of three (h3) years or more if by so doing the Borrower is deemed under the Condominium Act to have assigned to the occupier all of the Borrower’s rights, powers, duties and obligations under the Condominium Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. No action taken by the Lender under this section 38 will make the Lender a mortgagee in possession.

Condominium Unit. If the Lands or any part thereof are is or become becomes one or more Condominium Units, 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 Property Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. Any breach of such duties and obligations shall constitute default under this Mortgage, entitling the Lender to demand repayment of all monies secured by this Mortgage with accrued interest thereon. (b) Without limiting the generality of the foregoing, the Borrower shall pay when due all common area fees maintenance payments 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 Lender, at its option, may make any and all such payments on behalf of the Borrower, and any monies so paid shall be payable immediately, shall be added to the monies secured by this Mortgage, bear interest at the Interest Rate and form a charge on the Lands. (c) Subject to the Condominium Property Act, the Borrower hereby irrevocably assigns to the Lender all of the Borrower’s rights under the Condominium Condominium (i) Property Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. (d) . Subject to the Condominium Property Act, the Borrower hereby irrevocably assigns to the Lender the Borrower’s power to vote as the owner of any Condominium Unit charged hereby and as a member of the Condominium Corporation for the Borrower. The Borrower hereby acknowledges receipt of written notice that the Lender intends to exercise such power to vote. The Lender shall not by virtue of such assignment be under any obligation to vote or to protect the interests of the Borrower and shall not in any way be responsible for the result of any exercise of the power to vote or any failure to exercise the power to vote. Notwithstanding such assignment, the Borrower may, at any duly called meeting of the Condominium Corporation of which the Lender has received written notice, exercise its right to vote if the Lender is not, by its authorized representative, agent or proxy, present at such meeting, provided that the Borrower votes against any resolution of the members of the Condominium Corporation which could materially adversely affect the Lender’s security under this Mortgage. (e) . At the Lender’s request, the Borrower shall deliver to the Lender such proxies or other instruments as may be considered requisite by the Lender to confer such power of voting upon the Lender. (f) . The Borrower hereby irrevocably authorizes the Lender as the authorized agent of the Borrower at any time, and from time to time, to apply to the Condominium Corporation for copies of bylaws, financial statements, notices, minutes, information relating to levies and assessments and any other information or certificates available under the Condominium Property Act related to the Lands. (g) . The Borrower shall ensure the Lender promptly receives all notices of the Condominium Corporation, including any notices of breaches. . The Borrower shall not give up possession of the Lands to a person on the basis of an agreement providing for the purchase of the Lands by the occupier or on the basis of Lease for a term of three (h3) years or more if by so doing the Borrower is deemed under the Condominium Property Act to have assigned to the occupier all of the Borrower’s rights, powers, duties and obligations under the Condominium Property Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. No action taken by the Lender under this section 38 will make the Lender a mortgagee in possession.

Condominium Unit. If the Lands or any part thereof are is or become becomes one or more Condominium Units, 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 Property Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. Any breach of such duties and obligations shall constitute default under this Mortgage, entitling the Lender to demand repayment of all monies secured by this Mortgage with accrued interest thereon. (b) Without limiting the generality of the foregoing, the Borrower shall pay when due all common area fees maintenance payments 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 Lender, at its option, may make any and all such payments on behalf of the Borrower, and any monies so paid shall be payable immediately, shall be added to the monies secured by this Mortgage, bear interest at the Interest Rate InterestRate and form a charge on the Lands. (c) Subject to the Condominium Property Act, the Borrower hereby irrevocably assigns to the Lender all of the Borrower’s rights under the Condominium (e)(e) (f)(f) Property Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. (d) . Subject to the Condominium Property Act, the Borrower hereby irrevocably assigns to the Lender the Borrower’s power to vote as the owner of any Condominium Unit charged hereby and as a member of the Condominium Corporation for the Borrower. The Borrower hereby acknowledges receipt of written notice that the Lender intends to exercise such power to vote. The Lender shall not by virtue of such assignment be under any obligation to vote or to protect the interests of the Borrower and shall not in any way be responsible for the result of any exercise of the power to vote or any failure to exercise the power to vote. Notwithstanding such assignment, the Borrower may, at any duly called meeting of the Condominium Corporation of which the Lender has received written receivedwritten notice, exercise its right to vote if the Lender is not, by its authorized representative, agent or proxy, present at such meeting, provided that the Borrower votes against any resolution of the members of the Condominium Corporation which could materially adversely affect the Lender’s security under this Mortgage. (e) . At the Lender’s request, the Borrower shall deliver to the Lender such proxies or other instruments as may be considered requisite by the Lender to confer such power of voting upon the Lender. (f) . The Borrower hereby irrevocably authorizes the Lender as the authorized agent of the Borrower at any time, and from time to time, to apply to the Condominium Corporation for copies of bylaws, financial statements, notices, minutes, information relating to levies and assessments and any other information or certificates available under the Condominium Property Act related to the Lands. (g) . The Borrower shall ensure the Lender promptly receives all notices of the Condominium Corporation, including any notices of breaches. . The Borrower shall not give up possession of the Lands to a person on the basis of an agreement providing for the purchase of the Lands by the occupier or on the basis of Lease for a term of three (h3) years or more if by so doing the Borrower is deemed under the Condominium Property Act to have assigned to the occupier all of the Borrower’s rights, powers, duties and obligations under the Condominium Property Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. No action taken by the Lender under this section 38 will make the Lender a mortgagee in possession.

Condominium Unit. If the Lands or any part thereof are or become one or more Condominium Units, 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 any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. Any breach of such duties and obligations shall constitute default under this Mortgage, entitling the Lender to demand repayment of all monies secured by this Mortgage with accrued interest thereon. (b) Without limiting the generality of the foregoing, the Borrower shall pay when due all common area fees 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 Lender, at its option, may make any and all such payments on behalf of the Borrower, and any monies so paid shall be payable immediately, shall be added to the monies secured by this Mortgage, bear interest at the Interest Rate and form a charge on the Lands. (c) Subject to the Condominium Act, the Borrower hereby irrevocably assigns to the Lender all of the Borrower’s rights under the Condominium Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. (d) Subject to the Condominium Act, the Borrower hereby irrevocably assigns to the Lender the Borrower’s power to vote as the owner of any Condominium Unit charged hereby and as a member of the Condominium Corporation for the Borrower. The Borrower hereby acknowledges receipt of written notice that the Lender intends to exercise such power to vote. The Lender shall not by virtue of such assignment be under any obligation to vote or to protect the interests of the Borrower and shall not in any way be responsible for the result of any exercise of the power to vote or any failure to exercise the power to vote. Notwithstanding such assignment, the Borrower may, at any duly called meeting of the Condominium Corporation of which the Lender has received written notice, exercise its right to vote if the Lender is not, by its authorized representative, agent or proxy, present at such meeting, provided that the Borrower votes against any resolution of the members of the Condominium Corporation which could materially adversely affect the Lender’s security under this Mortgage. (e) At the Lender’s request, the Borrower shall deliver to the Lender such proxies or other instruments as may be considered requisite by the Lender to confer such power of voting upon the Lender. (f) The Borrower hereby irrevocably authorizes the Lender as the authorized agent of the Borrower at any time, and from time to time, to apply to the Condominium Corporation for copies of bylaws, financial statements, notices, minutes, information relating to levies and assessments and any other information or certificates available under the Condominium Act related to the Lands. (g) The Borrower shall ensure the Lender promptly receives all notices of the Condominium Corporation, including any notices of breaches. (h) No action taken by the Lender under this section 38 35 will make the Lender a mortgagee in possession.

Condominium Unit. If the Lands or any part thereof are is or become becomes one or more Condominium Units, 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 any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. Any breach of such duties and obligations shall constitute default under this Mortgage, entitling the Lender to demand repayment of all monies secured by this Mortgage with accrued interest thereon. (b) Without limiting the generality of the foregoing, the Borrower shall pay when due all common area fees maintenance payments 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 Lender, at its option, may make any and all such payments on behalf of the Borrower, and any monies so paid shall be payable immediately, shall be added to the monies secured by this Mortgage, bear interest at the Interest Rate and form a charge on the Lands. (c) Subject to the Condominium Act, the Borrower hereby irrevocably assigns to the Lender all of the Borrower’s rights under the Condominium Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. (d) Subject to the Condominium Act, the Borrower hereby irrevocably assigns to the Lender the Borrower’s power to vote as the owner of any Condominium Unit charged hereby and as a member of the Condominium Corporation for the Borrower. The Borrower hereby acknowledges receipt of written notice that the Lender intends to exercise such power to vote. The Lender shall not by virtue of such assignment be under any obligation to vote or to protect the interests of the Borrower and shall not in any way be responsible for the result of any exercise of the power to vote or any failure to exercise the power to vote. Notwithstanding such assignment, the Borrower may, at any duly called meeting of the Condominium Corporation of which the Lender has received written notice, exercise its right to vote if the Lender is not, by its authorized representative, agent or proxy, present at such meeting, provided that the Borrower votes against any resolution of the members of the Condominium Corporation which could materially adversely affect the Lender’s security under this Mortgage. (ei) At the Lender’s request, the Borrower shall deliver to the Lender such proxies or other instruments as may be considered requisite by the Lender to confer such power of voting upon the Lender. (f) . The Borrower hereby irrevocably authorizes the Lender as the authorized agent of the Borrower at any time, and from time to time, to apply to the Condominium Corporation for copies of bylaws, financial statements, notices, minutes, information relating to levies and assessments and any other information or certificates available under the Condominium Act related to the Lands. (g) . The Borrower shall ensure the Lender promptly receives all notices of the Condominium Corporation, including any notices of breaches. . The Borrower shall not give up possession of the Lands to a person on the basis of an agreement providing for the purchase of the Lands by the occupier or on the basis of Lease for a term of three (h3) years or more if by so doing the Borrower is deemed under the Condominium Act to have assigned to the occupier all of the Borrower’s rights, powers, duties and obligations under the Condominium Act and any bylaws, rules and regulations, as amended from time to time, of the Condominium Corporation. No action taken by the Lender under this section 38 35 will make the Lender a mortgagee in possession.