Common use of Condominium Clause in Contracts

Condominium. 43.01 The Building in which the Demised Premises are located is subject to that certain (i) Declaration (“Declaration”) establishing condominium ownership of the Land and the Building erected thereon, comprising the Maison Pierre Condominium, made pursuant to Article 9B of the Real Property Law of the State of New York, and (ii) the By-Laws (“By-Laws”) of such Condominium appended to said Declaration. The Demised Premises constitute a portion of the Commercial Unit which is part of the Condominium. All terms and provisions of this lease shall be subject and subordinate to the Declaration and By-Laws and all amendments thereto made in accordance with the Declaration and By-Laws. The Declaration and By-Laws and all amendments thereto, are hereafter collectively called the “Condominium Documents.” Notwithstanding anything to the contrary, Tenant agrees to faithfully observe and comply with the Condominium Documents, other than those provisions pertaining to the payment of Common Charges and special assessments or other sums provided such sums are not payable as the result of an act or omission by Tenant. Tenant shall not perform or suffer any action or other matter which if performed or suffered by Landlord would constitute a violation, breach or default under the Condominium Documents; provided, however, it is understood and agreed that Tenant may use the Demised Premises for the express uses set forth in this Lease. Landlord represents and warrants to Tenant that (i) Landlord has full authority to enter into and consummate this Lease, and has obtained all consents, if any, required by the Condominium Documents; and (ii) Landlord has not received any written notice of a default by Landlord under the Condominium Documents which has not been cured. Landlord will neither make nor agree to any termination of, modifications of or amendments to the Condominium Documents which materially adversely affect Tenant’s rights under this Lease or Tenant’s use or occupancy of the Demised Premises. [Signatures are on the following page.]

Condominium. 43.01 The Building (a) Concurrently with the formation of the Condominium, Borrower shall assign all of its right, title and interest in and to the TBTA Agreement to the Condominium Board of Managers. Upon the recording of the Declaration and Condominium Plans in the Register’s Office, Borrower represents and warrants to Lender that the Declaration (including the Bylaws) and the Condominium Plans shall be in full compliance with all Condominium Laws. Lender hereby approves the form of Declaration (including the Bylaws) attached hereto as Exhibit R, which Borrower represents and warrants is the Demised Premises same form attached as Exhibit T to the School Unit Purchase Agreement. On or before December 22, 2019, Borrower shall submit the Condominium Plans to Lender for Lender’s review and approval (which approval shall not be unreasonably withheld, conditioned or delayed). Lender shall complete its review of the Condominium Plans within thirty (30) days following its receipt of same, and shall either approve or disapprove the same within said thirty (30) day period. If Lender disapproves the Condominium Plans, Lender shall provide Borrower with a reasonably detailed explanation for Lender’s disapproval thereof, and Borrower shall then re-submit revised drafts of the same to Lender as soon as reasonably practicable. Borrower shall cause the Condominium Plans to address the reasonable concerns or reasons for Lender’s disapproval of the prior drafts of the same. Lender and Borrower shall repeat this process until the Condominium Plans are located is subject approved by Lender. Borrower shall be permitted to that certain record the Declaration in the form of Exhibit R and the Condominium Plans approved by Lender in accordance with this Section 8.20(a) up to thirty (30) days prior to the date of the conveyance of the School Unit to SCA. Borrower shall not modify or amend the form of Declaration (including the Bylaws) and/or the approved form of Condominium Plans prior to recording the Declaration and Condominium Plans without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, provided (i) Declaration no Event of Default exists, (“Declaration”ii) establishing condominium ownership of the Land and the Building erected thereon, comprising the Maison Pierre Condominium, made pursuant to Article 9B of the Real Property Law of the State of New Yorksuch amendment or modification complies with all Condominium Laws, and (iiiii) the By-Laws SCA has approved the amendment in writing to the extent it has approval rights thereto under the School Purchase Agreement. Borrower shall be permitted to record an amended and restated Declaration and amended Condominium Plans (“By-Laws”) of such Condominium appended to said Declaration. The Demised Premises constitute a portion reflecting the subdivision of the Commercial Unit which is part Residential Unit), with the City Register after Borrower’s receipt of Lender’s written consent and approval of the Condominium. All terms and provisions of this lease shall be subject and subordinate to the Declaration and By-Laws and all Offering Plan, including any amendments thereto made thereto, in accordance with the Declaration and By-Laws. The Declaration and By-Laws and all amendments thereto, are hereafter collectively called the “Condominium Documentsprovisions of Article 16 hereof.” Notwithstanding anything to the contrary, Tenant agrees to faithfully observe and comply with the Condominium Documents, other than those provisions pertaining to the payment of Common Charges and special assessments or other sums provided such sums are not payable as the result of an act or omission by Tenant. Tenant shall not perform or suffer any action or other matter which if performed or suffered by Landlord would constitute a violation, breach or default under the Condominium Documents; provided, however, it is understood and agreed that Tenant may use the Demised Premises for the express uses set forth in this Lease. Landlord represents and warrants to Tenant that (i) Landlord has full authority to enter into and consummate this Lease, and has obtained all consents, if any, required by the Condominium Documents; and (ii) Landlord has not received any written notice of a default by Landlord under the Condominium Documents which has not been cured. Landlord will neither make nor agree to any termination of, modifications of or amendments to the Condominium Documents which materially adversely affect Tenant’s rights under this Lease or Tenant’s use or occupancy of the Demised Premises. [Signatures are on the following page.]

Condominium. 43.01 The Building in which the Demised Premises are located is subject to that certain (ia) Declaration (“Declaration”) establishing condominium ownership of the Land and the Building erected thereon, comprising the Maison Pierre Condominium, made pursuant to Article 9B of the Real Property Law of the State of New York, and (ii) the By-Laws (“By-Laws”) of such Condominium appended to said Declaration. The Demised Premises constitute a portion of the Commercial Unit which is part of the Condominium. All terms and provisions of this lease shall be subject and subordinate to the Declaration and By-Laws and all amendments thereto made in accordance with the Declaration and By-Laws. The Declaration and By-Laws and all amendments thereto, are hereafter collectively called the “Condominium Documents.” Notwithstanding anything to the contrary, Tenant agrees to faithfully observe and comply with the Condominium Documents, other than those provisions pertaining to the payment of Common Charges and special assessments or other sums provided such sums are not payable as the result of an act or omission by Tenant. Tenant shall not perform or suffer any action or other matter which if performed or suffered by Landlord would constitute a violation, breach or default under the Condominium Documents; provided, however, it is understood and agreed that Tenant may use the Demised Premises for the express uses set forth in this Lease. Landlord represents and warrants to Tenant that (i) Landlord has full authority to enter into and consummate this Lease, and has obtained all consents, if any, required by the Condominium Documents; Documents are in full force and effect and have not been amended and no rules or regulations that may be created pursuant to the Condominium Documents currently exist, (ii) Landlord has not received any written notice holds all of a default by Landlord the rights of the Grantor under the Condominium Documents which and has not assigned any of them, in whole or in part, (iii) while Pxxxxx Xxxxx Village Association, Inc., the New Jersey nonprofit corporation formed to administer the Condominium Project (the “Association”), has been curedformed, the Association has been inoperative to date. Landlord will neither make nor agree to any termination of, modifications of or amendments Tenant has reviewed and approved the Condominium Documents and Tenant acknowledges and agrees that this Lease is subject and subordinate to the Condominium Documents which materially adversely affect in all respects. Tenant shall, at no cost to Landlord, execute an agreement in recordable form confirming that this Lease is subject and subordinate to the Condominium Documents within ten (10) days following Landlord’s request therefor. Tenant shall, at Tenant’s rights under this Lease sole cost and expense, comply with the provisions of the Condominium Documents and all Rules and Regulations regarding the use of the Premises and the Common Areas, and the operation of Tenant’s business therein as may be established from time to time pursuant to the Condominium Documents. Landlord shall have the right at any time after the Effective Date to modify the terms of the Condominium Documents as Grantor and/or the Owner of all of the Units located within the Condominium Project, or as Grantor consent to or approve an amendment to, or vote as an Owner to amend, the Condominium Documents, without the consent of Tenant. Notwithstanding anything to the contrary contained herein, if Landlord wants to amend the Condominium Documents and such modifications would materially and adversely interfere with Tenant’s use or occupancy of the Demised Premises. [Signatures are on Premises for the following pagePermitted Use, or materially and adversely affect the rights of Tenant under this Lease, then Landlord shall request Tenant’s consent to such modifications to the Condominium Documents, which consent may be withheld in Tenant’s sole discretion.]

Condominium. 43.01 The Building in which Subject to Tenant’s receipt of a commercially reasonable subordination, non-disturbance and attornment agreement from the Demised Premises Condo Board (as hereinafter defined), this Lease and all rights of Tenant hereunder are located is subject to that certain (i) Declaration (“Declaration”) establishing condominium ownership of the Land and the Building erected thereon, comprising the Maison Pierre Condominium, made pursuant to Article 9B of the Real Property Law of the State of New York, and (ii) the By-Laws (“By-Laws”) of such Condominium appended to said Declaration. The Demised Premises constitute a portion of the Commercial Unit which is part of the Condominium. All terms and provisions of this lease shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the Declaration “Declaration”) which are or shall be recorded in order to convert the Land and By-Laws and all amendments thereto made the improvements erected thereon to a condominium form of ownership in accordance with the Declaration and Byprovisions of Article 9-Laws. The Declaration and By-Laws and all amendments B of the Real Property Law, or any successor thereto, are hereafter collectively called provided the “Condominium Documents.” Notwithstanding anything Declaration does not include other terms which increase Tenant’s obligations (except to the contrarya de minimis extent), Tenant agrees decrease Tenant’s rights (except to faithfully observe and comply with the Condominium Documents, other than those provisions pertaining to the payment of Common Charges and special assessments a de minimis extent) or other sums provided such sums are not payable as the result of an act or omission by Tenant. Tenant shall not perform or suffer any action or other matter which if performed or suffered by Landlord would constitute a violation, breach or default under the Condominium Documents; provided, however, it is understood and agreed that Tenant may use the Demised Premises for the express uses set forth in this Lease. Landlord represents and warrants to Tenant that (i) Landlord has full authority to enter into and consummate this Lease, and has obtained all consents, if any, required by the Condominium Documents; and (ii) Landlord has not received any written notice of a default by Landlord under the Condominium Documents which has not been cured. Landlord will neither make nor agree to any termination of, modifications of or amendments to the Condominium Documents which materially adversely affect Tenantincrease Landlord’s rights under this Lease or decrease Landlord’s obligations to Tenant under this Lease. If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this Lease confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s use Proportionate Share and appropriate reductions in the Operating Expenses for the Base Operating Period and the Base Tax; provided, that, such amendment shall not reduce Tenant’s rights or occupancy increase Tenant’s obligations under this Lease (in either case except to a de minimis extent), increase Tenant’s monetary obligations under the Lease or increase Landlord’s rights under this Lease or decrease Landlord’s obligations to Tenant under this Lease. Landlord shall reimburse Tenant for Tenant’s actual reasonable out-of-pocket costs incurred in connection with such amendment. Notwithstanding the foregoing, in the event of any conversion of the Demised Premises. [Signatures are on Land and improvements erected thereon to a condominium form of ownership, wherever in this Lease Tenant is required to obtain Landlord’s consent or approval, Tenant acknowledges that Landlord may be required to first obtain the following pageconsent or approval of the board of managers of the condominium association or similar body (the “Condo Board”) established in connection with such conversion, and if Landlord and/or any affiliates of Landlord shall not have the unanimous authority to cause the Condo Board to approve or disapprove of the matter for which Tenant seeks approval, and the Condo Board shall refuse such consent or approval, then Landlord shall be released of any obligation to grant its consent or approval of such matter, Tenant’s obligations under this Lease shall not be impaired and Landlord shall have no liability to Tenant in connection therewith; provided, Landlord shall use reasonable efforts in Landlord’s prudent business judgment to cause the Condo Board to give or refuse its consent or approval (which shall in no event be construed to require Landlord to initiate any action or lawsuit or expend funds).]