Common use of Condominium Clause in Contracts

Condominium. Mortgaged property is part of condominium regime where units are wholly-owned by the borrower; however, the borrower is permitted to obtain partial release of up to 4 of the 6 units comprising the regime in connection with partial defeasance of the loan; the borrower maintains affirmative control of owners’ association so long as no more than 4 units are released.

Condominium. Mortgaged property is part of condominium regime where units are wholly-owned by the borrower; however, the borrower is permitted to obtain partial release of up to 4 of the 6 Representation Number on Exhibit C Mortgage Loan Name and Number as Identified on Exhibit A Description of Exception units comprising the regime in connection with partial defeasance of the loan; the borrower maintains affirmative control of owners’ association so long as no more than 4 units are released.