Condominiums. If the Mortgaged Property is a condominium unit or a planned unit development (other than a de minimis planned unit development), or stock in a cooperative housing corporation, such condominium, cooperative or planned unit development project meets the eligibility requirements of Fxxxxx Mxx and Fxxxxxx Mac.
Condominiums. Borrower shall not submit any Mortgaged Property to a condominium regime during the Term of this Agreement.
Condominiums. Borrower shall cause the applicable Individual Property Owner, with regard to each Condominium and the related Condominium Documents, to:
(a) with respect to the Condominium unit that it owns, and to the extent it controls the Condominium, cause the Condominium to, comply in all material respects with the Condominium Law;
(b) not, without Lender’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), take any action to terminate, amend, modify, partition or supplement, or consent to the termination, amendment, modification, partition or supplementation of any of the Condominium Documents;
(c) pay all assessments for common charges and expenses made against the Condominium units then owned by Individual Property Owner pursuant to the Condominium Documents prior to delinquency, subject to any applicable grace periods and Borrower’s rights to contest, if any, pursuant to the terms of this Agreement;
(d) comply in all material respects with all of the terms, covenants and conditions on Individual Property Owner’s part to be complied with, pursuant to the Condominium Documents and any rules and regulations that may be adopted for the Condominium, as the same shall be in force and effect from time to time;
(e) take all commercially reasonable actions as may be necessary from time to time to preserve and maintain, or to cause the related board of directors or association to preserve and maintain, the Condominium and the Condominium unit that it owns, in accordance with the Condominium Law;
(f) not, without Lender’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed, exercise any right it may have to vote for, (i) any additions or improvements to the common elements of the Condominium, except as such additions or improvements are completed in accordance with Section 5.21 of the Xxxxx Fargo Mortgage Loan Agreement, (ii) any borrowing on behalf of the Condominium or (iii) the expenditure of any insurance proceeds or Awards for the repair or restoration of the related improvements other than in accordance with Article VIII of the Xxxxx Fargo Mortgage Loan Agreement; and
(g) to the extent Borrower is permitted by law to waive its rights, not, without the prior consent of Lender, vote to restore or not to restore the Improvements owned by such Individual Property Owner that are subject to a Condominium and damaged by a Casualty or Condemnation affecting any Individual Property.
Condominiums. For use when Borrower owns all units in a condominium:
1. Modifications to Multifamily Loan and Security Agreement (Condominium Provisions) (6202).
Condominiums. To the extent that this lease applies to condominiums, Lessee/s acknowledges that the demised premises is part of a condominium unit, and therefore Lessee/s use and occupancy of the demised premises is subject at all times to the terms of provisions, covenants and restrictions of the declaration of the condominium ownership covering the building and all applicable rules, regulations and by-laws of the condominium association as amended or added to from time to time (collectively “Condominium Documents”), copies of which have been provided to Lessee/s . The failure of Lessee/s to perform or observe any of the duties and obligations applicable to Lessee/s under the Condominium Documents shall constitute a default under this lease. Lessee/s shall indemnify Lessor/s and hold Lessor/s harmless from any damages, direct or indirect, as a result of such non-performance by Lessee/s.
Condominiums. Each condominium project shall be reviewed by the Village Board, shall include a condominium plat prepared pursuant to Chapter 703, Wis. Stats., and other applicable statutes, and shall comply with the plat or certified survey map regulations of this Chapter for the land development or subdivision elements of the project, depending upon the number of lots and/or units involved. The Village Attorney shall review each condominium Declaration to ensure compliance with this Code of Ordinances.
Condominiums. If such Property is a condominium unit, none of the Borrowers are “sponsors” or nominees of a “sponsor” under any plan of condominium organization affecting the unit, the ownership and sale of any such condominium unit will not violate any federal, state or local law or regulation regarding condominiums or require registration, qualification or similar action under such law or regulation and such condominium unit is in conformity with all requirement of the Federal National Mortgage Association relating to condominium units.
Condominiums. If such Rental Property is a condominium unit, the SFR Subsidiary is not a “sponsor” or nominee of a “sponsor” under any plan of condominium organization affecting the unit, the ownership and sale of any such condominium unit will not violate any federal, state or local law or regulation regarding condominiums or require registration, qualification or similar action under such law or regulation and such condominium unit is in conformity with all requirement of the Federal National Mortgage Association relating to condominium units.
Condominiums. The Borrower Parties shall not submit any Mortgaged Property to a condominium regime during the Term of this Agreement.
Condominiums. If the residential dwelling on the Mortgaged Property is a condominium unit or a unit in a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project meets the eligibility requirements of the PHH Guide.
