Common use of Condominiums Clause in Contracts

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. Borrower If this Mortgage is of a unit within a plan of condominium the following provisions shall cause the applicable Individual Property Owner, with regard to each Condominium and the related Condominium Documents, toapply: (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, The Mortgagor covenants and conditions on Individual Property Owner’s part to be complied with, pursuant to the Condominium Documents agrees at all times 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 observe and maintainperform all duties and obligations imposed on the Mortgagor by Applicable Laws applying to condominiums and by the condominium declaration, the by laws and the rules, as amended from time to time, of the condominium corporation that governs the Property (the “Condominium Corporation”), by virtue of the Mortgagors ownership of the Property. Any breach of such duties and obligations shall constitute a breach of covenant under this Mortgage. (b) Without limiting the generality of the foregoing, the Mortgagor covenants and agrees that the Mortgagor will pay promptly when due any contributions to common expenses required of the Mortgagor as owner of the Property and in the event of the Mortgagor's default in doing so the Mortgagee, at its option, may pay the same and the amount so paid shall be added to the amounts secured by this Mortgage and bear interest at the Interest Rate from the time of such payments and the amounts so paid shall be a charge on the Property and shall be payable forthwith by the Mortgagor to the Mortgagee whether or not any payment in default has priority to this Mortgage or any part of the amounts secured hereby. (c) The Mortgagor by this Mortgage irrevocably authorizes and empowers the Mortgagee to exercise the Mortgagor's right as owner of the Property to vote or to cause consent in all matters relating to the related board affairs of directors or association to preserve and maintain, the Condominium Corporation provided that: (i) the Mortgagee may at any time or from time to time give notice in writing to the Mortgagor and the said Condominium unit Corporation that it owns, the Mortgagee does not intend to exercise the said right to vote or consent and in accordance with that event until the Condominium LawMortgagee revokes the said notice the Mortgagor may exercise the right to vote. 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; (fii) not, without Lender’s prior written consent, which the Mortgagee shall not be unreasonably withheld, conditioned or delayed, exercise any by virtue of the assignment to the Mortgagee of the right it may have to vote for, (i) or consent be under any additions obligation to vote or improvements consent or to protect the common elements interests 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 Mortgagor; and (iii) the expenditure of any insurance proceeds or Awards for the repair or restoration exercise of the related improvements other than right to vote or consent shall not constitute the Mortgagee a mortgagee 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 Propertypossession.

Condominiums. Borrower shall cause the applicable Individual Property Owner, A. The Condominium Projects have been developed in accordance with regard to each Condominium and the related Condominium Documents, to: (a) with respect to the Condominium unit that it ownsApplicable Laws, 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 accordance with all of the termsorganizational documents applicable to each Condominium Project, covenants including but not limited to the declaration of condominium, articles of incorporation, bylaws and conditions on Individual Property Owner’s part to be complied with, pursuant rules and regulations applicable to the Condominium Documents Project, and any rules and regulations that may be adopted for the Condominium, as Seller has satisfied all of its obligations under the same shall be in force and effect from time to time;foregoing. (e) take all commercially reasonable actions as may be necessary from time to time to preserve and maintain, or to cause the related board B. Each of directors or association to preserve and maintain, the Condominium Projects is governed by a condominium association organized as a not for profit corporation under the laws of the state of Florida and in accordance with the Condominium Act (each a "CONDOMINIUM ASSOCIATION", collectively the "CONDOMINIUM ASSOCIATIONS"). Each Condominium Association is controlled by Colonial and has been operated and managed by Colonial in accordance with Applicable Laws and the Condominium unit that it ownsAssociation's organizational documents. C. Colonial has established and funded all requisite capital reserves for each Condominium Associations, which reserves have not been spent or otherwise depleted by Colonial and/or the Condominium Association, and which reserves shall remain the property of each Condominium Association after the Closing Date. D. All retail sales contracts for condominium units within the Condominium Projects comply with Applicable Laws, and the retail buyers thereunder have been provided with all documents and materials required by Applicable Laws. E. True and complete copies of the offering prospectus required by the Condominium Act and true and complete copies of all offering materials required to be provided to retail buyers under the Condominium Act have been delivered to Buyer. F. All xxxxxxx money deposits received by Seller for residential condominium units within the Condominium Projects are held in escrow with Beta Title Company and Worthington Title Company, in accordance with the Condominium Law;Act. No reservation or other deposits have been accepted. Colonial's rights in and to the escrow account holding the foregoing deposits shall be assigned to Buyer at Closing. (f) notG. All improvements constructed as of the Closing Date within the Condominium Projects have been constructed pursuant Applicable Laws and the applicable declaration of condominium, without Lender’s prior written consentand the statutory warranties provided in section 718.203, which shall not be unreasonably withheldFlorida Statutes, conditioned or delayedare hereby made and extended by Colonial, exercise any right it may have as developer, 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 AgreementBuyer, (ii) any borrowing on behalf of the respective Condominium or Association, and (iii) all retail buyers within the expenditure of any insurance proceeds or Awards Condominium Project for all improvement built before 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 PropertyClosing.

Condominiums. Borrower shall cause The Declaration, Rules and Bylaws of the applicable Individual Property OwnerCondominium Corporation are attached to this agreement as Appendix “E” (or have been provided via email to the Tenant) and form part of the entire agreement. The Tenant(s) acknowledges that they, other occupants and their guests or invitees will abide by any Declarations, Rules or By-Laws that the Condominium Corporation currently has in force, or may at some point in the future have in force during the term of occupancy of the rental unit. The Tenant(s) further acknowledges that they have read the Declaration, Rules and Bylaws of the Corporation and that failure to comply with regard same will be deemed to each be substantial interference with the Landlord’s lawful right, interest and privilege as set out under the Residential Tenancies Act. The Tenant hereby acknowledges that the rented premises are located within a Condominium building and is therefore subject to the provisions of the Condominium Act and the related Condominium Documents, to: (a) Tenant covenants and agrees with respect the Landlord to be bound by the provisions of the Condominium unit that it ownsAct thereto as well as the provisions of the declaration by-laws, management agreement, service agreement and to the extent it controls the Condominiumother agreements, cause rules and regulations of the Condominium to, comply in all material respects with Corporation (the “Rules”) and agrees to indemnify and save harmless the Landlord and the Condominium Law; (b) notCorporation from all losses, without Lendercosts and damages the Landlord or the Condominium Corporation may suffer or any occupants of the Condominium may suffer as a result of the Tenant’s prior written consent (which consent failure to comply therewith and further agrees to reimburse the Landlord and/or the Condominium Corporation for any legal costs incurred including those of any solicitor retained on a solicitor and his own client basis, incurred by the Landlord or the Condominium Corporation in seeking to enforce compliance by the Tenant, the members of his household, guests and invitees of the Tenant with such Rules of the Condominium Corporation, Declaration by-laws and Condominium Act. The Landlord shall not be unreasonably withheldliable to the Tenant or any member of his household, conditioned guests or delayed)invitees for any damages, take losses or costs incurred in the event that the Landlord is unable to perform any action of his obligations hereunder or under the Residential Tenancies Act and if the Landlord is unable to terminatedo so because of any act or omission to act by the Condominium Corporation, amend, modify, partition or supplementits manager, or consent any of their agents or contractors. The Tenant hereby agrees to allow the Condominium Corporation, the Landlord or any of its authorized representatives to gain entry to the terminationrented premises, amendment, modification, partition or supplementation upon 24 hours written notice during the hours 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.8:00

Condominiums. Borrower shall cause the applicable Individual Property Owner, with regard intends to each Condominium and the related Condominium Documents, to: (a) create a condominium form of ownership with respect to the Condominium unit that it ownsProperty, in order to permit the sale and separate ownership of the Penthouse Units. The declaration of condominium and all offering statements, prospectuses, contracts of sale for condominium units, deeds to condominium units and all other documents and matters relating to the creation of the condominium form of ownership for the Property and to the extent it controls sale of condominium units (collectively, the Condominium“Condominium Documents”) shall prior to the filing of any such documents or the sale of any condominium units be approved by Lender and all appropriate governmental authorities having jurisdiction and shall be in full compliance with all applicable local and Federal laws, cause rules and regulation, including, without limitation, the laws and regulations of the State of Nevada relating to condominiums. The Condominium Documents shall not grant to the owners of the Penthouse Units any rights that materially adversely effect the remaining portions of the Property, and specifically, without limitation, the Condominium toDocuments shall not permit the owners of the Penthouse Unit to prevent the rebuilding of the Improvements following a casualty or a condemnation or prevent the owners of the portion of the Property other than the Penthouse Unit from making any alterations of the Property (other than alterations that would prevent access to the Penthouse Units). Borrower’s marketing plan for the condominium units shall satisfy all the requirements of and shall be in full compliance with all local and Federal laws, comply rules and regulations applicable to condominiums and the sale thereof, including, but not limited to the condominium laws of the State of Nevada and the rules and regulations pertaining thereto. The Condominium Documents shall not after approval by Lender and its counsel and acceptance and approval by the applicable governmental agencies be modified or amended in all any material respects with respect without the Condominium Law; (b) not, without Lender’s prior written consent (which consent shall not of Lender, except for such modifications or amendments as may be unreasonably withheld, conditioned or delayed), take any action required to terminate, amend, modify, partition or supplement, or consent conform the Condominium Documents to the terminationrequirements of applicable local and Federal laws, amendmentrules and regulations. Borrower hereby assigns to Lender all of Borrower’s right, modification, partition or supplementation of any of the Condominium Documents; (c) pay all assessments for common charges title and expenses made against the Condominium units then owned by Individual Property Owner pursuant interest in and to the Condominium Documents prior to delinquency, subject to any applicable grace periods as additional security for the payment of the Debt and Borrower’s rights to contest, if any, pursuant to the terms of this Agreement; (d) comply in all material respects with all observance and performance by Borrower of the terms, covenants and conditions provisions of the Loan Documents on Individual Property OwnerBorrower’s part to be complied withobserved and performed, pursuant to the extent Borrower may lawfully do so. Following the creation of the condominium regime contemplated above in this Section 7.3, Borrower (i) shall pay all maintenance and condominium assessments and shall observe and perform the obligations imposed upon it under the Condominium Documents; (ii) shall enforce the terms, covenants and conditions contained in the Condominium Documents to be observed or performed upon the part of the other parties thereunder in a commercially reasonable manner; (iii) shall comply with any such state, local or federal law, rule and any regulation applicable to the condominium regime at the Property, the condominium units or the sale or transfer of the condominium units, including, but not limited to, the securities and condominium laws of the State and the rules and regulations that may be adopted for the Condominiumpertaining thereto, if applicable, and (iv) shall, except as the same shall be in force and effect from time to time; (e) provided herein, take all commercially reasonable actions as may be necessary and which it is capable of taking from time to time to preserve and maintain, or to cause maintain the related board of directors or association to preserve and maintain, condominium regime at the Condominium and the Condominium unit that it owns, Property 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 Propertyapplicable law.

Condominiums. Borrower shall cause hereby represents and warrants to Lender the applicable Individual Property Owner, following with regard respect to the each Condominium and the related Condominium Documents, toCondominium: (a) with respect The Condominium has been legally and validly created pursuant to all Legal Requirements and 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;Documents. (b) notEach of the Condominium Documents is in full force and effect. To Borrower’s knowledge, without Lender’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), take neither Borrower nor any action other party to terminate, amend, modify, partition or supplement, or consent to any of the termination, amendment, modification, partition or supplementation Condominium Documents is in default under any of the material provisions of any of the Condominium Documents;, and there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder. None of the Condominium Documents has been modified, amended or supplemented except as set forth on Schedule IX attached hereto. Borrower has delivered to Lender a true, complete and correct copy of each 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 All conditions of the Condominium Documents prior which were required to delinquencybe satisfied, subject and all approvals which were required to any applicable grace periods be given in connection with the making of the Loan, as of the date hereof, have been satisfied, given or waived. The Condominium Documents are valid and Borrower’s rights to contest, if any, pursuant to the terms of this Agreement;enforceable. (d) comply All fees, dues, charges and assessments, whether annual, monthly, regular, special or otherwise, including, any “Common Charges” (as such term is defined 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 Documents) (collectively, the “Common Charges”) payable by an Individual Borrower are set forth on Schedule IX attached hereto and any rules and regulations that may be adopted for the Condominium, as the same shall be in force and effect from time have been fully paid to time;date. (e) take all commercially reasonable actions The applicable Individual Borrower is the owner of the Units as may be necessary from time to time to preserve and maintain, or to cause set forth on Schedule IX attached hereto. No Affiliate of Borrower (other than the related board of directors or association to preserve and maintain, applicable Individual Borrower) owns any Units in the Condominium and the Condominium unit that it owns, in accordance with the Condominium Law;Condominium. (f) notThere are currently no special or other extraordinary Common Charges assessed against any Individual Borrower (other than regular, without Lendermonthly Common Charges). To Borrower’s prior written consentknowledge, the Board has not established a separate working capital or any other similar type of reserve. There are no judgments, suits or claims pending, filed or threatened against the Board and there are no set-offs, claims, counterclaims or defenses being asserted for the enforcement of the obligations of any party under the Condominium Documents which shall not be unreasonably withheld, conditioned or delayed, exercise is reasonably likely to have a Material Adverse Effect. Neither the Board nor any other Person has any right it may have of first refusal or option to vote for, (i) any additions or improvements purchase the Individual Property subject 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; andDocuments. (g) All of the members and officers of the Board are listed on Schedule IX attached hereto. The members of the Board appointed by Borrower are designated as such on Schedule IX. The Board has the sole power and authority to act on behalf of, and bind, the Condominium. The Board and the Condominium with respect to the extent Borrower is permitted Property located at 50 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx and 300 X 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx are controlled by law members thereof appointed by Borrower. To Borrower’s knowledge, neither the Board nor the Condominium are party to waive its rightsany loan, notcredit agreement or other arrangement for any extension of credit, without the prior consent of Lender, vote whether funded or 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 Propertybe funded.

Condominiums. Borrower If this Mortgage charges a unit within a plan of condominium the following provisions shall cause the applicable Individual Property Owner, with regard to each Condominium and the related Condominium Documents, toapply: (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, The Mortgagor covenants and conditions on Individual Property Owner’s part to be complied with, pursuant to the Condominium Documents agrees at all times 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 observe and maintainperform all duties and obligations imposed on the Mortgagor by the Condominium Act and by the declaration, the by-laws and the rules, as amended from time to time, of the Condominium Corporation by virtue of the Mortgagor’s ownership of the Mortgaged Premises. Any breach of such duties and obligations shall constitute a breach of covenant under this Mortgage. (b) Without limiting the generality of the foregoing, the Mortgagor covenants and agrees that the Mortgagor will pay promptly when due any contributions to common expenses required of the Mortgagor as owner of the Mortgaged Premises and in the event of the Mortgagor’s default in doing so the Mortgagee, at its option, may pay the same and the amount so paid shall be added to the amounts secured by this Mortgage and bear interest at the Mortgage Interest Rate from the time of such payments and the amounts so paid shall be a charge on the Mortgaged Premises and shall be payable forthwith by the Mortgagor to the Mortgagee whether or not any payment in default has priority to this Mortgage or any part of the amounts secured hereby. (c) The Mortgagor by this Mortgage irrevocably authorizes and empowers the Mortgagee to exercise the Mortgagor’s right as owner of the Mortgaged Premises to vote or to cause consent in all matters relating to the related board affairs of directors or association to preserve and maintain, the Condominium Corporation provided that: (i) the Mortgagee may at any time or from time to time give notice in writing to the Mortgagor and the Condominium unit Corporation that it owns, the Mortgagee does not intend to exercise the right to vote or consent and in accordance with that event until the Condominium LawMortgagee revokes the notice the Mortgagor may exercise the right to vote. 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; (fii) not, without Lender’s prior written consent, which the Mortgagee shall not be unreasonably withheld, conditioned or delayed, exercise any by virtue of the assignment to the Mortgagee of the right it may have to vote for, (i) or consent be under any additions obligation to vote or improvements consent or to protect the common elements interests 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 Mortgagor; and (iii) the expenditure of any insurance proceeds or Awards for the repair or restoration exercise of the related improvements other than right to vote or consent shall not constitute the Mortgagee a mortgagee 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 Propertypossession.

Condominiums. Borrower shall cause the applicable Individual Property Owner, with regard As to each Condominium and condominium Project, the related Condominium Documents, tofollowing covenants shall apply: (a) The property report, if any, required by the City Ordinance for each such Project subject to conversion has been or will be prepared in accordance with respect to the requirements of the City Ordinance and all sales and marketing activity has been and will be conducted in accordance with the provisions of the Condominium unit that it owns, Act and to the extent it controls the Condominium, cause the Condominium to, comply in City Ordinance and all material respects with the Condominium Law;other applicable Laws. (b) notNo Unit shall be offered for sale unless and until a property report, if applicable, together with all exhibits thereto has been delivered to and reviewed and approved by Agent. Agent shall have the right to approve the form of Unit sales contract, Condominium Declaration, terms of sale and sales prices for the Units, none of which, once approved, shall be modified without Lender’s Agent'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;consent. (c) pay all assessments for common charges and expenses made against All xxxxxxx money deposits received from purchasers of Units shall be deposited in escrow with a Lender or if not escrowed with a Lender, shall be held in a manner that is in compliance with the Condominium units then owned by Individual Property Owner pursuant to the Condominium Documents prior to delinquency, subject to any requirements of applicable grace periods and Borrower’s rights to contest, if any, pursuant to the terms of this Agreement;Law. (d) comply Upon a Conversion, the Borrowers shall cause the condominium association created thereby to be operated in all material respects accordance with all the provisions of the terms, covenants Condominium Act and conditions on Individual Property Owner’s part shall cause the board of managers to be complied with, pursuant to administer such parcel in accordance with the requirements of 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;Act. (e) take all commercially reasonable actions as may be necessary from time A Borrower shall not have the right to time convert to preserve and maintaincondominium any real property until a minimum of 25% of the Units which such Borrower intends to construct in such Conversion property constitute Sold Units, 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 sale of 50% of such percentage of Units are closed at one time pursuant to a mass closing procedure (which may occur over the Condominium Law;course of thirty consecutive days) satisfactory to Agent. (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 Borrowers will comply with 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 provisions of the Condominium or (iii) Act and the expenditure Condominium Declaration as to the payment of maintenance fees and assessments due to 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; andapplicable condominium association. (g) The Borrowers will not vote to withdraw all or any portion of the extent Borrower is permitted by law to waive its rights, notProject from the provisions of the Condominium Act, without the prior consent written approval of Lender, Agent. (h) The Borrowers will not vote to restore or not to restore the Improvements owned by such Individual Property Owner that are distribute any insurance proceeds subject to a Condominium and damaged the administration by a Casualty or Condemnation affecting any Individual Propertythe association to the Unit owners thereof, but will distribute such proceeds in the manner provided herein.

Condominiums. Borrower shall cause the applicable Individual Property Owner, with regard With respect to each Condominium and the related Condominium DocumentsCondominium, toBorrower hereby covenants as follows: (a) Borrower shall promptly pay (or cause Mortgage Borrower to pay or cause to be paid) all Common Charges imposed on Mortgage Borrower pursuant to the Condominium Documents when the same become due and payable with respect to the Units owned by Mortgage Borrower. Borrower shall (or shall cause Mortgage Borrower to) deliver to Lender, promptly upon Lender’s request, evidence satisfactory to Lender that the Common Charges have been so paid or are not then delinquent with respect to the Units owned by Mortgage Borrower. Borrower shall (or shall cause Mortgage Borrower to) promptly notify Lender of (I) any adjustments made to the amount of Common Charges due under the Condominium unit Documents and (II) the imposition of any additional Common Charges under the Condominium Documents. (b) Borrower acknowledges and agrees that the Units owned by Mortgage Borrower are within the definition of “Property” under this Agreement and, as such, Borrower shall cause Mortgage Borrower to cause the same to be insured in accordance with Article 6 of the Mortgage Loan Agreement and this Agreement. (c) Borrower hereby covenants and agrees to cause Mortgage Borrower to provide to the Board on the Closing Date a copy of the applicable Security Instruments with respect to the Individual Property subject to the Condominium Documents, the name and address of Lender and Servicer, and a general description of the Loan. (d) Borrower shall cause Mortgage Borrower to observe and perform (and where legally possible, cause the Board to observe and perform) each and every term to be observed or performed by Mortgage Borrower and/or the Board in all material respects pursuant to the Condominium Documents. Borrower shall not permit or cause Mortgage Borrower to waive, excuse, condone or in any way release or discharge any party to the Condominium Documents of or from such party’s obligations, covenant and/or conditions under the Condominium Documents without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned. (e) Borrower shall cause Mortgage Borrower to obtain resignation letters from each voting member of the Board and any officers of the Condominium appointed by Mortgage Borrower to be held by Lender in escrow and submitted upon the occurrence and continuance of an Event of Default and Borrower shall cause Mortgage Borrower to obtain the agreement of the Board and the officers of the Condominium to have Lender appoint each voting member of the Board upon the occurrence and during the continuance of an Event of Default. (f) Borrower shall cause Mortgage Borrower to, and Mortgage Borrower shall use commercially reasonable efforts to cause the Board to, (i) maintain the Condominium and the Units in good condition and repair, (ii) promptly comply with all Legal Requirements applicable to the Condominium and the Units, (iii) subject to the Condominium Documents, promptly repair, replace or rebuild any part of the Condominium and the Units which may be damaged or destroyed by any Casualty or which may be affected by any Condemnation and Borrower shall not permit or cause Mortgage Borrower in such event to vote to not repair, restore or rebuild the Condominium without the prior written consent of Lender (not to be unreasonably withheld, conditioned or delayed), and (iv) subject to the Condominium Documents, complete and pay for, within a reasonable time, any structure at any time in the process of construction or repair on the Condominium and the Units. (g) Without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned, Borrower shall not permit or cause Mortgage Borrower to permit (to the extent Mortgage Borrower has the ability to control the same) any of the terms or provisions of the Condominium Documents to be modified or amended in any manner or permit the Condominium to be terminated, withdrawn from a condominium regime, partitioned, subdivided, expanded or otherwise modified. Consent by Lender to one amendment, change, agreement or modification shall not be deemed to be a waiver of the right to require consent to other, future or successive amendments, changes, agreements or modifications. (h) Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause the Board to allow Lender to examine the books, records and receipts of the Condominium upon ten (10) days’ prior written notice to the Borrower. (i) Borrower shall (or shall cause Mortgage Borrower to) promptly deliver to Lender a true and correct copy of all notices of default received by Borrower or Mortgage Borrower with respect to any obligations or duty of Mortgage Borrower under the Condominium Documents. Borrower shall deliver (or shall cause Mortgage Borrower to deliver) to Lender each budget of the Condominium promptly after receipt thereof. Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, Lender shall have the right, but not the obligation, to cure any default by Mortgage Borrower under the Condominium Documents and Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause the Board to provide Lender (i) forty-five (45) days to cure any monetary default and ninety (90) days to cure any non-monetary default, (ii) in the event that any such default cannot be cured by the payment of money or within such ninety (90) day period, such reasonable time as may be necessary to cure the default so long as Lender diligently pursues such cure to completion and continues to perform any monetary obligations of Mortgage Borrower to the Board, and (iii) in the event that such default is incapable of cure by Lender, such time as may be required for Lender to institute foreclosure of the Pledge Agreement with respect to the Collateral subject to the Condominium and/or otherwise enforce Lender’s rights and remedies under this Agreement, the Pledge Agreement and the other Loan Documents and prosecute such foreclosure and/or enforcement to conclusion. (j) To the extent that any approval rights, consent rights or other rights or privileges are granted to a mortgagee in the Condominium Documents, then such approval rights, consent rights or other rights, protections or privileges shall be deemed to be contained in this Agreement subject to the rights of Mortgage Lender under the Mortgage Loan Documents. (k) Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, Lender shall have the rights and privileges which Mortgage Borrower has as though Lender were in fact the owner of the Units owned by Mortgage Borrower and as if, where applicable, it ownswere a “Declarant” under the Condominium Documents, and as if, where applicable, it were a member of the Board elected by Mortgage Borrower, which rights and privileges shall include, without limitation, all voting rights accruing to Mortgage Borrower (and the members of the Board elected by Mortgage Borrower) under the terms of the Condominium Documents. Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, upon the occurrence and continuance of an Event of Default, Borrower hereby grants to Lender (on behalf of itself and Mortgage Borrower, subject to the terms of the Condominium Documents, the right to vote in place of Mortgage Borrower (if and to the extent it controls Mortgage Borrower has a right to vote) and may exercise any and all of the Condominiumrights and privileges of Mortgage Borrower. Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, cause Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to vote as Mortgage Borrower’s proxy and to act with respect to all of said rights so long as such Event of Default continues hereunder or under any other Loan Documents and Lender has accelerated the Loan. Written notice from Lender to the Board shall be deemed conclusive as to the existence of such Event of Default and as to Lender’s rights and privileges under this Agreement. Notwithstanding anything contained herein to the contrary, nothing contained herein or otherwise shall render Lender liable for any Common Charges. (l) The Board and the Condominium are not a party to any loan, credit agreement or other arrangement for any extension of credit, whether funded or to be funded. Borrower shall not cause or permit Mortgage Borrower to, comply in all material respects with without Lender’s prior written consent, permit the Board and/or the Condominium Law;to incur any indebtedness or to encumber the Condominium in connection therewith (other than the Security Instruments granted by Mortgage Borrower to Mortgage Lender). (bm) notIn addition to Lender’s consent rights as specified in this Section 5.1.37, Borrower shall not cause or permit Mortgage Borrower to exercise any other approval, consent or voting right to which it is entitled under the Condominium Documents without obtaining Lender’s prior written consent (which consent shall not be unreasonably withheld, conditioned withheld or delayed), take any action . (n) Borrower shall cause Mortgage Borrower to terminate, amend, modify, partition (and Mortgage Borrower shall cause the members of the Board elected by Mortgage Borrower to) attend each duly called meeting or supplement, or consent special meeting of the Board. Subject to the terminationrights of Mortgage Lender under the Mortgage Loan Documents, amendment, modification, partition or supplementation of Lender shall have the right to participate in any arbitration proceeding instituted in accordance with the provisions of the Condominium Documents;. (co) pay all assessments for common charges Borrower acknowledges and expenses made against the Condominium units then owned by Individual Property Owner pursuant agrees that any management agreement with respect to the Condominium Documents prior to delinquency, subject to any applicable grace periods and Borrower’s rights to contest, if any, pursuant to and/or 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 Units shall be required to be complied with, pursuant to the Condominium Documents and any rules and regulations that may be adopted for the Condominium, a Management Agreement (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 (gdefined herein) to the extent Mortgage Borrower is permitted by law has the ability to waive its rights, not, without control the prior consent of Lender, vote to restore Board or not to restore the Improvements owned by such Individual Property Owner that are Condominium and shall be subject to a Condominium the terms and damaged by a Casualty or Condemnation affecting any Individual Propertyconditions of this Agreement and the other Loan Documents.

Condominiums. Borrower shall cause the applicable Individual Property Owner, with regard With respect to each Condominium and the related Condominium DocumentsCondominium, toBorrower hereby covenants as follows: (a) Borrower shall promptly pay (or cause to be paid) all Common Charges imposed on Borrower pursuant to the Condominium Documents when the same become due and payable with respect to the Units owned by Borrower. Borrower shall deliver to Lender, promptly upon Lender’s request, evidence satisfactory to Lender that the Common Charges have been so paid or are not then delinquent with respect to the Units owned by Borrower. Borrower shall promptly notify Lender of (I) any adjustments made to the amount of Common Charges due under the Condominium unit Documents and (II) the imposition of any additional Common Charges under the Condominium Documents. (b) Borrower acknowledges and agrees that the Units owned by Borrower are within the definition of “Property” under this Agreement and, as such, Borrower shall cause the same to be insured in accordance with Article 6 of this Agreement. Any Net Proceeds of such insurance or any Net Proceeds otherwise obtained with respect to any Condemnation of the Individual Property subject to the Condominium Documents shall be held and applied by Lender in accordance with the applicable terms and conditions of this Agreement. (c) Borrower hereby covenants and agrees to provide to the Board on the Closing Date a copy of the applicable Security Instruments with respect to the Individual Property subject to the Condominium Documents, the name and address of Lender and Servicer, and a general description of the Loan. (d) Borrower shall observe and perform (and where legally possible, cause the Board to observe and perform) each and every term to be observed or performed by Borrower and/or the Board in all material respects pursuant to the Condominium Documents. Borrower shall not waive, excuse, condone or in any way release or discharge any party to the Condominium Documents of or from such party’s obligations, covenant and/or conditions under the Condominium Documents without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned. (e) Borrower shall obtain resignation letters from each voting member of the Board and any officers of the Condominium appointed by Borrower to be held by Lender in escrow and submitted upon the occurrence and continuance of an Event of Default and Borrower shall obtain the agreement of the Board and the officers of the Condominium to have Lender appoint each voting member of the Board upon the occurrence and during the continuance of an Event of Default. (f) Borrower shall, and shall use commercially reasonable efforts to cause the Board to, (i) maintain the Condominium and the Units in good condition and repair, (ii) promptly comply with all Legal Requirements applicable to the Condominium and the Units, (iii) subject to the Condominium Documents, promptly repair, replace or rebuild any part of the Condominium and the Units which may be damaged or destroyed by any Casualty or which may be affected by any Condemnation and Borrower shall not in such event vote to not repair, restore or rebuild the Condominium without the prior written consent of Lender (not to be unreasonably withheld, conditioned or delayed), and (iv) subject to the Condominium Documents, complete and pay for, within a reasonable time, any structure at any time in the process of construction or repair on the Condominium and the Units. (g) Without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned, Borrower shall not permit (to the extent Borrower has the ability to control the same) any of the terms or provisions of the Condominium Documents to be modified or amended in any manner or permit the Condominium to be terminated, withdrawn from a condominium regime, partitioned, subdivided, expanded or otherwise modified. Consent by Lender to one amendment, change, agreement or modification shall not be deemed to be a waiver of the right to require consent to other, future or successive amendments, changes, agreements or modifications. (h) Borrower shall use commercially reasonable efforts to cause the Board to allow Lender to examine the books, records and receipts of the Condominium upon ten (10) days’ prior written notice to the Borrower. (i) Borrower shall promptly deliver to Lender a true and correct copy of all notices of default received by Borrower with respect to any obligations or duty of Borrower under the Condominium Documents. Borrower shall deliver to Lender each budget of the Condominium promptly after receipt thereof. Lender shall have the right, but not the obligation, to cure any default by Borrower under the Condominium Documents and Borrower shall use commercially reasonable efforts to cause the Board to provide Lender (i) forty-five (45) days to cure any monetary default and ninety (90) days to cure any non-monetary default, (ii) in the event that any such default cannot be cured by the payment of money or within such ninety (90) day period, such reasonable time as may be necessary to cure the default so long as Lender diligently pursues such cure to completion and continues to perform any monetary obligations of Borrower to the Board, and (iii) in the event that such default is incapable of cure by Lender, such time as may be required for Lender to institute foreclosure of the applicable Security Instruments with respect to the Individual Property subject to the Condominium and/or otherwise enforce Lender’s rights and remedies under this Agreement, the Security Instruments and the other Loan Documents and prosecute such foreclosure and/or enforcement to conclusion. (j) To the extent that any approval rights, consent rights or other rights or privileges are granted to a mortgagee in the Condominium Documents, then such approval rights, consent rights or other rights, protections or privileges shall be deemed to be contained in this Agreement. (k) Lender shall have the rights and privileges which Borrower has as though Lender were in fact the owner of the Units owned by Borrower and as if, where applicable, it ownswere a “Declarant” under the Condominium Documents, and as if, where applicable, it were a member of the Board elected by Borrower, which rights and privileges shall include, without limitation, all voting rights accruing to Borrower (and the members of the Board elected by Borrower) under the terms of the Condominium Documents. Upon the occurrence and continuance of an Event of Default, Borrower hereby grants to Lender, subject to the terms of the Condominium Documents, the right to vote in place of Borrower (if and to the extent it controls Borrower has a right to vote) and may exercise any and all of the Condominiumrights and privileges of Borrower. Borrower hereby irrevocably appoints Lender as its attorney-in-fact, cause coupled with an interest, to vote as Borrower’s proxy and to act with respect to all of said rights so long as such Event of Default continues hereunder or under any other Loan Documents and Lender has accelerated the Loan. Written notice from Lender to the Board shall be deemed conclusive as to the existence of such Event of Default and as to Lender’s rights and privileges under this Agreement. Notwithstanding anything contained herein to the contrary, nothing contained herein or otherwise shall render Lender liable for any Common Charges. (l) The Board and the Condominium toare not a party to any loan, comply in all material respects with the Condominium Law; (b) credit agreement or other arrangement for any extension of credit, whether funded or to be funded. Borrower shall not, without Lender’s prior written consent, permit the Board and/or the Condominium to incur any indebtedness or to encumber the Condominium in connection therewith (other than the Security Instruments granted by Borrower to Lender). (m) In addition to Lender’s consent rights as specified in this Section 5.1.37, Borrower shall not exercise any other approval, consent or voting right to which it is entitled under the Condominium Documents without obtaining Lender’s prior written consent (which consent shall not be unreasonably withheld, conditioned withheld or delayed), take . (n) Borrower shall (and shall cause the members of the Board elected by Borrower to) attend each duly called meeting or special meeting of the Board. Lender shall have the right to participate in any action to terminate, amend, modify, partition or supplement, or consent to arbitration proceeding instituted in accordance with the termination, amendment, modification, partition or supplementation of any provisions of the Condominium Documents;. (co) pay all assessments for common charges Borrower acknowledges and expenses made against the Condominium units then owned by Individual Property Owner pursuant agrees that any management agreement with respect to the Condominium Documents prior to delinquency, subject to any applicable grace periods and Borrower’s rights to contest, if any, pursuant to and/or 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 Units shall be required to be complied with, pursuant to the Condominium Documents and any rules and regulations that may be adopted for the Condominium, a Management Agreement (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 (gdefined herein) to the extent Borrower is permitted by law has the ability to waive its rights, not, without control the prior consent of Lender, vote to restore Board or not to restore the Improvements owned by such Individual Property Owner that are Condominium and shall be subject to a Condominium the terms and damaged by a Casualty or Condemnation affecting any Individual Propertyconditions of this Agreement and the other Loan Documents.

Condominiums. Borrower shall cause the applicable Individual Property Owner, with regard As to each Condominium and Approved Loft Project, the related Condominium Documents, tofollowing covenants shall apply: (a) The property report, if any, required by the City Ordinance ("Property Report") for each such Project subject to conversion has been or will be prepared in accordance with respect to the requirements of the City Ordinance and all sales and marketing activity has been and will be conducted in accordance with the provisions of the Condominium unit that it ownsAct and City Ordinance. (b) No Unit shall be offered for sale unless and until a Property Report, if applicable, together with all exhibits thereto has been delivered and reviewed by Lenders. Lenders and their counsel shall have the right to approve the extent it controls form of Unit sales contract, Condominium Declaration, terms of sale and sales prices for the CondominiumUnits, cause the Condominium tonone of which, once approved, shall be modified without Lenders' prior written consent. (c) Borrowers shall 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 Act and City Ordinance in connection with the termination, amendment, modification, partition or supplementation marketing and sales of any of the Condominium Documents; (c) pay all assessments for common charges Units 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;each Conversion. (d) comply in all material respects with all All exxxxxx money deposits received from purchasers 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 Units shall be deposited in force and effect from time to time;escrow with Lenders. (e) take all commercially reasonable actions as may be necessary from time to time to preserve and maintainUpon a Conversion, or to the Borrowers shall cause the related board of directors or condominium association created thereby to preserve and maintain, the Condominium and the Condominium unit that it owns, be operated in accordance with the provisions of the Condominium Law;Act and shall cause the board of managers to administer such parcel in accordance with the requirements of the Condominium Act. (f) not, without Lender’s prior written consent, which Borrowers shall not be unreasonably withheld, conditioned or delayed, exercise have the right to convert to condominium any right it may have to vote for, real property until a minimum of twenty-five (i25%) any additions or improvements to the common elements of the CondominiumUnits in such Conversion property constitute Sold Homes, except as and the sale of all such additions or improvements Units are completed in accordance with Section 5.21 closed at one time pursuant to a mass closing procedure (which may occur over the course of the Xxxxx Fargo Mortgage Loan Agreement, thirty (ii30) any borrowing on behalf of the Condominium or (iiiconsecutive days) 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; andsatisfactory to Lenders. (g) Borrowers will comply with the provisions of the Condominium Act and the Condominium Declaration as to the extent Borrower is permitted by law payment of maintenance fees and assessments due to waive its rights, notany applicable condominium association. (h) Borrowers will not vote to withdraw all or any portion of the Project from the provisions of the Condominium Act, without the prior consent written approval of Lender, Lenders. (i) Borrowers will not vote to restore or not to restore the Improvements owned by such Individual Property Owner that are distribute any insurance proceeds subject to a Condominium and damaged the administration by a Casualty or Condemnation affecting any Individual Propertythe association to the Unit owners thereof, but will distribute such proceeds in the manner provided herein.

Condominiums. Borrower shall cause hereby represents and warrants to Lender the applicable Individual Property Owner, following with regard respect to the each Condominium and the related Condominium Documents, toCondominium: (a) with respect The Condominium has been legally and validly created pursuant to all Legal Requirements and 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;Documents. (b) notEach of the Condominium Documents is in full force and effect. To Borrower’s knowledge, without Lender’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), take neither Mortgage Borrower nor any action other party to terminate, amend, modify, partition or supplement, or consent to any of the termination, amendment, modification, partition or supplementation Condominium Documents is in default under any of the material provisions of any of the Condominium Documents;, and there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder. None of the Condominium Documents has been modified, amended or supplemented except as set forth on Schedule IX attached hereto. Borrower has delivered to Lender a true, complete and correct copy of each 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 All conditions of the Condominium Documents prior which were required to delinquencybe satisfied, subject and all approvals which were required to any applicable grace periods be given in connection with the making of the Loan, as of the date hereof, have been satisfied, given or waived. The Condominium Documents are valid and Borrower’s rights to contest, if any, pursuant to the terms of this Agreement;enforceable. (d) comply All fees, dues, charges and assessments, whether annual, monthly, regular, special or otherwise, including, any “Common Charges” (as such term is defined 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 Documents) (collectively, the “Common Charges”) payable by Mortgage Borrower are set forth on Schedule IX attached hereto and any rules and regulations that may be adopted for the Condominium, as the same shall be in force and effect from time have been fully paid to time;date. (e) take all commercially reasonable actions The applicable Mortgage Borrower is the owner of the Units as may be necessary from time to time to preserve and maintain, set forth on Schedule IX attached hereto. No Affiliate of Mortgage Borrower or to cause Borrower (other than the related board of directors or association to preserve and maintain, applicable Mortgage Borrower) owns any Units in the Condominium and the Condominium unit that it owns, in accordance with the Condominium Law;Condominium. (f) notThere are currently no special or other extraordinary Common Charges assessed against any Mortgage Borrower (other than regular, without Lendermonthly Common Charges). To Borrower’s prior written consentknowledge, the Board has not established a separate working capital or any other similar type of reserve. There are no judgments, suits or claims pending, filed or threatened against the Board and there are no set-offs, claims, counterclaims or defenses being asserted for the enforcement of the obligations of any party under the Condominium Documents which shall not be unreasonably withheld, conditioned or delayed, exercise is reasonably likely to have a Material Adverse Effect. Neither the Board nor any other Person has any right it may have of first refusal or option to vote for, (i) any additions or improvements purchase the Individual Property subject 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; andDocuments. (g) All of the members and officers of the Board are listed on Schedule IX attached hereto. The members of the Board appointed by Mortgage Borrower are designated as such on Schedule IX. The Board has the sole power and authority to act on behalf of, and bind, the Condominium. The Board and the Condominium with respect to the extent Borrower is permitted Property located at 50 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx and 300 X 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx are controlled by law members thereof appointed by Mortgage Borrower. To Borrower’s knowledge, neither the Board nor the Condominium are party to waive its rightsany loan, notcredit agreement or other arrangement for any extension of credit, without the prior consent of Lender, vote whether funded or 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 Propertybe funded.

Condominiums. Each Borrower shall cause the applicable and Maryland Owner that owns an Individual Property Ownerthat is subject in whole or in part to a Condominium further covenants and agrees, with regard to each Condominium and the related Condominium Documents, tothat: (a) it shall, 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) it shall not, without Lender’s prior written consent 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) it shall pay all assessments for common charges and expenses made against the Condominium units then owned by Individual Property Owner Borrower 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) it shall comply in all material respects with all of the terms, covenants and conditions on Individual Property OwnerBorrower’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) it shall 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 condominium unit that it owns, in accordance with the Condominium Law; (f) it shall 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 this 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 this Agreement; and (g) to the extent Borrower is permitted by law to waive its rights, it shall not, without the prior consent of Lender, vote to restore or not to restore the Improvements owned by such Individual Property a Borrower or Maryland Owner that are subject to a Condominium and damaged by a Casualty or Condemnation affecting any Individual Property.