Lender May Require Payment. At the option of the Lender, and subject to compliance with Applicable Laws, there is a Default if: a. governance of the property of the strata/condominium corporation under the Applicable Laws is terminated or wound up as described in the Applicable Laws or the Constituting Documents; b. a vote of the strata/condominium owners authorizes the sale of the property of the strata/condominium corporation or of a part of its common property (or common elements); c. the strata/condominium corporation fails to comply with the Applicable Laws or the Constituting Documents; d. the strata/condominium corporation fails to insure the strata/condominium units and common property (or common elements) against destruction or damage by fire and other perils usually insured against for full replacement cost; or e. the strata/condominium corporation fails, in opinion of the Lender, to manage its property and assets in a careful way or to maintain its assets in good repair.
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