(60) DAYS OF
OBTAINING KNOWLEDGE THEREOF, TO (I) PAY AND DISCHARGE, (II) BOND OVER OR (III)
CAUSE THE TITLE COMPANIES TO INSURE OVER, ALL LIENS FOR LABOR, MATERIALS AND
SERVICES FURNISHED TO THE MORTGAGED PROPERTY AND ALL LIENS IN FAVOR OF THE
CONDOMINIUM AGAINST ANY PORTION OF THE
106
MORTGAGED PROPERTY FOR COMMON CHARGES THAT ARE PAST DUE AND TO TAKE ALL ACTIONS
REASONABLY REQUIRED TO PREVENT THE ASSERTION OF CLAIMS OF LIENS AGAINST THE
MORTGAGED PROPERTY.
BORROWER IRREVOCABLY APPOINTS, DESIGNATES AND AUTHORIZES
AGENT (SUCH AGENCY BEING COUPLED WITH AN INTEREST) WITH THE AUTHORITY (BUT NO
OBLIGATION) TO FILE ANY NOTICE RELATING TO CLAIMS OF LIENS THAT AGENT DEEMS
ADVISABLE TO PROTECT ITS INTERESTS UNDER THE PROJECT LOAN DOCUMENTS.
IN THE
EVENT THAT ANY STOP NOTICE OR CLAIM IS ASSERTED BY ANY PERSON FURNISHING LABOR,
SERVICES, EQUIPMENT OR MATERIALS TO THE MORTGAGED PROPERTY, UPON DEMAND BY
AGENT, BORROWER SHALL TAKE SUCH ACTION AS AGENT MAY REQUIRE TO RELEASE AGENT
AND/OR LENDERS FROM ANY OBLIGATION OR LIABILITY WITH RESPECT TO SUCH STOP NOTICE
OR CLAIM, INCLUDING (I) OBTAINING A BOND OR OTHER SECURITY, IN FORM, SUBSTANCE
AND AMOUNT SATISFACTORY TO AGENT, OR (II) PAYING SUCH CLAIM.
SECTION 7.40
CONCRETE, SOIL AND OTHER TESTS.
TO PERFORM SUCH
SOIL, COMPACTION, CONCRETE AND OTHER TESTS (FROM TIME TO TIME) AS AGENT OR
CONSTRUCTION CONSULTANT MAY REASONABLY REQUIRE, IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO CONSTRUCTION CONSULTANT AND AGENT.
SECTION 7.41
ERISA.
(A)
NOT TO (AND TO CAUSE EACH MEMBER NOT TO)
ENGAGE IN A NONEXEMPT PROHIBITED TRANSACTION AS DESCRIBED IN SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE, OR THAT WOULD CAUSE ANY OBLIGATION OR ACTION
TAKEN OR TO BE TAKEN PURSUANT TO THE PROJECT LOAN DOCUMENTS (INCLUDING, BUT NOT
LIMITED TO, THE EXERCISE BY AGENT OF ANY OF ITS RIGHTS UNDER THE PROJECT LOAN
DOCUMENTS) TO CONSTITUTE A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE, OR (B) NOT TO (AND TO CAUSE EACH MEMBER NOT
TO) QUALIFY AS AN EMPLOYEE BENEFIT PLAN OR ACQUIRE ANY ASSETS THAT CONSTITUTE
PLAN ASSETS.
SECTION 7.42
NAME; CHIEF EXECUTIVE OFFICE.
TO NOT (I) CHANGE ITS
LEGAL NAME, (II) USE ANY TRADE NAME OR DO BUSINESS UNDER ANY NAME OTHER THAN ITS
ACTUAL LEGAL NAME SET FORTH HEREIN ON THE FIRST PAGE OF THIS AGREEMENT, AND
(III) WITHOUT THE PRIOR CONSENT OF AGENT, CHANGE THE MAILING ADDRESS, PLACE OF
BUSINESS OR LOCATION OF ITS CHIEF EXECUTIVE OFFICE.
SECTION 7.43
NO JOINT ASSESSMENT.
NOT TO SUFFER, PERMIT OR
INITIATE THE JOINT ASSESSMENT OF THE PREMISES (I) WITH ANY OTHER REAL PROPERTY
CONSTITUTING A TAX LOT SEPARATE FROM THE PREMISES (OTHER THAN LOT 15), AND (II)
UNLESS REQUIRED BY APPLICABLE LAW, WITH ANYTHING WHICH MAY BE DEEMED TO
CONSTITUTE PERSONAL PROPERTY, AND NOT TO CAUSE OR PERMIT ANY OTHER PROCEDURE
WHEREBY THE LIEN OF ANY TAXES WHICH MAY BE LEVIED AGAINST SUCH PERSONAL PROPERTY
SHALL BE ASSESSED OR LEVIED OR CHARGED TO THE PREMISES.
BORROWER OR THE MEMBERS
SHALL USE