IF ANY, UNDER ANY OTHER MORTGAGE OR DEED OF TRUST OR SECURITY AGREEMENT
COVERING ANY PART OF THE PROPERTY WITHOUT REGARD TO ITS PRIORITY RELATIVE TO
THIS SECURITY INSTRUMENT; PROVIDED, HOWEVER, THIS PROVISION SHALL NOT BE DEEMED
A WAIVER OF THE PROVISIONS OF ARTICLE IX PROHIBITING FURTHER ENCUMBRANCES
AFFECTING THE PROPERTY OR ANY OTHER PROVISION OF THIS SECURITY INSTRUMENT;
(K)
IF THE PROPERTY BECOMES SUBJECT TO ANY LIEN WHICH IS SUPERIOR TO
THE LIEN OF THIS SECURITY INSTRUMENT, OTHER THAN PERMITTED ENCUMBRANCES;
(L)
IF BORROWER OR SPE PLEDGOR DISCONTINUES OPERATIONS WITH RESPECT
TO A MATERIAL PORTION OF THE PROPERTY FOR REASONS OTHER THAN REPAIR OR
RESTORATION ARISING FROM A CASUALTY OR CONDEMNATION FOR TEN (10) DAYS OR MORE;
96
(M)
EXCEPT AS PERMITTED IN THIS SECURITY INSTRUMENT, ANY MATERIAL
ALTERATION, DEMOLITION OR REMOVAL OF ANY OF THE IMPROVEMENTS WITHOUT THE PRIOR
CONSENT OF LENDER;
(N)
IF BORROWER OR SPE PLEDGOR CONSUMMATES A TRANSACTION WHICH WOULD
CAUSE THIS SECURITY INSTRUMENT OR LENDER'S RIGHTS UNDER THIS SECURITY
INSTRUMENT, THE NOTE OR ANY OTHER LOAN DOCUMENT TO CONSTITUTE A NON-EXEMPT
PROHIBITED TRANSACTION UNDER ERISA OR RESULT IN A VIOLATION OF A STATE STATUTE
REGULATING GOVERNMENT PLANS SUBJECTING LENDER TO LIABILITY FOR A VIOLATION OF
ERISA OR A SIMILAR STATE STATUTE; OR
(O)
IF BORROWER SHALL CONSENT TO ANY MODIFICATION OR AMENDMENT TO THE
DECLARATION OF CONDOMINIUM OR THE CONDOMINIUM DOCUMENTS WITHOUT THE PRIOR
WRITTEN CONSENT OF LENDER, WHICH CONSENT SHALL NOT BE UNREASONABLY WITHHELD OR
DELAYED FOR ANY IMMATERIAL MODIFICATION OR AMENDMENT;
(P)
IF BORROWER SHALL FAIL TO PAY, WHEN DUE AND PAYABLE, ALL
ASSESSMENTS, COMMON CHARGES AND EXPENSES MADE AGAINST THE PROPERTY PURSUANT TO
THE CONDOMINIUM DOCUMENT;
(Q)
IF BORROWER FAILS TO COMPLY WITH ANY OF THE APPLICABLE TERMS,
COVENANTS AND CONDITIONS ON BORROWER'S PART TO BE COMPLIED WITH PURSUANT TO THE
CONDOMINIUM DOCUMENTS;
(R)
IF BORROWER SHALL VOTE TO INCREASE THE INDEBTEDNESS OF THE
CONDOMINIUM WITHOUT THE PRIOR WRITTEN CONSENT OF LENDER;
(S)
IF ANY PROVISION OF THE APPLICABLE STATUTES PURSUANT TO WHICH THE
CONDOMINIUM WAS ESTABLISHED OR ANY SECTION, SENTENCE, CLAUSE, PHRASE OR WORD OR
THE APPLICATION THEREOF IN ANY CIRCUMSTANCE, IS HELD INVALID AND SUCH INVALIDITY
SHALL AFFECT THE LIEN OF THIS SECURITY INSTRUMENT OR THE RIGHTS OF LENDER UNDER
THE NOTE, THIS SECURITY INSTRUMENT OR ANY OF THE OTHER LOAN DOCUMENTS;
(T)
IF THE CONDOMINIUM SHALL BECOME SUBJECT TO ANY ACTION FOR
PARTITION COMMENCED BY ANY UNIT OWNER AND SAID ACTION HAS NOT BEEN DISMISSED
WITHIN THIRTY (30) DAYS AFTER COMMENCEMENT THEREOF UNLESS BORROWER, AT ITS OWN
EXPENSE, PROMPTLY AND IN GOOD FAITH WITH DUE DILIGENCE WORKS TO DISMISS SAID
ACTION IN WHICH CASE BORROWER SHALL HAVE A PERIOD NOT TO EXCEED SIXTY (60) DAYS
TO DISMISS SAID ACTION;
(U)
IF, AFTER BORROWER HAS USED ITS BEST EFFORTS TO CURE THE SAME, THE
CONDOMINIUM BOARD CONTINUES TO FAIL (I) TO MAINTAIN THE CONDOMINIUM IN GOOD
CONDITION AND REPAIR, AND SUCH FAILURE DIRECTLY OR INDIRECTLY DECREASES THE
SECURITY VALUE OF THIS SECURITY INSTRUMENT, (II) TO PROMPTLY COMPLY WITH