detailed description of such default.
SECTION 9.28
CONDOMINIUM CHARGES DEPOSIT.
During any Cash Management Period, Borrower shall be required to deposit with
Administrative Agent on each Payment Date one-twelfth of the amount sufficient
to discharge the obligations under Section 9.29 (considered on an annual basis)
when they become due (the "Monthly Condominium Charges Deposit").
The
determination of the amount so payable and of the fractional part thereof to be
deposited with Administrative Agent with each installment, so that the aggregate
of such deposit shall be sufficient for this purpose, shall be made by
Administrative Agent in its reasonable discretion. Such amounts shall be held by
Administrative Agent and applied to the payment of the obligations in respect to
which such amounts were deposited on or before the respective dates on which the
same or any of them would become delinquent or, during the existence of an Event
of Default, at the option of Administrative Agent and subject to applicable law,
to the payment of the Indebtedness in the order and amounts provided for in
Section 11.4.
If one month prior to the due date of any of the aforementioned
obligations the amounts then on deposit therefor shall be insufficient for the
payment of such obligations in full, Borrower shall within ten (10) Business
Days after demand therefor deposit the amount of the deficiency with
Administrative Agent.
Nothing herein contained shall be deemed to affect any
right or remedy of Administrative Agent and the Lenders under this Agreement or
any statute or rule of law to pay any such amount and to add to the Indebtedness
the amount so paid together with interest at the Default Rate.
SECTION 9.29
CONDOMINIUM COVENANTS.
(A)
BORROWER SHALL (I) PERFORM ALL OF ITS OBLIGATIONS UNDER THE
CONDOMINIUM DOCUMENTS, EXCEPT WHERE THE FAILURE TO DO SO WOULD NOT REASONABLY BE
EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT AND (II) SUBJECT TO ITS RIGHT TO
CONTEST, IF ANY, UNDER THE CONDOMINIUM DOCUMENTS, PAY, WHEN DUE AND PAYABLE, ALL
CONDOMINIUM CHARGES.
(B)
IF BORROWER SHALL DEFAULT IN THE PERFORMANCE OR OBSERVANCE OF
ANY TERM, COVENANT OR CONDITION OF ANY OF THE CONDOMINIUM DOCUMENTS ON THE PART
OF BORROWER TO BE PERFORMED OR OBSERVED AND THE SAME WOULD REASONABLY BE
EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT, THEN, AFTER THE EXPIRATION OF ANY
APPLICABLE NOTICE AND CURE PERIODS PROVIDED FOR HEREIN AND WITHOUT LIMITING THE
GENERALITY OF THE OTHER PROVISIONS OF THE MORTGAGE AND THIS AGREEMENT AND
WITHOUT WAIVING OR RELEASING BORROWER FROM ANY OF ITS OBLIGATIONS HEREUNDER,
ADMINISTRATIVE AGENT SHALL HAVE THE RIGHT, BUT SHALL BE UNDER NO OBLIGATION, TO
PAY ANY SUMS AND TO PERFORM ANY ACT OR TAKE ANY ACTION AS MAY BE APPROPRIATE TO
CAUSE ALL OF THE TERMS, COVENANTS AND CONDITIONS OF THE CONDOMINIUM DOCUMENTS ON
THE PART OF BORROWER, TO BE PERFORMED OR OBSERVED OR TO BE PROMPTLY PERFORMED OR
OBSERVED ON BEHALF OF BORROWER.
ADMINISTRATIVE AGENT AND ANY PERSON DESIGNATED
AS ADMINISTRATIVE AGENT'S AGENT BY ADMINISTRATIVE AGENT SHALL HAVE, AND ARE
HEREBY