modified from time to time.
"CONDOMINIUM" SHALL MEAN THE REGO II CONDOMINIUM, A CONDOMINIUM
REGIME ESTABLISHED IN ACCORDANCE WITH THE DECLARATION AND ALL APPLICABLE LEGAL
REQUIREMENTS, INCLUDING, WITHOUT LIMITATION, THE CONDOMINIUM ACT, AND THE
REQUIREMENTS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY.
"Residential Unit" shall be the Condominium unit comprising a part
of the Condominium and further described on Exhibit B attached hereto, together
with the undivided interests in the common elements appurtenant to such unit as
provided pursuant to the Declaration.
"Retail Unit" shall be the Condominium unit comprising a part of the
Condominium and further described on Exhibit C attached hereto, together with
the undivided interests in the common elements appurtenant to such units as
provided pursuant to the Declaration
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1.3
DELETED DEFINITIONS.
THE FOLLOWING DEFINITION IS HEREBY DELETED FROM THE
LOAN AGREEMENT: COMMON ELEMENTS.
1.4
ADDITIONAL LOAN AGREEMENT PROVISIONS. THE FOLLOWING PROVISIONS SHALL BE
DEEMED ADDED TO THE LOAN AGREEMENT:
1.4.1
SECTION 4.1.46
CONDOMINIUM.
(a)
The Condo Documents comply in all material respects with all
federal, state and local laws, rules and regulations which affect the
establishment and maintenance of condominiums in the State.
The Condo Documents
are in full force and effect.
The Condominium has been validly formed and is
validly existing under the Condominium Act.
(b)
Borrower is not in material default under the Condo Documents
and, to the best of Borrower's knowledge, (i) no other party under the Condo
Documents is in material default thereunder and (ii) there is no existing
condition which, but for the passage of time or the giving of notice or both,
would result in a material default under the Condo Documents.
(c)
All Condominium Common Charges attributable to the Property
have been paid to the extent they are payable on or prior to the date hereof.
(d)
Borrower has delivered to Lender a true, correct and complete
copy of (i) any offering plan in connection with the initial conversion of the
Property required by applicable law, and/or (ii) any "no action" letter or
similar document from the applicable Governmental Authority authorizing the
Condominium.
1.4.2
SECTION 5.1.27
CONDOMINIUM.
(A)
BORROWER SHALL COMPLY WITH ALL OF THE TERMS, COVENANTS AND
CONDITIONS OF THE CONDO 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, EXCEPT TO THE EXTENT SUCH NON-COMPLIANCE WOULD NOT REASONABLY BE
EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT; AND
(B)
BORROWER SHALL PAY, OR CAUSE TO BE PAID, ALL ASSESSMENTS
FOR COMMON CHARGES AND EXPENSES MADE AGAINST THE CONDOMINIUM UNIT OWNED BY
BORROWER PURSUANT TO THE CONDO DOCUMENTS BEFORE THE SAME BECOMES DELINQUENT,
INCLUDING, WITHOUT LIMITATION THE CONDOMINIUM COMMON CHARGES; PROVIDED THAT
BORROWER MAY DELAY SUCH PAYMENT TO THE EXTENT BORROWER IS CONTINUOUSLY AND
DILIGENTLY CONTESTING ANY SUCH CHARGES AND EXPENSES IN GOOD FAITH.
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C)
BORROWER SHALL USE COMMERCIALLY REASONABLE EFFORTS TO
DELIVER TO LENDER, WITHIN THIRTY (30) DAYS AFTER LENDER'S REQUEST, AN ESTOPPEL
CERTIFICATE FROM THE BOARD OF DIRECTORS