MORTGAGE AND FROM
THE BUILDING LOAN ASSIGNMENT OF LEASES AND PROJECT LOAN ASSIGNMENT OF LEASES AND
(II) THE ASSIGNMENT OF CONTRACTS - NYTC MEMBER AND THE NYTC NON-RECOURSE
CARVEOUTS GUARANTY SHALL BE DEEMED TO HAVE BEEN AUTOMATICALLY TERMINATED AND
NYTC GUARANTOR AND NYTC MEMBER SHALL HAVE NO FURTHER LIABILITY UNDER THE
BUILDING LOAN DOCUMENTS OR THE PROJECT LOAN DOCUMENTS AND (III) THE GROUND LEASE
AND THE SEVERANCE SUBLEASE TO WHICH NYTC MEMBER IS A PARTY SHALL BE RELEASED
FROM THE LIEN OF THE BUILDING LOAN MORTGAGE AND PROJECT LOAN MORTGAGE.
(D)
THE ASSIGNMENTS OF MORTGAGES AND ENDORSEMENTS OF NOTES MADE
PURSUANT TO THIS SECTION 7.46 SHALL BE MADE WITHOUT REPRESENTATIONS OR
WARRANTIES FROM, OR RECOURSE TO, AGENT OR THE RESPECTIVE HOLDERS THEREOF;
PROVIDED, HOWEVER, THAT AGENT OR SUCH HOLDER SHALL REPRESENT AND WARRANT (X)
THAT IT OWNS EACH NOTE AND MORTGAGE BEING ASSIGNED FREE AND CLEAR OF ALL LIENS
AND ENCUMBRANCES AND (Y) THE OUTSTANDING PRINCIPAL AMOUNT OF EACH NOTE.
(E)
AGENT AGREES TO EXECUTE AND DELIVER SUCH ADDITIONAL AGREEMENTS AND
INSTRUMENTS, AS MAY FROM TIME TO TIME BE REASONABLY REQUESTED BY ANY BORROWER
ENTITY IN ORDER TO EFFECTUATE FULLY THE TRANSACTIONS CONTEMPLATED BY AND
AGREEMENTS MADE IN THIS SECTION 7.46.
ALL OUT OF POCKET COSTS AND EXPENSES
INCURRED BY AGENT IN CONNECTION WITH SUCH EXECUTION AND DELIVERY SHALL BE
REIMBURSABLE COSTS.
SECTION 7.47
SECURITY PERSONNEL.
TO EMPLOY SECURITY PERSONNEL OR
OTHER MEANS REASONABLY SATISFACTORY TO AGENT TO PROTECT FROM THEFT OR VANDALISM
ALL PORTIONS OF THE PROJECT AND ALL TOOLS AND BUILDING MATERIALS STORED AT THE
PREMISES.
SECTION 7.48
[INTENTIONALLY OMITTED].
SECTION 7.49
COMPLIANCE WITH CONDOMINIUM DOCUMENTS.
UPON
RECORDING OF THE CONDOMINIUM DECLARATION, BORROWER WILL (OR SHALL CAUSE EACH
MEMBER TO) DO THE FOLLOWING:
(A)
(I)
PAY ON OR BEFORE THE EXPIRATION OF ANY APPLICABLE
GRACE OR CURE PERIOD ALL CHARGES DUE WITH RESPECT TO THE UNITS REMAINING PART OF
THE MORTGAGED PROPERTY (INCLUDING, WITHOUT LIMITATION, COMMON CHARGES AND
ASSESSMENTS) FOR WHICH BORROWER OR SUCH MEMBER IS RESPONSIBLE UNDER THE
CONDOMINIUM DOCUMENTS, AND WILL NOT, WITHOUT THE PRIOR CONSENT OF AGENT, VOTE AT
ANY MEETING OF SUCH UNIT OWNERS, OR PERMIT ITS REPRESENTATIVES ON THE BOARD OF
DIRECTORS OR OTHER GOVERNING BOARD FOR SUCH UNIT TO VOTE OR TAKE ANY ACTION
110
WHATSOEVER RESPECTING (1) ANY PARTITION OF ALL OR A PART OF THE PROPERTY SUBJECT
TO THE CONDOMINIUM DECLARATION; (2) THE NATURE AND AMOUNT OF ANY INSURANCE
COVERING ALL OR A PART OF SUCH UNIT AND THE DISPOSITION OF ANY PROCEEDS THEREOF
OR THE MANNER IN WHICH ANY CONDEMNATION OR THREAT OF CONDEMNATION OF ALL OR A
PART OF SUCH UNIT SHALL BE DEFENDED OR SETTLED AND THE DISPOSITION OF ANY AWARD
OR SETTLEMENT IN CONNECTION THEREWITH; (3) THE DISPOSITION OF ANY EXCESS
INSURANCE OR CONDEMNATION PROCEEDS; (4) THE ACQUISITION OF ANY INTEREST PURSUANT
TO ANY PURCHASE OPTION OR RIGHT OF FIRST REFUSAL IN THE CONDOMINIUM DOCUMENTS;
AND (5) ANY AMENDMENT TO SAID CONDOMINIUM DOCUMENTS AND ANY REMOVAL OF SUCH UNIT
FROM THE PROVISIONS OF THE CONDOMINIUM