WHICH THE CERTIFYING PARTY HAS KNOWLEDGE.
BORROWER WILL, PROMPTLY UPON RECEIPT THEREOF, FURNISH LENDER WITH A COPY OF ALL
NOTICES AND STATEMENTS, HOWEVER CHARACTERIZED, ISSUED BY THE ASSOCIATION OR
RELATING TO THE CONDOMINIUM DOCUMENTS, INCLUDING WITHOUT LIMITATION, FINANCIAL
STATEMENTS AND PROJECTED BUDGETS.
(I)
BORROWER HEREBY REPRESENTS AND WARRANTS
TO LENDER AS FOLLOWS:
(1)
TO BORROWER'S KNOWLEDGE, BORROWER HAS
DELIVERED TRUE, COMPLETE AND CORRECT COPIES OF EACH OF THE CONDOMINIUM DOCUMENTS
TO LENDER AND THE SAME HAVE NOT BEEN MODIFIED, AMENDED OR ASSIGNED, AND TO
BORROWER'S KNOWLEDGE, THERE ARE NO OTHER MATERIAL CONDOMINIUM-RELATED AGREEMENTS
OR DOCUMENTS AFFECTING BORROWER'S INTEREST IN THE PROPERTY; AND
(2)
TO BORROWER'S KNOWLEDGE, EACH OF THE
CONDOMINIUM DOCUMENTS IS IN FULL FORCE AND EFFECT AND, TO BORROWER'S KNOWLEDGE,
NO CONDOMINIUM DEFAULT EXISTS OR HAS OCCURRED ON THE PART OF BORROWER OR ON THE
PART OF ANY OTHER PARTY TO ANY OF THE CONDOMINIUM DOCUMENTS.
(J)
THE OCCURRENCE OF ONE OR MORE OF THE
FOLLOWING EVENTS (EACH SUCH EVENT, A "CONDOMINIUM DEFAULT") SHALL CONSTITUTE AN
EVENT OF DEFAULT HEREUNDER:
(1)
ANY BREACH BY BORROWER OF SECTION 9.3(A)
ABOVE;
(2)
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
75
DOCUMENTS AND SUCH FAILURE SHALL CONTINUE BEYOND ANY APPLICABLE CURE PERIOD
PROVIDED FOR IN THE CONDOMINIUM DOCUMENTS;
(3)
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 ADVERSELY AFFECT THE LIEN OF THE MORTGAGE OR
THE RIGHTS OF LENDER UNDER THE NOTE, THIS AGREEMENT, THE MORTGAGE OR ANY OF THE
OTHER LOAN DOCUMENTS;
(4)
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;
(5)
IF THE ASSOCIATION (OR, IF SUCH RIGHTS AND
POWERS HAVE BEEN DELEGATED BY THE ASSOCIATION, THE PARTY(IES) TO WHICH SUCH
RIGHTS AND POWERS HAVE BEEN DELEGATED BY THE ASSOCIATION) FAILS (A) TO MAINTAIN
THE COMMON ELEMENTS, IN GOOD CONDITION AND REPAIR, (B) TO PROMPTLY COMPLY WITH
ALL LAWS, ORDERS, AND ORDINANCES AFFECTING THE CONDOMINIUM, INCLUDING THE COMMON
ELEMENTS, OR THE USE THEREOF, (C) TO PROMPTLY REPAIR, REPLACE OR REBUILD ANY
PART OF THE COMMON ELEMENTS, WHICH MAY BE DAMAGED OR DESTROYED BY ANY CASUALTY
OR WHICH MAY BE AFFECTED BY ANY CONDEMNATION OR SIMILAR PROCEEDING, OR (D) TO
COMPLETE AND PAY FOR, WITHIN A REASONABLE TIME, ANY STRUCTURAL IMPROVEMENTS OR
OTHER STRUCTURE THAT CONSTITUTES A PORTION OF THE COMMON ELEMENTS AT ANY TIME IN
THE PROCESS OF CONSTRUCTION OR REPAIR (TO THE EXTENT THAT THE ASSOCIATION IS
AUTHORIZED TO SO MAINTAIN, REPAIR, REPLACE,