ACT; AND
(II)
OTHERWISE TIMELY COMPLY BEFORE THE LAPSE OF ANY APPLICABLE NOTICE
AND CURE PERIOD WITH EACH OF ITS OBLIGATIONS UNDER THE CONDOMINIUM DOCUMENTS.
(B)
PROMPTLY SEND TO AGENT COPIES OF ANY WRITTEN NOTICE RECEIVED BY
BORROWER OR ANY MEMBER ALLEGING ANY DEFAULT BY BORROWER OR ANY MEMBER UNDER, OR
NONCOMPLIANCE WITH, ANY OF THE CONDOMINIUM DOCUMENTS AND ALL MODIFICATIONS AND
AMENDMENTS TO THE CONDOMINIUM DOCUMENTS, AND DO ALL SUCH ACTS AND UNDERTAKE ALL
REASONABLE SUCH STEPS AND INSTITUTE ALL SUCH PROCEEDINGS AS SHALL BE REASONABLY
NECESSARY TO CURE OR AVERT SUCH DEFAULT AND TO FORWARD TO AGENT ANY NOTICES
BORROWER OR ANY MEMBER RECEIVES IN REGARD TO ANY OF THE FOREGOING MATTERS.
SECTION 7.50
REDEMPTION OF FC UNITS.
PROVIDED THAT NO NOTICED
DEFAULT OR EVENT OF DEFAULT EXISTS UNDER ANY BUILDING LOAN DOCUMENT OR PROJECT
LOAN DOCUMENT, AGENT SHALL PERMIT EACH OF THE FC UNITS TO BE TRANSFERRED TO THE
FC MEMBER IN REDEMPTION (OR PARTIAL REDEMPTION) OF FC MEMBER'S INTEREST IN
BORROWER, UPON SATISFACTION OF THE FOLLOWING CONDITIONS WITH RESPECT TO EACH
APPLICABLE FC UNIT:
(A)
THE CONDOMINIUM DOCUMENTS SHALL HAVE BEEN FILED IN THE APPROPRIATE
OFFICES AND THE CONDOMINIUM THEREUNDER VALIDLY CREATED UNDER THE CONDOMINIUM
ACT, ALL OF THE CONDITIONS SET FORTH IN SECTION 7.30(C) SHALL HAVE BEEN MET AND
THERE SHALL BE NO REMAINING LEGAL RESTRICTIONS UNDER THE CONDOMINIUM DOCUMENTS
OR UNDER APPLICABLE LAW TO THE CONVEYANCE AND REDEMPTION OF SUCH UNIT;
(B)
AGENT SHALL HAVE RECEIVED NOT LESS THAN TEN (10) BUSINESS DAYS'
PRIOR NOTICE OF THE PROPOSED CONVEYANCE AND REDEMPTION;
(C)
THE APPLICABLE UNIT WILL CONSTITUTE ONE OR MORE TAX LOTS SEPARATE
AND DISTINCT FROM THE TAX LOT OR LOTS APPLICABLE TO THE OTHER PORTIONS OF THE
PREMISES;
(D)
BORROWER OR THE FC MEMBER SHALL HAVE PAID ALL OUT-OF-POCKET COSTS
AND EXPENSES OF AGENT IN CONNECTION WITH SUCH CONVEYANCE AND REDEMPTION AND THE
OTHER ACTIVITIES DESCRIBED IN THIS SECTION 7.50;
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(E)
THE FC MEMBER SHALL HAVE EXECUTED SUCH DOCUMENTS OF ASSUMPTION
WITH RESPECT TO THE PROJECT LOAN AS AGENT MAY REASONABLY REQUIRE (INCLUDING,
WITHOUT LIMITATION, AN ASSUMPTION OF RECOURSE LIABILITY TO FC MEMBER AS
SUCCESSOR TO BORROWER);
(F)
FC MEMBER SHALL HAVE DELIVERED EVIDENCE SATISFACTORY TO AGENT
THAT ITS ARTICLES OF ORGANIZATION SHALL CONTAIN THE COVENANTS SET FORTH IN
SECTION 7.36 HEREOF, MUTATIS MUTANDIS;
(G)
BORROWER SHALL HAVE PAID ALL TRANSFER TAXES APPLICABLE TO SUCH
CONVEYANCE AND REDEMPTION;
(H)
AGENT SHALL HAVE RECEIVED SUCH ASSURANCES AS AGENT SHALL
REASONABLY REQUIRE TO THE EFFECT THAT THE CONVEYANCE AND REDEMPTION SHALL NOT
AFFECT THE VALIDITY OR PRIORITY OF THE BUILDING LOAN MORTGAGE OR PROJECT LOAN
MORTGAGE; AND
(I)
AGENT SHALL HAVE RECEIVED SUCH OPINIONS (BUT NOT A
NON-CONSOLIDATION OPINION), DOCUMENTS, CERTIFICATES, INSTRUMENTS OR ASSURANCES
AS AGENT MAY REASONABLY REQUEST.
SECTION 7.51
TITLE INSURANCE PROCEEDS.
TO DIRECT TO BE PAID OVER
TO AGENT ANY AND ALL PAYMENTS PAYABLE TO BORROWER OR ANY MEMBER UNDER ANY TITLE
INSURANCE POLICY COVERING THE PROPERTY WITH RESPECT TO ANY UNIT WHICH THEN
REMAINS SUBJECT TO THE LIEN OF