OF THE CONDOMINIUM ASSOCIATION OR OTHER
APPLICABLE GOVERNING BODY UNDER THE CONDO DOCUMENTS IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO LENDER AND SETTING FORTH, INTER ALIA, THAT (I) TO THE
KNOWLEDGE OF SUCH BOARD OF DIRECTORS, BORROWER IS NOT IN DEFAULT UNDER THE CONDO
DOCUMENTS, AND (II) ALL CONDOMINIUM COMMON CHARGES THEN DUE AND PAYABLE HAVE
BEEN PAID IN FULL; PROVIDED
THAT SUCH ESTOPPEL CERTIFICATE MAY BE IN THE FORM
REQUIRED UNDER THE CONDO DOCUMENTS AND THAT, SO LONG AS NO EVENT OF DEFAULT
SHALL HAVE OCCURRED AND BE CONTINUING, LENDER MAY REQUEST SUCH ESTOPPEL
CERTIFICATE NO MORE THAN TWICE DURING ANY 12-MONTH PERIOD.
1.4.3
SECTION 5.2.22
CONDO
DOCUMENTS.
(A)
BORROWER SHALL NOT (WITHOUT LENDER'S PRIOR CONSENT WHICH
CONSENT SHALL NOT BE UNREASONABLY WITHHELD, CONDITIONED OR DELAYED) MODIFY,
AMEND OR SUPPLEMENT, OR CONSENT TO ANY MODIFICATION, AMENDMENT, OR
SUPPLEMENTATION OF ANY OF THE CONDO DOCUMENTS, EXCEPT TO THE EXTENT SUCH
MODIFICATION, AMENDMENT OR SUPPLEMENTATION DOES NOT, ADVERSELY AFFECT IN ANY
MATERIAL RESPECT THE RIGHTS OF LENDER HEREUNDER AND UNDER THE OTHER LOAN
DOCUMENTS OR UNDER THE CONDO DOCUMENTS.
(B)
BORROWER SHALL NOT TAKE (AND HEREBY COLLATERALLY ASSIGNS TO
LENDER ANY RIGHT IT MAY HAVE TO TAKE) ANY ACTION TO TERMINATE THE CONDOMINIUM,
WITHDRAW THE CONDOMINIUM FROM ANY STATE, LOCAL OR FEDERAL LAWS, RULES AND
REGULATIONS WHICH AFFECT THE ESTABLISHMENT AND MAINTENANCE OF CONDOMINIUMS IN
THE STATE, OR CAUSE A PARTITION OF THE CONDOMINIUM.
(C)
BORROWER SHALL NOT ASSIGN (OTHER THAN TO LENDER) OR
ENCUMBER (OTHER THAN IN FAVOR OF LENDER AS SECURITY FOR THE OBLIGATIONS) ANY OF
ITS RIGHTS UNDER THE CONDO DOCUMENTS.
(D)
BORROWER SHALL NOT, WITHOUT LENDER'S PRIOR CONSENT (SUCH
CONSENT SHALL NOT BE UNREASONABLY CONDITIONED, WITHHELD OR DELAYED), EXERCISE
ANY RIGHT IT MAY HAVE TO VOTE FOR (I) ANY ADDITIONS OR IMPROVEMENTS TO THE
COMMON ELEMENTS OF THE CONDOMINIUM, EXCEPT AS SUCH ADDITIONS OR IMPROVEMENTS ARE
COMPLETED IN ACCORDANCE WITH SECTION 6.2
OF THIS AGREEMENT, (II) ANY BORROWING
ON BEHALF OF THE CONDOMINIUM OR (III) THE EXPENDITURE OF ANY INSURANCE PROCEEDS
OR CONDEMNATION AWARDS FOR THE REPAIR OR RESTORATION OF THE IMPROVEMENTS OTHER
THAN IN ACCORDANCE WITH SECTION 6.2
OF THIS AGREEMENT.
1.4.4
SECTION 6.2.5 DISBURSEMENT OF PROCEEDS
(c)
In the event of a conflict between the terms this Section 6.2
concerning the use of Insurance Proceeds in the event of a Casualty and the
terms of the Declaration or the by-laws of the Condominium which were recorded
with the Declaration (the "Condominium By-Laws") or applicable law regarding the
same, the terms and provisions of the Declaration or Condominium By-Laws or
applicable law shall prevail.
5
However, if pursuant to the terms of the Declaration or Condominium By-Laws or
applicable law any Insurance Proceeds are paid to Borrower, then the terms of
this Section 6.2 will govern the disposition of such Insurance Proceeds.
In the
event of a Casualty which requires a vote of the unit owners of the Condominium
to repair and restore the Improvements or the building in which the Improvements
are located, Borrower