HEREBY COVENANTS AND AGREES NOT TO MAKE OR CAUSE TO
BE MADE ANY RULES OR REGULATIONS (EXCEPT AS MAY BE REQUIRED TO ENSURE COMPLIANCE
WITH APPLICABLE LAW), AND NOT TO CONSENT OR ACQUIESCE TO ANY RULES AND
REGULATIONS (EXCEPT AS MAY BE REQUIRED TO ENSURE COMPLIANCE WITH APPLICABLE LAW)
BEING MADE WITHOUT IN ALL CASES FIRST OBTAINING THE PRIOR WRITTEN CONSENT OF
LENDER THERETO WHICH SHALL NOT BE UNREASONABLY WITHHELD OR DELAYED.
(D)
AS BETWEEN BORROWER AND LENDER, THE
PROVISIONS OF THIS AGREEMENT WITH RESPECT TO THE APPLICATION OF INSURANCE
PROCEEDS AND CONDEMNATION AWARDS SHALL APPLY TO THE
73
PROPERTY AS PROVIDED HEREIN, NOTWITHSTANDING THE SUBMISSION OF THE PROPERTY TO
THE CONDOMINIUM LAW.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING,
BORROWER, FOR AND ON BEHALF OF ITSELF AND ITS DIRECT AND INDIRECT SUCCESSORS AND
ASSIGNS AS OWNER(S) OF THE CONDOMINIUM UNITS WHICH COMPRISE THE PROPERTY IN THE
CONDOMINIUM REGIME, (I) IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY LAW, ANY
APPLICABLE LAW WHICH GRANTS TO THE TRUSTEES OR MANAGERS OF THE ASSOCIATION
AND/OR THE OWNERS OF THE CONDOMINIUM UNITS RIGHTS IN THE EVENT OF A CASUALTY OR
A CONDEMNATION WHICH ARE INCONSISTENT WITH THE PROVISIONS OF THIS AGREEMENT AND
(II) EXCEPT TO THE EXTENT OTHERWISE EXPRESSLY REQUIRED UNDER THE CONDOMINIUM
DOCUMENTS WITH RESPECT TO A CASUALTY OR CONDEMNATION AFFECTING THE COMMON
ELEMENTS AND SUBJECT TO THE RIGHTS OF THE OWNERS OF THE OTHER UNITS IN THE
CONDOMINIUM WITH RESPECT TO CONDEMNATION PROCEEDS IN CONNECTION WITH A
CONDEMNATION AFFECTING MORE THAN ONE UNIT IN THE CONDOMINIUM, EXPRESSLY AGREES
TO THE APPLICATION OF THE INSURANCE PROCEEDS AND CONDEMNATION AWARDS IN
ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT.
TO THE EXTENT OF ANY CONFLICT
BETWEEN ARTICLE 7 AND THIS SECTION 9.3(D), SECTION 9.3(D) SHALL CONTROL.
(E)
IF ANY CONDOMINIUM DEFAULT (AS HEREINAFTER
DEFINED) SHALL OCCUR AND BE CONTINUING, THEN, IN THE EVENT THAT BORROWER FAILS
TO REMEDY SUCH CONDOMINIUM DEFAULT WITHIN A PERIOD OF THIRTY (30) DAYS FOLLOWING
THE EARLIER TO OCCUR OF (I) RECEIPT OF WRITTEN NOTICE FROM LENDER OF SUCH
CONDOMINIUM DEFAULT OR (II) THE DATE BORROWER OBTAINS KNOWLEDGE OF SUCH
CONDOMINIUM DEFAULT, AND SUBJECT TO THE TERMS AND CONDITIONS OF THE APPLICABLE
CONDOMINIUM DOCUMENTS, LENDER MAY (BUT SHALL NOT BE OBLIGATED TO) TAKE ANY
ACTION THAT LENDER DEEMS REASONABLY NECESSARY TO CURE SUCH CONDOMINIUM DEFAULT,
INCLUDING, WITHOUT LIMITATION, (W) PERFORMANCE OR ATTEMPTED PERFORMANCE OF
BORROWER'S OBLIGATIONS UNDER THE APPLICABLE CONDOMINIUM DOCUMENTS, (X) CURING OR
ATTEMPTING TO CURE ANY CONDOMINIUM DEFAULT, (Y) MITIGATING OR ATTEMPTING TO
MITIGATE ANY DAMAGES OR CONSEQUENCES OF THE SAME AND (Z) ENTRY UPON THE PROPERTY
FOR ANY OR ALL OF SUCH PURPOSES.
UPON LENDER'S REQUEST, BORROWER SHALL SUBMIT
EVIDENCE REASONABLY SATISFACTORY TO LENDER OF PAYMENT OR PERFORMANCE OF ANY OF
ITS OBLIGATIONS UNDER EACH OF THE CONDOMINIUM DOCUMENTS. LENDER MAY PAY AND
EXPEND SUCH SUMS OF MONEY AS LENDER IN ITS SOLE DISCRETION DEEMS NECESSARY FOR
ANY SUCH PURPOSE, AND BORROWER SHALL PAY TO LENDER WITHIN TEN (10) BUSINESS DAYS
AFTER THE WRITTEN DEMAND OF LENDER