PORTION OF THE PROJECT AND THE
RELEASE OF
UNIT AND THE CONVEYANCE SHALL BE IN COMPLIANCE WITH ALL APPLICABLE ZONING, LAND
USE AND OTHER GOVERNMENTAL RULES AND REGULATIONS OF ALL GOVERNMENTAL
AUTHORITIES;
(E)
THE CONDOMINIUM ASSOCIATION GOVERNING THE APPLICABLE UNIT HAS BEEN
PROPERLY FORMED AND ESTABLISHED;
(F)
THE APPLICABLE CONDOMINIUM ASSOCIATION SHALL HAVE FURNISHED TO LENDER
AT NO COST OR EXPENSE TO LENDER, THE INSURANCE POLICY OR POLICIES WHICH COMPLY
IN ALL RESPECTS WITH THE REQUIREMENTS SET FORTH IN SECTION 16.2 OF THIS
AGREEMENT NAMING LENDER, SAID CONDOMINIUM ASSOCIATION, AND PURCHASERS OF EACH
UNIT, AS THEIR RESPECTIVE INTERESTS MAY APPEAR, AS THE INSUREDS;
(G)
THE UNIT TO BE RELEASED IS BEING SOLD PURSUANT TO A QUALIFYING CONTRACT
OF SALE OR A CONTRACT OF SALE ENTERED INTO PURSUANT TO THE ER PURCHASE
AGREEMENT;
(H)
BORROWER SHALL HAVE DEPOSITED IN THE CONDOMINIUM RELEASE PAYMENT
ACCOUNT, CONCURRENTLY WITH THE DELIVERY OF THE RELEASE, IMMEDIATELY AVAILABLE
FUNDS IN AN AMOUNT EQUAL TO THE GREATER OF (I) THE NET SALE PROCEEDS IN RESPECT
OF THE UNIT AND (II)
THE AMOUNT WHICH IS 100% OF THE RELEASE PRICE OF SUCH
UNIT, FOR APPLICATION TO THE DEBT IN SUCH ORDER OF PRIORITY AS LENDER SHALL
ELECT IN ITS SOLE DISCRETION;
(I)
BORROWER SHALL HAVE FURNISHED LENDER WITH A WRITTEN REQUEST FOR A
PARTIAL RELEASE, ACCOMPANIED BY (I) A RELEASE DOCUMENT PREPARED BY BORROWER AT
BORROWER'S EXPENSE, IN FORM AND CONTENT SATISFACTORY TO LENDER, (II) A SCHEDULE
CONTAINING A LIST OF THOSE UNITS PREVIOUSLY RELEASED BY LENDER AND THOSE UNITS
REMAINING TO BE RELEASED AND (III) A PHOTOCOPY OF THE FINAL SIGNED CLOSING
STATEMENT WITH RESPECT TO THE SALE OF THE APPLICABLE UNIT;
(J)
BORROWER PAYS ALL RECORDING CHARGES AND OUT-OF-POCKET COSTS AND
EXPENSES OF LENDER, INCLUDING, WITHOUT LIMITATION, REASONABLE, OUT-OF-POCKET
ATTORNEYS' FEES, IN CONNECTION WITH ANY RELEASE (LENDER'S OUT-OF-POCKET COSTS
AND EXPENSES NOT TO EXCEED $300.00 PER EACH RELEASE THAT IS REQUESTED AND
FURTHER PROVIDED THAT LENDER WILL ENDEAVOR TO CAUSE THE SERVICER TO INCLUDE SUCH
COSTS AND EXPENSES WITHIN ITS SERVICING FEES); AND
(K)
RELEASES OF UNITS SHALL NOT AFFECT OR IMPAIR THE LIEN OF THE MORTGAGE
AND LENDER'S LIEN AND SECURITY INTERESTS CREATED BY THE OTHER LOAN DOCUMENTS AS
TO UNITS NOT THERETOFORE RELEASED OR THE REMAINING PORTION OF THE PROJECT, AND
SAID LIENS AND SECURITY INTERESTS SHALL CONTINUE IN FULL FORCE AND EFFECT AS TO
THE UNRELEASED UNITS.
SECTION 15.5
RELEASES OF FACILITIES.
Provided no Event of Default has occurred and is then continuing, Lender agrees
to release a Facility from the lien of the Mortgage in accordance with and
subject to all of the following terms, provisions and conditions applicable to
such Facility:
49
(A)
THE FACILITY TO BE RELEASED IS A SEPARATE TAX LOT AND IS NOT REQUIRED
TO BE INCLUDED WITHIN THE PROJECT, FOR PURPOSES OF ANY GOVERNMENTAL RULE OR
NECESSARY OR APPROPRIATE TO SATISFY OR FACILITATE THE REQUIREMENTS OR TERMS OF
ANY AGREEMENT.
BORROWER SHALL HAVE SUBMITTED TO LENDER PROOF REASONABLY
SATISFACTORY TO LENDER THAT FOLLOWING THE RELEASE OF