ALL
LAWS, ORDERS, AND ORDINANCES AFFECTING THE CONDOMINIUM OR THE USE THEREOF, THE
FAILURE TO COMPLY WITH WHICH COULD REASONABLY BE EXPECTED TO HAVE A MATERIAL
ADVERSE EFFECT, (III) TO PROMPTLY REPAIR, REPLACE OR REBUILD ANY PART OF THE
PROPERTY LOCATED ON, ABOUT OR ADJACENT TO THE PREMISES AND THE COMMON ELEMENTS,
WHICH MAY BE DAMAGED OR DESTROYED BY ANY CASUALTY OR WHICH MAY BE AFFECTED BY
ANY CONDEMNATION OR SIMILAR PROCEEDING AND (IV) TO COMPLETE AND PAY FOR, WITHIN
A REASONABLE TIME, ANY IMPROVEMENTS OR OTHER STRUCTURE WHICH CONSTITUTES A
PORTION OF THE PROPERTY AND COMMON ELEMENTS AT ANY TIME IN THE PROCESS OF
CONSTRUCTION OR REPAIR ALL TO THE EXTENT THAT THE CONDOMINIUM BOARD IS
AUTHORIZED TO SO MAINTAIN,
97
REPAIR, REPLACE, REBUILD AND COMPLETE THE CONDOMINIUM BY THE DECLARATION OF
CONDOMINIUM AND SUCH DEFAULT SHALL CONTINUE FOR A PERIOD OF SIXTY (60) DAYS
AFTER WRITTEN NOTICE FROM THE CONDOMINIUM BOARD THEREOF SPECIFYING SUCH DEFAULT
AND REQUIRING THE SAME TO BE REMEDIED SHALL HAVE BEEN GIVEN TO THE PERSON
DESIGNATED FROM TIME TO TIME IN ACCORDANCE WITH THE DECLARATION OF CONDOMINIUM
TO RECEIVE SERVICE OF PROCESS;
(V)
IF (I) BORROWER FAILS TO MAINTAIN THE PREMISES AS A CONDOMINIUM
UNDER THE PROVISIONS OF THE CONDOMINIUM ACT OR (II) 75% OR MORE OF THE BUILDINGS
AND IMPROVEMENTS WHICH COMPRISE A PORTION OF THE CONDOMINIUM ARE DESTROYED OR
SUBSTANTIALLY DAMAGED AND 75% OR MORE OF THE OWNERS OF UNITS COMPRISING THE
CONDOMINIUM DO NOT DULY AND PROMPTLY RESOLVE TO PROCEED WITH THE REPAIR OR
RESTORATION THEREOF;
(W)
IF BORROWER SHALL FAIL IN THE PAYMENT OF ANY RENT, ADDITIONAL RENT
OR OTHER CHARGE MENTIONED IN OR MADE PAYABLE BY THE GROUND LEASE WHEN SAID RENT
OR OTHER CHARGE IS DUE AND PAYABLE SUBJECT TO BORROWER'S RIGHT, IF ANY, TO
TIMELY AND PROPERLY CONTEST SAID RENT OR OTHER CHARGE, SO LONG AS (I) BORROWER
SHALL NOT BE IN DEFAULT UNDER THE GROUND LEASE FOR FAILURE TO PAY SAID RENT OR
OTHER CHARGE DURING THE PENDENCY OF SUCH CONTEST AND (II) BORROWER IS DILIGENTLY
AND CONTINUOUSLY CONTESTING SAID RENT OR OTHER CHARGE;
(X)
IF THERE SHALL OCCUR ANY DEFAULT BY BORROWER IN THE OBSERVANCE OR
PERFORMANCE OF ANY TERM, COVENANT OR CONDITION OF THE GROUND LEASE ON THE PART
OF BORROWER TO BE OBSERVED OR PERFORMED, AND SAID DEFAULT IS NOT CURED PRIOR TO
THE EXPIRATION OF ANY APPLICABLE GRACE PERIOD THEREIN PROVIDED, OR IF ANY ONE OR
MORE OF THE EVENTS REFERRED TO IN THE GROUND LEASE SHALL OCCUR WHICH WOULD CAUSE
THE GROUND LEASE TO TERMINATE WITHOUT NOTICE OR ACTION BY THE GROUND LESSOR OR
WHICH WOULD ENTITLE THE GROUND LESSOR TO TERMINATE THE GROUND LEASE AND THE TERM
THEREOF BY GIVING NOTICE TO BORROWER, AS LESSEE THEREUNDER, OR IF THE LEASEHOLD
ESTATE CREATED BY THE GROUND LEASE SHALL BE SURRENDERED OR THE GROUND LEASE
SHALL BE TERMINATED OR CANCELLED FOR ANY REASON OR UNDER ANY CIRCUMSTANCES
WHATSOEVER, OR IF ANY OF THE TERMS, COVENANTS OR CONDITIONS OF THE GROUND LEASE