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;
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(III)
CONSTRUCTION OF THE UNIT TO BE RELEASED SHALL BE COMPLETE AND A
CERTIFICATE OF OCCUPANCY SHALL HAVE BEEN ISSUED BY THE APPROPRIATE GOVERNMENTAL
AUTHORITY FOR SUCH UNIT;
(IV)
THE UNIT AND THE REMAINING PORTION OF THE PROJECT AND THE RELEASE OF
THE UNIT AND THE CONVEYANCE SHALL BE IN COMPLIANCE WITH ALL APPLICABLE ZONING,
LAND USE AND OTHER GOVERNMENTAL RULES AND REGULATIONS OF ALL GOVERNMENTAL
AUTHORITIES;
(V)
THE CONDOMINIUM ASSOCIATION GOVERNING THE APPLICABLE UNIT HAS BEEN
PROPERLY FORMED AND ESTABLISHED;
(VI)
THE APPLICABLE CONDOMINIUM ASSOCIATION SHALL HAVE FURNISHED TO THE
AGENT AT NO COST OR EXPENSE TO THE AGENT, THE INSURANCE POLICY OR POLICIES WHICH
COMPLY IN ALL RESPECTS WITH THE REQUIREMENTS SET FORTH IN SECTION 15.2 OF THIS
AGREEMENT NAMING THE AGENT, SAID CONDOMINIUM ASSOCIATION, AND PURCHASERS OF EACH
UNIT, AS THEIR RESPECTIVE INTERESTS MAY APPEAR, AS THE INSUREDS, PROVIDED THAT
THE INTEREST OF THE AGENT SHALL NOT INCLUDE ANY UNIT THAT IS BEING RELEASED OR
HAS PREVIOUSLY BEEN RELEASED PURSUANT TO THIS SECTION 14.4(A);
(VII)
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;
(VIII)
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 ACCORDANCE WITH SECTION 21.1;
(IX)
BORROWER SHALL HAVE FURNISHED THE AGENT 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 THE AGENT, (II) A
SCHEDULE CONTAINING A LIST OF THOSE UNITS PREVIOUSLY RELEASED BY THE AGENT 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;
(X)
BORROWER PAYS THE AGENT ALL RECORDING CHARGES AND OUT-OF-POCKET COSTS
AND EXPENSES OF THE AGENT, INCLUDING, WITHOUT LIMITATION, REASONABLE,
OUT-OF-POCKET ATTORNEYS' FEES, IN CONNECTION WITH ANY SUCH RELEASE (THE AGENT'S
OUT-OF-POCKET COSTS AND EXPENSES NOT TO EXCEED $300 PER RELEASE THAT IS
REQUESTED AND FURTHER PROVIDED THAT THE AGENT WILL ENDEAVOR TO CAUSE THE
SERVICER TO INCLUDE SUCH FEES, COSTS AND EXPENSES WITHIN ITS SERVICING FEES);
AND
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(XI)
RELEASES OF UNITS SHALL NOT AFFECT OR IMPAIR THE LIEN OF THE MORTGAGE
AND THE AGENT'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.
(B)
PROVIDED NO EVENT OF DEFAULT HAS OCCURRED AND IS THEN