Condominium Covenants. (a) With respect to each Condominium, Borrower covenants as follows:
Condominium Covenants. In addition to the representations, warranties, covenants, and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows:
Condominium Covenants. (a) Borrower shall (i) perform all of its obligations under the Condominium Documents, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect and (ii) subject to its right to contest, if any, under the Condominium Documents, pay, when due and payable, all Condominium Charges.
Condominium Covenants. (a) Borrowers shall perform in all material respects all of the obligations of the Unit owner under the Condominium Documents.
Condominium Covenants. In addition to the covenants and agreements made in this Agreement, Borrower and the Administrative Agent further covenant and agree as follows:
Condominium Covenants. (i) Borrower shall pay all Condominium Assessments, as and when the same become due and payable, subject to any right of Borrower to contest same in accordance with the provisions of the Condominium Documents and provided that Borrower shall exercise any such right if and only if: (i) such proceeding suspends the collection of such Condominium Assessments and the Property will not be in danger of being sold for such unpaid Condominium Assessments, or Borrower has paid all of such Condominium Assessments under protest, (ii) such proceeding is permitted under and is conducted in accordance with the provisions of the Condominium Documents, (iii) if Borrower has not paid the disputed amounts in full under protest, Borrower shall deposit with Lender cash (or other security as may be approved, in writing, by Lender) in an amount Lender deems sufficient to insure the payment of any such Condominium Assessments together with interest and penalties thereon, if any, provided that after a Securitization, one hundred twenty-five percent (125%) of the contested amount (plus anticipated penalty and interest) shall be deposited with Lender, (iv) Borrower furnishes to Lender all other items reasonably requested by Lender and (v) upon a final determination thereof, Borrower promptly pays the amount of any such Condominium Assessments, together with all costs, interest and penalties which may be payable in connection therewith.
Condominium Covenants. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: So long as the Owners Association maintains, with a generally accepted insurance carrier, a “master” or “blanket” policy insuring all property subject to the condominium documents, including all improvements now existing or hereafter erected on the Property, and such policy is satisfactory to Lender and provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and other hazards included within the term “extended coverage,” and loss by flood, to the extent required by the Secretary, then: (i) Lender waives the provision in Paragraph 2 of this Security Instrument for the monthly payment to Lender of one-twelfth of the yearly premium installments for hazard insurance on the Property, and (ii) Borrower’s obligation under Paragraph 4 of this Security Instrument to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage and of any loss occurring from a hazard. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, whether to the condominium unit or to the common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to the entity legally entitled thereto. Xxxxxxxx promises to pay all dues and assessments imposed pursuant to the legal instruments creating and governing the Condominium Project. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any amounts disbursed by Xxxxxx under this Paragraph C shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrowers requesting payment. BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms and provisions contained in this Condominium Rider. ____________________________________ ____________________________________ -Borrower -Borrower ____________________________________ ________...
Condominium Covenants. Notwithstanding anything to the contrary herein:
Condominium Covenants. (a) Borrower shall pay all Assessments as and when due and payable. Borrower shall deliver to Lender, within five (5) after Lender’s written request therefor, evidence satisfactory to Lender that the Assessments have been timely paid. Borrower shall immediately notify Lender if the Assessments are increased, or if special or extraordinary Assessments are imposed.
Condominium Covenants. (a) Borrower shall cause each Mortgage Borrower that owns an Individual Property subject to a condominium regime to observe and perform each and every material term to be observed or performed by such Mortgage Borrower pursuant to the applicable Condominium Documents in all material respects. Borrower shall cause such Mortgage Borrower to comply in all material respects with all obligations under the applicable Security Instrument relating to the Condominium Documents and/or the condominium regime to which such Individual Property is subject to. Borrower shall obtain the approval of Lender for each matter requiring the approval of Mortgage Lender under the provisions of such Security Instrument. Borrower shall cause such Mortgage Borrower to deliver to Lender copies of all notices required to be delivered by such Mortgage Borrower to Mortgage Lender under such Security Instrument.
