Condominium Development. An Affiliate of Wolf Dells has developed, marketed and sold to unit purchasers a seventy-seven (77) unit condominium project which is attached and adjacent to xxx Xxxxx Hotel and commonly known as the Great Wolf Lodge Condominium. All residential units in the Great Wolf Lodge Condominium have been sold to third party purchasers. The Great Wolf Lodge Condominium units were developed and marketed as hotel condominium units, all of the units in the Great Wolf Lodge Condominium have been sold pursuant to the marketing plan and Wolf Dells currently acts as the rental manger for some or all of these condominium units pursuant to the Rental Management Agreements. Wolf also manages the common elements of the Great Wolf Lodge Condominium pursuant to the Great Wolf Lodge Condominium Management Agreement. Wolf agrees and acknowledges that the Great Wolf Lodge Condominium Management Agreement is being assigned pursuant to the Assignment and Assumption of Great Wolf Lodge Condominium Management Agreement. Wolf agrees and acknowledges that the Condominium Documents are being assigned pursuant to the Assignment of Condominium Documents, and that upon such assignment of the Condominium Documents the applicable SPE Owner shall succeed to the rights and obligations of Wolf Dells accruing after the Closing Date as the Declarant and Developer thereunder. Wolf hereby agrees to indemnify, save, pay, insure, defend, indemnify and hold CNL, the Partnership and the applicable SPE Owner harmless from and against any and all loss, cost expense or damages arising out of claims relating to the development, marketing, sales or management of said condominium units, including without limitation, any claims arising out of any express or implied warranties relating to the construction of the condominium units and out of any violations of any securities laws and any claims in connection with the Rental Management Agreements accruing prior to, as of or after the Closing Date and any claims in connection with the Condominium Documents, the Rental Management Agreements and the management agreement pursuant to which Wolf manages the common elements of the Great Wolf Lodge Condominium accruing prior to the Closing Date. This subparagraph (b) shall survive Closing.
Condominium Development. (a) In the event that (i) a Condominium Developer has agreed to develop the Condominium Units and (ii) the Bank, pursuant to Paragraph 6 of the LC Agreement, has consented to the release of its lien on a portion of the Premises to permit such development, GDB agrees that, at the Borrowers' request, it will release the Condominium Units and the portion of the Condominium Parcels to be so developed from the Facility Mortgage on the Premises if GDB shall have approved the terms and conditions of the plan of development proposed by the Condominium Developer in accordance with subparagraph 4.4(b) hereof.
Condominium Development. A condominium development being built by the Developer on the Parent Estate, which shall be a fenced-in development called Bella Collina, as set out on Exhibit A, which is incorporated herein by this reference.
