Condominium Provisions. Mortgagor shall not submit any of the Land to a declaration of condominium without the prior written consent of Lender. However, if a declaration of condominium is recorded against the Land or any portion thereof with the prior written consent of Lender, (a) Mortgagor shall abide by all of the terms, covenants and restrictions contained in the declaration of condominium, bylaws, rules and regulations, and all other condominium documents, and all licenses, use agreements and other documents pertaining to the use of any recreational facilities or common areas, (b) Mortgagor shall promptly pay, when due, all assessments imposed by any condominium association or other governing body of the condominium documents, (c) Mortgagor shall not, without the prior written consent of Lender, partition or subdivide the Land or consent to or otherwise allow the abandonment or termination of the condominium or any amendment of the declaration of condominium, bylaws, rules or regulations, license, agreement or other document pertaining to the condominium, and (d) Mortgagor shall fully comply with all obligations applicable to Mortgagor as the developer of the condominium imposed by federal, state or local law.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (American Leisure Holdings, Inc.), Mortgage and Security Agreement (American Leisure Holdings, Inc.)