Common use of Condominium Regime Clause in Contracts

Condominium Regime. Tenant confirms that it has been provided with copies of the current Condominium Declaration affecting the Building, such being attached hereto as EXHIBIT B. Subject to the terms of this §19, Tenant shall observe and comply with the Condominium Declaration and any amendments or restatements thereto (upon receipt thereof from Landlord) provided that such do not impose material obligations or costs upon Tenant not already included in this Lease. This Lease, at Landlord’s option, shall be subordinate to the Condominium Declaration regarding maintenance and use of any areas contained in any portion of the Project. Tenant agrees that no documentation other than this Lease shall be required to evidence such subordination. Landlord shall have absolute and complete discretion to provide for such condominium regime on such terms and conditions as it shall determine in its sole discretion; provided in no event shall Landlord take any action with respect to such condominium regime which may reasonably impose material obligations or costs upon Tenant not already included in this Lease or otherwise materially and adversely affect Tenant’s rights under this Lease. Further, Tenant recognizes that under the Condominium Declaration, certain obligations or requirements of performance that might otherwise be the obligation or requirement of the “Landlord” hereunder may, in fact, be the obligation of or are performable by an association created under the Condominium to operate and manage the condominium regime (the “Association”). Without limitation, such obligations might include certain maintenance and repair obligations of the Condominium Common Areas and the obligation to carry insurance and certain restoration obligations in the event of a casualty or condemnation. The existence of the Condominium and/or the delegation of any obligations otherwise performable hereunder by Landlord to any such Association shall not release Landlord, as between Tenant and Landlord, for such obligations, but Tenant agrees that the performance by the Association of such obligations shall satisfy any obligations of Landlord with respect thereto. Tenant confirms that it has been provided with copies of the current Condominium Declaration affecting the Building. Landlord represents and warrants that the Condominium Declaration attached hereto as EXHIBIT B is true, correct and complete and has not been modified.

Condominium Regime. Tenant confirms that it has been provided with Borrower shall promptly, and in any event (a) prior to the closing of the first purchase and sale of any Residential Unit, cause the Condominium Documents to be filed or recorded, as appropriate, and (b) prior to Lender’s execution of any partial release of the Deed of Trust, cause the Master Condominium Declaration to be recorded. Prior to recording or filing any documents, Borrower shall submit to Lender for Lender’s final review and reasonable approval, executed copies of the current proposed Condominium Declaration affecting the BuildingDocuments, such being attached hereto as EXHIBIT B. Subject to the terms of this §19which, Tenant shall observe and comply with the Condominium Declaration and any amendments or restatements thereto (upon receipt thereof from Landlord) provided that such do not impose material obligations or costs upon Tenant not already included in this Lease. This Lease, at Landlord’s optiononce approved, shall be subordinate filed or recorded, as applicable. If such documents have been submitted to and approved by Lender prior to the Condominium Declaration regarding maintenance Full Loan Opening Date, any changes or additions to such documents from those submitted to Lender prior to the Full Loan Opening Date shall be subject to Lender’s consent, which consent shall not unreasonably be withheld. Borrower shall on an ongoing basis comply with all requirements of ILSA and use all other applicable Laws relating to the sale or marketing of the Residential Units. Without limiting the generality of the foregoing, Borrower shall (i) timely file its Annual Report of Activity with HUD each year during the term hereof; (ii) pay any areas contained fees in connection therewith before the due date; (iii) deliver financial statements to HUD within one hundred and twenty (120) days after the close of Borrower’s fiscal year; and (iv) amend the HUD Property Report to reflect any change in any portion material representation of a material fact required in the Statement of Record within fifteen (15) days of learning of the Projectchange. Tenant agrees Borrower shall deliver to Lender (simultaneously with delivery to the applicable governmental authority) copies of all filings and notices delivered to HUD in accordance with ILSA, and Borrower shall, within five (5) Business Days after receipt thereof, deliver to Lender all notices, requests, correspondence and demands delivered by HUD, the State of Texas or the City of Austin to Borrower. Borrower shall not amend the HUD Property Report or the City or State Property Report without Lender’s prior written consent. Provided that no documentation Event of Default exists, Lender, prior to the initial conveyance of Residential Units, shall execute such subordinations of the Deed of Trust and other than this Lease documents as are needed to permit the recordation or filing of such documents. Prior to such execution by Lender and as a condition thereto, Borrower shall be required furnish to evidence Lender a copy of (a) a notice sent by Borrower to the condominium association informing the association of Lender’s rights under the declaration as a beneficiary under the Deed of Trust and furnishing the association with Lender’s address for notice purposes, (b) resignations of all Borrower-appointed directors and officers, which Lender may deliver at any time an Event of Default exists, and (c) such subordination. Landlord shall have absolute and complete discretion to provide for other documents in connection with the establishment of such condominium regime on such terms and conditions as it Lender reasonably requests. Borrower shall determine in its sole discretion; provided in no event shall Landlord take any action with respect to such condominium regime which may reasonably impose material obligations or costs upon Tenant not already included in this Lease or otherwise materially and adversely affect Tenant’s rights under this Lease. Further, Tenant recognizes that under the Condominium Declaration, certain obligations or requirements of performance that might otherwise be the obligation or requirement of the “Landlord” hereunder may, in fact, be the obligation of or are performable by an association created under the Condominium to operate and manage the condominium regime (the “Association”). Without limitation, such obligations might include certain maintenance and repair obligations of the Condominium Common Areas and the obligation to carry insurance and certain restoration obligations in the event of a casualty or condemnation. The existence of the Condominium and/or the delegation permit control of any obligations otherwise performable hereunder condominium association to be turned over to the Residential Unit owners more than thirty (30) days prior to the date that is required by Landlord to any such Association shall not release Landlord, as between Tenant and Landlord, for such obligations, but Tenant agrees that the performance by the Association of such obligations shall satisfy any obligations of Landlord with respect thereto. Tenant confirms that it has been provided with copies of the current Condominium Declaration affecting the Building. Landlord represents and warrants that the Condominium Declaration attached hereto as EXHIBIT B is true, correct and complete and has not been modifiedTexas law.

Condominium Regime. Tenant confirms that it has been (a) Borrower shall revise the Condominium Information Statement, the Master Condominium Declaration and the Residential Condominium Declaration in accordance with Exhibit N attached hereto. Borrower shall promptly, and in any event prior to the closing of the first purchase and sale of any Residential Unit, cause the Condominium Documents, including, without limitation, the Master Condominium Declaration and the Residential Condominium Declaration, each in form and containing terms approved by Lender as provided below, to be filed or recorded, as appropriate. At least thirty (30) days prior to recording or filing any of the Condominium Documents, Borrower shall submit to Lender for Lender's final review and approval (which approval will not be unreasonably withheld provided the final Condominium Documents provided by Borrower to Lender are in substantially the forms of the Condominium Documents approved by Lender prior to the Closing with the changes required by Exhibit N made thereto), executed copies of the current proposed Condominium Declaration affecting the BuildingDocuments, such being attached hereto as EXHIBIT B. Subject to the terms of this §19which, Tenant shall observe and comply with the Condominium Declaration and any amendments or restatements thereto (upon receipt thereof from Landlord) provided that such do not impose material obligations or costs upon Tenant not already included in this Lease. This Lease, at Landlord’s optiononce approved, shall be subordinate filed or recorded, as applicable. Borrower shall on an ongoing basis comply with all requirements of ILSA, TUCA and all other Applicable Condominium Laws. Without limiting the generality of the foregoing, Borrower shall (i) timely file its Annual Report of Activity with HUD each year during the term hereof; (ii) pay any fees in connection therewith before the due date; (iii) deliver financial statements to HUD within one hundred and twenty (120) days after the close of Borrower's fiscal year; and (iv) amend the HUD Property Report to reflect any change in any material representation of a material fact required in the Statement of Record within fifteen (15) days of learning of the change. Borrower shall deliver to Lender (simultaneously with delivery to the Condominium Declaration regarding maintenance applicable governmental authority) copies of all filings and use notices delivered to HUD in accordance with ILSA, and Borrower shall, within five (5) Business Days after receipt thereof, deliver to Lender all notices, requests, correspondence and demands delivered by HUD, the State or the City to Borrower. Borrower shall not amend the HUD Property Report or the City or State Property Report without Lender's prior written consent which approval will not be unreasonably withheld. Provided that no Event of any areas contained in any portion Default or material Default exists, Lender, prior to the initial conveyance of Residential Units, shall execute such subordinations of the ProjectDeed of Trust and other documents as are needed to permit the recordation or filing of Condominium Documents. Tenant agrees that no documentation Prior to such execution by Lender and as a condition thereto, Borrower shall furnish to Lender a copy of (a) a notice sent by Borrower to the condominium association informing the association of Lender's rights under the declaration as a beneficiary under the Deed of Trust and furnishing the association with Lender's address for notice purposes, (b) resignations of all Borrower-appointed directors and officers, which Lender may deliver at any time an Event of Default exists, and (c) such other than this Lease shall be required to evidence such subordination. Landlord shall have absolute and complete discretion to provide for documents in connection with the establishment of such condominium regime on such terms and conditions as it shall determine in its sole discretion; provided in no event shall Landlord take any action with respect to such condominium regime which may Lender reasonably impose material obligations or costs upon Tenant not already included in this Lease or otherwise materially and adversely affect Tenant’s rights under this Lease. Further, Tenant recognizes that under the Condominium Declaration, certain obligations or requirements of performance that might otherwise be the obligation or requirement of the “Landlord” hereunder may, in fact, be the obligation of or are performable by an association created under the Condominium to operate and manage the condominium regime (the “Association”). Without limitation, such obligations might include certain maintenance and repair obligations of the Condominium Common Areas and the obligation to carry insurance and certain restoration obligations in the event of a casualty or condemnation. The existence of the Condominium and/or the delegation of any obligations otherwise performable hereunder by Landlord to any such Association shall not release Landlord, as between Tenant and Landlord, for such obligations, but Tenant agrees that the performance by the Association of such obligations shall satisfy any obligations of Landlord with respect thereto. Tenant confirms that it has been provided with copies of the current Condominium Declaration affecting the Building. Landlord represents and warrants that the Condominium Declaration attached hereto as EXHIBIT B is true, correct and complete and has not been modifiedrequests.

Condominium Regime. Tenant confirms that it Lessee shall, at its sole cost and expense including, but not limited to, all engineering, survey and legal costs necessary to legally create a condominium regime (except for Lessor’s agreement to pay one half of all legal costs not to exceed Twelve Thousand Five Hundred Dollars ($12,500)), use commercially reasonable efforts to create a condominium regime for the Total Parcel comprised of separate condominium units for the Improvements Parcel, Adjacent Property and the Remainder Parcel, including, but not limited to preparation and filing of a condominium map, creation of an association for the operation of the parcels as condominium units and preparation of covenants, conditions or restrictions for the mutual benefit and protection of the condominium unit owners and occupants. Provided, in the event the Remainder Parcel has been provided with copies legally subdivided from the Adjacent Property prior to creation of the current Condominium Declaration affecting condominium regime, the BuildingRemainder Parcel may be excluded therefrom. The form of condominium map and ancillary condominium documents shall comply with all applicable laws, such being attached hereto as EXHIBIT B. Subject ordinances and regulations and shall be subject to the terms prior written approval of this §19, Tenant shall observe Lessor and comply with the Condominium Declaration and any amendments or restatements thereto (upon receipt thereof from Landlord) provided that such do not impose material obligations or costs upon Tenant not already included in this LeaseLender. This Lease, at Landlord’s option, Nothing contained herein shall be subordinate construed as authorizing Lessee to execute documents creating the Condominium Declaration regarding maintenance and use of any areas contained in any portion of the Project. Tenant agrees that no documentation other than this Lease shall be required to evidence such subordination. Landlord shall have absolute and complete discretion to provide for such condominium regime on such terms behalf or as agent for Lessor. Lessor shall cooperate and conditions as it shall determine in its sole discretion; provided in no event shall Landlord take any action cause the Ground Lessor to cooperate with respect Lessee and will cause Ground Lessor to such condominium regime which may reasonably impose material obligations or costs upon Tenant not already included in this Lease or otherwise materially and adversely affect Tenant’s rights under this Lease. Further, Tenant recognizes that under the Condominium Declaration, certain obligations or requirements of performance that might otherwise be the obligation or requirement of the “Landlord” hereunder may, in fact, be the obligation of or are performable by an association created under the Condominium execute all documents necessary to operate and manage create the condominium regime as owner of the Improvements Parcel and the Adjacent Property. In the event Lessee after using its commercially reasonable efforts to form the condominium regime as soon as reasonably possible after the Closing Date, is unable to complete the condominium regime not later than one hundred and eighty (180) days immediately following the “Association”). Without limitationClosing Date then, at the sole option of Lessor, such obligations might include certain maintenance and repair obligations attempts to create a condominium regime may be abandoned. Following creation of the Condominium Common Areas and condominium regime Lessee shall assume all of Lessor’s obligations as a condominium owner of the obligation to carry insurance and certain restoration obligations Improvements Parcel as are set forth in the event condominium covenants, conditions and restrictions or otherwise established by separate document or by applicable law except to the extent inconsistent with the allocation of a casualty or condemnationobligations between Lessor and Lessee as set forth in the Lease. The existence parties hereto hereby release each other from any and all claims arising out of or in connection with creation of the Condominium and/or the delegation of condominium regime and covenant not to xxx each other in connection therewith; provided that each party hereby covenants to cooperate with one another and to take all action reasonably necessary to remediate any obligations otherwise performable hereunder by Landlord to any such Association shall not release Landlorderror which is subsequently discovered regarding development, as between Tenant and Landlord, for such obligations, but Tenant agrees that the performance by the Association of such obligations shall satisfy any obligations of Landlord with respect thereto. Tenant confirms that it has been provided with copies creation or operation of the current Condominium Declaration affecting the Building. Landlord represents and warrants that the Condominium Declaration attached hereto as EXHIBIT B is true, correct and complete and has not been modifiedcondominium regime.

Condominium Regime. Tenant confirms that it Borrower has been provided caused or will cause to be prepared the Declaration and By-Laws, and all other documents and instruments required to convert the Real Estate to a condominium regime under the Laws of Florida and to prepare the offering of the Condominium Units to the public in conformance with the requirements of applicable Laws, including without limitation, the Condominium Act. All of the Condominium Documents are subject to the approval of Lender and once approved by Lender, the Declaration and the other Condominium Documents shall not be revised or amended without Lender’s prior approval. Borrower shall collaterally assign to Lender (i) Borrower’s interest as developer/sponsor under the Declaration and other Condominium Documents and (ii) all agreements then or thereafter existing for sale of Condominium Units pursuant to the Loan Documents. Borrower shall cause: (y) the Declaration and (z) By-Laws, and all other documents and instruments required by applicable Laws to be duly recorded in the Xxx County, Florida Recorder’s Office only after satisfaction of the following conditions: (i) Borrower shall have obtained Lender’s written consent and approval to record the Declaration and By-Laws and (ii) Lender shall have received evidence satisfactory to Lender, in its sole and absolute discretion, which evidence shall include but may not be limited to, signed copies of Valid Sale Contracts that indicate that the current Condominium Declaration affecting Mass Closing is imminent. Borrower hereby covenants to include in the Building, such being attached hereto as EXHIBIT B. Subject to Offering Materials all disclosures regarding the terms of this §19, Tenant Project required by applicable Laws. Borrower shall observe and comply with the Condominium Declaration and any amendments or restatements thereto (upon receipt thereof from Landlord) provided that such do not impose material obligations or costs upon Tenant not already included in this Lease. This Lease, at Landlord’s option, shall be subordinate requirements of the Interstate Land Sales Full Disclosure Act to the Condominium Declaration regarding maintenance and use of any areas contained in any portion of extent that the same is applicable to the Project. Tenant agrees that no documentation other than this Lease shall be required Borrower hereby covenants to evidence such subordination. Landlord shall have absolute and complete discretion to provide for such condominium regime on such terms and conditions as it shall determine in its sole discretion; provided in no event shall Landlord take any action with respect to such condominium regime which may reasonably impose material obligations or costs upon Tenant not already included in this Lease or otherwise materially and adversely affect Tenant’s rights under this Lease. Further, Tenant recognizes that under the Condominium Declaration, certain obligations or requirements of performance that might otherwise be the obligation or requirement of the “Landlord” hereunder may, in fact, be the obligation of or are performable by an association created under the Condominium to operate and manage the condominium regime (the “Association”). Without limitation, such obligations might include certain maintenance and repair obligations of the Condominium Common Areas and the obligation to carry insurance and certain restoration obligations in the event of a casualty or condemnation. The existence of Offering Materials all disclosures regarding the Condominium and/or the delegation of any obligations otherwise performable hereunder Project required by Landlord to any such Association shall not release Landlord, as between Tenant and Landlord, for such obligations, but Tenant agrees that the performance by the Association of such obligations shall satisfy any obligations of Landlord with respect thereto. Tenant confirms that it has been provided with copies of the current Condominium Declaration affecting the Building. Landlord represents and warrants that the Condominium Declaration attached hereto as EXHIBIT B is true, correct and complete and has not been modifiedapplicable Laws.