Common use of Condominium Regime Clause in Contracts

Condominium Regime. Borrower shall submit all existing or proposed documentation (the “Condominium Documents”) intended or necessary to convert the Project into a multi-unit condominium regime (the “Condominium Regime”) to the Lender for the Lender’s review and approval prior to the Borrower’s submission of the Condominium Documents to any governmental authority required to review and approve the Condominium Documents as a pre-condition to the creation of the Condominium Regime. Once the Lender has approved the Condominium Documents, which approval shall not be unreasonably conditioned, delayed or withheld, the Lender shall consent to and/or execute such Condominium Documents as are required of the Lender, in its capacity as the holder of a security interest in the Land, to facilitate the Borrower’s conversion of the Project into a Condominium Regime under the laws of the Commonwealth of Virginia.

Condominium Regime. Borrower shall submit all existing or proposed documentation (the “Condominium Documents”) intended or necessary to convert the Project Townhouse Parcel into a multi-unit condominium regime (the “Condominium Regime”) Regime to the Lender for the Lender’s review and approval prior to the concurrently with Borrower’s submission of the Condominium Documents to any governmental authority required to review and approve the Condominium Documents as a pre-condition precondition to the creation of the Condominium Regime. Once the Lender has approved the Condominium Documents, which approval shall not be unreasonably withheld, delay, or conditioned, delayed or withheld, the Lender shall consent to and/or execute such Condominium Documents as are required of the Lender, in its capacity as the holder of a security interest in the Land, to facilitate the Borrower’s conversion of the Project Townhouse Parcel into a the Condominium Regime under the laws of the Commonwealth of Virginia.