Common use of Condominium Units Clause in Contracts

Condominium Units. The Condominium Units, or a portion thereof, shall be constructed at the option of the Company, subject to the Bank's reasonable approval of the design concept, schematics, plans and specifications for the Condominium Units. If constructed, all or a portion of the Condominium Units may be operated by ▇▇▇▇▇▇▇▇ as part of a rental arrangement providing for up to 450 hotel rooms. If the Bank has approved the design concept, schematics, plans and specifications for the Condominium Units and subject to the Bank's receipt of evidence satisfactory to the Bank that adequate financing is available for the completion of the Condominium Units and that the legal relationship between the Condominium Units and the Project is appropriate and enforceable, and provided no Default or Event of Default exists or is continuing hereunder or under any of the other Operative Documents, portions of the Condominium Parcels will be released from the lien of the Fee Mortgage upon the transfer of such property to the entity which will develop the Condominium Units, with no consideration payable to the Bank therefor, other than amounts payable pursuant to Paragraphs 7(p) or 14(c) hereof. The Bank shall subordinate the Fee Mortgage to necessary easements reasonably approved by the Bank for access roads to and utilities serving the Condominium Parcels so released. Notwithstanding the release of all or any of the Condominium Parcels from the lien of the Fee Mortgage, the Condominium Revenues shall continue to be included in the Collateral given by the Company in connection with the Letter of Credit, this Agreement and the Bonds, and any such release by the Bank shall be subject to the Bank's prior receipt of a fully executed Assignment of Rents in connection therewith.