Common use of Condominium Clause in Contracts

Condominium. With respect to the Condominium: (a) The Condominium has been legally and validly created pursuant to all Legal Requirements and the Condominium Documents. To Condominium Borrower’s knowledge, the Condominium Documents are valid and enforceable and in full force and effect and there currently exists no default or event of default, after the expiration of all applicable notice or cure periods thereunder by Condominium Borrower or by any other party thereto. To Condominium Borrower’s knowledge, none of the Condominium Documents have been modified, amended or supplemented. Condominium Borrower has delivered to Lender a true, complete and correct copy of each of the Condominium Documents. No consent under the Condominium Documents is required for Condominium Borrower to mortgage the Unit other than those that have been obtained as of the Closing Date. (b) To Condominium Borrower’s knowledge, all Assessments (if any) due and payable by Condominium Borrower pursuant to the Condominium Documents as of the date hereof have been fully paid. There are currently no special, supplemental or otherwise extraordinary Assessments pending or, to ▇▇▇▇▇▇▇▇’s knowledge, proposed (other than regular, annual Assessments) by the Condominium Board, and to Borrower’s knowledge, no working capital reserves have been established with respect to the Condominium. (c) Condominium Borrower is the owner of Unit 3 (as defined in the Condominium Documents) and does not own any other unit of the Condominium. Condominium Borrower’s percentage interest in the common elements of the Condominium is 27.81%. Condominium Borrower is able to exercise all rights set forth in the Loan Documents without being subject to any restriction set forth in the Condominium Documents. (d) No party to the Condominium Documents has a right of first refusal or an option to purchase the applicable Individual Property. (e) Condominium Borrower, and to Condominium Borrower’s knowledge, the applicable Tenant or the Condominium Board currently maintains (or shall cause to be maintained) insurance coverage with respect to all of the Common Elements which comprise a portion of, and are appurtenant to, the applicable Individual Property as required by the Condominium Documents.

Condominium. With respect to the Condominium: (a) The Condominium has been legally and validly created pursuant to all Legal Requirements and the Condominium Documents. To Condominium Borrower’s knowledge, the Condominium Documents are valid and enforceable and in full force and effect and there currently exists no default or event of default, after the expiration of all applicable notice or cure periods thereunder by Condominium Borrower or by any other party thereto. To Condominium Borrower’s knowledge, none of the Condominium Documents have been modified, amended or supplemented. Condominium Borrower has delivered to Lender a true, complete and correct copy of each of the Condominium Documents. No consent under the Condominium Documents is required for Condominium Borrower to mortgage the Unit other than those that have been obtained as of the Closing Date. (b) To Condominium Borrower’s knowledge, all Assessments (if any) due and payable by Condominium Borrower pursuant to the Condominium Documents as of the date hereof have been fully paid. There are currently no special, supplemental or otherwise extraordinary Assessments pending or, to ▇B▇▇▇▇▇▇▇’s knowledge, proposed (other than regular, annual Assessments) by the Condominium Board, and to Borrower’s knowledge, no working capital reserves have been established with respect to the Condominium. (c) Condominium Borrower is the owner of Unit 3 (as defined in the Condominium Documents) and does not own any other unit of the Condominium. Condominium Borrower’s percentage interest in the common elements of the Condominium is 27.81%. Condominium Borrower is able to exercise all rights set forth in the Loan Documents without being subject to any restriction set forth in the Condominium Documents. (d) No party to the Condominium Documents has a right of first refusal or an option to purchase the applicable Individual Property. (e) Condominium Borrower, and to Condominium Borrower’s knowledge, the applicable Tenant or the Condominium Board currently maintains (or shall cause to be maintained) insurance coverage with respect to all of the Common Elements which comprise a portion of, and are appurtenant to, the applicable Individual Property as required by the Condominium Documents.

Condominium. With respect to the Condominium: (a) The Condominium has been legally and validly created pursuant to all Legal Requirements and the Condominium Documents. To Condominium Borrower’s knowledge, the Condominium Documents are valid and enforceable and in full force and effect and there currently exists no default or event of default, after the expiration of all applicable notice or cure periods thereunder by Condominium Borrower or by any other party thereto. To Condominium Borrower’s knowledge, none of the Condominium Documents have been modified, amended or supplemented. Condominium Borrower has delivered to Lender a provided Administrative Agent with true, correct and complete and correct copy of each copies of the Condominium Documents. No consent under the Condominium Documents is required for Condominium Borrower to mortgage the Unit other than those that have been obtained as of the Closing Date. (b) To Borrower agrees that: (i) Borrower shall not, without Administrative Agent’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed provided (x) no Event of Default exists and (y) such amendment or modification complies with all Condominium BorrowerLaws, cause or permit Mortgage Borrower to amend, modify or supplement, or consent to or suffer the amendment, modification or supplementation of any of the Condominium Documents (except with respect to (1) price change amendments to the Offering Plan increasing the Schedule A—Purchase Prices (each a “Price Change Amendment”) as provided in Article 16 hereof, (2) annual update amendments required under Attorney General regulations to extend the term of the Offering Plan, and (3) the proposed eighth (8th) amendment thereto in the form attached hereto as Exhibit L and otherwise reasonably acceptable to Administrative Agent). Borrower shall not cause or permit Mortgage Borrower to consent to the merger of the Condominium with any other condominium without Administrative Agent’s knowledgeprior written consent, which may be withheld in its sole and absolute discretion. Administrative Agent shall endeavor to respond to each request by Borrower for Administrative Agent’s approval of an amendment to the Condominium Documents within twenty (20) Business Days following Administrative Agent’s receipt of such request and all required documents and information relating to such request. If Administrative Agent does not notify Borrower of its approval or disapproval of a proposed amendment to the Condominium Documents within twenty (20) Business Days after request by Borrower and submission by Borrower of all information needed by Administrative Agent to evaluate said request, then Borrower may deliver a second request, which request shall state on the top of the first page in bold lettering “ADMINISTRATIVE AGENT’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE MEZZANINE LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND ADMINISTRATIVE AGENT.” If Administrative Agent does not notify Borrower of its approval or disapproval of the proposed amendment to the Condominium Documents within ten (10) Business Days after such second request, then as long as no Event of Default or Potential Event of Default exists, the same shall be deemed approved; (ii) Borrower will cause Mortgage Borrower to pay, or cause Mortgage Borrower to cause to be paid, all Assessments (if any) due assessments for common charges and payable expenses made against the Mortgaged Property owned by Condominium Mortgage Borrower pursuant to the Condominium Documents as the same shall become due and payable; (iii) Borrower will cause Mortgage Borrower to comply in all material respects with all of the date hereof have been fully paid. There are currently no specialterms, supplemental covenants and conditions on Mortgage Borrower’s part to be complied with, pursuant to the Condominium Documents and any rules and regulations that may be adopted for the Condominium, as the same shall be in force and effect from time to time; (iv) Borrower will cause Mortgage Borrower, or otherwise extraordinary Assessments pending orcause Mortgage Borrower to cause Mortgage Borrower’s designated members of the Condominium Board of Managers, to ▇▇▇▇▇▇▇▇’s knowledge, proposed (other than regular, annual Assessments) by take all actions as may be reasonably necessary from time to time to preserve and maintain the Condominium Boardin accordance with the Condominium Laws; (v) Borrower will not, without the prior written consent of Administrative Agent (which consent may be granted or withheld in Administrative Agent’s sole and absolute discretion), cause or permit Mortgage Borrower to Borrower’s knowledgetake (and, no working capital reserves have been established with respect subject to the rights of Mortgage Lender under the Mortgage Loan Documents, hereby assigns to Administrative Agent (for the benefit of Lender) any right it may have to take) any action to terminate the Condominium., withdraw the Condominium from the Condominium Laws, or cause a partition of the Condominium to be so withdrawn; (cvi) Condominium Borrower is it shall be an Event of Default if (A) pursuant to any judgment, decision, order, rule or regulation of either a court of competent jurisdiction or a governmental agency with jurisdiction over the owner Premises and following the expiration of Unit 3 (as defined in all applicable appeal periods, any material provision of the Condominium Documents) Documents is held to be invalid and does not own any other unit such invalidity shall materially and adversely affect the lien of the Condominium. Pledge Agreement or Administrative Agent’s or Lender’s other security interests under the Loan Documents, or (B) the Condominium Borrowershall become subject to any action for partition by any Unit Owner and said action has not been dismissed within ninety (90) days after commencement thereof, or (C) the Condominium is withdrawn from the condominium regime established under the Condominium Laws; (vii) Borrower will not, without Administrative Agent’s percentage interest in prior written consent, which consent shall not be unreasonably withheld, conditioned, or delayed so long as no Event of Default exists, cause or permit Mortgage Borrower to exercise any right it may have to vote for (A) any additions or improvements to the common elements of the Condominium is 27.81%. Condominium Borrower is able to exercise all rights set forth in the Loan Documents without being subject to any restriction set forth that are not included in the Condominium Documents.Plans or otherwise disclosed in the Offering Plan, except as such additions or improvements may be required by Legal Requirements, (B) any borrowing on behalf of the Condominium or (C) the expenditure of any insurance proceeds or condemnation awards for the repair or restoration of the Improvements (unless Borrower or Mortgage Borrower is entitled to utilize such insurance proceeds in accordance with Section 5.2(d) of the Mortgage Loan Agreement); (dviii) No party to Except as may be otherwise provided in the Condominium Documents has a right of first refusal Offering Plan, in the Declaration or an option to purchase the applicable Individual Property. (e) Condominium Borrower, and to Condominium Borrower’s knowledge, the applicable Tenant or the Condominium Board currently maintains (or shall cause to as may be maintained) insurance coverage with respect to all of the Common Elements which comprise a portion of, and are appurtenant to, the applicable Individual Property as required by the Condominium Laws, Borrower shall cause Mortgage Borrower to control the Condominium Board of Managers and the Condominium Association formed by the Condominium Documents at least until such time as more than fifty percent (50%) of the Residential Units have been sold in accordance with this Agreement and the Mortgage Loan Agreement; (ix) For so long as Mortgage Borrower controls the Condominium Board of Managers, Borrower will cause Mortgage Borrower, in accordance with Mortgage Borrower’s rights under the Condominium Documents, to cause the Condominium Board of Managers to maintain insurance on the Condominium in accordance with the Condominium Documents and this Agreement; and (x) For so long as Mortgage Borrower controls the Condominium Board of Managers, Borrower shall cause Mortgage Borrower, in accordance with Mortgage Borrower’s rights under the Condominium Documents, shall cause the Condominium Board of Managers to enforce the Management Agreement.

Condominium. With respect 39.01 Tenant acknowledges that the Unit constitutes a portion of the Condominium and that, notwithstanding anything to the contrary, this Lease and Tenant’s rights hereunder are subject and subordinate to the Declaration, By-Laws and Rules and Regulations of Atlantic Terminal Condominium: , as presently constituted and as constituted and amended from time to time in the future (a) The Condominium has been legally said Declaration, By-Laws and validly created pursuant Rules and Regulations, as presently constituted and as constituted and amended from time to all Legal Requirements and time in the future, are hereinafter referred to as the “Condominium Documents. To Condominium Borrower’s knowledge”), and Tenant shall comply with all of the Condominium Documents are valid terms and enforceable and in full force and effect and there currently exists no default or event of default, after the expiration of all applicable notice or cure periods thereunder by Condominium Borrower or by any other party thereto. To Condominium Borrower’s knowledge, none provisions of the Condominium Documents have been modifiedrelating to the use and occupancy of the Premises and shall not take any action, amended or supplemented. Condominium Borrower has delivered fail to Lender a truetake any action, complete and correct copy of each which would cause Landlord to be in default under any of the Condominium Documents. No consent The Board of Managers of the Condominium is herein referred to as the “Board of Managers”, “Condominium Board”, or the “Board.” In the event that there is more than one board of managers, then the terms “Board of Managers”, “Condominium Board”, or the “Board” shall mean one or more boards of managers as applicable to the circumstances. To the extent the Condominium Board is responsible under the Condominium Documents to provide utilities or service to or repairs of the Premises or any appurtenance thereto, or to take any other action which the Condominium Board is required to take under the Condominium Documents, Landlord shall use its diligent good faith efforts to cause the Condominium Board to comply with the same, but Landlord shall have no obligation to provide the same or liability for Condominium Borrower to mortgage the Unit other than those that have been obtained as failure of the Closing Date. (b) To Condominium Borrower’s knowledge, all Assessments (if any) due and payable Board to provide the same. If any obligation of Landlord under this Lease is required to be performed by Condominium Borrower pursuant to the Condominium Documents as Board under the Condominium Documents, then the same shall be deemed to be an obligation of the date hereof have been fully paid. There are currently no special, supplemental or otherwise extraordinary Assessments pending or, to ▇▇▇▇▇▇▇▇’s knowledge, proposed (other than regular, annual Assessments) by the Condominium Board, as the case may be, and not of Landlord. Tenant must promptly execute any reasonable certificate(s) that Landlord requests to Borrowershow that this Lease is so subject and subordinate; provided that any such certificates shall not materially reduce any of Tenant’s knowledge, no working capital reserves have been established with respect rights or materially increase any of Tenant’s obligations. Tenant agrees to observe and be bound by all the Condominium. (c) Condominium Borrower is the owner of Unit 3 (as defined terms contained in the Condominium Documents) and does not own any other unit Documents which apply to the occupant or user of the Unit or a user of the common areas of the Condominium. Condominium Borrower’s percentage interest in the common elements Tenant agrees to observe all Rules and Regulations of the Condominium is 27.81%. Condominium Borrower is able to exercise all rights set forth in the Loan Documents without being subject to any restriction Board of Managers set forth in the Condominium Documents. . Tenant further agrees to observe all modifications and additions to the Rules and Regulations of the Board as of the date hereof, provided that Tenant receives reasonable prior notice thereof and such modifications or additions to the Rules and Regulations are not of such nature that they would (da) No party adversely affect the ability of Tenant to use the Premises for uses permitted pursuant to this Lease (beyond a de minimis extent), or (b) decrease the rights or increase the obligations of Tenant under this Lease (beyond a de minimis extent). Provided that Tenant complies with the terms and provisions of this Lease, Landlord will comply in all material respects with the Condominium Documents has a right of first refusal or an option (but solely to purchase the applicable Individual Property. (e) Condominium Borrower, extent related to Tenant’s use and to Condominium Borrower’s knowledge, the applicable Tenant or the Condominium Board currently maintains (or shall cause to be maintained) insurance coverage with respect to all occupancy of the Common Elements which comprise a portion ofPremises), and are appurtenant to, except to the applicable Individual Property as required by the Condominium Documentsextent delegated to Tenant under this Lease.

Condominium. With respect to the Condominium: (a) The Condominium has been legally Landlord represents and validly created pursuant warrants to all Legal Requirements and the Condominium Documents. To Condominium Borrower’s knowledge, Tenant that (i) the Condominium Documents are valid and enforceable and in full force and effect and there have not been amended and no rules or regulations that may be created pursuant to the Condominium Documents currently exists exist, (ii) Landlord holds all of the rights of the Grantor under the Condominium Documents and has not assigned any of them, in whole or in part, (iii) while P▇▇▇▇▇ ▇▇▇▇▇ Village Association, Inc., the New Jersey nonprofit corporation formed to administer the Condominium Project (the “Association”), has been formed, the Association has been inoperative to date. Tenant has reviewed and approved the Condominium Documents and Tenant acknowledges and agrees that this Lease is subject and subordinate to the Condominium Documents in all respects. Tenant shall, at no default or event of defaultcost to Landlord, after execute an agreement in recordable form confirming that this Lease is subject and subordinate to the expiration of all applicable notice or cure periods thereunder by Condominium Borrower or by any other party theretoDocuments within ten (10) days following Landlord’s request therefor. To Condominium BorrowerTenant shall, at Tenant’s knowledgesole cost and expense, none comply with the provisions of the Condominium Documents have been modifiedand all Rules and Regulations regarding the use of the Premises and the Common Areas, amended or supplemented. Condominium Borrower has delivered and the operation of Tenant’s business therein as may be established from time to Lender a true, complete and correct copy of each of time pursuant to the Condominium Documents. No consent under Landlord shall have the right at any time after the Effective Date to modify the terms of the Condominium Documents is required for Condominium Borrower to mortgage as Grantor and/or the Unit other than those that have been obtained as Owner of all of the Closing DateUnits located within the Condominium Project, or as Grantor consent to or approve an amendment to, or vote as an Owner to amend, the Condominium Documents, without the consent of Tenant. Notwithstanding anything to the contrary contained herein, if Landlord wants to amend the Condominium Documents and such modifications would materially and adversely interfere with Tenant’s use of the Premises for the Permitted Use, or materially and adversely affect the rights of Tenant under this Lease, then Landlord shall request Tenant’s consent to such modifications to the Condominium Documents, which consent may be withheld in Tenant’s sole discretion. (b) To Condominium BorrowerTenant shall defend, indemnify and hold harmless Landlord from and against any and all claims, demands, causes of action, suits, damages, liabilities and expenses of any nature, including reasonable attorney’s knowledgefees, all Assessments (if any) due and payable arising out of or in connection with the enforcement by Condominium Borrower pursuant to the Association of any covenant, term, condition or provision of the Condominium Documents as arising from (i) Tenant’s use of the date hereof have been fully paid. There are currently no special, supplemental or otherwise extraordinary Assessments pending or, to ▇▇▇▇▇▇▇▇’s knowledge, proposed (other than regular, annual Assessments) by the Condominium Board, and to Borrower’s knowledge, no working capital reserves have been established with respect to the Condominium. (c) Condominium Borrower is the owner of Unit 3 (as defined in the Condominium Documents) and does not own any other unit of the Condominium. Condominium Borrower’s percentage interest in the common elements of the Condominium is 27.81%. Condominium Borrower is able to exercise all rights set forth in the Loan Documents without being subject to any restriction set forth in the Condominium Documents. (d) No party to the Condominium Documents has a right of first refusal or an option to purchase the applicable Individual Property. (e) Condominium Borrower, and to Condominium Borrower’s knowledge, the applicable Tenant Premises or the Condominium Board currently maintains conduct of Tenant’s business at the Project, or (or shall cause ii) Tenant’s failure to be maintained) insurance coverage comply with respect to all of the Common Elements which comprise a portion of, and are appurtenant to, the applicable Individual Property as required by the Condominium DocumentsTenant’s obligations under this Lease.