Common use of PRESERVATION OF CONDOMINIUM Clause in Contracts

PRESERVATION OF CONDOMINIUM. The Borrowers will do, and will cause the Condominium Mortgage Borrowers to do, all things necessary to preserve and to keep unimpaired its material rights, powers and privileges under the Mortgaged Condominium Property Documents and to prevent the termination or expiration of the Mortgaged Condominium property Documents, or the withdrawal of the Mortgaged Condominium Property from a condominium form of ownership under applicable law, to the end that the Condominium Mortgage Borrowers may enjoy all of the material rights granted to it as a part to the Mortgaged Condominium Property Documents.

PRESERVATION OF CONDOMINIUM. The Borrowers will do, and will cause the Condominium Mortgage Borrowers borrowers to do, all things necessary to preserve and to keep unimpaired its material rights, powers and privileges under the Mortgaged Condominium Property Documents and to prevent the termination or expiration of the Mortgaged Condominium property Property Documents, or the withdrawal of the Mortgaged Condominium Property from a condominium form of ownership under applicable law, to the end that the Condominium Mortgage Borrowers may enjoy all of the material rights granted to it as a part party to the Mortgaged Condominium Property Documents.