| Wholly-Owned CondominiumWholly-Owned CondominiumResidential Condominium Property where the Borrower owns 100% of the units.
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Complete control to directly or indirectly manage and operate the CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the
fee simple or Leasehold interest,
Improvements, and
personal property (per the Uniform Commercial Code).
, through voting rights, consent rights, or ownership, to control all:
- voting outcomes; and
- actions taken, including for:
- CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
termination;
- Condominium DocumentCondominium DocumentGoverning documents:
for the Condominium and owners’ association’s
creation,
operation, and
management; and
including Condominium instruments for Condominium governance, such as
declarations,
plats,
bylaws,
rules and regulations,
articles of… amendments;
- assessments and budgets;
- insurance requirements; and
- post casualty or condemnation:
- restoration and repair; and
- proceeds or award application.
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| Fractured Condominium or Commercial Condominium |
Material control (including the requisite votes in any PersonPersonLegal person, including an
individual,
estate,
trust,
corporation,
partnership,
limited liability company,
financial institution,
joint venture,
association, or
other organization or entity (whether governmental or private).
directly or indirectly governing the CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
), either individually or with its mortgagee, to:
- prevent:
- CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
termination; and
- any Material AmendmentMaterial AmendmentChange to the Condominium Documents pertaining to:
modifying, after a casualty or condemnation,
insurance requirements,
use of insurance proceeds, or
rebuild requirements;
altering or restricting the use of the
Condominium units,
common elements, or
other… to the Condominium DocumentsCondominium DocumentsGoverning documents:
for the Condominium and owners’ association’s
creation,
operation, and
management; and
including Condominium instruments for Condominium governance, such as
declarations,
plats,
bylaws,
rules and regulations,
articles of…; and
- require, either directly or per the Condominium DocumentsCondominium DocumentsGoverning documents:
for the Condominium and owners’ association’s
creation,
operation, and
management; and
including Condominium instruments for Condominium governance, such as
declarations,
plats,
bylaws,
rules and regulations,
articles of…:
- CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
repair and restoration, including common elements, for any casualty or condemnation damage equal to 80% or less of either the
- common elements, or
- BorrowerBorrowerPerson who is the obligor per the Note.
-owned CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
units; and
- for any casualty or condemnation neither repairable nor restorable, timely distribution of insurance or condemnation proceeds to CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
unit owners.
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