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(D) Upon the submission of any portion of
the premises to the provisions of the Condominium Act, {
such portion of the premises shall constitute and be operated
as a valid, legally binding and effective Condominium under
the provisions of the Condominium Act, and shall be governed
by the Declaration of the Mortgagor and the By-laws which
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in no event shall the declaration as so approved by the
Mortgagee be terminated or surrendered or released or otherwise
cancelled or annulled, nor shall any other action be taken which
would remove all or any portion of the premises included within
the Condominium from the provisions of the Condominium Act,'
without the prior written consent of the Mortgagee.
(E) Following the submission of any portion
of the premises to the provisions of the Condominium Act,
the Mortgagor, as owner of one or more 'of the Units in the
Condominium and as owner of the undivided interest of the common
elements appurtenant to the Units, shall not, without the prior
written consent of the Mortgagee, vote or take any other action
whatsoever at any meeting of the condominium unit owners, or
permit its representatives on the board of directors or other
governing board for the Condominium to vote or take any action
whatsoever, respecting any matter which may affect in any matter
the declaration or the by-laws, or which may. result in any charge,
assessment or lien against any of the Units in the Condominium,
other than matters of ordinary maintenance or operation.
(F) The Mortgagor shall promptly notify the
Mortgagee of all matters of which the Mortgagor, from time
to time, has received notice or has been placed on inquiry
which may indicate that a default under or variance from the
Declaration or the By-Laws exists or is about to occur, and
the Mortgagor shall do all such acts or undertake all such
steps. and institute all such proceedings as shall be necessary
to cure or avert such default or variance.
(G) The Mortgagor shall promptly deliver to the
Mortgagee a true and complete copy of each and every notice or
default received by the Mortgagor with respect to any obligations
of the Mortgagor under the provisions of the Condominium Act, the
declaration, the by-laws and the rules and regulations of the
Condominium, as well as a true and complete copy of all notes,
notices or other communications received from any governmental
authorit}• respecting the failure of the Condominium or any
offering of Units therein to comply with any applicable buildin«,
zoning, securities or other federal, state or local laws, ordinances,
regulations, order and requirements.
(H) Notwithstanding anything to the contrary
contained herein, in no event shall any portion of the premises
be submitted to the provisions of the Condominium Act if the
Mortgagor shall then be in default under this mortgage, or any
related loan documents.
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