Agency’s Covenants Clause Samples

Agency’s Covenants. Agency covenants that from the Effective Date and through the Closing Date, Agency: (i) shall not permit any liens, encumbrances, or easements to be placed on the Property without the consent of City; (ii) shall not enter into any agreement regarding the sale, rental, management, repair, improvement, or any other matter affecting the Property that would be binding on City or the Property after the Closing Date without the prior written consent of City; (iii) shall not permit any act of waste or act that would tend to diminish the value of the Property for any reason, except that caused by ordinary wear and tear; and (iv) shall maintain the Property in its condition as of the Effective Date, ordinary wear and tear excepted, and shall manage the Property substantially in accordance with Agency’s established practices.

Agency’s Covenants. Agency covenants and agrees with Buyer as follows with respect to the time period between the Effective Date and the Closing Date:

Agency’s Covenants. In addition to all other covenants of Agency under the Loan Documents, Agency

Agency’s Covenants. If the Public Agency shall fail to make any payment or perform any act required to be performed hereunder, then and in each such case the Commission, the Bank, the Administrator or the Trustee or any of them, may (but shall not be obligated to) remedy such default for the account of the Public Agency and make advances for that purpose. No such performance or advance shall operate to release the Public Agency from any such default and any sums so advanced by the Commission or the Trustee shall bear interest at the Default Rate from the date of the advance until repaid as provided herein.

Agency’s Covenants. Agency, for itself and its successors and assigns, covenants that during the term of this Agreement: • The Public Parking Facilities will have sufficient capacity to serve the commercially reasonable long-term and transient parking needs of the Idaho Water Center. • The IWC Users shall be entitled to utilize the Public Parking Facilities on a nonexclusive, shared parking basis in accordance with the terms and conditions of the Parking Covenants and Parking Management Plan, as they may be amended from time to time, and subject to the payment of (i) the Agency’s customary parking charges, and (ii) the Annual Contribution set forth in Section 2.2 below. • The University, or its assignee, shall have the right to purchase from Agency a certain number of annual parking passes for employees of state and local governmental entities occupying the Idaho Water Center to use the Public Parking Facilities, which shall include the right to use the 2B Garage and 3B Garage, on a shared parking basis for one (1) Fiscal Year (the “Annual Passes”). For the term of this Agreement beginning on July 1, 2004, Agency shall make 200 Annual Passes available for purchase. Not less than 60 days prior to the beginning of each Fiscal Year, the University shall notify Agency of (i) the number of Annual Passes requested by the University for the following Fiscal Year, and (ii) the name, license plate number and employment number of the state and local governmental employee for each Annual Pass requested. Not less than 30 days prior to the beginning of the Fiscal Year, the Agency shall notify the University of the number of Annual Passes available, which shall in no event be less than the number of Annual Passes provided to the University during the previous Fiscal Year; provided, however, Agency shall be under no obligation to provide the University with more than 200 Annual Passes. The purchase price for each Annual Pass shall be Agency’s then current standard monthly rate multiplied by 12, less a 10% discount if the Annual Passes are paid in full prior to the beginning of the Fiscal Year. The Annual Passes shall not be transferred by the holder thereof, except to other state and local governmental employees provided that

Agency’s Covenants