Common use of Alterations, Additions, etc Clause in Contracts

Alterations, Additions, etc. So long as no Event of Default shall have occurred and be continuing, the Mortgagor shall have the right at any time and from time to time to make or cause to be made reasonable alterations of and additions to the Property or any part thereof, PROVIDED THAT any alteration or addition: (a) shall not change the general character or the use of the Property or reduce the fair market value thereof below its value immediately before such alteration or addition, or impair the usefulness of the Property; (b) is effected with due diligence, in a good and workmanlike manner and in compliance with all Legal Requirements and Insurance Requirements; (c) is promptly and fully paid for, or caused to be paid for, by the Mortgagor; (d) is made, in case the estimated cost of such alteration or addition exceeds U.S. $250,000, (i) only after the Mortgagee shall have consented thereto and shall have reviewed and approved in writing the plans and specifications therefor, (ii) under the supervision of a qualified architect or engineer or another professional approved by the Mortgagee and (iii) only after the Mortgagor shall have furnished to the Mortgagee a performance bond or other security reasonably satisfactory to the Mortgagee.

Alterations, Additions, etc. So long as no Event of Default ---------------------------- shall have occurred and be continuing, the Mortgagor shall have the right at any time and from time to time to make or cause to be made reasonable alterations of and additions to the Property or any part thereof, PROVIDED THAT provided that any alteration -------- ---- or addition: (a) shall not change the general character or the use of the Property or materially reduce the fair market value thereof below its value immediately before such alteration or addition, or impair the usefulness of the Property; (b) is effected with due diligence, in a good and workmanlike manner and in compliance with all Legal Requirements and Insurance Requirements; (c) is promptly and fully paid for, or caused to be paid for, by the Mortgagor; (d) is made, in case the estimated cost of such alteration or addition exceeds U.S. $250,000500,000, (i) only after the Mortgagee shall have consented thereto and shall have reviewed and approved in writing the plans and specifications therefortherefor such approval not to be unreasonably withheld or delayed, (ii) under the supervision of a qualified architect or engineer or another professional approved by the Mortgagee and (iii) only after the Mortgagor shall have furnished in each case, not to the Mortgagee a performance bond be unreasonably withheld, conditioned or other security reasonably satisfactory to the Mortgageedelayed.

Alterations, Additions, etc. So long as no Event of Default shall have occurred and be continuing, the Mortgagor Trustor shall have the right at any time and from time to time to make or cause to be made reasonable alterations of and additions to the Property or any part thereof, PROVIDED THAT any alteration or addition: (a) shall not change the general character or the use of the Property or reduce the fair market value thereof below its value immediately before such alteration or addition, or impair the usefulness of the Property; (b) is effected with due diligence, in a good and workmanlike manner and in compliance with all Legal Requirements and Insurance Requirements; (c) is promptly and fully paid for, or caused to be paid for, by the MortgagorTrustor; (d) is made, in case the estimated cost of such alteration or addition exceeds U.S. $250,000, (i) only after the Mortgagee Beneficiary shall have consented thereto and shall have reviewed and approved in writing the plans and specifications therefor, (ii) under the supervision of a qualified architect or engineer or another professional approved by the Mortgagee Beneficiary and (iii) only after the Mortgagor Trustor shall have furnished to the Mortgagee Beneficiary a performance bond or other security reasonably satisfactory to the MortgageeBeneficiary.