Common use of Business and Operations; Material Agreements Clause in Contracts

Business and Operations; Material Agreements. The Borrower and the Property Owner shall continue to engage in the businesses currently conducted by each of them as and to the extent the same are necessary for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or the terms hereof, or, if not, to the extent that the failure to do so would not have a Material Adverse Effect. The Borrower shall and shall cause the Property Owner to qualify to do business and shall remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or the terms hereof. The Borrower shall and shall cause the Property Owner to at all times (i) maintain the Mortgaged Property or cause the Mortgaged Property to be maintained or, prior to Final Completion, such that the Mortgaged Property can, upon completion, be operated as a Class "A" mixed use project; (ii) maintain such Licenses or arrangements in connection therewith so as to permit the Mortgaged Property to be maintained at a standard at least equal to that maintained by Class "A" office managers of similar facilities located near the Mortgaged Property; (iii) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by each of them under the Property Management Agreement, the Leasing Agreement and any other Material Agreement, and do all things reasonably required to preserve and to keep unimpaired their rights thereunder; (iv) promptly notify the Lender in writing of the giving of any notice of any default by any party under any Material Agreement of which either of them is aware, including, without limitation, the Property Management Agreement and the Leasing Agreement; and (v) promptly enforce the performance and observance of all of the material covenants and agreements required to be performed and/or observed by the other party under each Material Agreement, including, without limitation, the Property Management Agreement.

Business and Operations; Material Agreements. The Borrower and the Property Owner shall Obligor will continue to engage in the businesses currently conducted by each of them it as and to the extent the same are necessary for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or the terms hereof, or, if not, to the extent that the failure to do so would not have a Material Adverse EffectProperties in which it owns an interest. The Borrower shall and shall cause the Property Owner to Obligor will qualify to do business and shall will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or the terms hereofsuch Properties. The Borrower Obligor shall and shall cause the Property Owner to at all times (i) maintain the Mortgaged Property such Properties or cause the Mortgaged Property such Properties to be maintained or, prior at a standard at least equal to Final Completion, the prevailing standard held as of the date hereof by prudent managers of similar facilities or land in the region where such that the Mortgaged Property can, upon completion, be operated as a Class "A" mixed use projectProperties are located; (ii) maintain or cause to be maintained sufficient inventory and Equipment of types and quantities at such Licenses Properties to enable the operation of such Properties; (iii) maintain such licenses and permits, or arrangements in connection therewith so as to permit the Mortgaged Property such Properties to be maintained at a standard at least equal to that maintained by Class "A" office prudent managers of similar facilities located near the Mortgaged Propertysuch Properties; (iiiiv) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by each of them it under the related Property Management Agreement, the Leasing Agreement Agreements and any other Material Agreement, and do all things reasonably required necessary to preserve and to keep unimpaired their its rights thereunder; (ivv) promptly notify the Lender in writing of the giving of any notice of any default by any party under any Material Agreement of which either of them it is aware, including, without limitation, the Property Management Agreement Agreements and the Leasing Franchise Agreement; and (vvi) promptly enforce the performance and observance of all of the material covenants and agreements required to be performed and/or observed by the other party under each Material Agreement, including, without limitation, the Property Management Agreements and Franchise Agreement.

Business and Operations; Material Agreements. The Borrower and the Property Owner shall will continue to engage in the businesses currently conducted by each of them it as and to the extent the same are necessary for the ownership, development, construction, maintenance, management and operation of the each Mortgaged Property or the terms hereof, or, if not, to the extent that the failure to do so would not have a Material Adverse EffectProperty. The Borrower shall and shall cause the Property Owner to will qualify to do business and shall will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, development, construction, maintenance, management and operation of the each Mortgaged Property or the terms hereofProperty. The Borrower shall and shall cause the Property Owner to at all times (i) maintain the each Mortgaged Property or cause the Mortgaged Property to be maintained or, prior to Final Completion, such that the Mortgaged Property can, upon completion, be operated as a Class "A" mixed use project; (ii) maintain such Licenses or arrangements in connection therewith so as to permit the each Mortgaged Property to be maintained at a standard at least equal to that maintained by Class "A" office managers prudent owners of similar facilities located near properties in the region where the applicable Mortgaged Property is located; (ii) maintain or cause to be maintained sufficient inventory and Equipment of types and quantities at each Mortgaged Property to enable the operation of each Mortgaged Property; (iii) maintain such licenses and permits, or arrangements in connection therewith, so as to permit each of the Mortgaged Properties to be maintained at a standard at least equal to that maintained by prudent owners of similar properties located near any Mortgaged Property; (iv) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by it under each of them under the Property Management Agreement, the Leasing Agreement and any other Material Agreement, and do all things reasonably required necessary to preserve and to keep unimpaired their its rights thereunder; (ivv) promptly notify the Lender Agent on behalf of Lenders in writing of the giving of any written notice of any default by any party under any Material Agreement of which either of them is aware, including, without limitation, the Property Management Agreement and the Leasing Agreement; and (vvi) promptly enforce (without any obligation to cause a termination unless Borrower so elects) the performance and observance of all of the material covenants and agreements required to be performed and/or observed by the other party under each Material Agreement, including, without limitation, the Property Management Agreement.

Business and Operations; Material Agreements. The Borrower and the Property Owner shall continue to engage in the businesses currently conducted by each of them as and to the extent the same are necessary for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or the terms hereof, or, if not, to the extent that the failure to do so would not have a Material Adverse Effect. The Borrower shall and shall cause the Property Owner to qualify to do business and shall remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or the terms hereof. The Borrower shall and shall cause the Property Owner to at all times (i) maintain the Mortgaged Property or cause the Mortgaged Property to be maintained or, prior to Final Completion, such that the Mortgaged Property can, upon completion, be operated as a Class "“A" ” mixed use project; (ii) maintain such Licenses or arrangements in connection therewith so as to permit the Mortgaged Property to be maintained at a standard at least equal to that maintained by Class "“A" ” office managers of similar facilities located near the Mortgaged Property; (iii) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by each of them under the Property Management Agreement, the Leasing Agreement and any other Material Agreement, and do all things reasonably required to preserve and to keep unimpaired their rights thereunder; (iv) promptly notify the Lender Agent in writing of the giving of any notice of any default by any party under any Material Agreement of which either of them is aware, including, without limitation, the Property Management Agreement and the Leasing Agreement; and (v) promptly enforce the performance and observance of all of the material covenants and agreements required to be performed and/or observed by the other party under each Material Agreement, including, without limitation, the Property Management Agreement and the Leasing Agreement.

Business and Operations; Material Agreements. The Each Borrower and the Property Owner shall continue to engage in the businesses currently conducted by each of them it as and to the extent the same are reasonably necessary for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or the terms hereof, or, if not, to the extent that the failure to do so would not have a Material Adverse EffectProperties. The Each Borrower shall and shall cause the Property Owner to qualify to do business and shall remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or Properties, except where the terms hereoffailure to be so qualified and in good standing would not reasonably be expected to have a Material Adverse Effect. The Each Borrower shall shall, and shall cause the Property Owner to each Borrower Affiliate to, at all times (iA) maintain the Mortgaged Property Properties or cause the Mortgaged Property such Properties to be maintained orconsistent with commercially reasonable customs and practices in the areas in which the Properties are located (subject to normal wear and tear), prior to Final Completionand with the commercially reasonable customs and practices found in the management and operation of office buildings, such that the Mortgaged Property canretail facilities, upon completion, be operated as a Class "A" mixed use projectfacilities or industrial facilities, as applicable, similar to the Properties; (iiB) maintain such Licenses Permits, or arrangements in connection therewith therewith, so as to permit the Mortgaged each Property to be maintained at a standard at least equal to that maintained by Class "A" office managers the commercially reasonable standards of similar facilities located near the Mortgaged such Property; (iiiC) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by it under each of them under the Property Management Agreement, the Leasing Advisory Agreement and any other Material Agreement, and do all things reasonably required necessary to preserve and to keep unimpaired their its rights thereunder; (ivD) promptly notify the Lender Agent in writing of the giving its receipt or delivery of any notice of any default sent by any party under any Material Agreement of which either of them is awareAgreement, including, without limitation, the each Property Management Agreement and the Leasing Advisory Agreement; and (vvi) promptly enforce the performance and observance of all of the material covenants and agreements required to be performed and/or observed by the other party under each Material Agreement, including, without limitation, the each Property Management Agreement and Advisory Agreement.

Business and Operations; Material Agreements. The Borrower and the Property Owner shall continue to engage in the businesses currently conducted by each of them it as and to the extent the same are necessary for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or the terms hereof, or, if not, to the extent that the failure to do so would not have a Material Adverse EffectProperty. The Borrower shall and shall cause the Property Owner to qualify to do business and shall remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, development, construction, maintenance, management and operation of the Mortgaged Property or Property, or, if not, to the terms hereofextent the failure to do so would not have a Material Adverse Effect. The Borrower shall and shall cause the Property Owner to at all times (i) maintain the Mortgaged Property or cause the Mortgaged Property to be maintained or, prior to Final Completion, such that the Mortgaged Property can, upon completion, completion be operated as a Class "“A" ” mixed use project; (ii) maintain such Licenses Licenses, or arrangements in connection therewith so as to permit the Mortgaged Property to be maintained at a standard at least equal to that maintained by Class "“A" ” office managers of similar facilities located near the Mortgaged Property; (iii) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by each of them it under the Property Management Agreement, the Leasing Agreement and any other Material Agreement, and do all things reasonably required to preserve and to keep unimpaired their its rights thereunder; (iv) promptly notify the Lender Agent in writing of the giving of any notice of any default by any party under any Material Agreement of which either of them it is aware, including, without limitation, the Property Management Agreement and the Leasing Agreement; and (v) promptly enforce the performance and observance of all of the material covenants and agreements required to be performed and/or observed by the other party under each Material Agreement, including, without limitation, the Property Management Agreement and the Leasing Agreement.