Common use of Compliance with Laws, Mortgages and Other Matters Clause in Contracts

Compliance with Laws, Mortgages and Other Matters. 2.4.1 Property Manager shall use reasonable efforts to comply with all applicable governmental requirements, including by way of illustration, but not limitation, Board of Fire Underwriters or other similar body, relative to the performance of if its duties hereunder, and cause the Property to comply with all applicable governmental laws, ordinances, rules, regulations, and requirements. Property Manager may implement such procedures with respect to the Property as Property Manager may deem advisable for the more efficient and economic management and operation thereof. Property Manager shall pay from the Operating Account (defined in Section 6.1) expenses incurred to remedy violations of laws. However, Property Manager shall not be obligated to remedy violations of law if sufficient funds are not available in the Operating Account or if the Tenants in Common do not provide sufficient additional funds to do so. 2.4.2 Property Manager shall furnish to the Tenants in Common, promptly after receipt, any notice of violation of any governmental requirement or order issued by any governmental entity, any Board of Fire Underwriters or other similar body against the Property, any notice of default from the holder of any mortgage or deed of trust encumbering the Property, or any notice of termination or cancellation of any insurance policy.

Compliance with Laws, Mortgages and Other Matters. 2.4.1 Property Manager shall use reasonable efforts comply, and cause the Project to comply be in compliance, with any Loan Documents affecting the Project and all applicable governmental requirements, including by way of illustration, but not limitation, Board of Fire Underwriters or other similar body, relative to the performance of if its duties hereunder, and cause the Property to comply with all applicable governmental laws, ordinances, rules, regulations, and requirementsrequirements applicable to the Project (collectively “laws”). Property Manager may implement such procedures with respect to the Property Project as Property Manager may deem advisable for the more efficient and economic management and operation thereof. The Property Manager shall pay from the Operating Account (defined in Section 6.1) expenses incurred to remedy violations of laws. However, the Property Manager shall not be obligated to remedy violations of law if sufficient funds are not available in the Operating Account or if the Tenants in Common do not provide sufficient additional funds to do so. 2.4.2 Property Manager shall furnish to the Tenants in Common, promptly after receipt, any notice of violation of any material governmental requirement or order issued by any governmental entity, any Board of Fire Underwriters or other similar body against the PropertyProject, any notice of default from the holder of any mortgage or deed of trust encumbering the Property, a Lender or any notice of termination or cancellation of any insurance policy.

Compliance with Laws, Mortgages and Other Matters. 2.4.1 The Property Manager shall use commercially reasonable efforts to comply with all applicable governmental requirementsand cause the Property to be in compliance with any deed of trust, including by way of illustrationmortgage, but not limitation, Board of Fire Underwriters or other similar bodyLoan Documents with respect to the Property and all governmental and insurance requirements, relative to the performance of if its duties hereunder, and cause the Property to comply with all applicable governmental laws, ordinances, rules, regulations, and requirements. The Property Manager may implement implement, or cause to be implemented, such procedures with respect to the Property as the Property Manager may deem advisable for the more efficient and economic management and operation thereof. The Property Manager shall pay from the Operating Account (defined in Section 6.1) expenses incurred to remedy violations of lawsviolations. However, The Property Manager shall not not, however, be obligated to remedy any violations of law if sufficient funds are not available in the Operating Account or if the Tenants in Common do not provide sufficient additional funds to do so. 2.4.2 The Property Manager shall furnish to the Tenants in Common, promptly after receipt, any notice of violation of any governmental or insurance requirement or order issued by any governmental entity, any Board of Fire Underwriters or other similar body entity against the Property, any notice of default from the holder of any mortgage or deed of trust encumbering the Property, Property or any notice of termination or cancellation of any insurance policy.

Compliance with Laws, Mortgages and Other Matters. 2.4.1 Property Manager shall use reasonable efforts to comply comply, and cause the Property to be in compliance, with any deed of trust, mortgage or other loan documents, and all applicable governmental requirements, including by way of illustration, but not limitation, Board of Fire Underwriters or other similar body, relative to the performance of if its duties hereunder, and cause the Property to comply with all applicable governmental laws, ordinances, rules, regulations, and requirements. Property Manager may implement such procedures with respect to the Property as Property Manager may deem advisable for the more efficient and economic management and operation thereof. Property Manager shall pay from the Operating Account (defined in Section 6.16.2) expenses incurred to remedy violations of laws. However, Property Manager shall not be obligated to remedy violations of law if sufficient funds are not available in the Operating Account or if the Tenants in Common do not provide sufficient additional funds to do so. 2.4.2 Property Manager shall furnish to the Tenants in Common, promptly after receipt, any notice of violation of any governmental requirement or order issued by any governmental entity, any Board of Fire Underwriters or other similar body against the Property, any notice of default from the holder of any mortgage or deed of trust encumbering the Property, or any notice of termination or cancellation of any insurance policy.