Common use of Existence; Compliance with Legal Requirements; Insurance Clause in Contracts

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 5 contracts

Samples: Mezzanine Loan and Security Agreement (Toys R Us Inc), Mezzanine Loan and Security Agreement (Toys R Us Inc), Mezzanine Loan and Security Agreement (Toys R Us Inc)

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Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower Borrower, any SPE Entity and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and Manager and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan DocumentsDocuments (Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 2 contracts

Samples: Mezzanine Loan and Security Agreement (Strategic Hotels & Resorts, Inc), Mezzanine Loan and Security Agreement (Strategic Hotels & Resorts, Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 2 contracts

Samples: Mezzanine Loan and Security Agreement (Toys R Us Inc), Mezzanine Loan and Security Agreement (Toys R Us Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s (or in the case of the Maryland Property, Maryland Loan Guarantor’s) right of contest pursuant to Section 7.3 7.3, Borrower (or in the case of the Maryland Property, Maryland Loan Agreement (Mortgage), Mezzanine Borrower Guarantor’s) shall at all times comply and cause the Mortgage Borrower Master Lessee and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine BorrowerMaryland Loan Guarantor, Mortgage Borrower, any SPE Entity and Master Lessee and/or the Property and and/or the uses permitted upon the Property. Mezzanine Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor’s) shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine BorrowerBorrower or Maryland Loan Guarantor, and Mezzanine neither Borrower nor Maryland Loan Guarantor shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, or any other Person in occupancy of or involved with the operation or use of the Property Master Lessee to commit, commit any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s or Maryland Loan Guarantor’s obligations under any of the Mezzanine Loan Documents. Mezzanine Each of Borrower and Maryland Loan Guarantor hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor’s) shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effectnames, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep or cause the Property (or shall cause Mortgage Borrower Master Lessee to keep the Property) Property in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, all as required by more fully set forth in the Security Instrument. Borrower (or in the case of the Maryland Property, Maryland Loan Agreement (Mortgage). Mezzanine Borrower Guarantor’s) shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage)Agreement.

Appears in 2 contracts

Samples: Loan and Security Agreement (BlueLinx Holdings Inc.), Loan and Security Agreement (BlueLinx Holdings Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s 's right of contest pursuant to Section 7.3 7.3, of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower Borrower, any SPE Entity and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and Manager and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan DocumentsDocuments (Senior Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s 's right of contest pursuant to Section 7.3 7.3, of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower, Borrower Subsidiary, and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity Borrower Parent, Borrower Subsidiary, Affiliate Tenant, Manager and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine BorrowerBorrower Subsidiary, Affiliate Tenant, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan DocumentsDocuments (Fourth Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary and/or cause Mortgage Borrower and Senior Mezzanine Borrower, Maryland Owner to comply with all Legal Requirements applicable to it Borrower, Mortgage Borrower, Maryland Owner, the Collateral and/or the Properties (and the PropertyImprovements thereon and the use thereof), including, without limitation, building and zoning ordinances and codes. There shall never not be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner or any other Person in occupancy of or involved with the operation or use of the Property to commitany Individual Property, any act or omission affording the federal government or any state or local government the right of forfeiture as against the any Individual Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to permit or cause Senior Mezzanine Borrower, Mortgage Borrower or Maryland Owner to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times cause Senior Mezzanine Borrower, Mortgage Borrower and Maryland Owner to maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used or useful in and necessary for the conduct of its business and shall keep the Property (keep, or shall cause Mortgage Borrower and Maryland Owner to keep keep, the Property) Properties in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by in accordance with the Loan Agreement (Mortgage)Documents and the Mortgage Loan Documents. Mezzanine Borrower shall keep keep, or shall cause each Senior Mezzanine Mortgage Borrower and Mortgage Borrower Maryland Owner to keep keep, the Property Properties insured at all times by financially sound and reputable insurers, to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth provided in this Agreement and the Mortgage Loan Agreements. Borrower shall cause Mortgage Borrower and Maryland Owner to operate, or cause the applicable Tenant to operate, each Individual Property that is the subject of an O&M Agreement in accordance with the terms and provisions thereof in all material respects. After prior written notice to Lender, Borrower, at its own expense, may contest, or permit Senior Mezzanine Borrower, Mortgage Borrower and Maryland Owner to contest, by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower, Mortgage Borrower, Maryland Owner or any Individual Property or any alleged violation of any Legal Requirement, provided that (Mortgage)i) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which Mortgage Borrower or Maryland Owner, as applicable, is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (ii) no Individual Property nor any part thereof or interest therein (including the Collateral) will be in danger of being sold, forfeited, terminated, cancelled or lost; (iii) Borrower shall, and cause Mortgage Borrower and Maryland Owner to promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or applicable or cure any violation of any Legal Requirement; (iv) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower, Mortgage Borrower, Maryland Owner, Senior Mezzanine Borrower, the Collateral, Senior Mezzanine Collateral or any Individual Property; and (v) Borrower shall furnish such security as may be required in the proceeding, or as may be requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith. Lender may apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally established or any Individual Property or the Collateral (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost.

Appears in 1 contract

Samples: Junior Mezzanine Loan Agreement (Inland Western Retail Real Estate Trust Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s 's right of contest pursuant to Section 7.3 7.3, of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower, Borrower Subsidiary, and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity Borrower Parent, Borrower Subsidiary, Affiliate Tenant, Manager and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine BorrowerBorrower Subsidiary, Affiliate Tenant, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan DocumentsDocuments (Third Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s 's right of contest pursuant to Section 7.3 7.3, of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower Borrower, any SPE Entity and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and Manager and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan DocumentsDocuments (Intermediate Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Section 7.3 and Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall cause Mortgage Borrower to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all material Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not permit Mortgage Borrower or knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) protect all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or and shall cause Mortgage Borrower to keep the Property) Property in good working order and repairrepair (reasonable wear and tear excepted, and subject to Excusable Delays, casualty and Taking, as to the latter two of which Section 6.2 shall apply), and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by more fully set forth in the Loan Agreement (Mortgage)Security Instruments. Mezzanine Borrower shall keep or and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Section 7.3 and Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Senior Mezzanine Borrowers, the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any each Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall cause Senior Mezzanine Borrowers and Mortgage Borrower to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all material Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or Mortgage Borrower or knowingly permit any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) protect all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or and shall cause Senior Mezzanine Borrowers and Mortgage Borrower to keep the Property) Property in good working order and repairrepair (reasonable wear and tear excepted, and subject to Excusable Delays, casualty and Taking, as to the latter two of which Section 6.2 shall apply), and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by more fully set forth in the Loan Agreement (Mortgage)Security Instruments. Mezzanine Borrower shall keep or and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Section 7.3 and Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any each Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall cause Mortgage Borrower to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all material Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or Mortgage Borrower or knowingly permit any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) protect all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or and shall cause Mortgage Borrower to keep the Property) Property in good working order and repairrepair (reasonable wear and tear excepted, and subject to Excusable Delays, casualty and Taking, as to the latter two of which Section 6.2 shall apply), and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by more fully set forth in the Loan Agreement (Mortgage)Security Instruments. Mezzanine Borrower shall keep or and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Section 7.3 and Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall cause Mortgage Borrower to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all material Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not permit Senior Mezzanine Borrower or Mortgage Borrower or knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) protect all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or and shall cause Mortgage Borrower to keep the Property) Property in good working order and repairrepair (reasonable wear and tear excepted, and subject to Excusable Delays, casualty and Taking, as to the latter two of which Section 6.2 shall apply), and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by more fully set forth in the Loan Agreement (Mortgage)Security Instruments. Mezzanine Borrower shall keep or and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s 's right of contest pursuant to Section 7.3 7.3, of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower, Borrower Subsidiary, and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity Borrower Parent, Borrower Subsidiary, Affiliate Tenant, Manager and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine BorrowerBorrower Subsidiary, Affiliate Tenant, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan DocumentsDocuments (First Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary and comply, or cause Borrower to comply comply, with all Legal Requirements applicable to it it, Borrower and the PropertyProperties. There shall never be committed by Mezzanine Borrower and, if known to Mezzanine Borrower, and Mezzanine Borrower shall not knowingly suffer or permit Mortgage Borrower, any Senior Mezzanine Borrower, or to be committed by any other Person in occupancy of or involved with the operation or use of the Property to commitProperties, any act or omission affording the federal government or any state or local government the right of forfeiture as against the any Individual Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to cause Borrower to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall cause Borrower at all times to maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used or useful in and necessary for the conduct of its business and shall keep the Property (shall, or shall cause Mortgage Borrower to the Master Tenants to, keep the Property) Properties in good working order and repair, and from time to time make, or cause to be made, in accordance with the applicable Master Leases, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, all as required by the Loan Agreement (Mortgage)more fully provided herein. Mezzanine Borrower shall keep shall, or shall cause the applicable Master Tenant to, keep each Senior Mezzanine Borrower and Mortgage Borrower to keep the Individual Property insured at all times by financially sound and reputable insurers, to such extent and against such risks, and Mezzanine Borrower shall, or shall cause the applicable Master Tenant to, maintain liability and such other insurance, as is more fully set forth provided in this Agreement Agreement. After prior written notice to Mezzanine Lender, Mezzanine Borrower or the applicable Master Tenant, at its or Borrower's own expense, may contest, or cause to be contested, by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the Loan Agreement validity of any Legal Requirement, the applicability of any Legal Requirement to Mezzanine Borrower, Borrower, the applicable Master Tenant or any Individual Property or any alleged violation of any Legal Requirement, provided that (Mortgage).i) no

Appears in 1 contract

Samples: Mezzanine Loan Agreement (Entertainment Properties Trust)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s 's right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply in all material respects and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity Borrower and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan DocumentsDocuments (Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintainAll franchises, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its other property used in and necessary for the conduct of its the business and shall keep of Mezzanine Borrower, Mortgage Borrower and/or the Property (or shall cause Mortgage Borrower to keep the Property) be maintained, preserved and protected. The Property shall be maintained, preserved and protected in good working order and repair, and from time to time make, or cause to be made, all . All reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by the Loan Agreement (Mortgage)) shall be made and performed. Mezzanine Borrower The Property shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property be insured at all times to such extent and against such risks, risks and maintain liability and such other insurance, insurance shall be maintained as is more fully set forth required in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Maguire Properties Inc)

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Existence; Compliance with Legal Requirements; Insurance. Subject to Section 7.3 and Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity Borrower and the Property and the uses permitted upon the Property. Mezzanine Borrower shall cause Mortgage Borrower to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all material Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not permit Mortgage Borrower or knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) protect all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or and shall cause Mortgage Borrower to keep the Property) Property in good working order and repairrepair (reasonable wear and tear excepted, and subject to Excusable Delays, casualty and Taking, as to the latter two of which Section 6.2 shall apply), and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by more fully set forth in the Loan Agreement (Mortgage)Security Instruments. Mezzanine Borrower shall keep or and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s 's right of contest pursuant to Section 7.3 7.3, of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower, Borrower Subsidiary, and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity Borrower Parent, Borrower Subsidiary, Affiliate Tenant, Manager and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine BorrowerBorrower Subsidiary, Affiliate Tenant, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan DocumentsDocuments (Second Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Toys R Us Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s 's right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply in all material respects and cause the Mortgage Borrower, Senior Tier Mezzanine Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity Senior Tier Mezzanine Borrower and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan DocumentsDocuments (Junior Tier Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintainAll franchises, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its other property used in and necessary for the conduct of its the business and shall keep of Mezzanine Borrower, Mortgage Borrower and/or the Property (or shall cause Mortgage Borrower to keep the Property) be maintained, preserved and protected. The Property shall be maintained, preserved and protected in good working order and repair, and from time to time make, or cause to be made, all . All reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by the Loan Agreement (Mortgage)) shall be made and performed. Mezzanine Borrower The Property shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property be insured at all times to such extent and against such risks, risks and maintain liability and such other insurance, insurance shall be maintained as is more fully set forth required in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Junior Tier Mezzanine Loan and Security Agreement (Maguire Properties Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Section 7.3 and Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Senior Mezzanine Borrower, the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall cause Senior Mezzanine Borrower and Mortgage Borrower to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all material Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not permit Senior Mezzanine Borrower or Mortgage Borrower or knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) protect all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or and shall cause Senior Mezzanine Borrower and Mortgage Borrower to keep the Property) Property in good working order and repairrepair (reasonable wear and tear excepted, and subject to Excusable Delays, casualty and Taking, as to the latter two of which Section 6.2 shall apply), and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by more fully set forth in the Loan Agreement (Mortgage)Security Instruments. Mezzanine Borrower shall keep or and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower Borrower, any other SPE Entity and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any other SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan DocumentsDocuments (Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, repair and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Digital Realty Trust, Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Mortgage Loan Agreement (Mortgage)Agreement, Mezzanine Borrower shall at all times comply and cause the First Mezzanine Borrower, and cause First Mezzanine Borrower to cause Mortgage Borrower and the Property Property, to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower and/or any Senior Borrower, any Senior Mezzanine Borrower, Mortgage Borroweras applicable, any SPE Entity Component Entity, and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, material rights, licenses, permits and material franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit First Mezzanine Borrower and Borrower shall not permit First Mezzanine Borrower to permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property Property, the Mezzanine Collateral or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause First Mezzanine Borrower, and shall cause First Mezzanine Borrower to cause Mortgage Borrower Borrower, to at all times time maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause First Mezzanine Borrower, or cause First Mezzanine Borrower to cause Mortgage Borrower Borrower, to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by the Mortgage Loan Agreement (Mortgage)Agreement. Mezzanine Borrower shall keep or shall cause each Senior First Mezzanine Borrower, or shall cause First Mezzanine Borrower and to cause Mortgage Borrower Borrower, to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Mortgage Loan Agreement (Mortgage)Agreement.

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Bloomin' Brands, Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s 's right of contest pursuant to Section 7.3 7.3, of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower Borrower, any SPE Entity and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and Manager and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, Borrower or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s 's obligations under any of the Mezzanine Loan DocumentsDocuments (Junior Mezzanine). Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto thereto, as required by the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.)

Existence; Compliance with Legal Requirements; Insurance. Subject to Section 7.3 and Mortgage Borrower’s right of contest pursuant to Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Senior Mezzanine Borrowers, the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall cause Senior Mezzanine Borrowers and Mortgage Borrower to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all material Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not permit Senior Mezzanine Borrower or Mortgage Borrower or knowingly permit Mortgage Borrower, any Senior Mezzanine Borrower, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) protect all franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or and shall cause Senior Mezzanine Borrowers and Mortgage Borrower to keep the Property) Property in good working order and repairrepair (reasonable wear and tear excepted, and subject to Excusable Delays, casualty and Taking, as to the latter two of which Section 6.2 shall apply), and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by more fully set forth in the Loan Agreement (Mortgage)Security Instruments. Mezzanine Borrower shall keep or and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement and the Loan Agreement (Mortgage).

Appears in 1 contract

Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc)

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