Common use of Keep in Good Order and Repair Clause in Contracts

Keep in Good Order and Repair. The Borrower will keep the Collateral in good repair and condition and stored/parked in a safe place and will: (a) Replace any defective or worn out parts with new parts and any such replacement parts or accessories shall upon attachment become part of the Collateral and subject to security interest created by this Agreement; (b) If any Accession becomes part of the Collateral that Accession may not be removed from the Collateral by the Borrower or any other person other than with the prior written consent of the Creditor; (c) Notify the Creditor in writing of any change in the address of the Borrower or the place where the Collateral is kept; (d) Ensure that at all times the Collateral is used solely for the purposes intended by the manufacturer and having regard to the design capabilities and limitation thereof and in accordance with the manufacturer’s instructions; (e) Not make any alterations to or modify the Collateral without the prior written consent of the Creditor; (f) If the Collateral is required to be repaired, allow the Creditor or its nominee to execute the repairs at the Borrower’s expense (such cost to be fair and reasonable) if the Creditor requires and the Creditor or its nominee shall be entitled to possession of the Collateral for such purpose. The Borrower shall not have or be deemed to have any authority to pledge the Creditor’s credit for any repairs to the Collateral; and (g) Not allow the Collateral to become affixed to any other property or any land.