Common use of Maintenance and Preservation of the Project Clause in Contracts

Maintenance and Preservation of the Project. Borrower shall keep the Project in good condition and repair (normal wear and tear excepted) and if all or part of the Project becomes damaged or destroyed, Borrower shall promptly and completely repair and/or restore the Project in a good and workmanlike manner in accordance with sound building practices. Borrower shall not commit or allow waste or permit impairment or deterioration of the Project nor take any actions that might invalidate any insurance carried on the Project. Borrower shall perform such acts to preserve the value of Project and Borrower shall not abandon the Project.

Maintenance and Preservation of the Project. Borrower shall keep the Project in good condition and repair (normal wear and tear excepted) and if all or part of the Project becomes damaged or destroyed, Borrower shall promptly and completely repair and/or restore the Project in a good and workmanlike manner in accordance with sound building practicespractices unless the failure to repair and/or restore the Project following a casualty is caused by a default by Administrative Agent or the Lenders in making insurance casualty proceeds available to Borrower as provided in this Agreement. Borrower shall not commit or allow waste or permit impairment or deterioration of the Project nor take any actions that might invalidate any insurance carried on the Project. Borrower shall perform such acts to preserve the value of Project and Borrower shall not abandon the Project.