MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, in accordance with the Lease to): (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or cause the Property to comply with, (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform Grantor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor shall not (except as may be permitted under any Lease): (A) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.
Appears in 4 contracts
Samples: Deed of Trust, Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.), Deed of Trust, Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.), Deed of Trust, Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor Trustor shall (or shall cause a Tenant, in accordance with the Lease to): (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or cause the Property to comply with, (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or DEED OF TRUST (NORTH CAROLINA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Beneficiary a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Beneficiary deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform GrantorTrustor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor Trustor shall not (except as may be permitted under any Lease): (A) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.
Appears in 3 contracts
Samples: Deed of Trust (Cole Credit Property Trust III, Inc.), Deed of Trust (Cole Credit Property Trust III, Inc.), Deed of Trust and Security Agreement (Cole Credit Property Trust III, Inc.)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or Borrower shall, and shall cause a Tenant, in accordance with the Lease Owner to): : (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust Agreement and perform GrantorBorrower’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In additionBorrower shall not, Grantor and shall not permit Owner to: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (Dj) materially alter the type of occupancy or use of all or any part of the Property; or (Ek) commit or permit waste of the Property.
Appears in 3 contracts
Samples: Mezzanine Loan Agreement, Mezzanine Loan Agreement (KBS Real Estate Investment Trust II, Inc.), Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor Mortgagor shall (or shall cause a Tenant, in accordance with the Lease to): (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or cause the Property to comply with, (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Mortgagee a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Mortgagee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust Mortgage and perform GrantorMortgagor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor Mortgagor shall not (except as may be permitted under any Lease): (A) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.
Appears in 2 contracts
Samples: Mortgage and Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.), Mortgage and Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, in accordance with the Lease to): Trustor shall: (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyeddestroyed (unless, if and to the extent permitted under Section 6.11, Beneficiary elects to require that insurance proceeds be used to reduce the Secured Obligations and after such repayment the ratio of Secured Obligations to the value of the Property, as reasonably determined by Beneficiary is the same as or lower than it was immediately before the loss or taking occurred); (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Beneficiary a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Beneficiary or Trustee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform Grantor’s Trustor's obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor Trustor shall not not: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (Dj) materially alter the type of occupancy or use of all or any part of the Property; or (Ek) commit or permit waste of the Property.
Appears in 2 contracts
Samples: Deed of Trust (Protein Design Labs Inc/De), Deed of Trust (Protein Design Labs Inc/De)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (Trustor shall, or shall cause a Tenant, in accordance with the Lease property manager to): : (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyeddestroyed (unless, if and to the extent permitted under Section 6.11, Beneficiary elects to require that insurance proceeds be used to reduce the Secured Obligations and after such repayment the ratio of Secured Obligations to the value of the Property, as reasonably determined by Beneficiary is the same as or lower than it was immediately before the loss or taking occurred); (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Beneficiary a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Beneficiary or Trustee reasonably deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform Grantor’s Trustor's obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In additionTrustor shall not, Grantor shall not without Beneficiary's prior written consent: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.;
Appears in 1 contract
Samples: Modification Agreement (Manufactured Home Communities Inc)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, in accordance with the Lease to): Mortgagor shall:
(a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Mortgagee a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Mortgagee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust Mortgage and perform GrantorMortgagor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor Mortgagor shall not not: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (Ej) commit or permit waste of the Property.
Appears in 1 contract
Samples: Mortgage and Security Agreement (KBS Real Estate Investment Trust, Inc.)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (Trustor shall, or shall cause a Tenant, in accordance with the Lease property manager to): : (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyeddestroyed (unless, if and to the extent permitted under Section 6.11, Beneficiary elects to require that insurance proceeds be used to reduce the Secured Obligations and after such repayment the ratio of Secured Obligations to the value of the Property, as reasonably determined by Beneficiary is the same as or lower than it was immediately before the loss or taking occurred); (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Beneficiary a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Beneficiary or Trustee reasonably deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform Grantor’s Trustor's obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In additionTrustor shall not, Grantor shall not without Beneficiary's prior written consent: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (Dj) materially alter the type of occupancy or use of all or any part of the Property; or (Ek) commit or permit waste of the Property.
Appears in 1 contract
Samples: Modification Agreement (Manufactured Home Communities Inc)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a TenantSubject to the provisions of the Loan Agreement, in accordance with the Lease to): Trustor covenants: (a) to insure the Property and Collateral against such risks as Beneficiary may require pursuant to the Loan Agreement and, at Beneficiary’s request (but not more than fifteen (15) days prior to the termination date of any existing coverage), to provide evidence of such insurance to Beneficiary, and to comply with the requirements of any insurance companies providing such insurance; (b) to keep the Property and Collateral in good condition and repair; (bc) not to remove or demolish the Property or Collateral or any part thereof, not to alter, restore or add to the Property or Collateral and not to initiate or acquiesce in any change in any zoning or other land classification which affects the Property without Beneficiary’s prior written consent or as provided in the Loan Agreement; (d) to complete or restore promptly and in good and workmanlike manner the Property and Collateral, or any part thereof which may be damaged or destroyed, without regard to whether Beneficiary elects to require that insurance proceeds be used to reduce the Secured Obligations as provided in Section 5.5; (ce) comply or cause the Property to comply with, (i) with all laws, ordinances, regulations and standards, (ii) and all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property or Collateral and pertain to acts committed or conditions existing thereon, including, without limitation, any work of work, alteration, improvement or demolition as mandated by such laws, covenants or requirements mandaterequirements; (df) operate and manage not to commit or permit waste of the Property at all times in a professional manner or Collateral; and (g) to do all other acts which from the character or use of the Property or Collateral may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform Grantor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor shall not (except as may be permitted under any Lease): (A) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.
Appears in 1 contract
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (Mortgagor shall, or shall cause a Tenant, in accordance with the Lease property manager to): : (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyeddestroyed (unless, if and to the extent permitted under Section 0, Mortgagee elects to require that insurance proceeds be used to reduce the Secured Obligations and after such repayment the ratio of Secured Obligations to the value of the Property, as reasonably determined by Mortgagee is the same as or lower than it was immediately before the loss or taking occurred); (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Mortgagee a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Mortgagee reasonably deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust Mortgage and perform Grantor’s Mortgagor's obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In additionMortgagor shall not, Grantor shall not without Mortgagee's prior written consent: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (Dj) materially alter the type of occupancy or use of all or any part of the Property; or (Ek) commit or permit physical waste of the Property.
Appears in 1 contract
Samples: Modification Agreement (Manufactured Home Communities Inc)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, a) Subject to and in accordance with the Lease to): provisions of the Financing Documents, Trustor shall: (ai) keep the Property in good condition working order and repaircondition, ordinary wear and tear excepted; (bii) maintain and preserve the Project and make all repairs, alterations, additions and replacements which are necessary for the Project to operate safely and to meet all requirements of Applicable Law, including all Required Approvals, all requirements of the Material Project Documents, all warranties and prudent industry practices; (ii) promptly inform Beneficiary and the Secured Parties of all demolition on or of the Property; (iii) complete or restore promptly and in good and workmanlike manner the Property or any part thereof which may be damaged or destroyeddestroyed (provided, that, in the case of an insured loss, any insurance proceeds are made available by Beneficiary in accordance with the terms and conditions set forth in Section 4.5); (civ) comply or cause the Property to comply withwith and not suffer any violations of (A) Applicable Law, (i) all laws, ordinances, regulations and standards, (iiB) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character character, and (iiiC) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which lawsApplicable Law, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (dv) operate and manage the Property at all times in a professional manner and do all other acts which from the character not commit or use permit waste of the Property may be reasonably necessary to maintain and preserve its valueor any part thereof; (evi) promptly after executionperform the obligations required to be performed by Trustor in the Site Lease, deliver the Geothermal Leases and the Easement Agreements; (vii) make no further assignment of rents of the Property; (viii) not create or consent to Lender a copy any deed of any management agreement concerning trust, mortgage or other encumbrance upon the Property and all amendments thereto and waivers thereofother than the Permitted Liens; and (fix) execute and, where appropriate, acknowledge and acknowledge all deliver such further documents, instruments and other papers as Lender Beneficiary or Trustee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform Grantor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor security provided for herein.
(b) Trustor shall not (except as may be permitted under seek, make, or consent to any Lease): (A) remove agreements or demolish all restrictions, or any material part change in the zoning or conditions of use of the Property, except in connection with any remedial that would be binding on Trustor's successors or other action required assigns or that would affect the ability of Trustor to continue to use the Property for the purposes of owning and operating power generating and related facilities, without the prior written consent of Beneficiary. Trustor shall comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements make all payments required or permitted under the Leases; (C) initiate provisions of any covenants, conditions, or acquiesce in any change in any zoning or other land classification which affects restrictions affecting the Property; (D) materially alter the type of occupancy or use of . Trustor shall comply with all or any part of the Property; or (E) commit or permit waste of existing and future requirements Governmental Authorities having jurisdiction over the Property.
Appears in 1 contract
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, in accordance with the Lease to): (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or cause the Property to comply with, (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Grantee a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Grantee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Security Deed of Trust and perform Grantor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor shall not (except as may be permitted under any Lease): (A) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, DEED TO SECURE DEBT (GEORGIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan No. 02-62113532/Store No. 588 provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.
Appears in 1 contract
Samples: Deed to Secure Debt (Cole Credit Property Trust III, Inc.)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall Trustor shall: (or shall cause a Tenant, in accordance with the Lease to): (ai) keep the Property Property, and every portion thereof, in good condition and repairrepair and replace from time to time, or at any time, any Fixtures, or other items comprising the Property which may become obsolete or worn out, with Fixtures, or other items of at least the same utility, quality and value, each such replacement to be free of any liens or security interests of any kind or character other than the lien of this Deed of Trust, or any other document or instrument securing the indebtedness hereunder; (bii) not remove or demolish the Property, or any part thereof, except as part of alterations to the Property permitted hereunder; (iii) complete or restore promptly and in good and workmanlike manner the Property Property, or any part thereof thereof, which may be damaged or destroyed; (civ) comply or cause the Property to comply with, with and not suffer violations of (iA) any and all laws, ordinances, regulations rules, regulations, standards and standardsorders, including, without limitation, making any alterations or additions required to be made to, or safety appliances and devices required to be installed or maintained in or about, the Property, or any portion thereof, under any such laws, ordinances, rules, regulations, standards or orders now or hereafter adopted, enacted or made applicable to the Property, or any portion thereof, and payment of any fees, charges or assessments arising out of or in any way related to treatment of the Property, or any portion thereof, as a source of air pollution, traffic, storm water runoff, or other adverse environmental impacts or effects, and (iiB) any and all covenants, conditions, restrictions restrictions, equitable servitudes and equitable servitudeseasements, whether public or private, of every kind and character character, and (iiiC) any and all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and and/or pertain to acts committed or conditions existing thereon, includingor the use, management, operation or occupancy thereof by Trustor and anyone holding under Trustor, including (but without limitation, any ) such work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (dv) operate and manage not commit or permit waste of the Property at all times in a professional manner and Property, or any portion thereof; (vi) do all other acts which from the character or use of the Property may be reasonably necessary to maintain maintain, preserve and preserve enhance its value, including, without limitation, keeping all plants, lawns and other landscaping in a good and thriving condition, and otherwise performing such appropriate upkeep and maintenance to the Property to insure that the Property, and each part thereof, is maintained in the manner and retains at all times the same appearance and condition, as exists as of the date of this Deed of Trust, reasonable wear and tear excepted, such upkeep to include, without limitation, appropriate measures to protect wood, stucco and concrete surfaces from weathering, deterioration and aging, and to protect from and immediately remove graffiti or other defacement from such surfaces; (evii) promptly after executionperform all obligations required to be performed in leases or conditional sales or like agreements affecting the Property or the operation, deliver occupation or use thereof (and, if not previously assigned, in the event of default, all right, title and interest of Trustor under any such leases, conditional sales or like agreements shall be automatically assigned to Lender a copy hereunder, together with any deposits made in connection therewith); (viii) make payment of any management agreement concerning and all charges, assessments or fees imposed in connection with the delivery, installation or maintenance of any utility services or installations on, to or for the Property, or any portion thereof; (ix) not create any deed of trust, liens or encumbrances upon the Property and all amendments thereto and waivers thereofsubsequent hereto, the parties hereby having specifically bargained in contemplation of the fact that any subsequent encumbrance upon the Property would adversely affect Lender's reasonable security interests hereunder; (x) make no further assignment of rents of the Property; and (fxi) execute and, where appropriate, acknowledge and acknowledge all deliver such further documents, documents or instruments and other papers as Lender deems reasonably or Trustee deem necessary or appropriate to preserve, continue, perfect and enjoy the benefits security provided for herein, including (but without limitation) assignments of Trustor's interest in leases of the Property. Trustor shall not undertake or suffer to be made pursuant to section (a) of this Paragraph 6, any material alterations, additions, repairs, expansions, relocations, remodeling or demolition of, or structural or other material changes in, any Improvements or Fixtures comprising the Property that would materially diminish the value of the Property except as permitted pursuant to the written consent of Lender, which consent shall not be unreasonably withheld. All such work shall be performed promptly and in good and workmanlike manner, using first quality materials in conformity with plans and specifications approved in advance by Lender, and shall be diligently prosecuted to completion free of liens and encumbrances, other than this Deed of Trust and perform Grantor’s obligationsany other document or instrument evidencing or securing the indebtedness secured hereby. Trustor further warrants, represents and covenants to Lender that Trustor will not, permit any lessee or other user of the Property to use, store, manufacture, generate, transport to or from, release or dispose of any toxic substances, hazardous materials, hazardous wastes, radioactive materials, flammable explosives or related materials on or in connection with the Property or the business of said lessee or other user of the Property, except as currently in existence. Without the prior written consent of Lender, Trustor shall not seek, make or consent to any change in the zoning, conditions of use, or any other applicable land use permits, approvals or regulations pertaining to the Property, or any portion thereof, which would constitute a violation of the warranties, representations and covenants herein contained, or would otherwise impair the ability of Trustor to complete construction of any improvements now underway or to be constructed, constituting the Property, or would change the nature of the use or occupancy of the Property. Within five (5) days of (i) any contact from any federal, state, or local governmental agency concerning any environmental protection laws, including, but not limited to, any notice of any proceeding or inquiry with respect to the presence of any hazardous wastes, toxic substances or hazardous materials on the Property or the migration thereof from or to other property, (ii) any and all claims made or threatened by any third party against or relating to the Property concerning any loss or injury resulting from toxic substances, hazardous wastes, or hazardous materials, or (iii) Trustor's discovery of any occurrence or condition on any property adjoining or in the vicinity of the Property that could cause the Property, or any part thereof, to be subject to any restrictions on the ownership, occupancy, transferability, or loss of the Property under any federal, state, or local laws, ordinances, rules, or regulations, Trustor shall deliver to Lender a report regarding such contact and setting forth in detail and describing any action which Trustor proposes to take with respect thereto, signed by Trustor. LEGAL ACTIONS AND PAYMENT OF RELATED COSTS: Trustor shall appear in and defend any action or proceeding that may, in Lender's judgment, affect Lender's security interest under this Deed of Trust or any of the rights or powers of Lender or Trustee under this Deed of Trust. Whether or not Trustor so appears or defends, Trustor shall pay all costs and expenses, including, without limitation, statements cost of evidence of title and reasonable attorneys' fees, that are incurred by Trustor, Lender or Trustee in any such action or proceeding in which Lender or Trustee may appear, by virtue of being made a party defendant or otherwise, and irrespective of whether the interest of Lender or Trustee in the Property is directly questioned by such action or proceeding or whether Lender's rights or interests are otherwise adversely affected thereby, or whether Lender is or shall become a party, including by way of intervention. Trustor promises and agrees to give Lender notice in writing of the amount pendency of any such action or proceeding promptly, but in any event no later than five (5) days, after Trustor first obtains knowledge of the pendency of such action or proceeding. Trustor shall cooperate with Lender in any action that is brought by Lender to protect its security interest under this Deed of Trust. Trustor will, upon demand by Lender, commence any action or proceeding reasonably required to protect or facilitate Lender's recovery of Awards under Paragraph 5 of this Deed of Trust. If Trustor fails to bring any such action or proceeding, then Lender may, but need not, do so, and Trustor shall pay to Lender all costs, expenses and reasonable attorneys' fees that are incurred by Lender in doing so. Whenever, under this Deed of Trust, or any other document or instrument evidencing or securing the indebtedness secured hereby then owing hereby, Trustor is obligated to appear in and statements defend Lender or defend or prosecute any action or proceeding, Lender shall have the right of no offsetfull participation in any such action or proceeding, with counsel of Lender's choice, and all costs and expenses incurred by Lender in connection with such participation (including, without limitation, reasonable attorneys' fees) shall be reimbursed by Trustor to Lender immediately upon demand. In addition, Grantor Lender shall have the right to approve any counsel retained by Trustor in connection with the prosecution or defense of any such action or proceeding by Trustor, which approval shall not be unreasonably withheld. All costs or expenses required to be reimbursed by Trustor to Lender hereunder shall, if not paid upon demand by Lender, thereafter bear interest at the applicable rate of interest set forth in the Note. As used herein, "proceeding" shall include litigation (except as may be permitted whether by way of complaint, answer, cross-complaint, counter claim or third party claim), arbitration and administrative hearings or proceedings, and shall include commencement of any case or the filing of any petition for relief or other action under any Lease): (A) remove or demolish Chapter of the U.S. Bankruptcy Code. LENDER'S RIGHTS TO INSPECT THE PROPERTY: Subject to the rights of tenants occupying all or any material part portion of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials LawsLender and its agents, provided that any Property removed shall be removed in accordance with any applicable laws employees and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of contractors, may enter upon the Property in a manner which materially and adversely affects the value of at any reasonable time to inspect the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted any purpose relating to Lender's rights and interests under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects terms of this Deed of Trust, including, but not limited to, Trustor's compliance with the Property; (D) materially alter the type terms of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the PropertyParagraph 6.
Appears in 1 contract
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall Trustor covenants: (or shall cause a Tenant, in accordance with the Lease to): (ai) to keep the Property in good condition and repair; (bii) not to remove or demolish the Property or any part thereof except that Trustor shall be permitted to make structural and non-structural improvements that are either (A) in the ordinary course of its business or (B) do not diminish the value of the Property or its functionality or current use; (iii) to complete or restore promptly and in good and workmanlike manner the Property or any part thereof which may be damaged or destroyeddestroyed in accordance with Sections 2.08(b) and 6.04 of the Credit Agreement and Section 9.3 of the 2002 Note Purchase Agreement; (civ) comply subject to Trustor’s right to contest in Paragraph A.5 above, to pay when due all claims for work performed and for materials furnished on or cause to the Property Property, and to pay any and all liens or encumbrances arising out of or resulting from work performed or materials supplied on or to the Property; (v) to comply with, with and not suffer violations of (ia) any and all laws, ordinances, regulations and standardsstandards (including any conditional use permits), (iib) any and all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character character, and (iiic) all requirements of insurance companies and any bureau or agency which that establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any including such work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (dvi) operate and manage not to commit or permit waste of the Property at all times in a professional manner and or any part thereof; (vii) to do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (eviii) promptly after executionto perform all obligations required to be performed in leases, deliver to Lender a copy of any management agreement concerning conditional sales contracts or like agreements affecting the Property or the operation, occupation or use thereof (and upon the occurrence and during the continuance of an Event of Default, all amendments thereto right, title and waivers thereofinterest of Trustor under any such leases, conditional sales contracts or like agreements shall be automatically assigned to Beneficiary hereunder, together with any deposits made in connection therewith); (ix) not to create any deed of trust or other encumbrance upon the Property other than liens permitted by this Deed of Trust, the Parking Agreement, the Credit Agreement and the 2002 Note Purchase Agreement; (x) to make no further assignment of Rents of the Property; and (fxi) to execute and, where appropriate, acknowledge and acknowledge all deliver such further documents, instruments and other papers as Lender Beneficiary or Trustee reasonably deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits security provided for herein, including assignments of this Deed of Trust and perform GrantorTrustor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor shall not (except as may be permitted under any Lease): (A) remove or demolish all or any material part of the Property, except interest in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste leases of the Property.
Appears in 1 contract
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall Trustor shall: (or shall cause a Tenant, in accordance with the Lease to): (ai) keep the Property in good condition and repair; (bii) not remove or demolish the Property or any part thereof without Beneficiary's prior written consent; (iii) except for any Improvements described in the Loan Agreement, not alter, restore or add to the Property without Beneficiary's prior written consent; (iv) complete or restore promptly and in good and workmanlike manner the Property pursuant to Section 3(b) or any part thereof which may be damaged or destroyed; (cv) not suffer violation of any, and shall comply or cause the Property to comply with, with all: (ia) all laws, ordinances, regulations and standards, ; (iib) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and character; and, (iiic) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereontherein, including, including (but without limitation, any limit) such work of or alteration, improvement or demolition as such laws, covenants or requirements mandate; (dvi) operate and manage not alter the occupancy or use of all or any part of the Property at all times without the prior written consent of Beneficiary; (vii) as required by Beneficiary, perform the lessor's covenants under the leases affecting the Property in which Trustor holds the lessor's interest, and not to cause or permit a professional manner and modification or termination of any lease that would impair the value of the leases to the lessor, or the interest of the lessor or Beneficiary in the leases; (viii) not commit or permit waste of the Property; (ix) do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (ex) promptly after execution, deliver to Lender a copy not create any deed of any management agreement concerning trust or encumbrance upon the Property and all amendments thereto and waivers thereofsubsequent hereto, without the prior written consent of Beneficiary; and (fxi) make no further assignment of rents of the Property without Beneficiary's prior written consent; and, (xii) execute and and, where appropriate, acknowledge all further documents, instruments and other papers as Lender Beneficiary or Trustee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits security of this Deed of Trust and perform Grantor’s Trustor's obligations, including, without limitationlimit, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor shall not (except as may be permitted under any Lease): (A) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.105
Appears in 1 contract
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, in accordance with the Lease to): (a) keep Trustor covenants: (i) to maintain or cause to be maintained the Property in good condition and repair; (bii) complete to pay when due all claims for work performed and for materials furnished on or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or cause to the Property to the extent required by the Financing Documents and which are not otherwise being contested by the Trustor in good faith, and to pay within the periods permitted in the Financing Documents any and all liens or encumbrances arising out of or resulting from work performed or materials supplied on or to the Property to the extent required by the Financing Documents; (iii) to comply within all material respects with and not suffer material violations of, (ia) any and all laws, ordinances, ordinances and regulations and standards(“Laws”), (iib) any and all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character (“Covenants”), and (iiic) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below“Requirements”), which lawsLaws, covenants Covenants or requirements Requirements affect the Property and pertain to acts committed or conditions existing thereon, including, including without limitation, any limitation such work of alteration, improvement or demolition as such lawsLaws, covenants Covenants or requirements Requirements mandate; (div) operate and manage not to commit or permit waste of the Property at all times in a professional manner and or any material part thereof; (v) to do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (evi) promptly after executionto perform all material obligations required to be performed in leases, deliver to Lender a copy of any management agreement concerning conditional sales contracts or like agreements affecting the Property or the operation, occupation or use thereof (and upon the occurrence and continuance of an Event of Default all amendments thereto right, title and waivers thereofinterest of Trustor under any such leases, conditional sales contracts or like agreements shall be automatically assigned to Beneficiary hereunder, together with any deposits made in connection therewith); (vii) not to create any deed of trust or encumbrance upon the Property other than Permitted Liens; (viii) to make no further assignment of Rents of the Property other than Permitted Liens; and (fix) to execute and, where appropriate, acknowledge and acknowledge all deliver such further documents, instruments and other papers as Lender Beneficiary or Trustee reasonably deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits security provided for herein, including without limitation assignments of this Deed of Trust and perform GrantorTrustor’s obligations, including, without limitation, statements interest in leases of the amount secured hereby then owing and statements Property.
(b) Without the prior written consent of no offset. In additionBeneficiary, Grantor shall which consent will not (except as may be unreasonably withheld or delayed, Trustor will not apply for, directly or indirectly, any change in the zoning or permitted under any Lease): (A) remove or demolish all or any material part land uses of the Property, except in connection with any remedial or other action required than to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) permit the exterior development of the Property in a manner Facilities as required by the Loan Agreement and Indenture, which change could reasonably be expected to materially and adversely affects affect the use or value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.
Appears in 1 contract
Samples: Indenture
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, in accordance with the Lease to): Trustor shall: (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Beneficiary a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Beneficiary or Trustee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform GrantorTrustor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor Trustor shall not not: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (Ej) commit or permit waste of the Property.
Appears in 1 contract
Samples: Deed of Trust (KBS Real Estate Investment Trust, Inc.)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, in accordance with the Lease to): Trustor shall: (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Beneficiary a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Beneficiary or Trustee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform Grantor’s Trustor's obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor Trustor shall not not: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (Dj) materially alter the type of occupancy or use of all or any part of the Property; or (Ek) commit or permit waste of the Property.
Appears in 1 contract
Samples: Leasehold Deed of Trust (Inland Western Retail Real Estate Trust Inc)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or Mortgagor shall, and shall cause a Tenant, in accordance with the Lease Operating Tenant to): : (a) keep the Property in good condition and repairrepair and in the condition required under the Management Agreement; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or and cause the Property to comply with, in all material respects with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Mortgagee a copy of any management agreement the Management Agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Mortgagee reasonably deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust Mortgage and perform GrantorMortgagor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offsetoffset and the execution and delivery of all such writings necessary to transfer any liquor licenses with respect to the Property into the name of Lender or its designee after the occurrence of an Event of Default. In addition, Grantor Mortgagor shall not not: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases, and in the case of clauses (i) and (ii) above, without the consent of Manager to the extent required by the Management Agreement; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (Dj) materially alter the type of occupancy or use of all or any part of the Property; or (Ek) commit or permit waste of the Property.
Appears in 1 contract
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, in accordance with the Lease to): (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or cause the Property to comply with, (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Grantee a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Grantee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Security Deed of Trust and perform Grantor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor shall not (except as may be permitted under any Lease): (A) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, DEED TO SECURE DEBT (GEORGIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan No. 02-62113573/Store No. 523 provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.
Appears in 1 contract
Samples: Deed to Secure Debt (Cole Credit Property Trust III, Inc.)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor Trustor shall (or shall cause a Tenant, in accordance with the Lease tofollowing): (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or and cause the Property to comply with, with (i) all applicable laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character encumbering the Property and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such applicable laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be deemed reasonably necessary in Trustor’s reasonable prudent business judgment to maintain and preserve its valuethe Property; (e) promptly after execution, deliver to Lender Beneficiary a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Beneficiary deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform GrantorTrustor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor Trustor shall not not: (except as may be permitted under any Lease): (A) 1 remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed ; (2)except in accordance with Section 7.17 of the Loan Agreement, alter all or any applicable laws and such Property be replaced with property portion of equal or greater valuethe Property; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C3) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D4) materially alter the type of occupancy or use of all or any part of the Property; or (E5) commit or permit physical waste of the Property.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Industrial Income Trust Inc.)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a TenantSubject to the rights of tenants under any Leases, in accordance with the Lease to): Trustor shall: (a) keep the Property and Collateral in good condition and repair; (b) complete or restore promptly and in good and workmanlike manner the Property and Collateral or any part thereof which may be damaged or destroyeddestroyed (unless, if and to the extent permitted under Section 6.11, Beneficiary elects to require that insurance proceeds be used to reduce the Secured Obligations); (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender engage a copy property manager of any the Property and enter into a property management agreement concerning the Property Property, each approved by Beneficiary in advance and in writing, including with respect to all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Beneficiary or Trustee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform GrantorTrustor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor shall not (except as may be permitted Subject to the rights of tenants under any Lease): Leases, Trustor shall not: (Ag) remove or demolish all or any material part of the Property, except Property (other than demolition of interior space with respect to tenant improvements as set forth in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed the then-current Business Plan approved in accordance with any applicable laws and such Property be replaced with property of equal or greater valuewriting by Beneficiary); (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the LeasesProperty; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (Dj) materially alter the type of occupancy or use of all or any part of the Property; or (Ek) commit or permit physical waste of the Property. Additionally, the failure of Trustor to pay any taxes or assessments assessed against the Property, or any installment thereof, or any premiums payable with respect to any insurance policy covering the Property, shall constitute waste. Trustor hereby consents to the appointment of a receiver should Beneficiary elect to seek such relief.
Appears in 1 contract
Samples: Deed of Trust (Paladin Realty Income Properties Inc)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (Mortgagor shall, or shall cause a Tenant, in accordance with the Lease property manager to): : (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyeddestroyed (unless, if and to the extent permitted under Section 6.11, Mortgagee elects to require that insurance proceeds be used to reduce the Secured Obligations and after such repayment the ratio of Secured Obligations to the value of the Property, as reasonably determined by Mortgagee is the same as or lower than it was immediately before the loss or taking occurred); (c) comply or and cause the Property to comply with, with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Mortgagee a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Mortgagee reasonably deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust Mortgage and perform Grantor’s Mortgagor's obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In additionMortgagor shall not, Grantor shall not without Mortgagee's prior written consent: (except as may be permitted under any Lease): (Ag) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (Bh) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, permit except for tenant improvements required or permitted under the Leases; (Ci) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (Dj) materially alter the type of occupancy or use of all or any part of the Property; or (Ek) commit or permit physical waste of the Property.
Appears in 1 contract
Samples: Modification Agreement (Manufactured Home Communities Inc)
MAINTENANCE AND PRESERVATION OF THE PROPERTY. Grantor shall (or shall cause a Tenant, in accordance with the Lease to): (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply or cause the Property to comply with, (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, in each case to avoid a Material Adverse Effect (as defined in Section 6.3 below), which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value; (e) promptly after execution, deliver to Lender Grantee a copy of any management agreement concerning the Property and all amendments thereto and waivers thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Lender Grantee deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Security Deed of Trust and perform Grantor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. In addition, Grantor shall not (except as may be permitted under any Lease): (A) remove or demolish all or any material part of the Property, except in connection with any remedial or other action required to comply with applicable Hazardous Materials Laws, DEED TO SECURE DEBT (GEORGIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan No. 02-62113557/Store No. 613 provided that any Property removed shall be removed in accordance with any applicable laws and such Property be replaced with property of equal or greater value; (B) alter either (i) the exterior of the Property in a manner which materially and adversely affects the value of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit, except for tenant improvements required or permitted under the Leases; (C) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (D) materially alter the type of occupancy or use of all or any part of the Property; or (E) commit or permit waste of the Property.
Appears in 1 contract
Samples: Deed to Secure Debt (Cole Credit Property Trust III, Inc.)