Common use of Maintenance and Repair Alterations Clause in Contracts

Maintenance and Repair Alterations. (a) Mortgagor shall (i) abstain from and not permit the commission of waste in or about the Property; (ii) keep the Property, at Mortgagor's own cost and expense, in good and substantial repair, working order and condition; and (iii) make or cause to be made, as and when necessary, all repairs and replacements, whether or not insurance proceeds are available therefor. All alterations, replacements, renewals or additions made pursuant hereto shall automatically become a part of the Property and shall be covered by the lien of this Mortgage. The parties recognize the Real Estate is vacant but Mortgagor shall be entitled to perform subdivision improvements thereon in accordance with applicable requirements of Purchase Contracts previously approved by Mortgagee. (b) Mortgagee, and any persons authorized by Mortgagee, shall have the right, but not the obligation, to enter upon the Property at any reasonable time to inspect and photograph its condition and state of repair. In the event any such inspection reveals, in the sole discretion of Mortgagee, the necessity for any clean-up or maintenance to avoid waste or violation of law, Mortgagor shall, at the discretion of Mortgagee, either: (i) cause such work to be effected immediately; or (ii) promptly establish an interest bearing reserve fund with Mortgagee in an amount determined by Mortgagee for the purpose of effecting such work.

Maintenance and Repair Alterations. (a) Mortgagor shall (i) abstain from and not permit the commission of waste in or about the Property; (ii) keep the Property, at Mortgagor's ’s own cost and expense, in good and substantial repair, working order and condition, ordinary wear and tear excepted; and (iii) make or cause to be made, as and when necessary, all repairs and replacements, whether or not insurance proceeds are available therefor; and (iv) not remove, demolish, materially alter, discontinue the use of, permit to become vacant or deserted, or otherwise dispose of all or any material part of the Property. All alterations, replacements, renewals or additions made pursuant hereto shall automatically become a part of the Property and shall be covered by the lien of this Mortgage. The parties recognize the Real Estate is vacant but Mortgagor shall be entitled to perform subdivision improvements thereon in accordance with applicable requirements of Purchase Contracts previously approved by Mortgagee. (b) Mortgagee, and any persons authorized by Mortgagee, shall have the right, but not the obligation, to enter upon the Property at any reasonable time and upon reasonable notice to inspect and photograph its condition and state of repair. In the event any such inspection reveals, in the sole discretion of Mortgagee, the necessity for any repair, alteration, replacement, clean-up or maintenance to avoid waste or violation of lawmaintenance, Mortgagor shall, at the discretion of Mortgagee, either: (i) cause such work to be effected immediately; or or (ii) promptly establish an interest bearing reserve fund with Mortgagee in an amount reasonably determined by Mortgagee for the purpose of effecting such work.

Maintenance and Repair Alterations. (a) Mortgagor shall (i) abstain from and not permit the commission of waste in or about the Property; (ii) keep the Property, at Mortgagor's own cost and expense, in good and substantial repair, working order and condition; and (iii) make or cause to be made, as and when necessary, all repairs and replacements, whether or not insurance proceeds are available therefor; and (iv) not remove, demolish, materially alter, discontinue the use of, permit to become vacant or deserted, or otherwise dispose of all or any part of the Property. All alterations, replacements, renewals or additions made pursuant hereto shall automatically become a part of the Property and shall be covered by the lien of this Mortgage. The parties recognize the Real Estate is vacant but Mortgagor shall be entitled to perform subdivision improvements thereon in accordance with applicable requirements of Purchase Contracts previously approved by Mortgagee.OR BK 30519 PG 0375 (b) Mortgagee, and any persons authorized by Mortgagee, shall have the right, but not the obligation, to enter upon the Property at any reasonable time and with reasonable prior notice to inspect and photograph its condition and state of repair. In the event any such inspection reveals, in the sole discretion of Mortgagee, the necessity for any repair, alteration, replacement, clean-up or maintenance to avoid waste or violation of lawmaintenance, Mortgagor shall, at the discretion of Mortgagee, either: (i) cause such work to be effected immediately; or (ii) promptly establish an interest bearing reserve fund with Mortgagee in an amount determined by Mortgagee for the purpose of effecting such work.

Maintenance and Repair Alterations. (a) Mortgagor shall (i) abstain from and not permit the commission of waste in or about the Property; (ii) keep the Property, at Mortgagor's ’s own cost and expense, in good and substantial repair, working order and condition; and (iii) make or cause to be made, as and when necessary, in Mortgagor’s reasonable judgment, all repairs and replacements, whether or not insurance proceeds are available therefor; and (iv) not remove, demolish, materially alter, discontinue the use of, permit to become vacant or deserted, or otherwise dispose of all or any part of the Property. All alterations, replacements, renewals or additions made pursuant hereto shall automatically become a part of the Property and shall be covered by the lien of this Mortgage. The parties recognize the Real Estate is vacant but Mortgagor shall be entitled to perform subdivision improvements thereon in accordance with applicable requirements of Purchase Contracts previously approved by Mortgagee. (b) Mortgagee, and any persons authorized by Mortgagee, shall have the right, but not the obligation, to enter upon the Property at any reasonable time and upon reasonable prior notice to Mortgagor to inspect and photograph its condition and state of repair. In the event any such inspection reveals, in the sole reasonable discretion of Mortgagee, the necessity for of any repair, alteration, replacement, clean-up or maintenance to avoid waste or violation of lawmaintenance, Mortgagor shall, at the discretion of Mortgagee, either: (i) cause such work to be effected immediatelyas soon as reasonably practicable; or or (ii) promptly establish an interest bearing reserve fund funds with Mortgagee in an amount reasonably determined by Mortgagee for the purpose of effecting such work.