Maintenance and Use of Property. Borrower shall cause each non-Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted. Borrower shall use commercially reasonable efforts to cause each Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted. With respect to each non-Triple Net Leased Property, the Improvements and the Personal Property shall not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Default) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof. With respect to each Triple Net Leased Property, Borrower shall use commercially reasonable efforts to cause the Improvements and the Personal Property to not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Default) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof. With respect to each non-Triple Net Leased Property, Borrower shall perform (or shall cause to be performed) the prompt repair, replacement and/or rebuilding of any part of any Individual Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.14 hereof and shall complete and pay for (or cause the completion and payment for) any structure at any time in the process of construction or repair on the Land. With respect to each Triple Net Leased Property, Borrower shall use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to perform (or cause to be performed) the prompt repair, replacement and/or rebuilding of any part of any Individual Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.14 hereof and Borrower shall cause commercially reasonable efforts to cause such Tenant to complete and pay for (or cause the completion and payment for) any structure at any time in the process of construction or repair on the Land. Borrower shall operate each non-Triple Net Leased Property for the same primary uses as such Individual Property is currently operated and Borrower shall not, without the prior written consent of Lender, (i) change the primary use of any such Individual Property or (ii) initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or restricting the uses which may be made of any such Individual Property or any part thereof. Borrower shall use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to use such Triple Net Leased Property for the same primary uses as such Triple Net Leased Property is currently operated and Borrower shall use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not, without the prior written consent of Lender, (i) change the primary use of any Triple Net Leased Property or (ii) initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or restricting the uses which may be made of any Triple Net Leased Property or any part thereof. If under applicable zoning provisions the use of all or any portion of any non-Triple Net Leased Property is or shall become a nonconforming use, Borrower will not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender. If under applicable zoning provisions the use of all or any portion of any Triple Net Leased Property is or shall become a nonconforming use, Borrower shall use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender
Appears in 2 contracts
Samples: Loan Agreement (Northstar Realty Finance Corp.), Loan Agreement (NorthStar Healthcare Income, Inc.)
Maintenance and Use of Property. Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to cause each non-Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted. Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to use commercially reasonable efforts to cause each Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted. With respect to each non-Triple Net Leased Property, the Improvements and the Personal Property shall not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Default) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof. With respect to each Triple Net Leased Property, Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to use commercially reasonable efforts to cause the Improvements and the Personal Property to not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Default) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof. With respect to each non-Triple Net Leased Property, Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to perform (or shall cause to be performed) the prompt repair, replacement and/or rebuilding of any part of any Individual Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.14 hereof and shall complete and pay for (or cause the completion and payment for) any structure at any time in the process of construction or repair on the Land. With respect to each Triple Net Leased Property, Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to perform (or cause to be performed) the prompt repair, replacement and/or rebuilding of any part of any Individual Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.14 hereof and Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to use commercially reasonable efforts to cause such Tenant to complete and pay for (or cause the completion and payment for) any structure at any time in the process of construction or repair on the Land. Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to operate each non-Triple Net Leased Property for the same primary uses as such Individual Property is currently operated and Borrower shall notnot permit Mortgage Borrower or Mezzanine A Borrower to, without the prior written consent of Lender, (i) change the primary use of any such Individual Property or (ii) initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or restricting the uses which may be made of any such Individual Property or any part thereof. Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to use such Triple Net Leased Property for the same primary uses as such Triple Net Leased Property is currently operated and Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not, without the prior written consent of Lender, (i) change the primary use of any Triple Net Leased Property or (ii) initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or restricting the uses which may be made of any Triple Net Leased Property or any part thereof. If under applicable zoning provisions the use of all or any portion of any non-Triple Net Leased Property is or shall become a nonconforming use, Borrower will not permit Mortgage Borrower or Mezzanine A Borrower to cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender. If under applicable zoning provisions the use of all or any portion of any Triple Net Leased Property is or shall become a nonconforming use, Borrower shall cause Mortgage Borrower and Mezzanine A Borrower to use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Northstar Realty Finance Corp.), Mezzanine Loan Agreement (NorthStar Healthcare Income, Inc.)
Maintenance and Use of Property. Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to cause each non-Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted. Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to use commercially reasonable efforts to cause each Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted. With respect to each non-Triple Net Leased Property, the Improvements and the Personal Property shall not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Default) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof. With respect to each Triple Net Leased Property, Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to use commercially reasonable efforts to cause the Improvements and the Personal Property to not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Default) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof. With respect to each non-Triple Net Leased Property, Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to perform (or shall cause to be performed) the prompt repair, replacement and/or rebuilding of any part of any Individual Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.14 hereof and shall complete and pay for (or cause the completion and payment for) any structure at any time in the process of construction or repair on the Land. With respect to each Triple Net Leased Property, Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to perform (or cause to be performed) the prompt repair, replacement and/or rebuilding of any part of any Individual Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.14 hereof and Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to use commercially reasonable efforts to cause such Tenant to complete and pay for (or cause the completion and payment for) any structure at any time in the process of construction or repair on the Land. Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to operate each non-Triple Net Leased Property for the same primary uses as such Individual Property is currently operated and Borrower shall notnot permit Mortgage Borrower, Mezzanine A Borrower or Mezzanine B Borrower to, without the prior written consent of Lender, (i) change the primary use of any such Individual Property or (ii) initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or restricting the uses which may be made of any such Individual Property or any part thereof. Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to use such Triple Net Leased Property for the same primary uses as such Triple Net Leased Property is currently operated and Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not, without the prior written consent of Lender, (i) change the primary use of any Triple Net Leased Property or (ii) initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or restricting the uses which may be made of any Triple Net Leased Property or any part thereof. If under applicable zoning provisions the use of all or any portion of any non-Triple Net Leased Property is or shall become a nonconforming use, Borrower will not permit Mortgage Borrower, Mezzanine A Borrower or Mezzanine B Borrower to cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender. If under applicable zoning provisions the use of all or any portion of any Triple Net Leased Property is or shall become a nonconforming use, Borrower shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Northstar Realty Finance Corp.), Mezzanine Loan Agreement (NorthStar Healthcare Income, Inc.)
Maintenance and Use of Property. Borrower shall cause each non-Triple Net Leased Individual Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted. Borrower shall use commercially reasonable efforts to cause each Triple Net Leased Property to be maintained in a good and safe condition and repair, reasonable wear and tear excepted. With respect to each non-Triple Net Leased Property, the The Improvements and the Personal Property shall not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of DefaultProperty) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof. With respect Subject to each Triple Net Leased Property, Borrower shall use commercially reasonable efforts Borrower’s ability to cause the Improvements release an Individual Property in accordance with Sections 7.4(c) and the Personal Property to not be removed, demolished or materially altered (except for normal replacement of the Personal Property and normal removal of the Personal Property prior to the continuance of an Event of Defaultd) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof. With respect to each non-Triple Net Leased Property, Borrower shall perform (or shall cause to be performed) the prompt repair, replacement and/or rebuilding of any part of any Individual Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.14 hereof and shall complete and pay for (or cause the completion and payment for) any structure at any time in the process of construction or repair on the Land. With respect to each Triple Net Leased Property, Borrower shall use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to perform (or cause to be performed) the prompt repair, replacement and/or rebuilding of any part of any Individual Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.14 hereof and Borrower shall cause commercially reasonable efforts to cause such Tenant to complete and pay for (or cause the completion and payment for) any structure at any time in the process of construction or repair on the Land. Borrower shall operate each non-Triple Net Leased Individual Property for the same primary category of uses as such Individual Property is currently operated (e.g., retail, commercial office, etc.) and Borrower shall not, without the prior written consent of Lender, (i) change the primary use of any such Individual Property or (ii) initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or restricting defining the uses which may be made of any such Individual Property or any part thereof. Borrower shall use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to use such Triple Net Leased Property for the same primary uses as such Triple Net Leased Property is currently operated and Borrower shall use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not, without the prior written consent of Lender, (i) change the primary use of any Triple Net Leased Property or (ii) initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or restricting the uses which may be made of any Triple Net Leased Property or any part thereof. If under applicable zoning provisions the use of all or any portion of any non-Triple Net Leased Individual Property is or shall become a nonconforming use, Borrower will not cause or and, subject to the terms of the applicable Lease, will use commercially reasonable efforts to not permit the Tenants to cause a nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender. If under applicable zoning provisions the use of all or any portion of any Triple Net Leased Property is or shall become a nonconforming use, Borrower shall use commercially reasonable efforts to cause the Tenant with respect to such Triple Net Leased Property to not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.
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