Common use of Maintenance of Project Clause in Contracts

Maintenance of Project. (a) After completion of the Project, the Borrower will keep the buildings, parking areas, roads and walkways, recreational facilities, landscaping and all other improvements of any kind now or hereafter erected as part of the Project in good condition and repair (normal wear and tear excepted), will not commit or suffer any waste, and will not do or suffer to be done anything which would or could increase the risk of fire or other hazard to the Project or any part thereof (other than regular and normal operations) or which would or could result in the cancellation of any insurance policy carried with respect to the Project. (b) The Borrower will not remove, demolish or alter the structural character of any improvement (other than as part of the initial improvement and rehabilitation of the Project or any repair or restoration following a fire or other casualty) located on the Project without the written consent of the Significant Bondholder, if any, and the Financial Monitor. (c) If the Project or any part thereof incurs any loss or damage in excess of $50,000 by fire, condemnation or other cause, the Borrower will give immediate written notice thereof to the Issuer (if requested), the Financial Monitor, the Trustee and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, which notice shall describe the damage or loss, estimated time to restore or repair the Project, the estimated cost of such repair or replacement and the source of amounts needed to repair or replace the Project. (d) The Issuer, the Servicer, the Financial Monitor, and the Significant Bondholder or their representatives are hereby authorized to enter upon and inspect the Project at any time during normal business hours upon reasonable prior written notice and subject to the occupancy rights of tenants and without unreasonably interfering in the rehabilitation of the Project; provided that, no notice shall be required during any period while an uncured Event of Default shall exist. (e) The Borrower will promptly and materially comply with all valid and binding present and future laws, ordinances, rules and regulations of any governmental authority binding upon the Project or any part thereof. (f) The Borrower will make the repairs, if any, described in the Project Condition Report within a reasonable time after the delivery of the Property Condition Report.

Maintenance of Project. (a) After completion of the Project, the Borrower will keep the buildings, parking areas, roads and walkways, recreational facilities, landscaping and all other improvements of any kind now or hereafter erected as part of the Project in good condition and repair (normal wear and tear excepted), will not commit or suffer any waste, and will not do or suffer to be done anything which would or could increase the risk of fire or other hazard to the Project or any part thereof (other than regular and normal operations) or which would or could result in the cancellation of any insurance policy carried with respect to the Project. (b) The Borrower will not remove, demolish or alter the structural character of any improvement (other than as part of the initial improvement and rehabilitation of the Project or any repair or restoration following a fire or other casualty) located on the Project without the written consent of the Significant Bondholder, if any, and the Financial Monitor. (c) If the Project or any part thereof incurs any loss or damage in excess of $50,000 by fire, condemnation or other cause, the Borrower will give immediate written notice thereof to the Issuer (if requested), the Financial Monitor, the Trustee and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, which notice shall describe the damage or loss, estimated time to restore or repair the Project, the estimated cost of such repair or replacement and the source of amounts needed to repair or replace the Project. (d) The Issuer, the Servicer, the Financial Monitor, and the Significant Bondholder or their representatives are hereby authorized to enter upon and inspect the Project at any time during normal business hours upon reasonable prior written notice and subject to the occupancy rights of tenants and without unreasonably interfering in the rehabilitation of the Project; provided that, no notice shall be required during any period while an uncured Event of Default shall exist. (e) The Borrower will promptly and materially comply with all valid and binding present and future laws, ordinances, rules and regulations of any governmental authority binding upon the Project or any part thereof. (f) The Borrower will make the repairs, if any, described in the Project Condition Report within a reasonable time after the delivery of the Property Project Condition Report.