MAINTENANCE OF TRUST PROPERTY Sample Clauses
MAINTENANCE OF TRUST PROPERTY. Grantor shall cause the Trust Property to be maintained in a good and safe condition and repair (subject to ordinary wear and tear), and shall otherwise operate and maintain the Trust Property in a manner consistent with the manner in which it operates and maintains the other properties on which it operates similar businesses ("SIMILAR PROPERTIES"). Except as otherwise permitted by the Relevant Documents, the Improvements, the Fixtures and the equipment located on the Land or the Improvements shall not be removed, demolished or materially altered (except for normal replacement of equipment) without the consent of Beneficiary which shall not unreasonably be withheld or delayed. Grantor shall comply with all laws, orders and ordinances affecting the Trust Property, or the use thereof. Except to the extent that Beneficiary fails to turn over insurance proceeds, if any, received by Beneficiary pursuant to Sections 10 and 11 with respect to the Trust Property to Grantor, Grantor shall promptly repair, replace or rebuild any part of the Trust Property that, following the date hereof, becomes damaged, worn or dilapidated and Grantor shall complete and pay for any structure at any time in the process of construction or repair on the Land. Notwithstanding anything to the contrary contained herein, Grantor hereby confirms its obligation to comply with all relevant Legal Requirements, including Environmental Laws, with respect to the Trust Property. Grantor shall not 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 defining the uses which may be made of the Trust Property or any part thereof, unless Grantor shall have received Beneficiary's prior written consent, such consent not to be unreasonably withheld or delayed. If under applicable zoning provisions the use of all or any portion of the Trust Property is or shall become a nonconforming use, Grantor will not cause such nonconforming use to be discontinued or abandoned without the express written consent of Beneficiary, such consent not to be unreasonably withheld or delayed. Grantor shall not (i) change the use of the Land in any material respect or (ii) permit or suffer to occur any waste on or to the Trust Property or to any portion thereof.
MAINTENANCE OF TRUST PROPERTY. If Trustor, within thirty (30) ----------------------------- days after receipt of written demand from Beneficiary (except in cases of emergency, when no demand shall be required), shall neglect or refuse to (i) keep the Trust Property in good operating condition and repair, (ii) replace or maintain the same as herein agreed, (iii) pay the premiums for the insurance which is required to be maintained hereunder, (iv) pay and discharge all Liens as herein agreed or (v) otherwise perform Trustor's Obligations within the time periods specified therefor (including any applicable cure periods), Beneficiary, at its option and sole election, may cause such repairs or replacements to be made, obtain such insurance, pay such Liens or perform such Trustor's Obligations. Any amounts paid by Beneficiary in taking such action, together with interest thereon at 12% per annum until repaid by Trustor to Beneficiary, shall be due and payable by Trustor to Beneficiary upon demand, and, until paid, shall constitute a part of Trustor's Obligations secured by this Deed of Trust. Beneficiary shall not be liable to Trustor for failure or refusal to exercise any such right. In making any payments pursuant to the exercise of any such right, Beneficiary may rely upon any bills delivered to it by Trustor or any such payee. ARTICLE XI ---------- DEFAULT AND REMEDIES -------------------- The occurrence of an Event of Default under the Credit Agreement shall constitute an Event of Default under this Deed of Trust. Upon the occurrence of an Event of Default, Beneficiary, in its sole discretion and at its sole election, without notice of such election, and without further demand, may exercise any one or more of the following rights and remedies:
MAINTENANCE OF TRUST PROPERTY. Trustor shall neither commit, nor ----------------------------- permit to occur, any waste upon the Trust Property, and shall at all times make or cause to be made all repairs, maintenance, renewals, and replacements as may be necessary to maintain the Trust Property in good condition and repair. Trustor shall keep the Trust Property free of rubbish and other unsightly or unhealthful conditions.
MAINTENANCE OF TRUST PROPERTY. Unless Beneficiary otherwise consents in writing, Grantor shall (a) keep the Property in good condition and repair, repair or restore any part of the Real Property that may be injured, damaged or destroyed, and in each case pay when due all valid claims for labor, service, equipment and material and any other costs incurred in connection with any such action, except that Grantor shall not be required to pay any such claim or cost which is being actively contested in good faith by appropriate proceedings, (b) not remove, demolish or materially alter any Improvements, (c) not commit or permit any waste of any part of the Real Property, (d) not permit or consent to any restriction that would prevent or otherwise impair the use or development of the Real Property for the purposes contemplated by the Agreement, (e) comply in all material respects with all laws and other requirements, and not commit or permit any material violation of any laws or other requirements, which affect any part of the Trust Property or require any alterations or improvements to be made to any part of the Real Property, (f) take such action from time to time as may be reasonably necessary or appropriate, or as Beneficiary may reasonably require, to protect the physical security of the Real Property, (g) except as otherwise permitted by the Agreement, not part with possession of or abandon any part of the Trust Property or cause or permit any interest in any part of the Trust Property to be sold, transferred, leased, encumbered, released, relinquished, terminated or otherwise disposed of (whether voluntarily, by operation of law or otherwise), and (h) take all other action which may be reasonably necessary or appropriate to preserve, maintain and protect the Trust Property, including the enforcement or performance of any rights or obligations of Grantor or any conditions with respect to any Rights. Without limitation on any obligations of Grantor under the preceding paragraph, in the event that (i) all or a substantial or material portion of the Real Property is injured, damaged or destroyed by fire or other casualty, or (ii) any of the Real Property is damaged, destroyed or lost and any Damage Proceeds (as defined in Section 3.3) are payable as a result of such occurrence and the cost of the repair, restoration or replacement is reasonably expected to exceed $100,000.00 or (iii) any part (but less than all) of the Real Property is condemned, seized or appropriated by any governmental ag...
MAINTENANCE OF TRUST PROPERTY. Trustor will maintain the Improvements and the Personal Property in the manner required by the Credit Agreement.
MAINTENANCE OF TRUST PROPERTY. On or before each November 1, beginning in 2003, so long as any of the Notes are outstanding, the Servicer shall furnish to the Note Insurer and the Indenture Trustee an officers' certificate either stating that such action has been taken with respect to the recording, filing, rerecording and refiling of any financing statements and continuation statements as is necessary to maintain the interest of the Indenture Trustee created by the Indenture with respect to the Trust Property and reciting the details of such action or stating that no such action is necessary to maintain such interests. Such officers' certificate shall also describe the recording, filing, rerecording and refiling of any financing statements and continuation statements that will be required to maintain the interest of the Indenture Trustee in the Trust Property until the date such next officers' certificate is due. The Servicer will use its best efforts to cause any necessary recordings or filings to be made with respect to the Trust Property.
MAINTENANCE OF TRUST PROPERTY. Trustor will not do or permit to be done to, in, upon or about any portion of the Trust Property, anything that may in any manner impair the value thereof, or weaken, diminish or impair the security of this Deed of Trust. In furtherance of the foregoing, Trustor’s possession and use of the Trust Property shall be governed by the following:
2.3.1 Without the prior written consent of Lender, Trustor shall not (i) amend, modify or otherwise revise any Mineral Lease or Mineral Permit or any other license or other agreement pertaining to the use or occupancy of the Lands; (ii) release, surrender, abandon or forfeit the Trust Property or any part thereof; (iii) sell, convey, assign, lease, sublease, alienate, mortgage or grant security interests in or otherwise dispose of or encumber the Trust Property or any part thereof, except for the liens and security interests created by this Deed of Trust and liens for taxes, assessments and governmental charges not delinquent; or (iv) consent to, permit or authorize any such act by another party with respect to the Lands, the Trust Property or any part thereof.
2.3.2 Trustor shall promptly pay, when due and payable, all rentals, royalties and all other sums and charges payable with respect to the Trust Property and all expenses incurred in or arising from the operation of the Trust Property.
2.3.3 Trustor shall maintain in full force and effect the Mineral Leases and Mineral Permits and make payments required by and perform and comply with all material terms, provisions, covenants, conditions and agreements imposed upon or assumed by Trustor under any of the Mineral Leases or Mineral Permits, including amendments and supplements thereto.
2.3.4 Trustor shall promptly notify Lender in writing of the receipt by Trustor of any notice from Lessor under either the Mineral Leases or the Mineral Permits claiming any default by Trustor in the performance or observance of any of the terms, covenants or conditions on the part of Trustor to be performed or observed, and promptly cause a copy of each such notice received by Trustor to be delivered to Lender.
2.3.5 Trustor shall furnish to Lender, 30 days prior to the due date, proof of payment of all renewal fees and proof of amount expended for exploration work under the Mineral Permits.
2.3.6 Trustor shall execute and deliver, upon request of Lender, such instruments as Lender may deem useful or required to permit Lender to cure any default under each of the Mineral Leases and the ...
MAINTENANCE OF TRUST PROPERTY. Trustor shall cause the Trust Property to be maintained in a good and safe condition and repair and in keeping with the condition and repair of properties of a similar use, value, age. nature and construction. Trustor shall not use, maintain or operate the Trust Property in any manner which constitutes a public or private nuisance or which makes void, voidable, or cancelable, or increases the premium of, any insurance then in force with respect thereto. Trustor shall comply in all material respects with all of the recommendations (if any) concerning the maintenance and repair of the Trust Property which are contained in the inspection and engineering report which was delivered to Beneficiary in connection with the origination of the Loan. The Improvements and the Equipment shall not be removed, demolished or materially altered (except for normal replacement of the Equipment with items of the same utility and of equal or greater value) without the prior written consent of Beneficiary. Trustor shall promptly comply with all laws, orders and ordinances affecting the Trust Property, or the use thereof. Trustor shall promptly repair, replace or rebuild any part of the Improvements or Equipment that is destroyed by any Casualty, or becomes damaged, worn or dilapidated or that is affected by any Taking and shall complete and pay for any structure at any time in the process of construction or repair on the Premises. Trustor shall not 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 defining the uses which may be made of the Premises or Improvements or any part thereof. If under applicable zoning provisions the use of all or any portion of the Premises or Improvements is or shall become a nonconforming use, Trustor will not cause or permit such nonconforming use to be discontinued or abandoned without the express written consent of Beneficiary. Trustor shall not (i) change the use of the Premises or Improvements or (ii) take any steps whatsoever to convert the Premises or Improvements, or any portion thereof, to a condominium or cooperative form of management. Trustor will not install or permit to be installed on the Premises any underground storage tank. Trustor shall not commit or suffer any waste of the Trust Property or make any change in the use of the Trust Property which will in any way materially increase the risk of fire or other hazard arising out ...
MAINTENANCE OF TRUST PROPERTY. On or before each April 15, so long as any of the Certificates are outstanding, the Servicer shall furnish to the Insurer and the Trustee an officer's certificate either stating that such action has been taken with respect to the recording, filing, rerecording and refiling of any financing statements and continuation statements as is necessary to maintain the interest of the Trustee created by the Trust and Security Agreement with respect to the Trust Property and reciting the details of such action or stating that no such action is necessary to maintain such interests. Such officer's certificate shall also describe the recording, filing, rerecording and refiling of any financing statements and continuation statements that will be required to maintain the interest of the Trustee in the Trust Property until the date such next officer's certificate is due. The Servicer will use its best efforts to cause any necessary recordings or filings to be made with respect to the Trust Property.
MAINTENANCE OF TRUST PROPERTY. (i) Trustor shall maintain and preserve the Trust Property in good order, condition and repair and in accordance with the provisions of Section 4.1(i) of the Indenture.
(ii) Subject to the provisions of Section 6.3 of the Indenture, Trustor shall promptly restore or cause to be restored in like manner any portion of the Improvements which may be damaged or destroyed at the Trust Property from any cause whatsoever, and pay or cause to be paid when due all claims for labor performed and materials furnished therefor.