Obligation to Maintain Properties Clause Samples
The Obligation to Maintain Properties clause requires a party, typically a tenant or property owner, to keep the premises in good condition throughout the term of an agreement. This obligation often includes performing regular maintenance, making necessary repairs, and ensuring compliance with health and safety standards. By clearly assigning responsibility for property upkeep, the clause helps prevent disputes over property condition and ensures the asset retains its value and functionality during the contractual period.
Obligation to Maintain Properties. Keep all Collateral and all other property useful and necessary in the business of the Loan Parties and Subsidiaries in good working order and condition, ordinary wear and tear excepted, and make all necessary replacements of and repairs to the equipment so that the operating efficiency and the value thereof shall at all times be preserved and maintained.
Obligation to Maintain Properties. Keep all Collateral and all other property useful and necessary in the business of the Borrower and the other Loan Parties in good working order and condition, ordinary wear and tear excepted and shall make all necessary replacements of, and repairs to, the equipment so that the operating efficiency and the value thereof shall at all times be preserved and maintained.