Operation of Mortgaged Property. Borrower shall cause the operation of each Mortgaged Property to be conducted at all times in a manner consistent with at least the level of operation of such Mortgaged Property as of the Closing Date, including, without limitation, the following: (i) to maintain or cause to be maintained the standard of each Mortgaged Property at all times at a level not lower than that maintained by prudent managers of similar facilities or land in the region where the Mortgaged Property is located; (ii) to operate or cause to be operated each Mortgaged Property in a prudent manner in compliance in all material respects with applicable Legal Requirements and Insurance Requirements relating thereto and maintain or cause to be maintained all material licenses, Permits and any other agreements necessary for the continued use and operation of each Mortgaged Property; and (iii) to maintain or cause to be maintained sufficient Inventory and Equipment of types and quantities at each Mortgaged Property to enable Borrower to operate each Mortgaged Property and to comply in all material respects with all Leases affecting each Mortgaged Property.
Appears in 13 contracts
Samples: Loan Agreement (Affordable Residential Communities Inc), Loan Agreement (Affordable Residential Communities Inc), Loan Agreement (Affordable Residential Communities Inc)
Operation of Mortgaged Property. Borrower shall cause the operation of each the Mortgaged Property to be conducted at all times in a manner consistent with at least the level of operation of such the Mortgaged Property as of the Closing Date, including, without limitation, the following:
(i) to maintain or cause to be maintained the standard of each the Mortgaged Property at all times at a level not lower than that maintained by prudent managers of similar facilities or land in the region where the Mortgaged Property is located;
(ii) to operate or cause to be operated each the Mortgaged Property in a prudent manner in compliance in all material respects with applicable Legal Requirements and Insurance Requirements relating thereto and maintain or cause to be maintained all material licenses, Permits and any other agreements necessary for the continued use and operation of each the Mortgaged Property; and
(iii) to maintain or cause to be maintained sufficient Inventory and Equipment of types and quantities at each the Mortgaged Property to enable Borrower to operate each the Mortgaged Property and to comply in all material respects with all Leases affecting each the Mortgaged Property.
Appears in 4 contracts
Samples: Loan Agreement (Thomas Properties Group Inc), Loan Agreement (Thomas Properties Group Inc), Loan Agreement (First Union Real Estate Equity & Mortgage Investments)
Operation of Mortgaged Property. Borrower shall cause the operation of each the Mortgaged Property to be conducted at all times in a manner consistent with at least the level of operation of such Mortgaged Property as of the Closing Date, including, without limitation, the following:
(i) to maintain or cause to be maintained the standard of each the Mortgaged Property at all times at a level not lower than that maintained by prudent managers of similar facilities or land in the region where the Mortgaged Property is located;
(ii) to operate or cause to be operated each the Mortgaged Property in a prudent manner in compliance in all material respects with applicable Legal Requirements and Insurance Requirements relating thereto and maintain or cause to be maintained all material licenses, Permits and any other agreements necessary for the continued use and operation of each the Mortgaged Property; and
(iii) to maintain or cause to be maintained sufficient Inventory and Equipment of types and quantities at each the Mortgaged Property to enable Borrower to operate each the Mortgaged Property and to comply in all material respects with all Leases affecting each the Mortgaged Property.
Appears in 3 contracts
Samples: Loan Agreement (Digital Realty Trust, Inc.), Loan Agreement (Digital Realty Trust, Inc.), Loan Agreement (Digital Realty Trust, Inc.)