Common use of OWNER’S COVENANTS Clause in Contracts

OWNER’S COVENANTS. The OWNER hereby covenants that PROPTENSION INDIA PVT LTD/ Lessee paying the rents hereby reserved and observing all the undertakings and covenants incorporated herein, shall be entitled to enjoy quiet and peaceful possession of the Scheduled Premises during the term of, without any objection or interference whatsoever from the OWNER or any person/(s) claiming through the OWNER. The OWNER has provided fittings& fixtures and agrees to install any fittings which come under the standard fitting like gyser/fan/lights/carton rods/bathroom fitting/Exhaust fans (and agreed upon prior to signing this agreement). Any damage caused due to PROPTENSION INDIA PVT LTD and/or the lessee’s Negligence will be borne by PROPTENSION INDIA PVT LTD / Lessee. The OWNER will bear the cost for the replacement of any fitting & fixtures which is not caused by negligence of PROPTENSION INDIA PVT LTD or the lessee and may be due to age of the appliances, major manufacturer fault, and power outrages out of warranty. The OWNER will bear the cost for any major repair work like seepage, pipe breakage, main water and electrical connections which can’t be a fault of PROPTENSION INDIA PVT LTD or the Lessee. It is agreed that replacements of all consumables such as, but not restricted to bulbs, locks etc will be done by PROPTENSION INDIA PVT LTD or the Lessee PROPTENSION INDIA PVT LTD is not responsible for any of OWNER’s personal belonging kept at the premises. If OWNER still wants to keep their personal belongings inside the premises, then the OWNER has to take the responsibility of the same and shall lock it properly. The OWNER has to provide the required copies of set of documents of title relating to the Schedule Premises as the same is required by PROPTENSION INDIA PVT LTD to furnish the same to their lessees. The OWNER shall co-operate with PROPTENSION INDIA PVT LTD at the time when PROPTENSION INDIA PVT LTD is negotiating with the potential lessee (for eg. the lessee can call up the OWNER and enquire that PROPTENSION INDIA PVT LTD has been authorized to let the Schedule premises, and collect the rents, security deposit etc. from lessees )The address for the purposes of services of notices to the OWNER shall be the address as given in this deed, unless any change of address is notified. Similarly, the address of PROPTENSION INDIA PVT LTD shall be the address given in this deed unless any change is notified.

OWNER’S COVENANTS. The OWNER hereby Owner covenants and agrees with Lender as follows: 3.01 The Owner will cause to be furnished to the Lender at Owner's expense, forthwith and prior to the disbursement of any funds hereunder, a policy of title insurance covering the Property in the aggregate sum of the Mortgage, in a company acceptable to Lender. Said policy shall show the party named as Owner to be vested with a valid insurable fee simple title, free and clear of all exceptions and encumbrances whatsoever except the Mortgage, current taxes not yet due and payable, and covenants and restrictions without right of reverter or forfeiture of title in case of violation thereof, and which do not prohibit or limit construction or operation of the Improvements, and shall insure the Lender and its nominee or assigns that PROPTENSION INDIA PVT LTD/ Lessee paying the rents hereby reserved Mortgage is a valid first lien on the Property subject only to the exceptions expressly permitted in this Agreement. Such title insurance policy shall be effective from the time of the recording of the Mortgage. 3.02 The Owner shall, forthwith and observing prior to the disbursement of any funds hereunder, furnish to Lender at Owner's expense a current print of survey showing the Property to be free from encroachments and encumbrances, which survey shall meet all the undertakings requirements of the title insurer to enable the title insurer to eliminate any exception for survey matters from the title insurance policy. At request of Lender, Owner shall furnish a supplemental survey or surveys showing all foundations of the Improvements to be in place, properly located on the Property and covenants incorporated hereinnot in violation of any covenant or restriction or zoning ordinance affecting the Property. Upon completion of the Improvements, Owner shall furnish to Lender at least two prints of survey showing the Improvements to be complete and properly located on the Property. Such surveys shall be made by a civil engineer or surveyor acceptable to the Lender and shall be paid for by Owner. All required surveys shall be certified to the Lender and the title insurance company insuring the lien of the Mortgage. 3.03 Owner shall furnish and pay the premiums for fire and extended coverage insurance (including Builder's Risk Insurance) and insurance against such other hazards as may be required by Lender, in a company or companies acceptable to the Lender, for the full insurable value of the Improvements, and covering the same, said policies to be in amount and form acceptable to Lender. Loss under such insurance policies shall be payable first to the Lender to the extent of its interest or lien, and shall not be cancellable without at least ten (10) days' written notice by insurer to Lender. Owner shall also furnish, at Owner's expense, general comprehensive liability insurance required by Lender. 3.04 Owner shall construct the Improvements on the Property in a true, thorough, workmanlike and substantial manner and in accordance with the Plans. Owner shall provide, at Owner's cost, all manner of materials, labor, scaffolding, implements and cartage of every description for the due performance of the several works and complete construction of the Improvements. Owner shall not make any changes in the Plans or deviate therefrom except with the written consent of the Lender. 3.05 Owner shall take all necessary steps to assure that construction and installation of the Improvements shall commence not later than thirty (30) days from the date of this Construction Loan Agreement, shall proceed continuously and diligently, and shall be completed within twelve (12) months from the date hereof. 3.06 Owner shall furnish, before each advance herein agreed to be made and on completion of construction, all receipted bills, certificates, affidavits, releases of lien and other documents which may be required by the lien laws of the State of Florida, or which may be required by the Lender or the title insurance company providing the title insurance coverage described in Section 3.01, as evidence of full payment for all labor and materials incident to the construction of the Improvements for which prior advances of Construction Loan proceeds have been requested and made, and the Owner will, at the same time, furnish partial releases from all persons receiving payment from Construction Loan proceeds for the amount of payments received. Prior to the final payment of the remaining Construction Loan proceeds to or for the account of the Owner, the Owner shall furnish satisfactory proof of payment of all accounts and claims for labor, material and services furnished in connection with the Improvements. 3.07 If the Owner at any time prior to the completion of the Improvements abandons the same or ceases work thereon for a period of more than twenty (20) days or fails to complete the Improvements substantially in accordance with the Plans, except as to changes approved as herein provided by the Lender or makes material changes in the Plans without first securing written approval of the Lender or otherwise fails to comply with the terms hereof, any such failure shall be a default hereunder, at the option of the Lender, and the Lender may terminate this Agreement, or the Lender, at its option, at any time thereafter may enter into possession of the premises and perform any and all work and labor necessary to complete the Improvements substantially according to the Plans and employ watchmen to protect the Property from injury. All sums so expended by the Lender shall be deemed paid to Owner and secured by the Mortgage. For this purpose, the Owner hereby constitutes and appoints the Lender as true and lawful attorney-in-fact with full power of substitution in the premises, to complete the Improvements in the name of the Owner, and hereby empowers said attorney or attorneys as follows: to use any funds of the Owner, including any balance which may be held in escrow and any funds which may remain unadvanced under the Mortgage, for the purpose of completing the Improvements in the manner called for by the Plans; to make such additions and changes or corrections in the Plans as shall be necessary or desirable to complete the Improvements in substantially the manner contemplated by the Plans; to employ such contractors, subcontractors and agents, architects and inspectors as shall be required for said purposes; to pay, settle or compromise all existing bills and claims which may be liens against the Property, or as may be necessary or desirable for the completion of the job, or for clearance of title; to execute all applications and certificates in the name of the Owner which may be required by any of the contract documents; and to do any and every act which the Owner might do in its own behalf. It is further understood and agreed that this power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked. The above-mentioned attorney shall also have the power to prosecute and defend all actions or proceedings in connection with the construction of the Improvements on the Property and to take such action and require such performance as said attorney deems necessary. The Owner hereby assigns and quit-claims to the Lender all sums advanced under the Mortgage and on sums due in escrow, conditioned upon the use of said sums in trust for the completion of the Improvements, such assignment to become effective only in case of the Owner's default. 3.08 Owner will not convey or encumber the Property in any way without the consent of the Lender (except for the Mortgage and all advances made and to be made hereunder), nor shall Owner assign any rights under this Construction Loan Agreement or any part of any advance to be made hereunder. 3.09 Owner will permit Lender and its representatives to enter upon the Property, inspect the Improvements and all materials to be used in the construction thereof, and to examine all detailed plans and shop drawings which are or may be kept at the construction site, and all books and records of Owner relating to the Property, and will cooperate with the Lender and Lender's representatives to enable it to perform its functions hereunder. It is expressly agreed that any inspections made by Lender or its representatives shall be made solely for the protection and benefit of the Lender, and the Owner shall not be entitled to enjoy quiet claim any loss or damage either against the Lender or its representatives for failure to properly discharge their duties to Lender. 3.10 Owner agrees that it will correct any work performed and peaceful possession replace any material that does not substantially comply with the Plans. In the event of any dispute between Owner and Lender with respect to the interpretation and meaning of the Scheduled Premises during the term ofPlans, without any objection or interference whatsoever from the OWNER or any person/(s) claiming through the OWNER. The OWNER has provided fittings& fixtures and agrees to install any fittings which come under the standard fitting like gyser/fan/lights/carton rods/bathroom fitting/Exhaust fans (and agreed upon prior to signing this agreement). Any damage caused due to PROPTENSION INDIA PVT LTD and/or the lessee’s Negligence will be borne by PROPTENSION INDIA PVT LTD / Lessee. The OWNER will bear the cost for the replacement of any fitting & fixtures which is not caused by negligence of PROPTENSION INDIA PVT LTD or the lessee and may be due to age of the appliances, major manufacturer fault, and power outrages out of warranty. The OWNER will bear the cost for any major repair work like seepage, pipe breakage, main water and electrical connections which can’t be a fault of PROPTENSION INDIA PVT LTD or the Lessee. It is agreed that replacements of all consumables such as, but not restricted to bulbs, locks etc will be done by PROPTENSION INDIA PVT LTD or the Lessee PROPTENSION INDIA PVT LTD is not responsible for any of OWNER’s personal belonging kept at the premises. If OWNER still wants to keep their personal belongings inside the premises, then the OWNER has to take the responsibility of the same and shall lock it properly. The OWNER has to provide the required copies of set of documents of title relating to the Schedule Premises as the same is required by PROPTENSION INDIA PVT LTD to furnish the same to their lessees. The OWNER shall co-operate with PROPTENSION INDIA PVT LTD at the time when PROPTENSION INDIA PVT LTD is negotiating with the potential lessee (for eg. the lessee can call up the OWNER and enquire that PROPTENSION INDIA PVT LTD has been authorized to let the Schedule premises, and collect the rents, security deposit etc. from lessees )The address for the purposes of services of notices to the OWNER shall be determined by Lender and the address as given in this deed, unless any change decision of address is notified. Similarly, the address of PROPTENSION INDIA PVT LTD Lender shall be final and conclusive on the address given in this deed unless any change is notifiedparties.

OWNER’S COVENANTS. The OWNER hereby covenants that PROPTENSION INDIA PVT LTD/ Lessee LTD paying the rents hereby reserved and observing all the undertakings and covenants incorporated herein, shall be entitled to enjoy quiet and peaceful possession of the Scheduled Premises during the term ofof the PROPTENSION INDIA PVT LTD, without any objection or interference whatsoever from the OWNER or any person/(s) claiming through the OWNER. The OWNER has provided fittings& fixtures and agrees to install any fittings which come under the standard fitting like gyser/fan/lights/carton rods/bathroom fitting/Exhaust fans (and agreed upon prior to signing this agreement)whenever PROPTENSION INDIA PVT LTD asks for it. Any damage caused due to PROPTENSION INDIA PVT LTD and/or or the lesseesub-tenant’s Negligence will be borne by PROPTENSION INDIA PVT LTD / LesseeLTD. The OWNER will bear the cost for the replacement of any fitting & fixtures which is not caused by negligence of PROPTENSION INDIA PVT LTD or the lessee their tenant and may be due to age of the appliances, major manufacturer fault, and power outrages out of warranty. The OWNER will bear the cost for any major repair work like seepage, pipe breakage, main water and electrical connections connections, coil burnt in geyser, rewinding in fan which can’t be a fault of PROPTENSION INDIA PVT LTD or the LesseeSub-Tenant. It is agreed that replacements of all consumables such as, but not restricted to bulbs, locks etc will be done by PROPTENSION INDIA PVT LTD or the Lessee PROPTENSION INDIA PVT LTD is not responsible for any of OWNER’s personal belonging kept at the premises. If OWNER still wants to keep their personal belongings inside the premises, then the OWNER has to take the responsibility of the same and shall lock it properly. The OWNER has to provide the required copies of set of documents of title relating to the Schedule Premises as the same is required by PROPTENSION INDIA PVT LTD to furnish the same to their lesseestenants. The OWNER shall co-operate with PROPTENSION INDIA PVT LTD at the time when PROPTENSION INDIA PVT LTD is negotiating with the potential lessee tenant (for eg. the lessee tenant can call up the OWNER and enquire that PROPTENSION INDIA PVT LTD has been authorized to Sub-let the Schedule premises, and collect the rents, security deposit etc. from lessees )tenants) The address for the purposes of services of notices to the OWNER shall be the address as given in this deed, unless any change of address is notified. Similarly, the address of PROPTENSION INDIA PVT LTD shall be the address given in this deed unless any change is notified.