Common use of Preservation and Maintenance of Collateral Clause in Contracts

Preservation and Maintenance of Collateral. Borrower shall, or shall cause any lessee or Guarantor at its own expense, (a) maintain, preserve and keep the Collateral in good repair, working order and condition, and shall from time to time make all repairs and replacements necessary to keep the Collateral in such condition, and in compliance with state and federal laws, ordinary wear and tear excepted, (b) maintain the Collateral in a condition suitable for certification by the manufacturer thereof (if certification is available) and in conformance with all manufacturer's recommended maintenance requirements, (c) not commit waste or permit impairment or deterioration of the Collateral, (d) not abandon the Collateral, (e) restore or repair promptly and in a good and workmanlike manner all or any portion of the Collateral to its condition as of the Closing Date, or such other condition as Lender may approve in writing, in the event of any damage, injury or loss thereto, whether or not insurance proceeds are available to cover in whole or in part the costs of such restoration or repair, (f) keep all Collateral and other improvements, fixtures, equipment, machinery and appliances on the Property in which Borrower has an interest, in good repair and shall replace all Collateral and other fixtures, equipment, machinery and appliances on the Property in which the Borrower has an interest when necessary to keep such items in good repair, (g) generally operate and maintain the Property in a manner to ensure maximum rentals, and (h) give notice in writing to Lender of and, unless otherwise directed in writing by Lender, appear in and defend any action or proceeding purporting to affect the Collateral, the security of this Agreement or the Mortgage or the rights or powers of Lender hereunder or thereunder. Neither Borrower nor any tenant or other person shall remove, demolish or alter any improvement now existing or hereafter erected on the Property or any fixture, equipment, machinery or appliance, in which Borrower has an interest, in or on the Property except when incident to the replacement of fixtures, equipment, machinery and appliances with items of like kind. In the event that any portion of the Collateral become worn out, lost, destroyed, damaged beyond repair or otherwise rendered unfit for use, Borrower, at its own expense and expeditiously, will replace or cause the replacement of such portion by replacement property free and clear of all liens and encumbrances and with a value and utility at least equal to that of the property being replaced (assuming that such replaced portions were otherwise in good working order and repair). All such replacement property shall be deemed to be incorporated immediately into and to constitute an integral portion of the Collateral and, as such, shall be subject to the terms of the Construction Addendum, the Borrower Documents, or the Guarantor Documents, as applicable. Neither Lender nor Issuer shall have any responsibility in any of these matters, or for the making of improvements or additions to the Collateral.

Preservation and Maintenance of Collateral. Borrower Borrowers (a) shall, or shall cause any lessee or Guarantor at its their own expense, (a) maintain, preserve and keep the Collateral in good repair, working order and condition, and shall from time to time make all repairs and replacements necessary to keep the Collateral in such condition, and in compliance with state and federal laws, ordinary wear and tear excepted, (b) maintain the Collateral in a condition suitable for certification by the manufacturer thereof (if certification is available) and in conformance with all manufacturer's recommended maintenance requirements, (c) shall not commit waste or permit impairment or deterioration of the Collateral, (dc) shall not abandon the Collateral, (ed) shall restore or repair promptly and in a good and workmanlike manner all or any portion of the Collateral to the equivalent of its condition as of the Closing Dateoriginal condition, or such other condition as Lender may approve in writing, in the event of any damage, injury or loss thereto, whether or not insurance proceeds are available to cover in whole or in part the costs of such restoration or repair, (fe) shall keep all Collateral improvements and other improvements, fixtures, equipment, machinery and appliances fixtures on the Property in which Borrower has an interestProperties, in good repair and shall replace all Collateral fixtures and other fixtures, equipment, machinery and appliances equipment on the Property in which the Borrower has an interest Properties when necessary to keep such items in good repair, (gf) shall generally operate and maintain the Property Properties in a manner to ensure maximum rentals, and (hg) shall give notice in writing to Lender of and, unless otherwise directed in writing by Lender, appear in and defend any action or proceeding purporting to affect the Collateral, the security of this Agreement or the Mortgage Mortgages or the rights or powers of Lender hereunder or thereunder. Neither either Borrower nor any tenant or other person shall remove, demolish or alter any improvement now existing or hereafter erected on the Property Properties or any fixture, equipment, machinery or appliance, in which Borrower has an interest, fixture in or on the Property Properties except when incident to the replacement of fixtures, equipment, machinery and appliances fixtures with items of like kind. In the event that any portion of the Collateral become worn out, lost, destroyed, damaged beyond repair or otherwise rendered unfit for use, BorrowerBorrowers, at its their own expense and expeditiously, will replace or cause the replacement of such portion by replacement property free and clear of all liens and encumbrances and with a value and utility at least equal to that of the property being replaced (assuming that such replaced portions were otherwise in good working order and repair). All such replacement property shall be deemed to be incorporated immediately into and to constitute an integral portion of the Collateral and, as such, shall be subject to the terms of this Agreement and the Construction Addendum, the Borrower Documents, or the Guarantor Documents, as applicableMortgages. Neither Lender nor Issuer Collateral shall have any responsibility in any of these matters, or for the making of improvements or additions to the Collateral. Each Borrower represents, warrants and covenants that the Properties are and shall be in compliance with the Americans with Disabilities Act of 1990 and all of the regulations promulgated thereunder to the extent applicable to the Properties, as the same may be amended from time to time.

Preservation and Maintenance of Collateral. Borrower Borrowers (a) shall, or shall cause any lessee or Guarantor at its their own expense, (a) maintain, preserve and keep the Collateral in good repair, working order and condition, and shall from time to time make all repairs and replacements necessary to keep the Collateral in such condition, and in compliance with state and federal laws, ordinary wear and tear excepted, (b) maintain the Collateral in a condition suitable for certification by the manufacturer thereof (if certification is available) and in conformance with all manufacturer's recommended maintenance requirements, (c) shall not commit waste or permit impairment or deterioration of the Collateral, (dc) shall not abandon the Collateral, (ed) shall restore or repair promptly and in a good and workmanlike manner all or any portion of the Collateral to the equivalent of its condition as of the Closing Dateoriginal condition, or such other condition as Lender may approve in writing, in the event of any damage, injury or loss thereto, whether or not insurance proceeds are available to cover in whole or in part the costs of such restoration or repair, (fe) shall keep all Collateral improvements and other improvements, fixtures, equipment, machinery and appliances fixtures on the Property in which Borrower has an interestProperties, in good repair and shall replace all Collateral fixtures and other fixtures, equipment, machinery and appliances equipment on the Property in which the Borrower has an interest Properties when necessary to keep such items in good repair, (gf) shall generally operate and maintain the Property Properties in a manner to ensure maximum rentals, and (hg) shall give notice in writing to Lender of and, unless otherwise directed in writing by Lender, appear in and defend any action or proceeding purporting to affect the Collateral, the security of this Agreement or the Mortgage Mortgages or the rights or powers of Lender hereunder or thereunder. Neither any Borrower nor any tenant or other person shall remove, demolish or alter any improvement now existing or hereafter erected on the Property Properties or any fixture, equipment, machinery or appliance, in which Borrower has an interest, fixture in or on the Property Properties except when incident to the replacement of fixtures, equipment, machinery and appliances fixtures with items of like kind. In the event that any portion of the Collateral become worn out, lost, destroyed, damaged beyond repair or otherwise rendered unfit for use, BorrowerBorrowers, at its their own expense and expeditiously, will replace or cause the replacement of such portion by replacement property free and clear of all liens and encumbrances and with a value and utility at least equal to that of the property being replaced (assuming that such replaced portions were otherwise in good working order and repair). All such replacement property shall be deemed to be incorporated immediately into and to constitute an integral portion of the Collateral and, as such, shall be subject to the terms of this Agreement and the Construction Addendum, the Borrower Documents, or the Guarantor Documents, as applicableMortgages. Neither Lender nor Issuer Collateral shall have any responsibility in any of these matters, or for the making of improvements or additions to the Collateral. Each Borrower represents, warrants and covenants that the Properties are and shall be in compliance with the Americans with Disabilities Act of 1990 and all of the regulations promulgated thereunder to the extent applicable to the Properties, as the same may be amended from time to time.