Common use of PROPERTY MANAGEMENT; MAINTENANCE OF PROPERTIES Clause in Contracts

PROPERTY MANAGEMENT; MAINTENANCE OF PROPERTIES. Owner shall continue to operate each Property as a Multifamily Residential Property, and shall manage or cause to be managed the operations of each Property in accordance with the applicable provisions of the Mortgage Documents and the other Transaction Documents. Owner shall not enter into any agreement or contract for the management or operation of any Property without the prior consent of Fannxx Xxx. Owner (a) shall not commit waste or, subject to ordinary wear and tear, permit impairment or deterioration of any Property, (b) shall not abandon any Property, (c) shall restore or repair promptly and in a good and workmanlike manner all or any part of any Property to the equivalent of its condition existing immediately prior to such Casualty, or such other lesser condition as Fannxx Xxx xxx approve in writing, in the event of any Casualty thereto, whether or not Insurance Proceeds are available to cover in whole or in part the costs of such restoration or repair, (d) shall keep each Property, including improvements, fixtures, equipment, machinery and appliances thereon in good repair and shall replace fixtures, equipment, machinery and appliances on each Property when necessary to keep such items in good repair, and (e) shall generally operate and maintain each Property in accordance with the same standards in which each such Property is operated and maintained as of the Fannxx Xxx Facility Closing Date. Neither Owner nor any tenant or other person shall remove, demolish or alter any improvement now existing or hereafter erected on any Property or any fixture, equipment, machinery or appliance in or on any Property except when incident to the replacement of fixtures, equipment, machinery and appliances with items of like kind.

PROPERTY MANAGEMENT; MAINTENANCE OF PROPERTIES. Owner shall continue to operate each Property as a Multifamily Residential Property, and shall manage or cause to be managed the operations of each Property in accordance with the applicable provisions of the Mortgage Documents and the other Transaction Documents. Owner shall not enter into any agreement or contract for the management or operation of any Property without the prior consent of Fannxx Xxx. Owner (ai) shall not commit waste or, subject to ordinary wear and tear, or permit impairment or deterioration of any Property, (bii) shall not abandon any Property, (ciii) shall restore or repair promptly and in a good and workmanlike manner all or any part of any Property to the equivalent of its condition existing immediately prior to such Casualty, or such other lesser condition as Fannxx Xxx xxx Xxxxxx Mae may approve in writing, in the event of any Casualty thereto, whether or not Insurance Proceeds are available to cover in whole or in part the costs of such restoration or repair, (div) shall keep each Property, including improvements, fixtures, equipment, machinery and appliances thereon in good repair and shall replace fixtures, equipment, machinery and appliances on each Property when necessary to keep such items in good repair, and (ev) shall generally operate and maintain each Property in accordance with the same standards for "Class A" Multifamily Residential Properties in the regional market in which each such Property is operated located and maintained as (vi) shall give notice in writing to Xxxxxx Xxx of, and, unless otherwise directed in writing by Xxxxxx Mae, appear in and defend, any action or proceeding purporting to affect any Property, the security of any Mortgage or the rights or powers of Xxxxxx Xxx under any of the Fannxx Xxx Facility Closing DateTransaction Documents. Neither Owner nor any tenant or other person shall remove, demolish or alter any improvement now existing or hereafter erected on any Property or any fixture, equipment, machinery or appliance in or on any Property except when incident to the replacement of fixtures, equipment, machinery and appliances with items of like kind.

PROPERTY MANAGEMENT; MAINTENANCE OF PROPERTIES. Owner The AIMCO Party shall continue to operate each Mortgaged Property as a Multifamily Residential Property, and shall manage or cause to be managed the operations of each Mortgaged Property in accordance with the applicable provisions of the Mortgage Documents and the other Transaction Loan Documents. Owner shall not enter into any agreement or contract for the management or operation of any Property without the prior consent of Fannxx Xxx. Owner The AIMCO Party (ai) shall not commit waste or, subject to ordinary wear and tear, or permit impairment or deterioration of any Mortgaged Property, (bii) shall not abandon any Mortgaged Property, (ciii) shall restore or repair promptly and in a good and workmanlike manner all or any part of any Mortgaged Property to the equivalent of its condition existing immediately prior to such Casualtycasualty, or such other lesser condition as Fannxx Xxx xxx the Lender may approve in writing, in the event of any Casualty casualty thereto, whether or not Insurance Proceeds insurance proceeds are available to cover in whole or in part the costs of such restoration or repair, (div) shall keep each Mortgaged Property, including improvements, fixtures, equipment, machinery and appliances thereon in good repair and shall replace fixtures, equipment, machinery and appliances on each Mortgaged Property when necessary to keep such items in good repair, and (ev) shall generally operate and maintain each Mortgaged Property in accordance with a manner to ensure maximum rentals and (vi) shall give notice in writing to the same standards Lender of, and, unless otherwise directed in which each such Property is operated writing by the Lender, appear in and maintained as defend, any action or proceeding purporting to affect any Mortgaged Property, the security of any Security Document or the rights or powers of the Fannxx Xxx Facility Closing DateLender under any of the Loan Documents. Neither Owner nor No AIMCO Party shall, and no AIMCO Party shall grant permission to any tenant or other person shall to, remove, demolish or alter any improvement now existing or hereafter erected on any Mortgaged Property or any fixture, equipment, machinery or appliance in or on any Mortgaged Property except when incident to the replacement of fixtures, equipment, machinery and appliances with items of like kind.

PROPERTY MANAGEMENT; MAINTENANCE OF PROPERTIES. Owner shall continue to operate each Property as a Multifamily Residential Property, and shall manage or cause to be managed the operations of each Property in accordance with the applicable provisions of the Mortgage Documents and the other Transaction Documents. Owner shall not enter into any agreement or contract for the management or operation of any Property without the prior consent of Fannxx Xxx. Owner (ai) shall not commit waste or, subject to ordinary wear and tear, or permit impairment or deterioration of any Property, (bii) shall not abandon any Property, (ciii) shall restore or repair promptly and in a good and workmanlike manner all or any part of any Property to the equivalent of its condition existing immediately prior to such Casualty, or such other lesser condition as Fannxx Xxxxxx Xxx xxx may approve in writing, in the event of any Casualty thereto, whether or not Insurance Proceeds are available to cover in whole or in part the costs of such restoration or repair, (div) shall keep each PropertyProperty (except to the extent Insurance Proceeds would be available to pay for such restoration or repair but for Xxxxxx Mae's application of such proceeds to repayment of the Related Mortgage Note), including improvements, fixtures, equipment, machinery and appliances thereon in good repair and shall replace fixtures, equipment, machinery and appliances on each Property when necessary to keep such items in good repair, and (ev) shall generally operate and maintain each Property in accordance with the same standards in which each such Property is operated and maintained manner as of the Fannxx Xxx Facility Closing Datedate hereof (subject to reasonable wear and tear). Neither Owner nor any tenant or other person shall remove, demolish or alter any material improvement now existing or hereafter erected on any Property or any fixture, equipment, machinery or appliance in or on any Property except when incident to the replacement of fixtures, equipment, machinery and appliances with items of like kindkind except for property owned by tenants.