Property Preservation. Borrower shall:
(1) not commit waste, or abandon or permit impairment or deterioration of the Mortgaged Property;
(2) except as otherwise permitted herein in connection with Repairs and Replacements, not remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property (or permit any tenant or any other person to do the same) except in connection with the replacement of tangible Personalty or Fixtures (provided such Personalty and Fixtures are replaced with items of equal or better function and quality), or in connection with non-structural, cosmetic alterations of the Mortgaged Property which do not (i) (x) change the unit type configurations (i.e., converting a 2 bedroom unit into 1 bedroom unit; and (y) exceed $200,000 in the aggregate during the term of the Mortgage, or (ii) involve retail or commercial space at the Mortgaged Property;
(3) not engage in or knowingly permit, and shall take appropriate measures to prevent and xxxxx or cease and desist, any illegal activities at the Mortgaged Property that could endanger tenants or visitors, result in damage to the Mortgaged Property, result in forfeiture of the Land or otherwise materially impair the lien created by the Security Instrument or Lender’s interest in the Mortgaged Property;
(4) not permit any condition to exist on the Mortgaged Property that would invalidate any part of any insurance coverage required by this Loan Agreement; or
(5) not subject the Mortgaged Property to any voluntary, elective or non-compulsory tax lien or assessment (or opt in to any voluntary, elective or non-compulsory special tax district or similar regime).
Property Preservation. The Investor shall be responsible for property management and disposition services with respect to any Secured Property or REO, including analysis of sale potential, property management (including maintenance, repairs, and securing of such Secured Property or REO to render it compliant under local law and marketable in the future). The Investor shall, either itself or through an agent selected by the Investor, manage, conserve, protect and operate the Secured Property or REO in the same manner that it manages, conserves, protects and operates other secured property or real estate owned for the Investor’s own account, and in the same manner that similar property in the same locality as the Secured Property or REO is managed, so long as in compliance with applicable law. The Investor shall be responsible for a REO monthly servicing fee of $75 while the Secured Property remains vested in Owner’s Trust. Investor may end this monthly fee by paying off the Participation Agreement and any and all outstanding servicing advances and fees and xxxxxxx the asset, at which time AHP will issue a deed to the property.
Property Preservation. The Investor shall be responsible for property management and disposition services with respect to any Secured Property or REO, including analysis of sale potential, property management (including maintenance, repairs, and securing of such Secured Property or REO to render it compliant under local law and marketable in the future). The Investor shall, either itself or through an agent selected by the Investor, manage, conserve, protect and operate the Secured Property or REO in the same manner that it manages, conserves, protects and operates other secured property or real estate owned for the Investor’s own account, and in the same manner that similar property in the same locality as the Secured Property or REO is managed, so long as in compliance with applicable law.
Property Preservation. Borrower shall: not commit waste or abandon or (ordinary wear and tear excepted) permit impairment or deterioration of the Mortgaged Property; not (or otherwise permit any other Person to) demolish, make any change in the unit mix, otherwise alter the Mortgaged Property or any part of the Mortgaged Property, or remove any Personalty or Fixtures from the Mortgaged Property, except for: alterations required in connection with Repairs, Replacements, or Restoration; or the replacement of tangible Personalty or Fixtures, provided such Personalty or Fixtures are replaced with items of equal or better function and quality, and such replacement does not result in any disruption in occupancy (other than in connection with the routine re-leasing of units); not engage in or knowingly permit, and shall take appropriate measures to prevent and xxxxx or cease and desist, any illegal activities at the Mortgaged Property that could endanger tenants or visitors, result in damage to the Mortgaged Property, result in forfeiture of the Land or otherwise materially impair the lien created by the Security Instrument or Lender’s interest in the Mortgaged Property; not permit any condition to exist on the Mortgaged Property that would invalidate any part of any insurance coverage required by this Loan Agreement; or not subject the Mortgaged Property to any voluntary, elective, or non-compulsory tax lien or assessment (or opt in to any voluntary, elective, or non-compulsory special tax district or similar regime).
Property Preservation. In order to protect the rights of the Parties and to provide remedies, before the court makes any final judgement, either Party shall be entitled to apply for property preservation to any competent court. During the term of dispute resolution, except for the issues in relation to the disputes, the Parties shall continue enforcement of this Contract.
Property Preservation. Borrower shall:
(1) not commit waste, or abandon or permit impairment or deterioration of the Mortgaged Property;
(2) except as otherwise permitted herein in connection with Repairs and Replacements, not remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property (or permit any tenant or any other person to do the same) except in connection with the replacement of tangible Personalty or Fixtures (provided such Personalty and Fixtures are replaced with items of equal or better function and quality);
(3) not engage in or knowingly permit, and shall take appropriate measures to prevent and xxxxx or cease and desist, any illegal activities at the Mortgaged Property that could endanger tenants or visitors, result in damage to the Mortgaged Property, result in forfeiture of the Land or otherwise materially impair the lien created by the Security Instrument or Lender’s interest in the Mortgaged Property;
(4) not permit any condition to exist on the Mortgaged Property that would invalidate any part of any insurance coverage required by this Loan Agreement; or
(5) not subject the Mortgaged Property to any voluntary, elective or non-compulsory tax lien or assessment (or opt in to any voluntary, elective or non-compulsory special tax district or similar regime).
Property Preservation. Borrower shall:
Property Preservation. Borrower shall: not commit waste or abandon or (ordinary wear and tear excepted) permit impairment or deterioration of the Mortgaged Property; not (or otherwise permit any other Person to) demolish, make any change in the unit mix, otherwise alter the Mortgaged Property or any part of the Mortgaged Property, or remove any Personalty or Fixtures from the Mortgaged Property, except for: alterations required in connection with Repairs and Replacements; or the replacement of tangible Personalty or Fixtures, provided such Personalty or Fixtures are replaced with items of equal or better function and quality, and such replacement does not result in any disruption in occupancy (other than in connection with the routine re-leasing of units); not engage in or knowingly permit, and shall take appropriate measures to prevent and xxxxx or cease and desist, any illegal activities at the Mortgaged Property that could endanger tenants or visitors, result in damage to the Mortgaged Property, result in forfeiture of the Land or otherwise materially impair the lien created by the Security Instrument or Lender’s interest in the Mortgaged Property; not permit any condition to exist on the Mortgaged Property that would invalidate any part of any insurance coverage required by this Loan Agreement; or not subject the Mortgaged Property to any voluntary, elective, or non-compulsory tax lien or assessment (or opt in to any voluntary, elective, or non-compulsory special tax district or similar regime).
Property Preservation. In order to protect the right of both parities and provide solution, any party has the right to ask for property preservation before the final award by the court in accordance with law. During the period of dispute resolution, both parties shall continue performing other provision of this Agreement except dispute matter.
Property Preservation. IDOT Guarantor shall: not commit waste or abandon or (ordinary wear and tear excepted) permit impairment or deterioration of the Mortgaged Property; not (nor permit any other Person to) demolish, make any change in the unit mix, otherwise alter the Mortgaged Property or any part of the Mortgaged Property, or remove any Personalty or Fixtures from the Mortgaged Property, except for: alterations required in connection with Repairs and Replacements; or the replacement of tangible Personalty or Fixtures, provided such Personalty or Fixtures are replaced with items of equal or better function and quality, and such replacement does not result in any disruption in occupancy (other than in connection with the routine re-leasing of units); not engage in or knowingly permit, and shall take appropriate measures to prevent and xxxxx or cease and desist, any illegal activities at the Mortgaged Property that could endanger tenants or visitors, result in damage to the Mortgaged Property, result in forfeiture of the Land or otherwise materially impair the lien created by the Security Instrument or Lender’s interest in the Mortgaged Property; not permit any condition to exist on the Mortgaged Property that would invalidate any part of any insurance coverage required by this Loan Agreement; or not subject the Mortgaged Property to any voluntary, elective, or non-compulsory tax lien or assessment (or opt in to any voluntary, elective, or non-compulsory special tax district or similar regime). Property Inspections. IDOT Guarantor shall: permit Lender, its agents, representatives, and designees to enter upon and inspect the Mortgaged Property (including in connection with any Replacement or Repair, or to conduct any Environmental Inspection pursuant to the Environmental Indemnity Agreement), and shall cooperate and provide access to all areas of the Mortgaged Property (subject to the rights of tenants under the Leases): during normal business hours; at such other reasonable time upon reasonable notice of not less than one (1) Business Day; at any time when exigent circumstances exist; or at any time after an Event of Default has occurred and is continuing; and pay for reasonable costs or expenses incurred by Lender or its agents in connection with any such inspections. Compliance with Laws. IDOT Guarantor shall: comply with all laws, ordinances, statutes, rules, and regulations of any Governmental Authority and all recorded lawful covenants and agreements relat...
