Common use of Property Preservation Clause in Contracts

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. 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 LenderXxxxxx’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. Borrower and Affiliated Property Operator 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:  any Allowed Change in Use pursuant to Section 6.2(lll);  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 change in unit or bed Acuity composition (other than an Allowed Change in Use) or a 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).