Repair and Maintenance. Grantor will keep the Property reasonably in good order, repair, operating condition and appearance, causing all reasonably necessary repairs and replacements, promptly to be made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its value, including but not limited to (i) removing from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan Document, (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances).
Appears in 2 contracts
Samples: Security Agreement (Pillowtex Corp), Security Agreement (Pillowtex Corp)
Repair and Maintenance. Grantor will keep Subject to the Property reasonably provisions of Article 12, and except for damage caused by any act or omission of Tenant or persons acting under Tenant, Landlord shall make such repairs and replacements to the roof structure and roof membrane; exterior walls; floor slabs, footings, foundations, columns, and other structural components of the Building; glass in exterior windows and exterior doors of the Building; and other Building systems up to the Utility Switching Points, as may be necessary to properly maintain them in good orderrepair and condition. Landlord shall have no obligation to repair or maintain any portion of the Premises or perform any service, except as specifically set forth in this paragraph. Tenant shall promptly report in writing to Landlord any defective condition known to it that Landlord is required to repair, operating . Tenant waives the benefit of any present or future law that provides Tenant the right to repair the Premises or Property at Landlord’s expense or to terminate this Lease because of the condition and appearance, causing all reasonably necessary repairs and replacements, promptly to be made, and will not allow any of the Property or Premises (but nothing in this sentence shall be deemed to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary limit Tenant’s exercise of the remedies expressly provided in the operation immediately following paragraph). If Landlord is in default in the performance of any of its obligations under this Section 10.03(c), beyond applicable notice and cure periods, then Tenant shall have the Property with fixtures right to remedy such default on Landlord’s behalf (provided that Tenant uses reasonable efforts to avoid violating or personal property comparable rendering void any warranties maintained by Landlord), in which event Landlord shall reimburse Tenant within thirty (30) days after invoice for all reasonable costs and expenses incurred by Tenant in connection therewith. If (i) Landlord disputes Tenant’s right to have undertaken any such remedy or the amount of reimbursement claimed by Tenant, (ii) Tenant obtains a final, unappealable judgment against Landlord for failure to reimburse Tenant for such costs, and (iii) Landlord fails to pay such costs to Tenant within fifteen (15) days following notice from Tenant of such judgment, then Tenant shall have the right to recover the same plus reasonable costs of enforcement by an abatement of Base Rent, provided that such abatement (and the accrual of any interest on such amounts) shall cease at such time as and to the replaced fixtures or personal property, and will repaint the Property when reasonably neededextent that payment is tendered to Tenant. Notwithstanding the foregoing, Grantor will not, without if the prior written consent amount of the Collateral Agent do or permit to abatement is more than 5% of the aggregate amount of Base Rent due in any month, then the amount abated in any one month shall not exceed 5% of the Base Rent and the excess amount of the abatement shall be done anything to carried forward with interest at the Property that materially may impair its value, including but not limited to Default Rate. Tenant’s self-help rights under this Section 10.03(c) shall be exercised by Tenant only (i) removing from with respect to conditions actually existing within the Property any fixtures or personal property covered by this Deed Premises (but and not including any personal property in which Grantor is affecting the lessee thereof) which are necessary or desirable in the operation structural components of the PropertyBuilding or systems serving other tenants of the Building) or repairs to the roof of the Building required to prevent water infiltration into, except or water damage to, the Premises (and conducted in accordance with the roof warranty for the Building, Tenant to provide Landlord with evidence that such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear warranty remains in effect upon completion of any lien or security interest (except that (i) created by this Deed or any other Loan Documentsuch repairs), (ii) otherwise permitted in with respect to conditions that materially affect Tenant’s ability to use and enjoy the Loan Documents or Premises, and (iii) after Tenant has provided Landlord with notice of Tenant’s intention to exercise such right, and Landlord has failed to commence action to remedy the condition complained of within ten (10) days after its receipt of such notice (or if Landlord commences to do the act required within such period but fails to proceed diligently thereafter). Tenant’s remedies under this Section 10.03(c) are personal to Tenant and may not be exercised by any subtenants or assignees (other than an assignee that is a Related Party or Successor Entity) against Landlord. Tenant shall indemnify, save harmless and defend Landlord and its members, managers, officers, mortgagees, agents, employees, independent contractors, invitees and other persons acting under them from and against all liability, claim or cost (including reasonable attorneys’ fees) arising in respect whole or in part out of capitalized leases) any negligence or such as is permitted to be removed by a tenant willful misconduct in connection with Tenant’s exercise of its remedies pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrancesthis Section 10.03(c).
Appears in 2 contracts
Samples: Vertex Pharmaceuticals Incorporated (Senior Housing Properties Trust), Vertex Pharmaceuticals Incorporated (Senior Housing Properties Trust)
Repair and Maintenance. After completion of the Improvements, Grantor will keep the Property reasonably in good order, repair, operating condition and appearance, causing all reasonably necessary repairs structural and non-structural repairs, renewals, replacements, promptly additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor will promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property Trust with fixtures or personal property comparable to the replaced fixtures or personal propertyproperty when new, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to Beneficiary, and except as contemplated by the Property that materially may impair its valueLoan Agreement, including but not limited to (i) removing erect any new buildings, structures or other improvements on the Property; (ii) remove from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, Trust except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan Documentof Trust), (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making make any structural or other material alteration to the Property that materially or any other alteration thereto which impairs the value thereof. Nothing contained herein will prevent tenants of thereof or (iv) make any alteration to the Property from making alterations involving an estimated expenditure exceeding $10,000 except pursuant to plans and improvements expressly permitted under their leases of any part of specifications approved in writing by the Mortgaged PropertyBeneficiary. Upon request of the Collateral AgentBeneficiary, Grantor will deliver to the Collateral Agent Beneficiary an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, Property with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Propertyproperty, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrancesthat created by this Deed of Trust).
Appears in 1 contract
Repair and Maintenance. Grantor will keep Landlord shall maintain, or cause Prime Landlord to maintain, the Property reasonably entire Premises in good order, repair, operating the condition and appearance, causing all reasonably necessary repairs and replacements, promptly to be made, and will not allow any existing as of the Property to be misused, abused or wasted or to deteriorate, normal date of this Lease (ordinary wear and tear excepted), including without limitation the Building and casualty exceptedother Improvements on the Premises, and all roofs and exterior walls, driveways and parking areas, and shall make all necessary repairs to the building structure and concealed systems (including without limitation plumbing, electrical, heating and air conditioning) within or servicing the Premises; provided, however, that Landlord shall not be required to effect any repair the reasonable cost of which would exceed $50,000, in which case Tenant may immediately terminate this Lease or may effect such repair and offset against payments due to Landlord hereunder or under any other agreement its reasonable cost of effecting such repair. Grantor promptly will replace Landlord shall also make any modifications to the Premises required to comply with applicable legal requirements, including without limitation the Americans with Disabilities Act. If any repairs required to be made by Landlord to the Premises are not completed within ten (10) days after written notice of the need for the repairs has been given by Tenant to Landlord (or, in the event of an emergency, if not made as soon as reasonably practical), then Tenant may make the needed repairs on behalf of and at the expense of Landlord. Landlord shall reimburse Tenant for the reasonable cost of the repairs within ten (10) days after written demand, accompanied by supporting invoices. If any repairs required to be made by Landlord are commenced when necessary, but cannot be completed within ten (10) days, then Landlord shall have an additional reasonable period of time to complete the repairs, so long as it continues to prosecute the completion of the repairs with due diligence, and provided it keeps Tenant fully informed as to the progress of the repairs. Tenant shall keep the Premises in a safe, neat and clean condition at all worntimes, and shall be responsible the routine maintenance and upkeep of the Improvements (including minor non-out or obsolete fixtures or structural repairs to the interior of the Building, and the general policing of paved and landscaped areas). Tenant also shall be responsible for any repairs to Tenant's personal property covered by this Deed that are reasonably necessary in and equipment placed on the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably neededPremises. Notwithstanding the foregoing, Grantor will not, without Tenant shall have no responsibility whatsoever for any underground storage tanks located on the prior written consent Premises as of the Collateral Agent do or permit to be done anything to the Property that materially may impair its value, including but not limited to (i) removing from the Property any fixtures or personal property covered by date of this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan Document, (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)Lease.
Appears in 1 contract
Samples: License Agreement (Cone Mills Corp)
Repair and Maintenance. Grantor will keep Landlord shall maintain the Property reasonably entire Premises in good order, repair, operating the condition and appearance, causing all reasonably necessary repairs and replacements, promptly to be made, and will not allow any existing as of the Property to be misused, abused or wasted or to deteriorate, normal date of this Lease (ordinary wear and tear excepted), including without limitation the Building and casualty exceptedother Improvements on the Premises, and all roofs and exterior walls, driveways and Exhibit 2.4 (continued) parking areas, and shall make all necessary repairs to the building structure and concealed systems (including without limitation plumbing, electrical, heating and air conditioning) within or servicing the Premises; provided, however, that Landlord shall not be required to effect any repair the reasonable cost of which would exceed $50,000, in which case Tenant may immediately terminate this Lease or may effect such repair and offset against payments due to Landlord hereunder or under any other agreement its reasonable cost of effecting such repair. Grantor promptly will replace Landlord shall also make any modifications to the Premises required to comply with applicable legal requirements, including without limitation the Americans with Disabilities Act. If any repairs required to be made by Landlord to the Premises are not completed within ten (10) days after written notice of the need for the repairs has been given by Tenant to Landlord (or, in the event of an emergency, if not made as soon as reasonably practical), then Tenant may make the needed repairs on behalf of and at the expense of Landlord. Landlord shall reimburse Tenant for the reasonable cost of the repairs within ten (10) days after written demand, accompanied by supporting invoices. If any repairs required to be made by Landlord are commenced when necessary, but cannot be completed within ten (10) days, then Landlord shall have an additional reasonable period of time to complete the repairs, so long as it continues to prosecute the completion of the repairs with due diligence, and provided it keeps Tenant fully informed as to the progress of the repairs. Tenant shall keep the Premises in a safe, neat and clean condition at all worntimes, and shall be responsible the routine maintenance and upkeep of the Improvements (including minor non-out or obsolete fixtures or structural repairs to the interior of the Building, and the general policing of paved and landscaped areas). Tenant also shall be responsible for any repairs to Tenant's personal property covered by this Deed that are reasonably necessary in and equipment placed on the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its value, including but not limited to (i) removing from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan Document, (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)Premises.
Appears in 1 contract
Samples: License Agreement (Cone Mills Corp)
Repair and Maintenance. Grantor will keep the Mortgaged Property reasonably in good order, repair, operating condition and appearance, causing all reasonably necessary repairs and repairs, renewals, replacements, promptly additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused or wasted or to deteriorate. To the extent necessary for the operation of the Mortgaged Property, normal wear and tear and casualty excepted. Grantor will promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property Trust with fixtures or personal property comparable to the replaced fixtures or personal propertyproperty when new. Grantor will make all renovations, modifications and will repaint alterations to the Mortgaged Property when reasonably neededin compliance with all Applicable Laws. Notwithstanding any of the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its valueAgent, including but not limited to (i) removing remove from the Mortgaged Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, Trust except such as is those replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed of Trust); (ii) make any structural alteration to the Mortgaged Property or any other Loan Document, (ii) otherwise permitted in alterations thereto which impair the Loan Documents value thereof; or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making make any structural or other alteration to the Mortgaged Property that materially impairs involving an estimated expenditure exceeding $250,000 except pursuant to plans and specifications approved in writing by the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged PropertyCollateral Agent. Upon request of the Collateral Agent, Grantor will within thirty (30) days after such request deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, Mortgaged Property with a certification by Grantor that that, to the best of its knowledge, said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Mortgaged Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Mortgaged Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except that created by this Deed of Trust) or otherwise permitted hereunder or under the Permitted Encumbrances)Credit Agreement.
Appears in 1 contract
Samples: Pledge Agreement (Stolt Nielsen S A)
Repair and Maintenance. Grantor will SUBTENANT shall have the right to construct, operate, and maintain on the Leased Premises any and all improvements deemed necessary or convenient in connection with the Permitted Use, and shall have the further right at any time to remove any improvements, buildings or other structures of like nature. Facilities, such as protective fencing and gates permanently installed, electrical wiring and air-flow baffle walls are to be left in place at the termination of this Sublease or removed by SUBTENANT at its expense, at SUBLANDLORD’s option. SUBTENANT agrees that, at its sole cost and expense, it shall keep and maintain the Property reasonably surface area of the Leased Premises (located adjacent to the entrance of the Blue Stone Mine), including all improvements constructed thereon by SUBTENANT, in good orderrepair, replacement, and appearance during the term of this Sublease and will with reasonable promptness make all structural and nonstructural, foreseen and unforeseen, and ordinary and extraordinary changes and repairs of every kind and nature which may be required to be made upon or in connection with Leased Premises or any part thereof in order to keep and maintain Leased Premises in such good repair, replacement and appearance, so that the Leased Premises are in substantially the same condition at the end of the term of this Sublease as they were at the commencement of this Sublease, subject to normal wear and tear. Except as may be required pursuant to Section 12 herein, SUBLANDLORD shall not be required to maintain, repair, operating condition and appearanceor rebuild, causing all reasonably necessary repairs and or to make any alterations, replacements, promptly or renewals of any nature or description to be madeLeased Premises or any part thereof, whether ordinary or extraordinary, structural or nonstructural, foreseen or unforeseen or to maintain Leased Premises or any part thereof in any way, and will not allow except as may be required pursuant to Section 12 herein, SUBTENANT hereby expressly waives any right to make repairs or replacements at the expense of SUBLANDLORD which may be provided for in any statute or law in effect at the time of the Property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor promptly will replace all worn-out or obsolete fixtures or personal property covered by execution of this Deed that are reasonably necessary in the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its value, including but not limited to (i) removing from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed Sublease or any other Loan Document, (ii) otherwise permitted in the Loan Documents statute or (iii) in respect of capitalized leases) or such as is permitted to law which may thereafter be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)enacted.
Appears in 1 contract
Samples: Sublease (Dynamic Materials Corp)
Repair and Maintenance. Grantor will keep the Property reasonably in ---------------------- good order, repair, operating condition and appearance, causing all reasonably necessary structural and non-structural repairs, renewals, replacements, additions and improvements to be promptly made, including but not limited to any repairs and replacements, promptly to be mademaintenance required under all applicable restrictive covenants, and will not allow any of the Property to be misused, abused or wasted or to deteriorate, normal ,subject to reasonable wear and tear and casualty exceptedtear. Grantor will promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property Trust with fixtures or personal property comparable to the replaced fixtures or personal propertyproperty when new, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its valueNoteholder, including but not limited to (i) removing erect any new buildings, structures or other improvements on the Property; (ii) remove from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, Trust except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan Documentof Trust), (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making make any structural or other alteration to the Property that materially or any other alteration thereto which impairs the value thereof. Nothing contained herein will prevent tenants of thereof or (iv) make any alteration to the Property from making alterations involving an estimated expenditure exceeding $25,000 except pursuant to plans and improvements expressly permitted under their leases of any part of specifications approved in writing by the Mortgaged PropertyNoteholder. Upon request of the Collateral AgentNoteholder, Grantor will deliver to the Collateral Agent Noteholder an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, Property with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrancesthat created by this Deed of Trust).
Appears in 1 contract
Repair and Maintenance. Grantor will keep In event of any damage or destruction of any Common Facility from any cause whatsoever, other than the Property reasonably negligence or willful misconduct of one of the conjoining property owners or their invitees, the owners of shall, at their joint expenses, repair and rebuild any such Common Facility and each such owner shall have the right to full use as herein contained of said Common Facility so repaired or rebuilt. Whenever any such Common Facility, or any part thereof, shall be rebuilt, it shall be erected in good order, repair, operating condition the same manner and appearance, causing all reasonably necessary repairs and replacements, promptly to be madein the same location where it shall initially have been constructed, and will not allow any shall be of the Property to be misused, abused same size or wasted or to deteriorate, normal wear similar materials and tear and casualty exceptedof like quality. Grantor promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in In the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its value, including but not limited to (i) removing from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are event it shall become necessary or desirable in to perform maintenance upon the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien whole or security interest (except that (i) created by this Deed or any other Loan Document, (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request common facilities, such expense shall be shared equally by the owners of the Collateral Agentconjoining property. Should such maintenance, Grantor will deliver repair, or construction be required to be done solely by reason of the negligence or the willful misconduct of any one of the conjoining property owners, any such expense incidental thereto shall be borne sole by such wrongdoer. If any owner shall refuse to pay his share of such cost to repair or replace the damaged common facilities, for any cause whatsoever, the other owner shall have such Common Facility repaired or reconstructed and shall be entitled, and is hereby granted, a lien on the property of the non‐paying conjoining property owner for an amount equal to such defaulting party’s share of the repair or replacement together with such reasonable costs and attorney fees which may be incurred by the non‐defaulting property owner. If a conjoining property owner shall give, or shall have given a mortgage or mortgages upon his conjoining property, then the mortgagee shall have the full right, as its option, to exercise the right of its mortgagor as a conjoining property owner hereunder and, in addition, the right to add to the Collateral Agent an inventory describing outstanding balance of such mortgage, any amounts paid by the mortgagee for repairs hereunder and showing not reimbursed to said mortgagee by said conjoining property owner. In the makeevent any repairs or reconstruction shall be necessary, modelall necessary entries on the adjacent conjoining property shall not be deemed as a trespass so long as the repairs or reconstruction shall be done in a good and workmanlike manner, serial number and location of all fixtures and personal property used in the management, maintenance and operation consent of the Property, with a certification by Grantor that said inventory conjoining property owners is a true hereby granted to enter upon any adjacent conjoining property to affect any necessary repairs and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)reconstructions as contemplated herein.
Appears in 1 contract
Samples: Common Wall Agreement
Repair and Maintenance. Grantor Trustor will keep the Mortgaged Property reasonably in good first class order, repair, operating condition and appearance, causing all reasonably necessary repairs and repairs, renewals, replacements, promptly additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor Trustor will promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property Trust with fixtures or personal property comparable to the replaced fixtures or personal propertyproperty when new, and will repaint the Mortgaged Property when reasonably needed. Trustor will make all renovations, modifications and alterations to the Mortgaged Property in compliance with all Applicable Laws. Notwithstanding any of the foregoing, Grantor Trustor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its valueLender, including but not limited to (i) removing remove from the Mortgaged Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, Trust except such as is replaced by Grantor Trustor by an article of equal suitability and value, owned by GrantorTrustor, free and clear of any lien or security interest (except that (i) created by this Deed of Trust); (ii) make any structural alteration to the Mortgaged Property or any other Loan Document, (ii) otherwise permitted in alterations thereto which impair the Loan Documents value thereof; or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making make any structural or other alteration to the Mortgaged Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations involving an estimated expenditure exceeding $25,000.00 except pursuant to plans and improvements expressly permitted under their leases of any part of the Mortgaged Propertyspecifications approved in writing by Lender in its sole discretion. Upon request of the Collateral AgentLender, Grantor Trustor will promptly deliver to the Collateral Agent Lender an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, Mortgaged Property with a certification by Grantor Trustor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Mortgaged Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Mortgaged Property, and that all such items are owned by Grantor Trustor free and clear of any lien or security interest (except the Permitted Encumbrancesthat created by this Deed of Trust).
Appears in 1 contract
Samples: Netreit, Inc.
Repair and Maintenance. Grantor Borrower will keep and maintain the Property reasonably Property, including the parking, recreational and landscaped portions thereof, in good order, repair, operating condition and appearance, causing all reasonably necessary repairs structural and non-structural repairs, renewals, replacements, promptly additions and improvements to be promptly made, and will not allow any of the Property property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor Borrower shall provide Lender with written notice of any material damage to or destruction of the Property or any portion thereof within five (5) Business Days of such occurrence. Borrower will promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property Security Documents with fixtures or personal property comparable to the replaced fixtures or personal propertyproperty when new, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor Borrower will not, not without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its valueLender, including but not limited to (i) removing remove from the Property any fixtures or personal property covered by this Deed the Security Documents except (but not including any personal property in which Grantor is the lessee thereofA) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor Borrower by an article of equal suitability and value, value owned by GrantorBorrower, free and clear of any lien Lien or security interest (except that (i) created by this Deed the Security Documents or any the Permitted Second Lien) or (B) such fixtures or personal property (other Loan Documentthan heating and air conditioning equipment) having a value of less than $100,000, the removal of which would not have a Materially Adverse Effect on the Individual Property to which it relates, or (ii) otherwise permitted in make any structural alterations which diminish the Loan Documents value of the improvements on the Property, or (iii) expend more than $150,000 in respect of capitalized leasesthe aggregate in any twelve (12) or such as is permitted to be removed by a tenant pursuant to such tenant's lease calendar monthly period on structural alterations on any Individual Property, or (iiiv) making erect any structural new buildings, structures, or other alteration to the building additions on any Individual Property (except such new buildings, structures or building additions that materially impairs do not diminish the value thereof. Nothing contained herein will prevent tenants of such Individual Property and the Property from making alterations and improvements expressly permitted under their leases cost of any part construction of the Mortgaged Property. Upon request which is not in excess of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used $200,000 in the managementaggregate in any twelve (12) calendar month period). Notwithstanding the above, maintenance Borrower may repair or replace the roof and/or the asphalt parking lot at any Individual Property provided such repairs or replacement shall meet all applicable building codes and operation of the Property, with a certification by Grantor that said inventory is a true requirements and complete schedule of all such fixtures and personal property used shall result in the management, maintenance and operation roof and/or parking lot being of equal or grater quality as the Property, that such items specified in the inventory constitute all roofs and/or parking lots of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)comparable retail establishments.
Appears in 1 contract
Repair and Maintenance. Grantor will keep the Mortgaged Property reasonably in good order, repair, operating condition and appearance, causing all reasonably necessary repairs and repairs, renewals, replacements, promptly additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused or wasted or to deteriorate. To the extent necessary for the operation of the Mortgaged Property, normal wear and tear and casualty excepted. Grantor will promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property Mortgage with fixtures or personal property comparable to the replaced fixtures or personal propertyproperty when new. Grantor will make all renovations, modifications and will repaint alterations to the Mortgaged Property when reasonably neededin compliance with all Applicable Laws. Notwithstanding any of the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its valueAgent, including but not limited to (i) removing remove from the Mortgaged Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, Mortgage except such as is those replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed Mortgage); (ii) make any structural alteration to the Mortgaged Property or any other Loan Document, (ii) otherwise permitted in alterations thereto which impair the Loan Documents value thereof; or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making make any structural or other alteration to the Mortgaged Property involving an estimated expenditure exceeding $250,000 except pursuant to plans and specifications approved in writing by the Collateral Agent; provided, however, that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of tank construction currently underway on the Mortgaged PropertyProperty with an estimated cost of approximately $16,000,000 shall be deemed approved by the Collateral Agent for purposes of this subsection (g)(iii). Upon request of the Collateral Agent, Grantor will within thirty (30) days after such request deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, Mortgaged Property with a certification by Grantor that that, to the best of its knowledge, said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Mortgaged Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Mortgaged Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except that created by this Mortgage) or otherwise permitted hereunder or under the Permitted Encumbrances)Credit Agreement.
Appears in 1 contract
Samples: Pledge Agreement (Stolt Nielsen S A)
Repair and Maintenance. Grantor will To keep the Property reasonably Premises, (excluding the roof, exterior walls and floor slab) in good order and repair, and in at least as good order and repair as they are in on the Commencement Date, reasonable use and wear and damage by fire or casualty and damage resulting from the failure of the Landlord to perform its obligations under this Lease only excepted; and to keep all glass, fixtures and equipment now or hereafter on the premises, including, without limitation, all heating, plumbing, electrical, air conditioning, and mechanical fixtures and equipment serving only the Premises, in good order and repair, and in at least as good order and repair as they are in on the Commencement Date, damage by fire or casualty and damage resulting from the failure of the Landlord to perform its obligations under this Lease only excepted; and to make all repairs and replacements and to do all other work necessary for the foregoing purposes, both ordinary and extraordinary. it is further agreed that the exception of reasonable use and wear shall not apply so as to permit Tenant to keep the Premises in anything less than suitable, efficient and usable condition considering the nature of the Premises and the use reasonable made thereof, or in less than good order, repair, operating condition and appearance, causing all reasonably necessary repairs and replacements, promptly to be made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably neededcondition. Notwithstanding the foregoing, Grantor will not, without with respect to the prior written consent repair or replacement of the Collateral Agent do heating, plumbing, electrical, air conditioning, and mechanical fixtures and equipment which constitutes a capital item under generally accepted accounting practices and which has been approved in writing in advance by Landlord, the Landlord shall pay a portion of the reasonable costs thereof as set forth below, provided that no event of default or permit to condition which, with the giving of notice or the lapse of time, or both, would constitute an event of default exists at the time that such payment is required hereunder. Such payment shall be done anything equal to the Property that materially may impair its value, including but not limited to product of (a) such reasonable cost and (b) a fraction (i) removing from the Property any fixtures or personal property covered by this Deed (but not including any personal property in denominator of which Grantor is the lessee thereof) which are necessary or desirable in the operation total number of the Property, except such as is replaced by Grantor by an article of equal suitability months for this Lease and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan Document, (ii) otherwise permitted the numerator of which is the number of 4 months which have elapsed in the Loan Documents Lease as of the commencement of the repair or replacement. Such payment shall be made by Landlord within sixty (iii60) days after written notice from Tenant setting forth in respect reasonable detail the cost of capitalized leases) the replacement or such as repair. At the Landlord's option, the Landlord rather than paying the money owing to the Tenant, may provide the Tenant with a rent credit against the amounts owing under this Lease. Further, if the Landlord shall not be obligated to make any payment to the Tenant under this section for what is permitted to be removed by a tenant pursuant cosmetic or totally voluntary repair and/or replacement to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)systems.
Appears in 1 contract
Samples: Connectivity Technologies Inc
Repair and Maintenance. Grantor will keep the Mortgaged Property reasonably in good first class order, repair, operating condition and appearance, causing all reasonably necessary repairs and repairs, renewals, replacements, promptly additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor will promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property Mortgage with fixtures or personal property comparable to the replaced fixtures or personal propertywhen new, and will repaint the Mortgaged Property when reasonably needed. Grantor will make all renovations, modifications and alterations to the Mortgaged Property in compliance with all Applicable Laws. Notwithstanding any of the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its valueNoteholder, including but not limited to (i) removing remove from the Mortgaged Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, Mortgage except such as is those replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed Mortgage); (ii) make any structural alteration to the Mortgaged Property or any other Loan Document, (ii) otherwise permitted in alterations thereto which impair the Loan Documents value thereof; or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making make any structural or other alteration to the Mortgaged Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations involving an estimated expenditure exceeding $20,000 except pursuant to plans and improvements expressly permitted under their leases of any part of the Mortgaged Propertyspecifications approved in writing by Noteholder. Upon request of the Collateral AgentNoteholder, Grantor will promptly deliver to the Collateral Agent Noteholder an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, Mortgaged Property with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Mortgaged Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Mortgaged Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrancesthat created by this Mortgage).
Appears in 1 contract
Samples: International Isotopes Inc
Repair and Maintenance. Grantor will keep the Property reasonably in good first class order, repair, operating condition and appearance, causing all reasonably necessary repairs and repairs, renewals, replacements, promptly additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor will promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property Mortgage with fixtures or personal property comparable to the replaced fixtures or personal propertyproperty when new, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its valueNoteholder, including but not limited to (i) removing remove from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, Mortgage except such as is replaced by Grantor (if such replacement is reasonably necessary or required in the operation of Grantor's business) by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan DocumentMortgage), (ii) otherwise permitted in make any structural alteration to the Property (other than the initial construction of the Mortgaged Property pursuant to the Loan Documents Agreement) or any other alterations thereto which impair the value thereof or (iii) during construction of improvements, make any changes to the Plans and Specifications (as defined in respect the Loan Agreement) except as provided in the Loan Agreement and, following completion of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making construction, make any structural or other alteration to the Property that materially impairs involving an estimated expenditure exceeding $25,000 except pursuant to plans and specifications approved in writing by the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged PropertyNoteholder. Upon request of the Collateral AgentNoteholder, Grantor will deliver to the Collateral Agent Noteholder an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, Property with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrancesthat created by this Mortgage).
Appears in 1 contract
Repair and Maintenance. Grantor Borrower will keep the operate and maintain its Individual Property reasonably (or cause its Individual Property to be operated and maintained) in good order, repair, and operating condition condition, normal wear and appearance, causing all reasonably necessary repairs and replacements, tear excepted. Borrower will promptly make (or cause to be made) all necessary repairs, replacements, additions, and improvements necessary to ensure that the value and operational utility of its Individual Property shall not in any way be diminished or impaired in any material respect. Borrower will not cause or allow any portion of the its Individual Property to be misused, abused or wasted wasted, or to deterioratedeteriorate and Borrower will not abandon its Individual Property. No new building, normal wear and tear and casualty excepted. Grantor promptly will replace all worn-out structure, or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in other improvement shall be constructed on the operation Land nor shall any material part of the Property with fixtures Improvements be removed, demolished, or personal property comparable to the replaced fixtures structurally or personal property, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will notmaterially altered, without the Lender’s prior written consent of (which request for consent will be considered in good faith), except for improvements or alterations made pursuant to approved Leases or otherwise specifically contemplated by the Collateral Agent do or permit to be done anything to the Property Documents (provided, however, that materially may impair its value, including but not limited to for this purpose a non-structural alteration which (i) removing from does not have a material adverse effect on the value of its Individual Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan DocumentImprovements, (ii) otherwise permitted does not diminish the operational utility of its Individual Property or the Improvements in the Loan Documents or any material respect, (iii) is not in respect violation of capitalized leasesany Lease or any applicable Law, and (iv) or such as results in a total cost of removal, demolition and construction that is permitted not in excess of the lesser of (A) two percent (2.0%) of the outstanding balance of the applicable Note and (B) $250,000.00, shall not be deemed to be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereofmaterial). Nothing contained herein will prevent tenants Without limiting Lender’s rights and remedies under Article VI of this Agreement, Article III of the Instrument or otherwise, if Borrower fails to maintain or repair (or cause to be maintained or repaired) its Individual Property in compliance with the requirements of this Section 3.05(a), then Lender may impose additional reasonable requirements upon Borrower for the purposes of protecting Lender’s collateral security, insulating Lender from making alterations and improvements expressly permitted under their leases liability, or securing Lender’s rights hereunder, including reasonable monetary reserves or financial equivalents, until such time as Lender receives proof satisfactory to Lender of any part of the Mortgaged Property. Upon request of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)compliance.
Appears in 1 contract
Repair and Maintenance. Grantor will keep Landlord shall maintain the Property reasonably entire Premises in good order, repair, operating the condition and appearance, causing all reasonably necessary repairs and replacements, promptly to be made, and will not allow any existing as of the Property to be misused, abused or wasted or to deteriorate, normal date of this Lease (ordinary wear and tear excepted), including without limitation the Building and casualty exceptedother Improvements on the Premises, and all roofs and exterior walls, driveways and parking areas, and shall make all necessary repairs to the building structure and concealed systems (including without limitation plumbing, electrical, heating and air conditioning) within or servicing the Premises; provided, however, that Exhibit 2.4 (continued) Landlord shall not be required to effect any repair the reasonable cost of which would exceed $50,000, in which case Tenant may immediately terminate this Lease or may effect such repair and offset against payments due to Landlord hereunder or under any other agreement its reasonable cost of effecting such repair. Grantor promptly will replace Landlord shall also make any modifications to the Premises required to comply with applicable legal requirements, including without limitation the Americans with Disabilities Act. If any repairs required to be made by Landlord to the Premises are not completed within ten (10) days after written notice of the need for the repairs has been given by Tenant to Landlord (or, in the event of an emergency, if not made as soon as reasonably practical), then Tenant may make the needed repairs on behalf of and at the expense of Landlord. Landlord shall reimburse Tenant for the reasonable cost of the repairs within ten (10) days after written demand, accompanied by supporting invoices. If any repairs required to be made by Landlord are commenced when necessary, but cannot be completed within ten (10) days, then Landlord shall have an additional reasonable period of time to complete the repairs, so long as it continues to prosecute the completion of the repairs with due diligence, and provided it keeps Tenant fully informed as to the progress of the repairs. Tenant shall keep the Premises in a safe, neat and clean condition at all worntimes, and shall be responsible the routine maintenance and upkeep of the Improvements (including minor non-out or obsolete fixtures or structural repairs to the interior of the Building, and the general policing of paved and landscaped areas). Tenant also shall be responsible for any repairs to Tenant's personal property covered by this Deed that are reasonably necessary in and equipment placed on the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its value, including but not limited to (i) removing from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan Document, (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)Premises.
Appears in 1 contract
Samples: License Agreement (Cone Mills Corp)
Repair and Maintenance. Grantor The Tenant will at all times keep the Property reasonably Premises in good order, repair, operating a clean and sanitary condition and appearancein accordance with the laws, causing all reasonably necessary repairs directions, rules and replacements, promptly to be maderegulations of the governmental agencies having jurisdiction, and will not allow any keep and maintain the Premises and all interior fixtures and equipment therein including, without limiting the generality of the Property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor the plumbing, heating, air-conditioning (if applicable) and electrical equipment and including all glass, windows, doors and door-closing devices and all permitted signs, in good order and condition and in good repair and painted or otherwise presentable. Upon commercially reasonable notice to the Tenant, the Landlord or its agents shall have the right to enter upon the Premises at all reasonable times to view the state of repair, condition and use thereof and to request in writing to the Tenant that the Tenant make such repairs, alterations, improvements or additions as the Landlord acting reasonably may deem advisable. Should the Tenant not comply or commence to comply with the Landlord’s written request within thirty (30) days of the aforesaid request then the Landlord may make such repairs, alterations, improvements or additions as it may deem advisable, acting reasonably. The reasonable cost, plus 15% of such cost for overhead and supervision, will not, be billed to the Tenant as Additional Rent and payable within thirty (30) days of receipt of an invoice therefor; and the Landlord shall be allowed to take all materials into and upon the Premises that may be required therefor without the same constituting an eviction of the Tenant in whole or in part. The rent hereunder shall in no way xxxxx while such repairs, alterations, improvements or additions are being made by reason of loss or interruption of the business of the Tenant because of the prosecution of such work, provided that the same are made as expeditiously as is reasonably possible. The use by the Tenant of electrical and other services shall at no time exceed the capacity of the wiring, mains, pipes or conduits on the Premises or the fixtures or equipment within the Premises so as to constitute a hazard. If the Tenant wishes to install any electrical or other equipment which may overload the electrical or other service facilities, the Tenant shall at its own expense make whatever changes are necessary to comply with the reasonable and lawful requirements of the insurance underwriters and governmental authorities having jurisdiction, but no changes shall be made by the Tenant until the Tenant first submits to the Landlord plans and specifications for the proposed work and obtains the Landlord’s written approval to perform same, which approval shall not be unreasonably withheld. The Tenant shall have the right to make alterations and installations to the Premises at its sole cost and expense, subject to prior written consent approval of the Collateral Agent do or permit Landlord, not to be done anything to the Property that materially may impair its value, including but not limited to (i) removing from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan Document, (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)unreasonably withheld.
Appears in 1 contract
Samples: Drugstore Com Inc
Repair and Maintenance. Grantor will keep Sublessee shall be obligated to repair and maintain the Property reasonably Premises to the same extent required of Sublessor under Article 20 of the Master Lease. Sublessor shall have no liability of any nature whatsoever to Sublessee as a consequence of the failure or delay on the part of Landlord in performing any or all of its obligations under the Master Lease. In the event that Sublessee determines in good orderfaith that Landlord has not performed its obligations under the Master Lease, repairthen upon receipt of written notice from Sublessee, operating condition and appearancefor a period of time not to exceed thirty (30) days, causing all reasonably necessary repairs and replacementsSublessor shall use commercially reasonable efforts to cause such breaches, promptly defaults or failures of Landlord under the Master Lease to be maderesolved or otherwise settled; provided, however: (A) Sublessor shall not have any obligation to incur out-of-pocket expenses in connection with its covenants under this Section; and will (B) Sublessor shall not allow have any obligation to commence litigation or other dispute resolution proceedings to cause Landlord to comply with the Master Lease. If the breach or default of Landlord under the Master Lease has not been resolved after the expiration of the Property to be misusedabove thirty (30) day period, abused or wasted or to deterioratethen provided that Sublessee is not in default under this Agreement beyond any applicable notice and cure periods, normal wear and tear and casualty excepted. Grantor promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed that are reasonably necessary in upon the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Agent do or permit to be done anything to the Property that materially may impair its value, including but not limited to (i) removing from the Property any fixtures or personal property covered by this Deed (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed or any other Loan Document, (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of Sublessee, Sublessor shall assign to Sublessee its right to institute legal action against Landlord (a “Sublessee Action”), provided that Sublessee shall indemnify, protect, defend (using attorneys reasonably acceptable to Sublessor) and hold Sublessor harmless for, from and against any and all liabilities, claims, demands, losses, damages, costs and expenses (including reasonable attorneys’ fees and litigation and court costs) arising out of, or relating to, the Collateral Agent, Grantor will deliver to the Collateral Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances)Sublessee Action.
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Samples: Sublease (Augmedix, Inc.)
Repair and Maintenance. Grantor will keep the Property reasonably ---------------------- in good order, repair, operating condition and appearance, causing all reasonably necessary repairs and replacements, promptly to be made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate, normal wear and tear and casualty excepted. Grantor promptly will replace all worn-out or obsolete fixtures or personal property covered by this Deed of Trust that are reasonably necessary in the operation of the Property with fixtures or personal property comparable to the replaced fixtures or personal property, and will repaint the Property when reasonably needed. Notwithstanding the foregoing, Grantor will not, without the prior written consent of the Collateral Administrative Agent do or permit to be done anything to the Property that materially may impair its value, including but not limited to (i) removing from the Property any fixtures or personal property covered by this Deed of Trust (but not including any personal property in which Grantor is the lessee thereof) which are necessary or desirable in the operation of the Property, except such as is replaced by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that (i) created by this Deed of Trust or any other Loan Document, (ii) otherwise permitted in the Loan Documents or (iii) in respect of capitalized leases) or such as is permitted to be removed by a tenant pursuant to such tenant's lease or (ii) making any structural or other alteration to the Property that materially impairs the value thereof. Nothing contained herein will prevent tenants of the Property from making alterations and improvements expressly permitted under their leases of any part of the Mortgaged Property. Upon request of the Collateral Administrative Agent, Grantor will deliver to the Collateral Administrative Agent an inventory describing and showing the make, model, serial number and location of all fixtures and personal property used in the management, maintenance and operation of the Property, with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal property used in the management, maintenance and operation of the Property, that such items specified in the inventory constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property, and that all such items are owned by Grantor free and clear of any lien or security interest (except the Permitted Encumbrances).
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