Common use of Repairs; Maintenance and Compliance Clause in Contracts

Repairs; Maintenance and Compliance. Borrower shall cause the Property to be maintained in a good and safe condition and repair and shall not remove, demolish or materially alter the Improvements or Equipment (except for the construction of the Required Improvements in accordance with the BLA and normal replacement of the Equipment or restoration pursuant to Section 7.2 herein). Borrower shall promptly comply with all Legal Requirements and commence and diligently continue to cure properly any violation of a Legal Requirement which materially and adversely affects the financial condition of the Property or the ability of Borrower to conduct its business, within thirty (30) days after Borrower receives notice of such violation, provided that Borrower shall have the right to contest same if it complies with the Contest Procedures. Borrower shall, in a good and workmanlike manner using materials of a quality at least equal to that originally installed at the Property, promptly repair, replace or rebuild any part of the Property that becomes damaged (subject to Section 7.2 herein), worn or dilapidated and shall complete and pay for any Improvements at any time in the process of construction or repair. Borrower may perform alterations without obtaining Lender's consent for alterations which (i) are required under the BLA, (ii) do not alter the footprint of the Property, (iii) do not change the number of units, (iv) are contemplated in the Annual Budget approved by Lender, or (v) which do not otherwise constitute material renovations.

Repairs; Maintenance and Compliance. Borrower Manager shall cause the Property to be maintained in a good and safe condition and repair and shall not remove, demolish or materially alter the Improvements or Equipment (except for the construction of the Required Improvements in accordance with the BLA and normal replacement of the Equipment or restoration pursuant to Section 7.2 herein). Borrower Manager shall promptly comply with all Legal Requirements and commence and diligently continue to cure properly any violation of a Legal Requirement Requirement, which materially and adversely affects the financial condition of the Property or the ability of Borrower to conduct its business, within thirty (30) days after Borrower Manager receives notice of such violation, provided that Borrower Manager shall have the right to contest same if it complies with the Contest Procedures. Borrower Manager shall, in a good and workmanlike manner using materials of a quality at least equal to that originally installed at the Property, promptly repair, replace or rebuild any part of the Property that becomes damaged (subject to Section 7.2 herein), worn or dilapidated and shall complete and pay for any Improvements at any time in the process of construction or repair. Borrower Manager may perform alterations without obtaining Lender's consent for alterations which (i) are required under the BLA, (ii) do not alter the footprint of the Property, (iii) do not change the number of units, (iv) are contemplated in the Annual Budget approved by Lender, or (v) which do not otherwise constitute material renovations.