08CARE AND USE OF THE PROPERTY Sample Clauses

08CARE AND USE OF THE PROPERTY. (a) Mortgagor shall, at its sole cost and expense, keep the Property in good order, condition, and repair, and make all necessary repairs thereto, interior and exterior, structural and non-structural, ordinary and extraordinary, and foreseen and unforeseen. Mortgagor shall abstain from, and shall not permit, the commission of waste in or about the Property and, except as may be specifically permitted under this Section 1.08, shall not remove, demolish, effectuate any Material Alterations or make any Improvements without the prior written consent of Mortgagee. Mortgagor may sell or otherwise dispose of, free from the lien of this Mortgage, furniture, furnishings, equipment, tools, appliances, machinery, fixtures, or appurtenances subject to the lien hereof, which may become worn out, undesirable, obsolete, disused or unnecessary for use in the operation of the Property, provided that such sales or transfers are replaced or substituted for the same or other furniture, furnishings, equipment, tools, appliances, machinery, fixtures, or appurtenances that is not necessarily of the same character, but of at least equal value and utility to Mortgagor and costing not less than the amount realized from the property so sold or otherwise disposed of, which shall forthwith become, without the requirement of any further action by any Person, subject to the Lien of this Mortgage, and free and clear of all other liens including without limitation vendor’s liens. As used in this Mortgage, “Material Alterations” means (i) any Alterations that affect the structural integrity of the Property or (ii) any other Alterations at the Property, the aggregate cost of which exceeds Three Hundred Thousand Dollars ($300,000) in any calendar year. (b) Mortgagor shall at all times comply with all present and future Requirements with respect to the Property and shall furnish Mortgagee, upon request, proof of such compliance. Mortgagor shall not use or permit the use of the Property, or any part thereof, for any illegal purpose. (c) Mortgagee and Mortgagee’s representatives and designees shall have the right, but not the obligation, to enter the Property upon the terms and conditions set forth in the Indenture. (d) Mortgagor shall use, or cause to be used, the Property continuously as and for first-class property of its type and kind as of the date hereof. Mortgagor shall not use, or permit the use of, the Property for any other use without the prior written consent of Mortgagee. (e) Mortg...