Common use of Maintenance and Use of Property Clause in Contracts

Maintenance and Use of Property. Borrower shall cause Mortgage Loan Borrowers or Maryland Owner (as applicable) to maintain each Individual Property in a good and safe condition and repair. The Improvements and the Personal Property shall not be removed, demolished or, other than in accordance with the provisions of Section 5.21, materially altered (except for normal replacement or disposal of the Personal Property in the ordinary course of business, work required to complete any CIGNA Property Required Work or Required Work (as defined in the Mortgage Loan Agreement), work required to complete restoration and repair work set forth in an approved Annual Budget, alterations to tenant spaces required under any Lease and any alterations required to be performed by the Manager or a Franchisor (rather than by Mortgage Loan Borrower or Maryland Owner) pursuant to a Management Agreement or Franchise Agreement), without the prior written consent of Lender. If under applicable zoning provisions the use of all or any portion of any Individual Property is or shall become a nonconforming use, Borrower will not cause or permit Mortgage Loan Borrowers or Maryland Owner to cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

Appears in 3 contracts

Samples: Letter Agreement (Ashford Hospitality Trust Inc), Management Agreement (Ashford Hospitality Trust Inc), Management Agreement (Ashford Hospitality Trust Inc)

AutoNDA by SimpleDocs

Maintenance and Use of Property. Borrower shall cause Mortgage Loan Borrowers or Maryland Owner (as applicable) to maintain shall cause each Individual Property to be maintained in a good and safe condition and repair. The Improvements and the Personal Property shall not be removed, demolished or, or other than in accordance with the provisions of Section 5.21, materially altered (except for normal replacement or disposal of the Personal Property in the ordinary course of business, work required to complete any CIGNA Property Required Work or Required Work (as defined in the Mortgage Loan Agreement)Work, work required to complete restoration and repair work set forth in an approved Annual Budget, Budget and alterations to tenant spaces required under any Lease and any alterations required to be performed by the Manager or a Franchisor (rather than by Mortgage Loan Borrower or Maryland Owner, as applicable) pursuant to a Management Agreement or Franchise Agreement), without the prior written consent of Lender. If under applicable zoning provisions the use of all or any portion of any Individual Property is or shall become a nonconforming use, Borrower will not cause or permit Mortgage Loan Borrowers or Maryland Owner to cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

Appears in 1 contract

Samples: Mortgage Loan Agreement (Ashford Hospitality Trust Inc)

AutoNDA by SimpleDocs

Maintenance and Use of Property. Borrower shall cause Mortgage Loan Borrowers or Maryland Owner (as applicable) to maintain each Individual Property in a good and safe condition and repair. The Improvements and the Personal Property shall not be removed, demolished or, other than in accordance with the provisions of Section 5.21, materially altered (except for normal replacement or disposal of the Personal Property in the ordinary course of business, work required to complete any CIGNA Property Required Work or Required Work (as defined in the Mortgage Loan Agreement), work required to complete restoration and repair work set forth in an approved Annual Budget, alterations to tenant spaces required under any Lease and any alterations required to be performed by the Manager or a Franchisor (rather than by Mortgage Loan Borrower or Maryland Owner) pursuant to a Management Agreement or Franchise Agreement)), without the prior written consent of Lender. If under applicable zoning provisions the use of all or any portion of any Individual Property is or shall become a nonconforming use, Borrower will not cause or permit Mortgage Loan Borrowers or Maryland Owner to cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

Appears in 1 contract

Samples: Letter Agreement (Ashford Hospitality Trust Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.