Maintenance Covenants Clause Samples
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Maintenance Covenants. Commencing on the First Closing and terminating 30 years thereafter, the Retail Developer and Residential Developer shall maintain the Retail Component Property and the Residential Component Property, respectively, and all respective improvements thereon, including all landscaping, in full compliance with the terms of all applicable provisions of the City Municipal Code, and in compliance with industry standards for a first class retail shopping center as to the Retail Component and first class residential as to the Residential Component, respectively. Without limiting the forgoing, the Retail Developer shall specifically maintain the Retail Component and all improvements thereon, including lighting and signage, in good condition, free of debris, waste and graffiti and in accordance with the “Maintenance Standards” hereinafter defined. Such Maintenance Standards shall apply to all buildings, signage, lighting, landscaping, irrigation of landscaping, architectural elements identifying the Retail Component and any and all other improvements on the Retail Component Property. To accomplish the maintenance, Developer shall either staff or contract with and hire qualified personnel to perform the maintenance work, including the provision of labor, equipment, materials, support facilities, and any and all other items necessary to comply with the requirements of this Agreement. In addition, Developer shall comply with the Environmental Deed Restrictions during the term of its ownership. The following maintenance standards (the “Maintenance Standards”) shall be complied with by Developer and its maintenance staff, contractors or subcontractors, in addition to any requirements or restrictions imposed by the Responsible Agencies:
(i) All improvements to the Residential Component Property and the Retail Component Property shall be maintained by the applicable Developer in conformance and in compliance with the reasonable commercial or residential development maintenance standards, as applicable, for similar first quality developments in California, including but not limited to: painting and cleaning of all exterior surfaces and other exterior facades comprising all private improvements and public improvements to the curbline.
(ii) Landscape maintenance shall include, but not be limited to: watering/irrigation; fertilization; mowing; edging; trimming of grass; tree and shrub pruning; trimming and shaping of trees and shrubs to maintain a healthy, natural appearance and...
Maintenance Covenants. The Redeveloper, and all successors and assigns in interest to the Redeveloper, shall be obligated to maintain the Redevelopment and all improvements and landscaping situated on the Property in a clean and neat condition and in a continuous state of good repair in accordance with the Code.
Maintenance Covenants. The Applicant covenants and agrees, for itself, its successors, its assigns and every successor in interest to the Site or any part thereof, that the Applicant will maintain, at Applicant's own cost and expense, the improvements on the Site in a clean and orderly condition, free of graffiti, and in good condition and repair, and will keep the Site free from any accumulation of debris and waste materials. Any damage to the building visible from the street is to be repaired immediately. The Applicant shall promptly touch up painted areas and perform any other repairs needed to maintain an attractive building appearance, including cleaning all awnings, if any, at least once a year. The foregoing covenants shall remain in effect for a period of 60 months from the completion of the Project. During this 60-month period, Applicant agrees, for itself, its successors, its assigns and every successor in interest, that it will not materially alter the improvements made with City funds, without the prior written consent of City which consent may be conditioned by City to preserve those features to the extent necessary to achieve the objectives of City for entering into this Agreement. Any violation of this section not cured within 60 days shall entitle City to reimbursement of the funds granted by City from the person or entity responsible for the violation.
Maintenance Covenants. Commencing on the Close of Escrow and continuing until the earlier of Completion of Construction with respect to any Subdivision or Completion of Construction of the entire Project, Developer shall construct and thereafter maintain the Site then owned by Developer, including all landscaping, in full compliance with the terms of all applicable provisions of City Municipal Code. 402. Intentionally Deleted.
Maintenance Covenants. Phase One Owner agrees to maintain the Lift Station for the joint use thereof by the Parties, in working condition and free of material defects, subject to occasional interruption of service due to (i) ordinary wear and tear and use thereof, (ii) routine or extraordinary maintenance or (iii) events beyond Phase One Owner’s reasonable control; provided, however, that any party using the Lift Station in any negligent or willful manner, which causes damage to or disturbance of the Lift Station or any equipment related thereto, shall be responsible for any extraordinary maintenance or repair associated with such damage or disturbance. Phase One Owner shall have the right to select the contractor(s) of its choice in connection with all aspects of maintenance, repair and operation of the Lift Station; provided, however, that all agreements with such contractor(s) shall be bona-fide, arms-length agreements for services at usual and customary rates.
Maintenance Covenants. The Issuer has failed to comply with any of the Maintenance Covenants unless a Cure Amount has been paid to the Cure Account within twenty Business Days of a delivery of the relevant Compliance Certificate evidencing the breach, in accordance with Clause 13.5 (Equity cure).
Maintenance Covenants. Owner shall preserve and maintain, or cause Tenant to preserve and maintain, the Improvements in good condition and in accordance with the custom and practice of first-class commercial projects in the City of Pleasant Hill ("City"). Owner shall repair, replace and clean, or cause Tenant to repair, replace and clean, the Improvements as needed to achieve the foregoing standard. To accomplish such maintenance, Owner shall either staff or contract with and hire, or cause Tenant to staff or contract with and hire, licensed and qualified personnel to perform such maintenance work.
A. If Owner does not preserve and maintain the Improvements in the manner set forth herein, Agency shall have the right to maintain such Improvements, or to contract for the correction of such deficiencies, after written Notice to Owner. However, prior to taking any such action, Agency agrees to notify Owner in writing if the condition of said Improvements does not conform to the first-class standard set forth in this Agreement and to specify the deficiencies and the actions required to be taken by Owner to cure the deficiencies. Upon notification of any maintenance deficiency, Owner shall have thirty (30) days within which to correct, remedy or cure the deficiency. If the written notification states that the problem is urgent and relates to the public health and safety, then Owner shall have twenty-four (24) hours to rectify the problem.
B. In the event Owner fails to correct, remedy, or cure or has not commenced correcting, remedying or curing such deficiency after notification and after expiration of any applicable cure period, then Agency shall have the right to enter the Property upon reasonable prior notice to Owner and to replace, repair and/or maintain such Improvements. Owner agrees to pay Agency upon demand all charges and costs incurred by Agency or City for such replacement, repair and/or maintenance. Until so paid, Agency shall have a lien on the Property for the amount of such charges or costs, which lien shall be perfected by the recordation of a "Notice of Claim of Lien" against the Property. Any lien in favor of Agency created or claimed hereunder is expressly made subject and subordinate to any mortgage or deed of trust made in good faith and for value, recorded as of the date of the recordation of the Notice of Claim of Lien, and no such lien shall in any way defeat, invalidate, or impair the obligation or priority of any such mortgage or deed of trust, unless the m...
Maintenance Covenants. The Issuer shall ensure that:
(a) the ratio of Net Interest Bearing Debt to Property Value is not greater than 0.75; and
(b) the Interest Coverage Ratio exceeds 1.50.
Maintenance Covenants. The Company will maintain:
(a) at all times, a Secured Notes First Priority Collateral Coverage Ratio of not less than 1.50 to 1.00; provided that the Company shall not be deemed to have failed to have complied with this covenant until the Notes Priority Collateral Coverage Ratio has been less than 1.50 to 1.00 for a period of 30 consecutive Business Days (such 30 Business Day period, the “Compliance Grace Period”); and
(b) a Debt to Equity Ratio less than or equal to 1.00 to 1.00 (the “Debt to Equity Covenant”). The Debt to Equity Ratio shall be tested at the last day of any fiscal quarter of the Company.
Maintenance Covenants. The Issuer has failed to comply with any of the Maintenance Covenants and such failure has not been cured in accordance with provisions for an Equity Cure in Clause 12.3 (Equity Cure).