Common use of Maintenance of the Mortgaged Property Clause in Contracts

Maintenance of the Mortgaged Property. The Mortgagor shall maintain the Mortgaged Property in good repair, shall comply with the requirements of any governmental authority claiming jurisdiction over the Mortgaged Property within 30 days after an order containing such requirement has been issued by any such authority and promptly shall repair, restore, replace or rebuild any part of the Mortgaged Property which may be damaged or destroyed by any casualty whatsoever or may be affected by any condemnation proceeding, and Mortgagor shall complete and pay for, within reasonable time, any structure that at any time is in the process of construction on the Premises. If at any time the then existing use or occupancy of any part of the Premises shall, pursuant to any zoning or other law, ordinance or regulation, be permitted only so long as such use or occupancy shall continue, the Mortgagor shall promptly advise the Mortgagee thereof and shall not cause or permit such use or occupancy to be discontinued without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld. The Mortgagor shall not, without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld, threaten, commit, permit or suffer to occur any waste, material alteration, demolition or removal of the Mortgaged Property or any part thereof; provided, however, that fixtures included within the Collateral may be removed from the Premises if the Mortgagor concurrently therewith replaces same with similar items of equal or greater value, free of any lien, charge or claim of superior title and by such removal and replacement Mortgagor shall be deemed to have subjected such property to the lien of this Mortgage, and; provided further, however, that fixtures included within the Collateral which are no longer necessary for the operation of the Mortgaged Property need not be so replaced by Mortgagor . Mortgagor shall immediately notify Mortgagee of any such replacement and shall further execute such mortgage, security agreement or other documents as Mortgagee may require with respect thereto.

Appears in 2 contracts

Samples: Purchase Agreement (Edac Technologies Corp), Purchase Agreement (Edac Technologies Corp)

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Maintenance of the Mortgaged Property. The Mortgagor Borrower shall (or shall enforce its rights under the Primary Lease to cause [FCH/SH Leasing] [FCH/SH Leasing II] to) maintain the Mortgaged Property in good and safe condition, working order and repair, shall and comply with all existing and future federal, state and local laws, ordinances, rules and regulations and court orders affecting or which may be interpreted as affecting the requirements of any governmental authority claiming jurisdiction over Mortgaged Property. Borrower shall permit Lender to enter upon and inspect the Mortgaged Property within 30 days after (without prior notice in the event of an order containing such requirement has been issued by any such authority and promptly shall repairemergency) at all reasonable hours; provided, restore, replace or rebuild any part Lender makes an appointment through the general manager of the Mortgaged Property which may be damaged hotel after reasonable notice and in a manner that does not affect normal business operations. Borrower shall not, without the prior consent of Lender, (a) change the use of the Premises or destroyed by any casualty whatsoever cause or may be affected by any condemnation proceeding, and Mortgagor shall complete and pay for, within reasonable time, any structure that at any time is in permit the process of construction on the Premises. If at any time the then existing use or occupancy of any part of the Premises shall, pursuant to be discontinued if such discontinuance would violate any zoning or other law, ordinance or regulation; (b) consent to any zoning reclassification, be permitted only so long as such use modification or occupancy shall continuerestriction affecting the Premises; (c) threaten, the Mortgagor shall promptly advise the Mortgagee thereof and shall not cause commit or permit such use or occupancy to be discontinued without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld. The Mortgagor shall not, without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld, threaten, commit, permit or suffer to occur any waste, structural or material alteration, demolition or removal of the Mortgaged Property or any part thereof; provided, however, portion thereof (provided that fixtures the Equipment included within the Collateral may be removed from the Premises if the Mortgagor concurrently therewith replaces same replaced with similar items of equal or greater value); or (d) take any steps whatsoever to convert the Mortgaged Property, free or any portion thereof, to a condominium or cooperative form of any lien, charge or claim of superior title and by such removal and replacement Mortgagor shall be deemed to have subjected such property to the lien ownership. No provision of this MortgageSection 2.03 shall prohibit Borrower from undertaking and completing tenant improvement work authorized under Leases previously approved by Lender or not requiring Lender's prior approval. Notwithstanding the foregoing, and; provided further, however, that fixtures included within Borrower shall enforce its rights under the Collateral which are no longer necessary for the operation of Primary Lease to cause [FCH/SH Leasing] [FCH/SH Leasing II] to operate the Mortgaged Property need not be so replaced by Mortgagor . Mortgagor shall immediately notify Mortgagee in a first class manner and at all times during the term of any such replacement and shall further execute such mortgagethe Loan as a "Sheraton, security agreement Westin or other documents as Mortgagee may require with respect theretoLuxury Collection " hotel or under another flag acceptable to Lender.

Appears in 1 contract

Samples: Trust and Security Agreement (Felcor Lodging Trust Inc)

Maintenance of the Mortgaged Property. The Mortgagor shall maintain cause the Mortgaged Property to be maintained in good repaircondition and repair and will not commit or suffer to be committed any waste of the Mortgaged Property. The Improvements and the Equipment shall not be removed, demolished or materially altered except (a) for normal replacement of the Equipment as determined in the reasonable business judgment of the Mortgagee and/or for renovations contemplated to be made by the Mortgagor with the reasonable approval of the Mortgagee or (b) if appropriate, in accordance with the approved plans and specifications or (c) with the prior written consent of the Mortgagee. The Mortgagor shall promptly comply with the requirements of any all existing and future governmental authority claiming jurisdiction over laws, orders, ordinances, rules and regulations affecting the Mortgaged Property within 30 days after an order containing such requirement has been issued by Property, or any such authority and portion thereof or the use thereof. The Mortgagor shall promptly shall repair, restore, replace or rebuild any part of the Mortgaged Property which may be damaged or destroyed by fire or other property hazard or casualty (including any fire or other property hazard or casualty whatsoever for which insurance was not obtained or obtainable) or which may be affected by any condemnation proceedingtaking by any public or quasi-public authority through eminent domain or otherwise, and Mortgagor shall complete and pay for, within a reasonable time, any structure that at any time is in the process of construction or repair on the Premises. If at any time such fire or other property hazard or casualty shall be covered by the then existing use Policies, the Mortgagor’s obligation to repair, replace or occupancy of any part rebuild such portion of the Premises shall, pursuant to any zoning or other law, ordinance or regulation, Mortgaged Property shall be permitted only so long as such use or occupancy shall continue, contingent upon the Mortgagee paying the Mortgagor the proceeds of the Policies, or such portion thereof as shall promptly advise the Mortgagee thereof and shall not cause be sufficient to complete such repair, replacement or permit such use or occupancy to be discontinued rebuilding, whichever is less. The Mortgagor will not, without obtaining the prior written consent of the Mortgagee, initiate, join in or consent to any private restrictive covenant, zoning ordinance, or other public or private restrictions, limiting or affecting the uses which consent shall not may be unreasonably withheld. The Mortgagor shall not, without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld, threaten, commit, permit or suffer to occur any waste, material alteration, demolition or removal made of the Mortgaged Property or any part thereof; provided, however, that fixtures included within the Collateral may be removed from the Premises if the Mortgagor concurrently therewith replaces same with similar items of equal or greater value, free of any lien, charge or claim of superior title and by such removal and replacement Mortgagor shall be deemed to have subjected such property to the lien of this Mortgage, and; provided further, however, that fixtures included within the Collateral which are no longer necessary for the operation of the Mortgaged Property need not be so replaced by Mortgagor . Mortgagor shall immediately notify Mortgagee of any such replacement and shall further execute such mortgage, security agreement or other documents as Mortgagee may require with respect thereto.

Appears in 1 contract

Samples: Leasehold Mortgage and Security Agreement (Chefs' Warehouse, Inc.)

Maintenance of the Mortgaged Property. The Mortgagor shall cause the Mortgaged Property to be maintained in good and safe working order and repair, reasonable wear and tear excepted, and in keeping with the condition and repair of properties of a similar use, value, age, nature and construction. Mortgagor shall not use, maintain or operate the Mortgaged Property in good repairany manner that constitutes a public or private nuisance or that makes void, shall comply voidable, or cancelable, or increases the premium of, any insurance then in force with the requirements of any governmental authority claiming jurisdiction over respect thereto. No improvements or equipment located at or on the Mortgaged Property within 30 days after an order containing such requirement has been issued by any such authority and promptly shall repairbe removed, restore, replace demolished or rebuild any part of the Mortgaged Property which may be damaged or destroyed by any casualty whatsoever or may be affected by any condemnation proceeding, and Mortgagor shall complete and pay for, within reasonable time, any structure that at any time is in the process of construction on the Premises. If at any time the then existing use or occupancy of any part of the Premises shall, pursuant to any zoning or other law, ordinance or regulation, be permitted only so long as such use or occupancy shall continue, the Mortgagor shall promptly advise the Mortgagee thereof and shall not cause or permit such use or occupancy to be discontinued materially altered without the prior written consent of Mortgagee (except for replacement of equipment in the Mortgageeordinary course of Mortgagor’s business with items of the same utility and of equal or greater value and sales of obsolete equipment no longer needed for the operation of the Mortgaged Property), which consent and Mortgagor shall from time to time make, or cause to be made, all reasonably necessary and desirable repairs, renewals, replacements, betterments and improvements to the Mortgaged Property. Mortgagor shall not make any change in the use of the Mortgaged Property that would materially increase the risk of fire or other hazard arising out of the operation of the Mortgaged Property, or do or permit to be unreasonably withhelddone thereon anything that may in any way impair the value of the Mortgaged Property in any material respect or the Lien of the Mortgage or otherwise cause or reasonably be expected to result in a Material Adverse Effect. The Mortgagor shall not install or permit to be installed on the Mortgaged Property any underground storage tank. Mortgagor shall not, without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheldpermit any drilling or exploration for or extraction, threatenremoval, commit, permit or suffer to occur production of any waste, material alteration, demolition minerals from the surface or removal the subsurface of the Mortgaged Property or any part thereof; providedProperty, however, that fixtures included within the Collateral may be removed from the Premises if the Mortgagor concurrently therewith replaces same with similar items of equal or greater value, free of any lien, charge or claim of superior title and by such removal and replacement Mortgagor shall be deemed to have subjected such property to the lien of this Mortgage, and; provided further, however, that fixtures included within the Collateral which are no longer necessary for the operation regardless of the Mortgaged Property need not be so replaced by Mortgagor depth thereof or the method of mining or extraction thereof. Mortgagor shall immediately notify Mortgagee of any such replacement and shall further execute such mortgage, security agreement or other documents as Mortgagee may require with respect thereto.

Appears in 1 contract

Samples: Credit Agreement (Peak Resorts Inc)

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Maintenance of the Mortgaged Property. The Mortgagor shall (or, to the extent that any Lease requires the tenant to assume responsibility therefor, Mortgagor shall use good faith efforts to enforce the provisions of such Lease that require the tenant to) maintain or cause the Mortgaged Property to be maintained in good and safe condition, working order and repair, shall and comply with all existing and future federal, state and local laws, ordinances, rules and regulations and court orders affecting or that may be interpreted as affecting the requirements Property, including the Americans with Disabilities Act, all Environmental Laws and all zoning, subdivision, land use, environmental, traffic, fire, building, and occupational safety and health rules, regulations, codes, acts and statutes to which it is subject. Mortgagor shall not, without the prior consent of any governmental authority claiming jurisdiction over Lender: (i) change the Mortgaged Property within 30 days after an order containing such requirement has been issued by any such authority and promptly shall repair, restore, replace or rebuild any part use of the Mortgaged Property which may be damaged Property; (ii) cause or destroyed by any casualty whatsoever or may be affected by any condemnation proceeding, and Mortgagor shall complete and pay for, within reasonable time, any structure that at any time is in permit the process of construction on the Premises. If at any time the then existing use or occupancy of any part of the Premises shall, pursuant Mortgaged Property to be discontinued if such discontinuance would violate any zoning or other law, ordinance or regulation; (iii) consent to any zoning reclassification, be permitted only so long as such use modification or occupancy shall continuerestriction materially affecting the Mortgaged Property; (iv) threaten, the Mortgagor shall promptly advise the Mortgagee thereof and shall not cause commit or permit such use or occupancy to be discontinued without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld. The Mortgagor shall not, without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld, threaten, commit, permit or suffer to occur any waste, structural or material alteration, demolition or removal of the Mortgaged Property or any part thereof; provided, however, portion thereof (provided that fixtures included within the Collateral Equipment may be removed from the Premises if the Mortgagor concurrently therewith replaces same replaced with similar items of equal or greater valuevalue);or (v) take any steps whatsoever to convert the Mortgaged Property, free or any portion thereof, to a condominium or cooperative form of ownership, if any lien, charge or claim of superior title and by such removal and replacement Mortgagor action shall be deemed to have subjected such property to the lien of this Mortgage, and; provided further, however, that fixtures included within the Collateral which are no longer necessary for the operation result in: (A) a reduction of the Mortgaged Property need fixed rent which the tenant is obligated to pay under the applicable Lease, or (B) a termination of the applicable Lease. Lender acknowledges that a tire shop structure located at 00-00 00xx Xxxxxx, Xxxx Xxxxxxxx has been damaged and may be demolished and not be so replaced by Mortgagor . Mortgagor shall immediately notify Mortgagee of any the tenant or subtenant under the Lease applicable to such replacement and shall further execute such mortgage, security agreement or other documents as Mortgagee may require with respect theretoMortgaged Property.

Appears in 1 contract

Samples: Mortgage and Security Agreement (GTJ REIT, Inc.)

Maintenance of the Mortgaged Property. The Mortgagor shall maintain cause the Mortgaged Property to be maintained in good repaircondition and repair and will not commit or suffer to be committed any waste of the Mortgaged Property, and following validation or certification by the Food and Drug Administration (“FDA”) the Mortgagor shall comply with the requirements of any governmental authority claiming jurisdiction over cause the Mortgaged Property within 30 days after an order containing such requirement has been issued by to be maintained in compliance with the Current Good Manufacturing Practice Regulations (“CGMP”) of the FDA for drug manufacture and processing. The Improvements and the Equipment shall not be removed, demolished or materially altered (except for normal replacement of the Equipment in the ordinary course of business), without the consent of the Collateral Agent. The Mortgagor shall promptly comply with all existing and future governmental laws, orders, ordinances, rules and regulations (including without limitation the FDA and CGMP) affecting the Mortgaged Property, or any such authority and portion thereof or the use thereof. The Mortgagor shall promptly shall repair, restore, replace or rebuild any part of the Mortgaged Property which may be damaged or destroyed by fire or other property hazard or casualty (including any fire or other property hazard or casualty whatsoever for which insurance was not obtained or obtainable) or which may be affected by any condemnation proceedingtaking by any public or quasi-public authority through eminent domain or otherwise, and Mortgagor shall complete and pay for, within a reasonable time, any structure that at any time is in the process of construction or repair on the Premises. If at any time such fire or other property hazard or casualty shall be covered by the then existing use Policies, the Mortgagor's obligation to repair, replace or occupancy of any part rebuild such portion of the Premises shall, pursuant to any zoning or other law, ordinance or regulation, Mortgaged Property shall be permitted only so long as such use or occupancy shall continue, contingent upon the Mortgagee paying the Mortgagor the proceeds of the Policies, or such portion thereof as shall promptly advise the Mortgagee thereof and shall not cause be sufficient to complete such repair, replacement or permit such use or occupancy to be discontinued rebuilding, whichever is less. The Mortgagor will not, without obtaining the prior written consent of the MortgageeCollateral Agent, initiate, join in or consent to any private restrictive covenant, zoning ordinance, or other public or private restrictions, limiting or affecting the uses which consent shall not may be unreasonably withheld. The Mortgagor shall not, without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld, threaten, commit, permit or suffer to occur any waste, material alteration, demolition or removal made of the Mortgaged Property or any part thereof; provided, however, that fixtures included within the Collateral may be removed from the Premises if the Mortgagor concurrently therewith replaces same with similar items of equal or greater value, free of any lien, charge or claim of superior title and by such removal and replacement Mortgagor shall be deemed to have subjected such property to the lien of this Mortgage, and; provided further, however, that fixtures included within the Collateral which are no longer necessary for the operation of the Mortgaged Property need not be so replaced by Mortgagor . Mortgagor shall immediately notify Mortgagee of any such replacement and shall further execute such mortgage, security agreement or other documents as Mortgagee may require with respect thereto.

Appears in 1 contract

Samples: Mortgage, Security Agreement (Nexmed Inc)

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