Common use of Maintenance, Repair and Restoration Clause in Contracts

Maintenance, Repair and Restoration. Mortgagor will keep the Wxxxx and Equipment in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of Mortgagee, (i) remove from the Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor by an article of equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Property or any other alteration thereto which impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee and, to the extent insurance and/or condemnation proceeds (if any) shall be made available to Mortgagor for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expense, commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 5 contracts

Samples: Loan Agreement and Secured Promissory Note (Cellteck Inc.), Security Agreement (Cellteck Inc.), Assignment, Security Agreement and Fixture Filing (Cellteck Inc.)

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Maintenance, Repair and Restoration. Mortgagor will keep the Wxxxx and Equipment in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of Mortgagee, (i) remove from the Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor by an article of equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Property or any other alteration thereto which impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee and, to the extent insurance and/or condemnation proceeds (if any) shall be made available to Mortgagor for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expense, commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.. February-16-2012

Appears in 3 contracts

Samples: Third Consolidated Amendment Agreement (Cellteck Inc.), First Consolidated Amendment Agreement (Cellteck Inc.), Second Consolidated Agreement (Cellteck Inc.)

Maintenance, Repair and Restoration. Mortgagor will keep the Wxxxx and Equipment Improvements in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of Mortgagee, (i) remove from the Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor by an article of equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Property or any other alteration thereto which impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee and, to the extent insurance and/or condemnation proceeds (if any) shall be made available to Mortgagor for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s 's sole cost and expense, commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 2 contracts

Samples: Assignment, Security Agreement and Fixture Filing (Compx International Inc), Assignment, Security Agreement and Fixture Filing (Nl Industries Inc)

Maintenance, Repair and Restoration. Mortgagor will keep the Wxxxx and Equipment Property in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of Mortgagee, (i) remove from the Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor by an article of equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Property or any other alteration thereto which impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee and, to the extent insurance and/or condemnation proceeds (if any) shall be made available to Mortgagor for such purpose pursuant to the terms hereof, and Mortgagor shall promptly, at Mortgagor’s sole cost and expenseexpense and regardless of whether insurance or condemnation proceeds (if any) shall be available or sufficient for the purpose, secure the Property as necessary and commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 2 contracts

Samples: Loan Agreement (Acadia Realty Trust), Rents and Security Agreement (Acadia Realty Trust)

Maintenance, Repair and Restoration. Mortgagor will keep the Wxxxx and Equipment Mortgaged Property in first class good order, repair, operating operation condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of Mortgagee, (i) remove from the Mortgaged Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor by an article of equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Mortgaged Property or any other alteration thereto which impairs the value thereof. Mortgagor may remove items from the Mortgaged Property without the consent of Mortgagee which are worn out, undesirable, obsolete, disused or unnecessary for use in the operation of the Mortgaged Property and which are not of material value relative to the value of the Mortgaged Property. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Mortgaged Property, Mortgagor shall give prompt notice thereof to Mortgagee and, to the extent insurance and/or condemnation proceeds (if any) shall be made available to Mortgagor for such purpose pursuant to the terms hereof, and Mortgagor shall promptly, at Mortgagor’s sole cost and expenseexpense and regardless of whether insurance or condemnation proceeds (if any) shall be available or sufficient for the purpose, commence and continue diligently to completion to restore, repair, replace and rebuild the Mortgaged Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 1 contract

Samples: Green Plains Renewable Energy, Inc.

Maintenance, Repair and Restoration. In all material respects, Mortgagor will keep the Wxxxx and Equipment Property (or will cause the Property to be kept, as applicable) in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of Mortgagee, (i) remove from the Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor by an article of substantially equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Property or any other alteration thereto which materially negatively impairs the value thereof. If any act or occurrence of any kind or a material nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee and, to the extent insurance and/or condemnation proceeds (if any) shall be made available to Mortgagor for such purpose pursuant to the terms hereof, and Mortgagor shall promptly, at Mortgagor’s sole cost and expense, secure the Property as necessary and commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 1 contract

Samples: Security Agreement and Fixture Filing (TNP Strategic Retail Trust, Inc.)

Maintenance, Repair and Restoration. Mortgagor Grantor will keep the Wxxxx and Equipment Mortgaged Property in first class good order, repair, operating operation condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor Grantor will not, without the prior written consent of MortgageeBeneficiary, (i) remove from the Mortgaged Property any fixtures or personal property covered by this Mortgage Deed of Trust except such as is replaced by Mortgagor Grantor by an article of equal suitability and value, owned by MortgagorGrantor, free and clear of any lien or security interest (except that created by this MortgageDeed of Trust), or (ii) make any structural alteration to the Mortgaged Property or any other alteration thereto which impairs the value thereof. Grantor may remove items from the Mortgaged Property without the consent of Beneficiary which are worn out, undesirable, obsolete, disused or unnecessary for use in the operation of the Mortgaged Property and which are not of material value relative to the value of the Mortgaged Property. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Mortgaged Property, Mortgagor Grantor shall give prompt notice thereof to Mortgagee andBeneficiary and Grantor shall promptly, to the extent at Grantor’s sole cost and expense and regardless of whether insurance and/or or condemnation proceeds (if any) shall be made available to Mortgagor or sufficient for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expensepurpose, commence and continue diligently to completion to restore, repair, replace and rebuild the Mortgaged Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 1 contract

Samples: Green Plains Renewable Energy, Inc.

Maintenance, Repair and Restoration. Mortgagor will keep the Wxxxx and Equipment Property ----------------------------------- in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of Mortgagee, (i) remove from the Property any fixtures or personal property covered conveyed or encumbered by this Mortgage except such as is replaced by Mortgagor by an article of equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Property or any other alteration thereto which impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee andand Mortgagor shall promptly, to the extent at Mortgagor's sole cost and expense and regardless of whether insurance and/or or condemnation proceeds (if any) shall be made available or sufficient for the purpose (provided that Mortgagee makes available to Mortgagor Grantor for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expenseany Proceeds actually received by Mortgagee), commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 1 contract

Samples: Assignment and Security Agreement (Wells Real Estate Investment Trust Inc)

Maintenance, Repair and Restoration. Mortgagor Grantor will keep the Wxxxx and Equipment Mortgaged Property in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor Grantor will not, without the prior written consent of MortgageeXxxxxx, (i) remove from the Mortgaged Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor Grantor by an article of equal suitability and value, owned by MortgagorGrantor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Mortgaged Property or any other alteration thereto which impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Mortgaged Property, Mortgagor Grantor shall give prompt notice thereof to Mortgagee andHolder and Grantor shall promptly, to the extent at Grantor's sole cost and expense and regardless of whether insurance and/or or condemnation proceeds (if any) shall be made available to Mortgagor or sufficient for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expensepurpose, commence and continue diligently to completion to restore, repair, replace and rebuild the Mortgaged Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing ; provided, however, in the event that (x) casualty damage or condemnation causes a decrease of sixty percent (60%) or more in the value of the Mortgaged Property, and (y) that insurance or condemnation proceeds are sufficient to fully repay to Lender the indebtedness secured by this Mortgage or, if insufficient, are supplemented by Grantor to an amount sufficient to fully repay the indebtedness hereunder, and such payment in full is made to Lender, then Lender may release the Mortgaged Property from the lien of this Mortgage, and if so releasd, Grantor shall not apply with respect be required to rebuild the removal of Substances sold in the ordinary course of Mortgagor’s businessMortgaged Property pursuant hereto.

Appears in 1 contract

Samples: Security Agreement and Financing Statement (Apartment Investment & Management Co)

Maintenance, Repair and Restoration. Mortgagor Trustor will keep the Wxxxx and Equipment Mortgaged Property in first class good order, repair, operating operation condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor Trustor will not, without the prior written consent of MortgageeBeneficiary, (i) remove from the Mortgaged Property any fixtures or personal property covered by this Mortgage Deed of Trust except such as is replaced by Mortgagor Trustor by an article of equal suitability and value, owned by MortgagorTrustor, free and clear of any lien or security interest (except that created by this MortgageDeed of Trust), or (ii) make any structural alteration to the Mortgaged Property or any other alteration thereto which impairs the value thereof. Trustor may remove items from the Mortgaged Property without the consent of Beneficiary which are worn out, undesirable, obsolete, disused or unnecessary for use in the operation of the Mortgaged Property and which are not of material value relative to the value of the Mortgaged Property. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Mortgaged Property, Mortgagor Trustor shall give prompt notice thereof to Mortgagee andBeneficiary and Trustor shall promptly, to the extent at Trustor’s sole cost and expense and regardless of whether insurance and/or or condemnation proceeds (if any) shall be made available to Mortgagor or sufficient for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expensepurpose, commence and continue diligently to completion to restore, repair, replace and rebuild the Mortgaged Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 1 contract

Samples: Defined Terms (Green Plains Renewable Energy, Inc.)

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Maintenance, Repair and Restoration. Mortgagor will keep the Wxxxx and Equipment in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor Mxxxxxxxx will not, without the prior written consent of Mortgagee, (i) remove from the Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor by an article of equal suitability and value, owned by MortgagorMxxxxxxxx, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Property or any other alteration thereto which impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee and, to the extent insurance and/or condemnation proceeds (if any) shall be made available to Mortgagor for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expense, commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of MortgagorMxxxxxxxx’s business.

Appears in 1 contract

Samples: Security Agreement (Cellteck Inc.)

Maintenance, Repair and Restoration. Mortgagor Grantor will keep the Wxxxx and Equipment Mortgaged Property in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused or wasted or to deteriorate. Notwithstanding Except to the foregoingextent as may be permitted by the Credit Agreement, Mortgagor Grantor will not, without the prior written consent of MortgageeAdministrative Lender, (i) remove from the Mortgaged Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor Grantor by an article of equal suitability and value, owned by MortgagorGrantor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Mortgaged Property or any other alteration thereto which impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Mortgaged Property, Mortgagor Grantor shall give prompt notice thereof to Mortgagee andAdministrative Lender and Grantor shall promptly, to the extent at Grantor's sole cost and expense and regardless of whether insurance and/or or condemnation proceeds (if any) shall be made available to Mortgagor or sufficient for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expensepurpose, commence and continue diligently to completion to restore, repair, replace and rebuild the Mortgaged Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 1 contract

Samples: Credit Agreement (Lubys Inc)

Maintenance, Repair and Restoration. Mortgagor will keep the Wxxxx Property in good working order and Equipment in first class order, repair, operating condition and appearance, ordinary wear and tear excepted, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of MortgageeAdministrative Agent or as otherwise expressly permitted in the Loan Agreement, (i) remove from the Property any fixtures or personal property covered by this Mortgage except such as is replaced by Mortgagor by an article of equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this MortgageMortgage and Permitted Liens), or (ii) make any structural alteration to the Property or any other alteration thereto which materially impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee andAdministrative Agent and Mortgagor shall promptly, to the extent at Mortgagor's sole cost and expense and regardless of whether insurance and/or or condemnation proceeds (if any) shall be made available to Mortgagor or sufficient for such purpose pursuant to the terms hereofpurpose, Mortgagor shall promptly, at Mortgagor’s sole cost secure the Property as necessary and expense, commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 1 contract

Samples: Blonder Tongue Laboratories Inc

Maintenance, Repair and Restoration. Mortgagor Grantor will keep the Wxxxx and Equipment Mortgaged Property in first class good order, repair, operating condition condition, and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Mortgaged Property to be misused, abused abused, or wasted or to deteriorate, ordinary wear and tear excepted. Notwithstanding the foregoing, Mortgagor Grantor will not, without the prior written consent of MortgageeAgent, (i) remove from the Mortgaged Property any fixtures or personal property covered by this Mortgage Deed of Trust except such as is replaced by Mortgagor Grantor by an article of equal suitability and value, owned by MortgagorGrantor, free and clear of any lien or security interest (except that created by this MortgageDeed of Trust), or (ii) make any structural alteration to the Mortgaged Property or any other alteration thereto which materially and adversely impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Mortgaged Property, Mortgagor Grantor shall give prompt notice thereof to Mortgagee andAgent and Grantor shall promptly, to the extent at Grantor's sole cost and expense and regardless of whether insurance and/or or condemnation proceeds (if any) shall be made available to Mortgagor or sufficient for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expensepurpose, commence and continue diligently to completion to restore, repair, replace replace, and rebuild the Mortgaged Property as nearly as possible to its value, condition condition, and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to , unless the removal of Substances sold Mortgaged Property is removed from the Borrowing Base as provided in the ordinary course of Mortgagor’s businessSECTION 2.1(D).

Appears in 1 contract

Samples: Credit Agreement (Prentiss Properties Trust/Md)

Maintenance, Repair and Restoration. Mortgagor will keep the Wxxxx and Equipment ----------------------------------- Property in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused, abused or wasted or to deteriorate. The Improvements are directly connected to abutting public water, sewer, gas, electrical and telephone lines and pipes (and other necessary utilities) properly operating and in sufficient capacity with all charges being currently paid. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of Mortgagee, which consent shall not be unreasonably withheld, (i) remove from the Property any fixtures or personal property covered conveyed or encumbered by this Mortgage except such as is replaced by Mortgagor by an article of equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Property or any other alteration thereto which impairs the value thereof. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee andand Mortgagor shall promptly, to the extent at Mortgagor's sole cost and expense and regardless of whether insurance and/or or condemnation proceeds (if any) shall be made available to Mortgagor or sufficient for such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost and expensepurpose, commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 1 contract

Samples: Security Agreement (Wells Real Estate Investment Trust Inc)

Maintenance, Repair and Restoration. Mortgagor will Each Obligor holding title to a Collateral Property shall keep the Wxxxx and Equipment Collateral Property in first class order, repair, operating condition condition, and appearance, causing all necessary repairs, renewals, replacements, additions additions, and improvements to be promptly made, and will not allow any of the Collateral Property to be misused, abused or wasted or to deteriorate, except where the failure to do so could not reasonably be expected to result in a Material Property Event. Notwithstanding the foregoing, Mortgagor will notno such Obligor will, (a) without the prior written consent of MortgageeAdministrative Agent, (i) remove from the applicable Collateral Property any fixtures or personal property covered owned by this Mortgage such Obligor except such as is replaced by Mortgagor such Obligor by an article of equal suitability and value, owned by Mortgagorsuch Obligor, free and clear of any lien Lien (other than Permitted Liens) or security interest (except that created by this Mortgage)interest, or (iib) without the prior written consent of Required Lenders, make any structural alteration to the Property applicable Collateral Property, or any other alteration thereto thereto, which impairs the value thereofcould reasonably be expected to result in a Material Property Event. If any act or occurrence of any kind or nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or destruction of any Collateral Property that constitutes a Material Property Event, then the Property, Mortgagor applicable Obligor shall give prompt notice thereof to Mortgagee andAdministrative Agent (of which Administrative Agent shall promptly notify the Lenders) and such Obligor shall promptly, to the extent at its sole cost and expense and regardless of whether insurance and/or or condemnation proceeds (if any) shall be made available to Mortgagor or sufficient for the purpose, secure such purpose pursuant to the terms hereof, Mortgagor shall promptly, at Mortgagor’s sole cost Collateral Property as necessary and expense, commence and continue diligently to completion to restore, repair, replace and rebuild the such Collateral Property as nearly as possible commercially reasonable to its value, condition and character immediately prior to the damage, loss loss, or destruction. The foregoing shall not apply with respect to the removal of Substances sold in the ordinary course of Mortgagor’s business.

Appears in 1 contract

Samples: Credit Agreement (Red Lion Hotels CORP)

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