O&M Programs Clause Samples

O&M Programs. If indicated in Section 1.04 or as otherwise required by Funding Lender, Borrower will have or establish and adhere to one or more written operations and maintenance programs for the Mortgaged Property with respect to certain Hazardous Materials. Each such operations and maintenance program and any additional or revised operations and maintenance programs established for the Mortgaged Property pursuant to this Section 6.12 must be approved by Funding Lender and will be referred to in this Continuing Covenant Agreement as an “O&M Program.” If Borrower is required to have an O&M Program, Borrower will (i) keep copies of all O&M Program documentation at the Mortgaged Property or at the Property Manager’s office, (ii) make such materials available for review by Funding Lender or Loan Servicer during any annual assessment or other inspection of the Mortgaged Property that is required by Funding Lender, and (iii) deliver copies of any O&M Program to Funding Lender within 10 days after Funding Lender’s request. Borrower will comply in a timely manner with, and cause all employees, agents, and contractors of Borrower and any other Persons present on the Mortgaged Property to comply with each O&M Program. Borrower will pay all costs of performance of ▇▇▇▇▇▇▇▇’s obligations under any O&M Program. Borrower will pay Funding ▇▇▇▇▇▇’s out of pocket costs incurred in connection with the monitoring and review of each O&M Program promptly upon demand by Funding Lender. Any such out-of-pocket costs of Funding Lender that Borrower fails to pay promptly will become an additional part of the Indebtedness as provided in Section 9.02.

O&M Programs. As required by Funding Lender, Borrower will also have established a written operations and maintenance program with respect to certain Hazardous Materials. Each such operations and maintenance program and any additional or revised operations and maintenance programs established for the Mortgaged Property pursuant to this Section 6.12 must be approved by Funding Lender and will be referred to in this Continuing Covenant Agreement as an “O&M Program.” Borrower will comply in a timely manner with, and cause all employees, agents, and contractors of Borrower and any other Persons present on the Mortgaged Property to comply with each O&M Program. Borrower will pay all costs of performance of Borrower’s obligations under any O&M Program, and Funding Lender’s out of pocket costs incurred in connection with the monitoring and review of each O&M Program must be paid by Borrower upon demand by Funding Lender. Any such out-of-pocket costs of Funding Lender that Borrower fails to pay promptly will become an additional part of the Indebtedness as provided in Section 9.02.

O&M Programs. As required by Lender, Borrower will also have established a written operations and maintenance program with respect to certain Hazardous Materials. Each such operations and maintenance program and any additional or Multifamily Loan and Security Agreement Page 39 (Park at Kensington) revised operations and maintenance programs established for the Mortgaged Property pursuant to this Section 6.12 must be approved by Lender and will be referred to in this Loan Agreement as an “O&M Program.” Borrower will comply in a timely manner with, and cause all employees, agents, and contractors of Borrower and any other Persons present on the Mortgaged Property to comply with each O&M Program. Borrower will pay all costs of performance of Borrower’s obligations under any O&M Program, and Lender’s out of pocket costs incurred in connection with the monitoring and review of each O&M Program must be paid by Borrower upon demand by Lender. Any such out-of-pocket costs of Lender that Borrower fails to pay promptly will become an additional part of the Indebtedness as provided in Section 9.02.

O&M Programs. Borrower shall cause Owner to use reasonable and diligent efforts to cause Operator Tenants at the Properties identified on Attachment A of Schedule VIII attached hereto to, promptly following the closing of the Loan, implement and thereafter maintain O&M Programs for asbestos or lead-based paint that set forth the appropriate procedures and guidelines that, when implemented during facility cleaning, maintenance, and general operations, will minimize human exposure to asbestos fibers and lead-based paint, will minimize the release of asbestos fibers and lead-based paint to the environment, and are in compliance with local, state, and federal governmental requirements and industry practices.