Common use of Preservation and Maintenance of Property Clause in Contracts

Preservation and Maintenance of Property. Borrower (a) shall not commit waste or permit impairment or deterioration of the Property; (b) shall not abandon the Property; (c) shall restore or repair promptly and in a good and workmanlike manner all or any part of the Property to the equivalent of its original condition (except for obsolete equipment and ordinary wear and tear), or such lesser condition as Ocwen may approve in writing, in the event of any damage, injury or loss thereto, whether or not insurance proceeds are available to cover in whole or in part the costs of such restoration or repair unless the improvements portion of the Property are totally destroyed, insurance has been maintained thereon as required by this Instrument and Ocwen applies the proceeds of said insurance to the full payment of the sums secured by this Instrument; (d) shall keep the Property, including improvements, fixtures, equipment, machinery and appliances thereon in good repair (except for obsolete items and ordinary wear and tear) and shall replace improvements, fixtures, equipment, machinery and appliances in the ordinary course of Borrower's business; (e) shall comply in all material respects with all laws, ordinances, regulations and requirements of any governmental body applicable to the Property unless Borrower is contesting the same in good faith and such contest does not unreasonably jeopardize the continued operation of the Property; (f) shall keep in full force and effect, without restriction or limitation, and not allow the expiration or lapse of, and shall fully comply with all conditions and requirements associated with all licenses, permits, certifications and governmental approvals (including but not limited to Medicare and Medicaid provider numbers and participation agreements and requirements of the State of Ohio Certificate of Need Law, in the event same become applicable) required, necessary, or desirable for the operation of the long-term care facility constituting part of the Property hereunder, and (g) shall give notice in writing to Ocwen of, appear in and defend any action or proceeding purporting to affect the Property, the security of this Instrument or the rights or powers of Ocwen hereunder. Neither the Borrower nor any tenant or other person shall remove, demolish or alter any improvement now existing or hereafter erected on the Property or any fixture (other than trade fixtures), equipment, machinery or appliance in or on the Property except when incident to the replacement of improvements, fixtures, equipment, machinery and appliances with items of like kind or additions, and except replacements or removals in the ordinary course of the Borrower's business.

Preservation and Maintenance of Property. Borrower (a) shall not commit waste or permit impairment or deterioration of the Property; (b) shall not abandon the Property; (c) shall restore or repair promptly and in a good and workmanlike manner all or any part of the Property to the equivalent of its original condition (except for obsolete equipment and ordinary wear and tear), or such lesser condition as Ocwen may approve in writing, in the event of any damage, injury or loss thereto, whether or not insurance proceeds are available to cover in whole or in part the costs of such restoration or repair unless the improvements portion of the Property are totally destroyed, insurance has been maintained thereon as required by this Instrument and Ocwen applies the proceeds of said insurance to the full payment of the sums secured by this Instrument; (d) shall keep the Property, including improvements, fixtures, equipment, machinery and appliances thereon in good repair (except for obsolete items and ordinary wear and tear) and shall replace improvements, fixtures, equipment, machinery and appliances in the ordinary course of Borrower's business; (e) shall comply in all material respects with all laws, ordinances, regulations and requirements of any governmental body applicable to the Property unless Borrower is contesting the same in good faith and such contest does not unreasonably jeopardize the continued operation of the Property; (f) shall keep in full force and effect, without restriction or limitation, and not allow the expiration or lapse of, and shall fully comply with all conditions and requirements associated with all licenses, permits, certifications and governmental approvals (including but not limited to Medicare and Medicaid provider numbers and participation agreements and requirements of the State of Ohio Pennsylvania Certificate of Need Law, in the event same become applicable) required, necessary, or desirable for the operation of the long-term care facility constituting part of the Property hereunder, and (g) shall give notice in writing to Ocwen of, appear in and defend any action or proceeding purporting to affect the Property, the security of this Instrument or the rights or powers of Ocwen hereunder. Neither the Borrower nor any tenant or other person shall remove, demolish or alter any improvement now existing or hereafter erected on the Property or any fixture (other than trade fixtures), equipment, machinery or appliance in or on the Property except when incident to the replacement of improvements, fixtures, equipment, machinery and appliances with items of like kind or additions, and except replacements or removals in the ordinary course of the Borrower's business.