Common use of Preservation and Maintenance of Property Clause in Contracts

Preservation and Maintenance of Property. Borrower shall hire competent and responsible property managers who shall be reasonably acceptable to Lender. Borrower, at its sole cost and expense, shall keep the Property and every part thereof in good condition and repair, in accordance with sound and prudent property management practices, and shall promptly and faithfully comply with and obey all laws, ordinances, rules, regulations, requirements and orders of every duly constituted governmental authority or agent having jurisdiction with respect to the Property. All repairs, replacements and renewals shall be at least equal in quality to the original Improvements. Borrower shall not permit or commit any waste, impairment, or deterioration of the Property, nor commit, suffer or permit any act upon or use of the Property in violation of law or applicable order of any governmental authority, whether now existing or hereafter enacted, or in violation of any covenants, conditions or restrictions affecting the Property or bring or keep any article in the Property or cause or permit any condition to exist thereon which would be prohibited by or invalidate the insurance coverage required to be maintained hereunder. Borrower shall promptly restore any portion of the Property which may be damaged or destroyed. Borrower shall promptly bond or discharge any mechanics' liens against the Property.

Preservation and Maintenance of Property. Borrower Trustor shall hire competent and responsible property managers who shall be reasonably acceptable to LenderBeneficiary. BorrowerTrustor, at its sole cost and expense, shall keep the Property and every part thereof in good condition and repairrepair (subject to ordinary wear and tear), in accordance with sound such a fashion that the value and prudent property management practices, utility of the Property will not be diminished and shall promptly and faithfully comply with and obey all laws, ordinances, rules, regulations, requirements and orders of every duly constituted governmental authority or agent having jurisdiction with respect to the Property. All repairs, replacements and renewals shall be at least equal in quality to the original Improvements. Borrower Trustor shall not permit or commit any waste, impairment, or deterioration of the Property, nor commit, suffer or permit any act upon or use of the Property in violation of law or applicable order of any governmental authority, whether now existing or hereafter enacted, or in violation of any covenants, conditions or restrictions affecting the Property or bring or keep any article in the Property or cause or permit any condition to exist thereon which would be prohibited by or invalidate the insurance coverage required to be maintained hereunder. Borrower shall promptly restore any portion of the Property which may be damaged or destroyed. Borrower Trustor shall promptly bond or discharge any mechanics' ’ liens against the Property.