Common use of Preservation, Maintenance, and Protection of the Property Clause in Contracts

Preservation, Maintenance, and Protection of the Property. Leaseholds. Mortgagor shall not destroy, damage, or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Mortgagor shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Mortgagee’s good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Mortgage or Mortgagee’s security interest. Mortgagor may cure such a default and reinstate, as provided in this Mortgage, by causing the action or proceeding to be dismissed with a ruling that, in Mortgagee’s good faith determination, precludes forfeiture of Mortgagor’s interest in the Property or other material impairment of the lien created by this Mortgage or Mortgagee’s security interest. If this Mortgage is on a leasehold, Mortgagor shall comply with all the provisions of the lease. If Mortgagor acquires fee title to the Property, the leasehold and the fee title shall not merge unless Mortgagee agrees to the merger in writing.

Appears in 2 contracts

Sources: Mortgage, Mortgage