Common use of Project Use and Operation Clause in Contracts

Project Use and Operation. (a) Without the prior written consent of Administrative Agent in each instance, which consent shall not be unreasonably withheld or delayed, Borrowers shall not demolish, remove, construct, or, except as otherwise expressly provided herein, restore, or alter the Projects or any portion thereof in any material respect; nor consent to or permit any such demolition, removal, construction, restoration, addition or alteration which would diminish in any material respect the value of the Projects. No excavation, construction, earth work, site work or any other mechanic's lienable work shall be done to or for the benefit of a Project, without Administrative Agent's approval, except for normal repair and maintenance in the ordinary course of business. Borrowers shall, at their expense, (i) take good care of the Projects including grounds generally, and utility systems and sidewalks, roads, alleys, and curbs therein, and shall keep the same in good, safe and insurable condition and in compliance with all applicable Laws in all material respects, (ii) promptly make all repairs to Back to Table of Contents the Projects, above grade and below grade, interior and exterior, structural and nonstructural, ordinary and extraordinary, unforeseen and foreseen, which are necessary in order to maintain the Projects in a manner consistent with their quality and use as required hereby, and (iii) not commit or suffer to be committed any waste of the Projects or do or suffer to be done anything which will increase the risk of fire or other hazard to the Projects or impair the value thereof. Borrowers shall keep the sidewalks, vaults, gutters and curbs comprising, or adjacent to, the Projects, clean and free from dirt, snow, ice, rubbish and obstructions.

Appears in 2 contracts

Samples: Credit and Security Agreement (American Retirement Corp), Credit and Security Agreement (American Retirement Corp)

AutoNDA by SimpleDocs

Project Use and Operation. (a) Without the prior written consent of Administrative Agent in each instance, which consent shall not be unreasonably withheld or delayed, Borrowers shall not demolish, remove, construct, or, except as otherwise expressly provided herein, restore, or alter the Projects or any portion thereof in any material respect; nor consent to or permit any such demolition, removal, construction, restoration, addition or alteration which would diminish in any material respect the value of the Projects. No excavation, construction, earth work, site work or any other mechanic's lienable work shall be done to or for the benefit of a Project, without Administrative Agent's approval, except for normal repair and maintenance in the ordinary course of business. Borrowers shall, at their expense, (i) take good care of the Projects including grounds generally, and utility systems and sidewalks, roads, alleys, and curbs therein, and shall keep the same in good, safe and insurable condition and in compliance with all applicable Laws in all material respects, (ii) promptly make all repairs to Back to Table of Contents the Projects, above grade and below grade, interior and exterior, structural and nonstructural, ordinary and extraordinary, unforeseen and foreseen, which are necessary in order to maintain the Projects in a manner consistent with their quality and use as required hereby, and (iii) not commit or suffer to be committed any waste of the Projects or do or suffer to be done anything which will increase the risk of fire or other hazard to the Projects or impair the value thereof. Borrowers shall keep the sidewalks, vaults, gutters and curbs comprising, or adjacent to, the Projects, clean and free from dirt, snow, ice, rubbish and obstructions.

Appears in 1 contract

Samples: Credit and Security Agreement (American Retirement Corp)

AutoNDA by SimpleDocs

Project Use and Operation. (a) Without Except for Minor Alterations and as otherwise permitted hereunder and under the other Financing Documents, without the prior written consent of Administrative Agent in each instance, which consent shall not be unreasonably withheld or delayed, Borrowers shall not demolish, remove, construct, or, except as otherwise expressly provided hereinherein (including, without limitation, with respect to Minor Alterations), restore, or alter the Projects or any portion thereof in any material respectthereof; nor consent to or knowingly permit any such demolition, removal, construction, restoration, addition or alteration which would materially diminish in any material respect the value of the Projects. No Except as expressly permitted herein, no excavation, construction, construction or earth work, site work or any other mechanic's lienable work shall be done to or for the benefit of a Project, without Administrative Agent's ’s approval, which shall not be unreasonably withheld, conditioned or delayed, except for normal repair and maintenance in the ordinary course Ordinary Course of businessBusiness or due to an emergency at a Project. Borrowers shall, at their expense, (i) take good care of the Projects including grounds generally, and utility systems and sidewalks, roads, alleys, and curbs therein, and shall keep the same in good, safe and insurable condition and in compliance with all applicable Laws in all material respects, (ii) promptly make all material repairs to Back to Table of Contents the Projects, above grade and below grade, interior and exterior, structural and nonstructural, ordinary and extraordinary, unforeseen and foreseen, which are necessary in order to and maintain the Projects in a manner consistent with their quality and use as required herebyin the Ordinary Course of Business, and (iii) not intentionally commit or suffer to be committed any material waste of the Projects or do or suffer to be done anything which will increase the risk of fire or other hazard to the Projects or materially impair the value thereof. Borrowers shall keep the sidewalks, vaults, gutters and curbs comprising, or adjacent to, the Projects, clean and free from dirt, snow, ice, rubbish and obstructions.

Appears in 1 contract

Samples: Credit and Security Agreement (AlerisLife Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.