Common use of CARE AND USE OF THE PROPERTY Clause in Contracts

CARE AND USE OF THE PROPERTY. (a) Mortgagor represents and warrants to Administrative Agent and the Secured Parties as follows: (i) Mortgagor has not received any written notice of violation in connection with, and to the best of Mortgagor’s knowledge, Mortgagor has complied in all material respects with all requirements of, all instruments and agreements affecting the Mortgaged Property, whether or not of record, including without limitation all covenants and agreements by and between Mortgagor and any governmental or regulatory agency pertaining to the development, use or operation of the Mortgaged Property. Mortgagor, at its sole cost and expense, shall keep the Mortgaged Property in good order, condition, and repair. (ii) Mortgagor shall abstain from, and not permit, the commission of waste to the Mortgaged Property. (b) Administrative Agent and the Secured Parties shall have the right to enter the Mortgaged Property in order to ascertain Mortgagor’s compliance with the Loan Documents, to examine the condition of the Mortgaged Property, to perform an appraisal, and to undertake surveying or engineering work. Mortgagor shall cooperate with Administrative Agent and the Secured Parties performing these inspections.

Appears in 2 contracts

Sources: Credit Agreement (St Joe Co), Credit Agreement (St Joe Co)