Common use of COVENANTS OF THE OPERATOR Clause in Contracts

COVENANTS OF THE OPERATOR. (a) Operator will: (i) Not commit waste or permit impairment or deterioration of the Collateral Property. (ii) Not abandon the Collateral Property. (iii) Restore or repair or cause to be restored or repaired promptly, in a good and workmanlike manner, any damaged part of the Collateral Property to the equivalent of its original condition, or such other condition as Lender may approve in writing, whether or not Insurance Proceeds or condemnation awards are available to cover any costs of such restoration or repair. (iv) Keep or caused to be kept the Collateral Property in good repair, including the replacement of tangible Personalty and Fixtures with items of equal or better function and quality. (v) Give Notice to Lender of and, unless otherwise directed in writing by ▇▇▇▇▇▇, will appear in and defend any action or proceeding purporting to affect the Collateral Property, ▇▇▇▇▇▇’s security or Lender’s rights under this Agreement. (vi) Timely perform all of its obligations under each Material Contract to which Operator is a party. (b) Operator will not (and will not permit any tenant or other person to) remove, demolish or alter, other than in a commercially reasonable manner in the ordinary course of business, the Collateral Property or any part of the Collateral Property, except in connection with the replacement of tangible Personalty. 6.2 All expenses of protecting, storing, warehousing, insuring, handling and shipping of the Collateral Property, all costs of keeping the Collateral Property free of any Liens prohibited by this Agreement and of removing the same if they should arise, and any and all excise, property, sales and use taxes imposed by any state, federal or local authority on any of the Collateral Property or in respect of the sale thereof, will be borne and paid by Operator and if Operator fails to promptly pay any thereof when due, Lender may, at its option, but will not be required to, pay the same whereupon the same will constitute Obligations and will be secured by the security interests granted hereunder and by the Security Instrument and the Loan Agreement.

COVENANTS OF THE OPERATOR. 6.1 Operator shall (a1) Operator will: (i) Not not commit waste or permit impairment or deterioration of the Collateral Property. , (ii2) Not not abandon the Collateral Property. , (iii3) Restore restore or repair or cause to be restored or repaired promptly, in a good and workmanlike manner, any damaged part of the Collateral Property to the equivalent of its original condition, or such other condition as Lender may approve in writing, whether or not Insurance Proceeds or condemnation awards are available to cover any costs of such restoration or repair. , (iv4) Keep keep or caused to be kept the Collateral Property in good repair, including the replacement of tangible Personalty and Fixtures with items of equal or better function and quality. , and (v5) Give Notice give notice to Lender of and, unless otherwise directed in writing by ▇▇▇▇▇▇Lender, will shall appear in and defend any action or proceeding purporting to affect the Collateral Property, ▇▇▇▇▇▇’s Lender's security or Lender’s 's rights under this Agreement. (vi) Timely perform all of its obligations under each Material Contract to which . Operator is a party. (b) Operator will shall not (and will shall not permit any tenant or other person to) remove, demolish or alter, other than in a commercially reasonable manner or in the ordinary course of business, the Collateral Property or any part of the Collateral Property, Property except in connection with the replacement of tangible Personalty. 6.2 All expenses of protecting, storing, warehousing, insuring, handling and shipping of the Collateral Property, all costs of keeping the Collateral Property free of any Liens prohibited by this Agreement and of removing the same if they should arise, and any and all excise, property, sales and use taxes imposed by any state, federal or local authority on any of the Collateral Property or in respect of the sale thereof, will shall be borne and paid by Operator and if Operator fails to promptly pay any thereof when due, Lender may, at its option, but will shall not be required to, pay the same whereupon the same will shall constitute Obligations and will shall be secured by the security interests interest granted hereunder hereunder. 6.3 Unless Operator gives notice to Lender within 30 days after the occurrence of any of the following, and executes and delivers to Lender modifications or supplements of this Agreement (and any financing statement which may be filed in connection with this Agreement) as Lender may require, Operator shall not (i) change its name, identity, structure or jurisdiction of organization; (ii) change the location of its place of business (or chief executive office if more than one place of business); or (iii) add to or change any location at which any of the Collateral Property is stored, held or located. 6.4 Operator will not use the Collateral Property, or knowingly permit the Collateral Property to be used, for any unlawful purpose or in violation of any federal, state or municipal law. 6.5 Immediately upon Operator becoming aware of the existence of any Event of Default under the Operating Lease, this Agreement or any other Loan Document, Operator will give notice to Lender that such Event of Default exists, stating the nature thereof, the period of existence thereof, and what action Operator proposes to take with respect thereto. 6.6 Operator will execute, from time to time, such financing statements, assignments, and other documents covering the Collateral Property as Lender may request in order to create, evidence, perfect, maintain or continue its security interest in the Collateral Property (including any additional Collateral Property acquired by the Security Instrument Operator after the date hereof) and will notify Lender promptly upon acquiring any additional Collateral Property. 6.7 The Operator appoints Lender, or any other person, whom Lender may from time to time designate, as Operator’s attorney with power, after the Loan Agreementoccurrence and during the continuance of an Event of Default, to endorse Operator’s name on any checks, notes, acceptances, drafts, or other forms of payment or security that may come into Lender’s possession, to sign Operator’s name on any invoice or b▇▇▇ of lading relating to any Collateral Property, on drafts against customers, on schedules and confirmatory assignments of Collateral Property, on notices of assignment, financing statements under the Code and other public records, on verifications of Collateral Property and on notices to customers, to notify the post office authorities to change the address for delivery of Operator’s mail to an address designated by Lender, to receive and open all mail addressed to Operator, to send requests for verification of Collateral Property to customers and to do all things necessary to carry out this Agreement in each case to the extent, but only to the extent, such actions relate to the Collateral Property. The Operator ratifies and approves all acts of the attorney taken within the scope of the authority granted. Neither Lender nor the attorney will be liable for any acts of commission or omission nor for any error in judgment or mistake of fact or law. This power, being coupled with an interest, is irrevocable so long as any Indebtedness remains unpaid. The Operator waives presentment and protest of all instruments and notice thereof, notice of default and dishonor and all other notices to which Operator may otherwise be entitled.