Common use of Existence; Maintenance of Properties Clause in Contracts

Existence; Maintenance of Properties. (a) Borrower will do or cause to be done all things necessary to preserve and keep in full force and effect Borrower’s and Owner’s existence as a Georgia limited liability company. Borrower will do or cause to be done all things necessary to preserve and keep in full force all of Borrower’s and Owner’s rights and franchises. (b) Borrower (i) will cause all of Borrower’s and Owner’s properties used or useful in the conduct of Borrower’s and Owner’s business to be maintained and kept in good condition, repair and working order (ordinary wear and tear, casualty and condemnation excepted) and supplied with all necessary equipment, and (ii) will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof in all cases in which the failure so to do would have a Material Adverse Effect on the condition of Borrower’s and Owner’s properties or on the financial condition, assets or operations of Borrower or Owner. So long as the Loan remain outstanding, the Collateral Property shall be developed and operated in a first-class manner as a multi-family project.