Common use of Inspection of the Property Clause in Contracts

Inspection of the Property. Lender has the right to enter and inspect the Property on reasonable prior notice, except in the case of an emergency, when no prior notice is necessary. Lender has the right to engage an independent expert to review and report on Borrower's compliance with Borrower's obligations under this Mortgage to maintain the Property, comply with Law and refrain from waste, impairment or deterioration of the Property and the alteration, demolition or removal of any of the Property except as may be permitted by the provisions of this Mortgage. If the independent expert's report discloses material failure to comply with such obligations or if Lender engages the independent expert after the occurrence of an Event of Default, then the independent expert's review and report will be at Borrower's expense, payable on demand.

Appears in 2 contracts

Sources: Second Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Life Time Fitness Inc), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Life Time Fitness Inc)

Inspection of the Property. Subject to the rights of tenants under the Leases, Lender has the right to enter and inspect the Property on reasonable prior notice, except in the case of an emergency, when no prior notice is necessary. Lender has the right to engage an independent expert to review and report on Borrower's ’s compliance with Borrower's ’s obligations under this Mortgage to maintain the Property, comply with Law and refrain from waste, impairment or deterioration of the Property and the alteration, demolition or removal of any of the Property except as may be permitted by the provisions of this Mortgage. If the independent expert's ’s report discloses material failure to comply with such obligations or if Lender engages the independent expert after the occurrence of an Event of Default, then the independent expert's ’s review and report will be at Borrower's ’s expense, payable on demand.

Appears in 2 contracts

Sources: Open End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Inland Real Estate Corp), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Inland Real Estate Corp)

Inspection of the Property. Lender has the right to enter and inspect the Property on reasonable prior notice, except in the case of an emergency, when no prior notice is necessary. Lender has the right to engage an independent expert to review and report on Borrower's compliance with Borrower's obligations under this Mortgage to maintain the Property, comply with Law law and refrain from waste, impairment or deterioration of the Property and the alteration, demolition or removal of any of the Property except as may be permitted by the provisions of this Mortgage. If the independent expert's report discloses material failure to comply with such obligations or if Lender engages the independent expert after the occurrence of an Event of Default, then the independent expert's review and report will be at Borrower's expense, payable on demand.

Appears in 1 contract

Sources: Open End Leasehold Mortgage (Life Time Fitness Inc)