Common use of Maintenance and Damage Clause in Contracts

Maintenance and Damage. (a) During the course of both [construction or rehabilitation] and operation of the Development, Borrower shall maintain the Development and the Property in good repair and in a neat, clean and orderly condition. If there arises a condition in contravention of this requirement, and if Borrower has not cured such condition within thirty (30) days after receiving a County notice of such a condition, then in addition to any other rights available to the County, the County shall have the right to perform all acts necessary to cure such condition, and to establish or enforce a lien or other encumbrance against the Property. (b) Subject to the requirements of senior lenders, and if economically feasible in the County’s reasonable judgment after consultation with the Borrower, if any improvement now or in the future on the Property is damaged or destroyed, then Borrower shall, at its cost and expense, diligently undertake to repair or restore such improvement consistent with the plans and specifications approved by the County with such changes as have been approved by the County. Such work or repair shall be commenced no later than the later of one hundred twenty (120) days, or such longer period approved by the County in writing, after the damage or loss occurs or thirty (30) days following receipt of the insurance proceeds, and shall be complete within one (1) year thereafter. Any insurance proceeds collected for such damage or destruction shall be applied to the cost of such repairs or restoration and, if such insurance proceeds shall be insufficient for such purpose, then Borrower shall make up the deficiency. If Borrower does not make repairs, then any insurance proceeds collected for such damage or destruction shall be distributed as if such proceeds were Residual Receipts (as defined in this Agreement [revise to refer to Intercreditor Agreement, when applicable]), subject to the rights of the Senior Lenders.

Maintenance and Damage. (a) During the course of both [construction or rehabilitation] of the Improvements and operation of the Development, Borrower shall maintain the Development and the Property in good repair and in a neat, clean and orderly condition. If there arises a condition in contravention of this requirement, and if Borrower has not cured such condition within thirty (30) days after receiving a County notice from the Authority of such a condition, then in addition to any other rights available to the CountyAuthority, the County Authority shall have the right to perform all acts necessary to cure such condition, and to establish or enforce a lien or other encumbrance against the PropertyDevelopment. (b) Subject to the requirements of senior lenders, and if economically feasible in the County’s Authority's reasonable judgment after consultation with the Borrower, if any improvement now or in the future on the Property Development is damaged or destroyed, then Borrower shall, at its cost and expense, diligently undertake to repair or restore such improvement consistent with the plans and specifications approved by the County Authority with such changes as have been approved by the CountyAuthority. Such work or repair shall be commenced no later than the later of one hundred twenty (120) days, or such longer period approved by the County Authority in writing, after the damage or loss occurs or thirty (30) days following receipt of the insurance proceeds, and shall be complete within one (1) year thereafter. Any insurance proceeds collected for such damage or destruction shall be applied to the cost of such repairs or restoration and, if such insurance proceeds shall be insufficient for such purpose, then Borrower shall make up the deficiency. If Borrower does not make repairs, then any insurance proceeds collected for such damage or destruction shall be distributed as if such proceeds were Residual Receipts (as defined in this Agreement [revise to refer to Intercreditor Agreement, when applicable]), subject to the rights of the Senior LendersReceipts.