Common use of Preservation of the Property Clause in Contracts

Preservation of the Property. Grantor (a) shall maintain the Property in good condition and repair; (b) shall promptly repair and restore in a good and workmanlike manner any part of the Property which may be damaged or destroyed, (provided that Insurance Proceeds are made available to pay for the cost of such repair and restoration); (c) shall comply and cause the Property to comply with the provisions of all Insurance Policies; (d) shall comply and cause the Property to comply with all Governmental Requirements; (e) shall comply and cause the Property to comply with all Covenants and Restrictions; (f) shall maintain all Governmental Permits required to operate the Property in the manner in which same is currently being operated; (g) shall not initiate, join in or consent to any change in the zoning, general plan, specific plan, or any other land use classification affecting the Property or any Covenant or Restriction without the prior written consent of Beneficiary; (h) except for Preapproved Alterations, shall not remove, demolish, improve, add to, or alter the Improvements or change the character or use of the Property without the prior written consent of Beneficiary (Beneficiary shall respond to any request for consent under this Section 2.2(h) within seven (7) days of receipt of any such request for consent, which request must be accompanied by all information and documentation that Beneficiary may reasonably require in order to make its determination with respect to such request (“Accompanying Information”). In the event that Beneficiary shall fail to respond to any request for consent under this Section 2.2(h) within such seven (7) day period, Grantor may send a second request, which shall state in capitalized, bold faced 16 point type at the top of the first page that: “If Beneficiary fails to approve or disapprove the request within five (5) days, such request shall be deemed approved”, and if the Beneficiary shall fail to respond to such second request within such five (5) day period, the request shall be deemed approved by the Beneficiary, provided that the Grantor has provided Beneficiary with the Accompanying Information); (i) shall not commit or permit any waste respecting the Loan, Property or impairment of the Property; (j) shall not abandon the Property; (k) shall not commit and shall use commercially reasonable efforts to prevent any act upon the Property in violation of any Governmental Requirements; (l) shall promptly complete all Improvements which Grantor commences to construct on the Real Property in a good and workmanlike manner; and (m) shall paint, cultivate, irrigate, fertilize, fumigate, prune, maintain and do all other acts, in a timely and proper manner, which from the character or use of the Property are customary or appropriate to preserve, protect and maintain the value of the Property. The covenants and obligations under this Section 2.2, and the timely performance thereof, shall be performed with time being of the essence. For the avoidance of doubt and notwithstanding anything to the contrary set forth in this Deed of Trust or the other Loan Documents, it is expressly agreed that Grantor may perform alterations to the Property that are Preapproved Alterations without the consent of Beneficiary. Notwithstanding the obligations of the Association to effectuate certain structural and system repairs of the Master Common Elements (as defined in the Declaration), Grantor shall exercise its rights under the Declaration and shall perform all repairs and maintenance of the Condominium necessary to maintain the Master Common Elements in a manner consistent with the operation of a first class hotel.

Preservation of the Property. Grantor Trustor (a) shall maintain the Property in good condition and repair; (b) shall promptly repair and restore in a good and workmanlike manner any part of the Property which may be damaged or destroyed, (provided that whether or not any Insurance Proceeds are made available adequate to pay for the cost of such repair and restoration); (c) shall comply and cause the Property to comply with the provisions of all Insurance Policies; (d) shall comply and cause the Property to comply with all Governmental Requirements; (e) shall comply and cause the Property to comply with all Covenants and Restrictions; (f) shall maintain in effect all Governmental Permits required to operate the Property in the manner in which same is currently being operatedPermits; (g) shall not initiate, join in or consent to any change in the zoning, general plan, specific plan, or any other land use classification affecting the Property or any Covenant or Restriction without the prior written consent of Beneficiary; (h) except for Preapproved Alterations, shall not remove, demolish, improve, add to, or alter the Improvements (excluding non-structural alterations which preserve or increase the value of the Property) or change the character or use of the Property without the prior written consent of Beneficiary (Beneficiary shall respond to any request for consent under this Section 2.2(h) within seven (7) days of receipt of any such request for consent, which request must be accompanied by all information and documentation that Beneficiary may reasonably require in order to make its determination with respect to such request (“Accompanying Information”). In the event that Beneficiary shall fail to respond to any request for consent under this Section 2.2(h) within such seven (7) day period, Grantor may send a second request, which shall state in capitalized, bold faced 16 point type at the top of the first page that: “If Beneficiary fails to approve or disapprove the request within five (5) days, such request shall be deemed approved”, and if the Beneficiary shall fail to respond to such second request within such five (5) day period, the request shall be deemed approved by the Beneficiary, provided that the Grantor has provided Beneficiary with the Accompanying Information); (i) shall not commit or permit any waste respecting the Loan, Property or impairment of the Property; (j) shall not abandon the Property; (k) shall not commit and shall use commercially reasonable efforts to prevent or permit any act upon the Property in violation of any Governmental Requirements; (lI) shall promptly complete in a good and workmanlike manner all Improvements which Grantor Trustor commences to construct on the Real Property in a good and workmanlike mannerLand; and (m) shall paint, cultivate, irrigate, fertilize, fumigate, prune, maintain and do all other acts, in a timely and proper manner, which from the character or use of the Property are customary may be necessary or appropriate to preserve, protect and maintain the value of the Property. The covenants and obligations under this Section 2.2, and the timely performance thereof, shall be performed with time being of the essence. For the avoidance of doubt and notwithstanding anything to the contrary set forth in this Deed of Trust or the other Loan Documents, it is expressly agreed that Grantor may perform alterations to the Property that are Preapproved Alterations without the consent of Beneficiary. Notwithstanding the obligations of the Association to effectuate certain structural and system repairs of the Master Common Elements (as defined in the Declaration), Grantor shall exercise its rights under the Declaration and shall perform all repairs and maintenance of the Condominium necessary to maintain the Master Common Elements in a manner consistent with the operation of a first class hotel.