Common use of Undertaking of the Borrower Clause in Contracts

Undertaking of the Borrower. The Borrower undertakes to comply with the following: The Borrower must keep the Hypothecated Property in good condition and in a good state of repair. The Borrower must carry out all necessary repairs and must not do anything, or let anyone else do anything, that lowers the value of the Hypothecated Property. The Borrower must also comply with every present and future law, by-law, ordinance, regulation and order that affects the condition, repair, use or occupation of the Hypothecated Property. If the Borrower does not keep the Hypothecated Property in good condition and in a good state of repair or if the Borrower does not carry out all necessary repairs, or if the Borrower does anything, or allows anything to happen, that lowers the value of the Hypothecated Property, or if the Borrower does not comply with all present and future laws, by-laws, ordinances, regulations and orders that affect the condition, repair, use or occupation of the Hypothecated Property, the Lender can make any repairs it deems are necessary. The Borrower authorizes the Lender or any insurer to enter the Hypothecated Property at all reasonable times to inspect and repair the Hypothecated Property. By entering the Hypothecated Property to inspect it or do repairs, the Lender and any insurer shall not be considered to put the Lender in possession of the Hypothecated Property. The Borrower is responsible for the costs of any repairs and any inspections done by the Lender or on the Lender’s behalf. The Borrower must pay these costs immediately, upon demand, to the Lender.