Laserfiche WebLink
Section 1.6 Maintenance and Repair; Compliance with Laws. Developer shall cause <br /> the Mortgaged Property to be operated, maintained and repaired in safe and good repair, working <br /> order and condition, reasonable wear and tear excepted; shall not commit or permit waste <br /> thereof; except as provided in any Loan Document, shall not remove, demolish or substantially <br /> alter the design or structural character of any Improvements without the prior written consent of <br /> City; shall complete or cause to be completed forthwith any Improvements which are now or <br /> may hereafter be under construction upon the Land; shall comply or cause compliance with all <br /> laws, statutes, ordinances and codes, and governmental rules, regulations and requirements, <br /> applicable to the Mortgaged Property or the manner of using or operating the same, and with any <br /> covenants, conditions, restrictions and reservations affecting the title to the Mortgaged Property, <br /> and with the terms of all insurance policies relating to the Mortgaged Property; and shall obtain <br /> and maintain in full force and effect all consents, permits and licenses necessary for the use and <br /> operation of the Mortgaged Property. <br /> Section 1.7 Leases. <br /> (a) Notwithstanding Section 1.3 hereof, Developer shall not enter into any <br /> Lease without City's prior written consent, other than the lease to Sportech to which the City <br /> hereby consents, and shall furnish to City, upon execution, including the lease to Sportech, a <br /> complete and fully executed copy of any Lease authorized by the City. Developer shall provide <br /> City with a copy of each proposed Lease requiring the consent of City and with any information <br /> requested by City regarding the proposed tenant thereunder. City may declare each Lease to be <br /> prior or subordinate to this Mortgage, at City's option. <br /> (b) Developer shall, at its cost and expense, perform each obligation to be <br /> performed by the landlord under any Lease; not borrow against, pledge or further assign any <br /> rents or other payments due thereunder; not permit the prepayment of any rents or other <br /> payments due for more than thirty (30) days in advance; and not permit any tenant thereunder to <br /> assign its Lease or sublet the premises covered by its Lease, unless required to do so by the terms <br /> thereof and then only if such assignment does not work to relieve the tenant of any liability for <br /> performance of its obligations thereunder. <br /> (c) If any tenant under any Lease shall default under its Lease, Developer <br /> shall, in the ordinary course of business, exercise sound business judgment with respect to such <br /> default,but may discount, compromise, forgive or waive claims or discharge such tenant from its <br /> obligations under its Lease or terminate or accept a surrender of the Lease. <br /> (d) If Developer fails to perform any obligations of Developer under the <br /> Project Lease or any other Lease or if City becomes aware of or is notified by the Tenant or any <br /> other tenant of a failure on the part of Developer to so perform, City may, but shall not be <br /> obligated to, without waiving or releasing Developer from any obligation in this Agreement or <br /> any of the other Abatement Documents, remedy such failure, and Developer agrees to repay <br /> upon demand all sums incurred by City in remedying any such failure, together with interest <br /> thereon from the date incurred at a rate equal to the "Prime Rate" as set forth from time to time <br /> in The Wall Street Journal (the"Default Rate"). <br /> C-5 <br /> 455958v10 SJS ELI 85-31 <br />