Laserfiche WebLink
<br />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 EL185-31 <br />