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C. Maintenance and Repairs. Borrower or its Management Agent shall cause the <br />Development to be maintained and repaired. Borrower or its Management Agent shall <br />develop a preventive maintenance schedule including, but not limited to: periodic <br />inspections of the units; residency commencement and termination check lists; inventory <br />control; common area and equipment maintenance; seasonal exterior maintenance; and <br />painting, decorating, and replacement timetables, as necessary. <br />D. Property Taxes. Borrower or its Management Agent shall pay or cause to be paid any and <br />all property taxes in a timely manner. <br />E. Property Insurance. Borrower or its Management Agent shall cause to be placed in force <br />all forms of insurance needed to adequately protect Borrower and the Development, <br />including where appropriate, public liability insurance, boiler insurance, fire and extended <br />coverage insurance, and burglary and theft insurance. All of the various types of <br />insurance coverage required for the benefit of Borrower and the Development shall be <br />placed with such companies, in such amounts, and with such beneficial interest appearing <br />therein as shall be reasonably acceptable and at least in the outstanding balance of the <br />Loan to Lender. All such policies of insurance shall be endorsed with a standard <br />mortgagee clause with loss payable to Lender as a named insured, as Lender may direct, <br />and shall be insured by companies qualified to do business in the State of Minnesota, and <br />shall provide that Lender be given no less than thirty (30) days advance written notice of <br />the cancellation, expiration, or termination of the policy or any material change in the <br />coverage afforded thereunder. <br />F. Review of Operations. Lender shall be permitted to conduct on-site evaluations no more <br />often than annually of the performance of management services as stipulated in this Loan <br />Agreement. Borrower's authorized representative shall be available for on-site <br />evaluations. <br />G. Collection and Delinquencies. Borrower or its Management Agent shall collect and <br />deposit in a general operating account all rents and other charges due from residents and <br />all rents or other payments due from users of parking spaces and from users or lessors of <br />other non-dwelling facilities in the Development. Borrower or its Management Agent <br />agrees to request, demand, collect, receive, and give receipts for any and all charges or <br />rents which may at any time be or become payable; and further agrees to take such action, <br />including legal action, with respect to delinquencies in payments due. <br />H. Governmental Orders. Borrower shall take such action as may be necessary to comply <br />promptly with any and all orders or requirements affecting the Development placed <br />thereon by any federal, state, county, or municipal authority having jurisdiction hereover. <br />I. Utility Service and Purchases. Borrower or its Management Agent shall make contracts <br />for garbage and trash removal, fuel, oil, extermination, snow removal, elevator <br />6 <br />