(C)
THE PERFORMANCE OF EACH OBLIGATION OF BORROWER CONTAINED
IN ANY RENEWAL, EXTENSION, AMENDMENT, MODIFICATION, CONSOLIDATION, CHANGE OF, OR
SUBSTITUTION OR REPLACEMENT FOR, ALL OR ANY PART OF THE NOTE, THE LOAN AGREEMENT
OR ANY OTHER LOAN DOCUMENT.
SECTION 2.3
DEBT AND OTHER OBLIGATIONS.
BORROWER'S OBLIGATIONS FOR
THE PAYMENT OF THE DEBT AND THE PERFORMANCE OF THE OTHER OBLIGATIONS MAY
SOMETIMES BE REFERRED TO COLLECTIVELY HEREIN AS THE "OBLIGATIONS."
SECTION 2.4
FUTURE ADVANCES.
THIS SECURITY INSTRUMENT SECURES
MONEYS TO BE ADVANCED FROM TIME TO TIME ON OR SUBSEQUENT TO THE DATE OF THIS
SECURITY INSTRUMENT.
PORTIONS OF SAID FUTURE ADVANCES ARE TO BE ADVANCED FOR
THE PURPOSE OF PAYING, IN WHOLE OR IN PART, FOR THE CONSTRUCTION OF IMPROVEMENTS
ON THE LAND DESCRIBED IN EXHIBITS A-1 AND A-2 ATTACHED HERETO.
THE MAXIMUM
AGGREGATE PRINCIPAL AMOUNT OF THE FUTURE ADVANCES, INCLUDING ADVANCES FOR SAID
CONSTRUCTION, IS THREE HUNDRED SEVENTY MILLION AND 00/100 DOLLARS
($370,000,000.00).
ARTICLE 3 - BORROWER COVENANTS
Borrower covenants and agrees that:
SECTION 3.1
PAYMENT OF DEBT.
BORROWER WILL PAY THE DEBT AT THE TIME
AND IN THE MANNER PROVIDED IN THE LOAN AGREEMENT, THE NOTE AND THIS SECURITY
INSTRUMENT.
SECTION 3.2
INCORPORATION BY REFERENCE.
ALL THE COVENANTS,
CONDITIONS AND AGREEMENTS CONTAINED IN (A) THE LOAN AGREEMENT, (B) THE NOTE AND
(C) ALL AND ANY OF THE OTHER LOAN DOCUMENTS, ARE HEREBY MADE A PART OF THIS
SECURITY INSTRUMENT TO THE SAME EXTENT AND WITH THE SAME FORCE AS IF FULLY SET
FORTH HEREIN.
SECTION 3.3
INSURANCE.
BORROWER SHALL OBTAIN AND MAINTAIN, OR CAUSE
TO BE MAINTAINED, IN FULL FORCE AND EFFECT AT ALL TIMES INSURANCE WITH RESPECT
TO BORROWER AND THE PROPERTY AS REQUIRED PURSUANT TO THE LOAN AGREEMENT.
SECTION 3.4
MAINTENANCE OF PROPERTY.
BORROWER SHALL CAUSE THE
PROPERTY TO BE MAINTAINED IN A GOOD AND SAFE CONDITION AND REPAIR.
BORROWER
SHALL PROMPTLY REPAIR, REPLACE OR REBUILD ANY PART OF THE PROPERTY WHICH MAY BE
DESTROYED BY ANY CASUALTY, OR BECOME DAMAGED, WORN OR DILAPIDATED OR WHICH MAY
BE AFFECTED BY ANY CONDEMNATION, AND SHALL COMPLETE AND PAY FOR ANY STRUCTURE AT
ANY TIME IN THE PROCESS OF CONSTRUCTION OR REPAIR ON THE LAND, ALL TO THE EXTENT
REQUIRED BY THE LOAN AGREEMENT.
NOTWITHSTANDING THE PROVISIONS OF THIS SECTION
3.4, LENDER HEREBY CONSENTS TO THE DEMOLITION OF THE EXISTING HOTEL LOCATED ON
THE FEE LAND ON THE DATE HEREOF AND THE SALE OR OTHER DISPOSITION OF THE
PERSONAL PROPERTY LOCATED THEREIN ON THE DATE HEREOF.
SECTION 3.5
WASTE.
BORROWER SHALL NOT COMMIT OR SUFFER ANY WASTE OF
THE PROPERTY OR MAKE ANY CHANGE IN THE USE OF THE PROPERTY, EXCEPT AS PROVIDED
FOR IN THE LOAN DOCUMENTS, WHICH WILL IN ANY WAY MATERIALLY INCREASE THE RISK OF
FIRE OR OTHER HAZARD ARISING OUT
9
OF THE OPERATION OF THE PROPERTY, OR TAKE ANY ACTION THAT MIGHT INVALIDATE OR
ALLOW THE CANCELLATION OF ANY POLICY, OR DO OR PERMIT TO BE DONE THEREON
ANYTHING THAT MAY IN ANY WAY MATERIALLY IMPAIR THE VALUE OF THE PROPERTY OR THE