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.
THE
IMPROVEMENTS, THE FIXTURES, THE EQUIPMENT AND THE PERSONAL PROPERTY SHALL NOT BE
REMOVED, DEMOLISHED OR MATERIALLY ALTERED (EXCEPT FOR NORMAL REPLACEMENT OF THE
FIXTURES, THE EQUIPMENT OR THE
8
PERSONAL PROPERTY, TENANT FINISH AND REFURBISHMENT OF THE IMPROVEMENTS AND FOR
THE DISPOSAL OF FIXTURES, EQUIPMENT OR PERSONAL PROPERTY NOT MATERIAL TO THE USE
OR VALUE OF THE PROPERTY AS AN OFFICE BUILDING) WITHOUT THE CONSENT OF LENDER.
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.
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 WHICH WILL IN ANY WAY
MATERIALLY INCREASE THE RISK OF FIRE OR OTHER HAZARD ARISING OUT 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 SECURITY OF THIS
SECURITY INSTRUMENT.
BORROWER WILL NOT, WITHOUT THE PRIOR WRITTEN CONSENT OF
LENDER, PERMIT ANY DRILLING OR EXPLORATION FOR OR EXTRACTION, REMOVAL, OR
PRODUCTION OF ANY MINERALS FROM THE SURFACE OR THE SUBSURFACE OF THE LAND,
REGARDLESS OF THE DEPTH THEREOF OR THE METHOD OF MINING OR EXTRACTION THEREOF.
SECTION 3.6
PAYMENT FOR LABOR AND MATERIALS.
(A)
SUBJECT TO SECTION
3.6(B), BORROWER WILL PROMPTLY PAY WHEN DUE ALL BILLS AND COSTS FOR LABOR,
MATERIALS, AND SPECIFICALLY FABRICATED MATERIALS ("LABOR AND MATERIAL COSTS")
INCURRED IN CONNECTION WITH THE PROPERTY AND NEVER PERMIT TO EXIST BEYOND THE
DUE DATE THEREOF IN RESPECT OF THE PROPERTY OR ANY PART THEREOF ANY LIEN OR
SECURITY INTEREST, EVEN THOUGH INFERIOR TO THE LIENS AND THE SECURITY INTERESTS
HEREOF, AND IN ANY EVENT NEVER PERMIT TO BE CREATED OR EXIST IN RESPECT OF THE
PROPERTY OR ANY PART THEREOF ANY OTHER OR ADDITIONAL LIEN OR SECURITY INTEREST
OTHER THAN THE LIENS OR SECURITY INTERESTS HEREOF EXCEPT FOR THE PERMITTED
ENCUMBRANCES AND OTHER LIENS PERMITTED PURSUANT TO THE LOAN DOCUMENTS.
(B)
AFTER PRIOR WRITTEN NOTICE TO LENDER, BORROWER, AT ITS OWN
EXPENSE, MAY CONTEST BY APPROPRIATE LEGAL PROCEEDING, PROMPTLY INITIATED AND
CONDUCTED IN GOOD FAITH AND WITH DUE DILIGENCE, THE AMOUNT OR VALIDITY OR
APPLICATION IN WHOLE OR IN PART OF ANY OF THE LABOR AND MATERIAL COSTS, PROVIDED
THAT (I) NO EVENT OF DEFAULT HAS OCCURRED