THE SECURITY DEPOSITS (AND ANY INTEREST THERETOFORE EARNED THEREON) WITH RESPECT
TO ALL OR ANY PORTION OF THE PROPERTY, TO BE HELD BY AGENT SUBJECT TO THE TERMS
OF THE LEASES.
(AA)
MAINTENANCE OF PROPERTY.
BORROWER SHALL CAUSE THE PROPERTY TO BE
MAINTAINED IN A GOOD AND SAFE CONDITION AND REPAIR, SUBJECT TO WEAR AND TEAR AND
DAMAGE CAUSED BY CASUALTY OR CONDEMNATION. THE IMPROVEMENTS AND THE EQUIPMENT
SHALL NOT BE REMOVED, DEMOLISHED OR ALTERED (EXCEPT FOR NORMAL REPLACEMENT OF
THE EQUIPMENT, IMPROVEMENTS CONTEMPLATED IN AN APPROVED OPERATING BUDGET OR
PURSUANT TO LEASES IN EFFECT FROM TIME TO TIME OR FOR REMOVALS, DEMOLITION OR
ALTERATIONS THAT COST UP TO $50,000) WITHOUT THE CONSENT OF THE AGENT WHICH
CONSENT SHALL NOT BE UNREASONABLY WITHHELD. EXCEPT WITH RESPECT TO AN INSURED
CASUALTY WHICH SHALL BE GOVERNED BY THE TERMS AND CONDITIONS PROVIDED HEREIN,
BORROWER SHALL, OR SHALL CAUSE ANY TENANTS OBLIGATED UNDER THEIR RESPECTIVE
LEASES TO, PROMPTLY REPAIR, REPLACE OR REBUILD ANY PART OF THE PROPERTY THAT
BECOMES DAMAGED, WORN OR DILAPIDATED EXCEPT WHERE THE FAILURE TO DO SO IS NOT
REASONABLY LIKELY TO HAVE A MATERIAL ADVERSE EFFECT. BORROWER SHALL COMPLETE AND
PAY FOR ANY STRUCTURE AT ANY TIME IN THE PROCESS OF CONSTRUCTION OR REPAIR ON
THE LAND. BORROWER SHALL NOT INITIATE, JOIN IN, OR CONSENT TO ANY CHANGE IN ANY
PRIVATE RESTRICTIVE COVENANT, ZONING LAW OR OTHER PUBLIC OR PRIVATE RESTRICTION,
LIMITING OR DEFINING THE USES WHICH MAY BE MADE OF THE PROPERTY OR ANY PART
THEREOF WHICH CAN BE REASONABLY LIKELY TO RESULT IN A MATERIAL ADVERSE EFFECT
WITHOUT CONSENT OF THE AGENT. IF UNDER APPLICABLE ZONING PROVISIONS THE USE OF
ALL OR ANY PORTION OF THE PROPERTY IS OR SHALL BECOME A NONCONFORMING USE,
BORROWER WILL NOT CAUSE OR PERMIT SUCH NONCONFORMING USE TO BE DISCONTINUED OR
ABANDONED IF SUCH DISCONTINUANCE OF ABANDONMENT WOULD CAUSE SUCH NONCONFORMING
USE TO NO LONGER BE PERMITTED WITHOUT THE EXPRESS WRITTEN CONSENT OF THE AGENT.
BORROWER SHALL NOT (I) CHANGE THE USE OF THE LAND IN ANY MATERIAL RESPECT,
(II) PERMIT OR SUFFER TO OCCUR ANY WASTE ON OR TO THE PROPERTY OR TO ANY PORTION
THEREOF OR (III) TAKE ANY STEPS WHATSOEVER TO CONVERT THE PROPERTY, OR ANY
PORTION THEREOF, TO A CONDOMINIUM OR COOPERATIVE FORM OF MANAGEMENT.
(BB)
TAXES ON SECURITY.
BORROWER SHALL PAY ALL TAXES, CHARGES, FILING,
REGISTRATION AND RECORDING FEES, EXCISES AND LEVIES PAYABLE WITH RESPECT TO THE
NOTE OR THE LIEN CREATED OR SECURED BY THE LOAN DOCUMENTS, OTHER THAN INCOME,
FRANCHISE AND DOING BUSINESS TAXES IMPOSED ON AGENT, ANY LENDER OR COLLATERAL
AGENT. IF THERE SHALL BE ENACTED ANY LAW (1) DEDUCTING THE LOAN FROM THE VALUE
OF THE COLLATERAL FOR THE PURPOSE OF TAXATION, (2) AFFECTING
98
AGENT'S LIEN ON THE COLLATERAL OR (3) CHANGING EXISTING LAWS OF TAXATION OF
MORTGAGES, DEEDS OF TRUST, SECURITY DEEDS, OR DEBTS SECURED BY REALTY, OR
CHANGING THE MANNER OF COLLECTING ANY SUCH TAXES, BORROWER SHALL PROMPTLY PAY TO
AGENT, ON DEMAND, ALL TAXES, COSTS AND CHARGES