HomeMy WebLinkAbout24permanently, is obsolete and is replaced by an article of equal or better suitability and
value, owned by Grantor subject to the liens and security interests of this heed of Trust
and the other Loan Documents, and fret and clear of any other lien or security interest
except such as may be first approved in writing by Beneficiary.
Section 3.5 M%intensnce of Welits of Way, Eawm n and
I,it o=. Grantor shall maintain all rights of way, casements, grants, privileges,
licenses, certificates, permits, entidements, and franchises necessary for the use of the
Mortgaged Property and will not, without the prior consent of Beneficiary, consent to
any public restriction (including any zoning ordinance) or private restriction as to the
use of the Mortgaged Property. Grantor shall comply with all restrictive coy ^nants
affecting the Mortgaged Property, and all zoning ordinances and other public or private
restrictions as to the use of the Mortgaged Property.
Section 3.6 Imptclitlll. Subject to the terms of the Loan Agreement,
Grantor shall permit Trustee and Beneficiary, and their agents, representatives and
employees, upon reasonable prior notice to Grantor, to inspect the Mortgaged Property
and conduct such environmental and engineering studies as Beneficiary may require,
provided that such inspections and studies shall not materially interfere with the use
and operation of the Mortgaged Property.
Section 3.7 Other Carensni. All of the covenants in the Loan
Agreement are incorporated herein by reference and, together with covenants in this
Article 3, shall be covenants running with the land. The covenants set forth in the
Loan Agreement include, among other provisions: (a) the prohibition against the
further sale„ transfer or encumbering of any of the Mortgaged Property and against
certain transfers of interests in Grantor or in entities owning interests in Grantor, (b)
the obligation to pay when due all taxes on the Mortgaged Property or assessed against
Beneficiary with respect to the Loan, (c) the right of Beneficiary to inspect the
Mortgaged Property, (d) the obligation to keep the Mortgaged Property insured as
Beneficiary may require, (e) the obligation to comply with all legal requirements
(including environmental laws), maintain the Mortgaged Property in good condition,
and promptly repair any damage or casualty, and (f) except as otherwise permitted
under the Loan Agreement, the obligation of Grantor to obtain Beneficiary's consent
prior to entering into, modifying or folding other actions with respect to Ceases.
Section 3.g Condemaatlon Awards and Insurance Proceeds.
(a) Condemirasioa Aaards. Grantor assigas all awards and
compensation for any condemnation x other taking, or any purchase in lieu thereof; to
Beneficiary and, subject to the provisions of Article 3 of the Loan Agreement,