|
201300074
<br /> Premises and the use thereof comply with all Environmental Laws and that Trustor has complied and
<br /> shall comply with all Environmental Laws.
<br /> (b) Subject to Section 2.06 and Section 2.09.Trustor shall promptly perform and
<br /> observe,or cause to be performed and observed and cause the Premises to comply with,if the failure
<br /> to so perform and observe would have a Material Adverse Effect, (i) all laws, rules, regulations,
<br /> judgments,orders,permits,licenses,authorizations and other requirements of and agreements with
<br /> all governments, department agencies, courts and officials, which now or hereafter shall be
<br /> applicable to the Mortgaged Property or any part thereof or any use or condition thereof including,
<br /> without limitation, all Environmental Laws(herein collectively called the "Legal Requirements");
<br /> (ii) all terms of any insurance policy covering or applicable to the Mortgaged Property or any part
<br /> thereof as required by the Credit Agreement, all requirements of the issuer of any such policy, and
<br /> all orders,rules,regulations and other requirements of the National Board of Fire Underwriters (or
<br /> any other body exercising similar functions) applicable to the Mortgaged Property or any part
<br /> thereof or any use or condition thereof(herein collectively called the "Insurance Requirements");
<br /> and (iii) all Permits required for any construction, reconstruction, repair, alteration, addition,
<br /> improvement, maintenance, use and operation of the Premises.
<br /> (c) Trustor shall promptly notify Beneficiary of the receipt by Trustor of any
<br /> notice of default under any Legal Requirement, Insurance Requirement, Contractual Obligation,
<br /> Permitted Lien or Permit or of the receipt by Trustor of any notice of any threatened or actual
<br /> termination of any Permit,Insurance Policy or Site Lease and furnish to Beneficiary a copy of such
<br /> notice of default or termination.
<br /> SECTION 2.06. Impound and Security Account. Upon the occurrence of an Event of
<br /> Default,at Beneficiary's option and upon its demand and except where and to the degree prohibited
<br /> by law,Trustor shall,until all Obligations have been paid in full,pay to Beneficiary each month an
<br /> amount estimated by Beneficiary to be equal to(i)the Impositions, (ii) all payments and premiums
<br /> with respect to the Insurance Requirements, and (iii) all lease payments under the Site Lease next
<br /> due. Estimated payments of Impositions,Insurance Requirements and Site Lease payments shall be
<br /> calculated by dividing the amount next due by, in each instance, the number of months to lapse
<br /> preceding the month in which the same, respectively, will become due. All sums so paid shall not
<br /> bear interest, except to the extent and in the minimum amount required by law, and Beneficiary
<br /> shall,unless Trustor is otherwise in default hereunder or under any obligation secured hereby,apply
<br /> said funds to the payment of, or at the sole option of Beneficiary release said funds to Trustor for
<br /> application to and payment of,such Impositions,Insurance Requirements and Site Lease payments.
<br /> However,upon the occurrence of an Event of Default by Trustor hereunder or under any obligation
<br /> secured hereby, Beneficiary may, at its sole option, apply all or any part of said sums to any
<br /> Obligations or to advance sums to pay such Imposition. Insurance Requirement or Site Lease
<br /> payment, which advance shall not cure Trustor's default hereunder.
<br /> SECTION 2.07. Sale; Liens (a) Except as otherwise provided in the Credit
<br /> Agreement,Trustor shall not sell,assign,transfer,convey,lease,mortgage,pledge,hypothecate,or
<br /> permit to be sold, assigned, transferred, conveyed, leased, mortgaged, pledged, hypothecated or
<br /> otherwise disposed of, the Mortgaged Property or any part thereof or interest therein (for the
<br /> purposes of this Section, a"Transfer"), and shall not create, suffer or permit to be created or exist
<br /> -9-
<br />
|