201100260 - Laserfiche WebLink

Browse

201100260 restoration or repair, (4) shall ke�p the Mortgaged Property in good repair, including the r�placement of Persanalty and Fixtures with items of equal or better function and quality, (5) shall provide for prof�ssional management of the Mortgaged Praperty hy a residential rental property manager satisfactary to Lender under a contract approv�d by Lender in writing, and (6) shall give noticc to Lender af and, unless otherwise directed in writing by Lender, shall appear in and defend any action or procecding purporting to affect the Martg�ged Pmperty, I.ender's sccurity or Lender's rights under this Instrwnent. Borrower shall not (and shall not permit any tenant or other person to) remave, demalish ar alter the Mortgaged Praperty or any part of the Martga�ed Praperty except in connection with the replacernent of tangible Personalty. (b) If, in connection with the making of the loan evidenced by the Note or at any later date, Lender waives in writing the requirement of Section 17(a)(5) above that Borrower enter inta a wriiten cantract for management of the Mortgaged Property and if, af�er the date of this Inst�ument, Barrower intends to change the management of the Mortgaged Property, Lender shall have the �ight ta approve such n�w property manager and the written contract for the management of the Mortgaged Property and require that Borrower and such new property manager enter into an Assignment of Management Agreement on � fnrm approved by Lender. Tf required by Lender (whether before or aft�r an Event of Default), Borrower will cause any Affiliate of Borrawer to whom fees are payable for the management of the Mortgaged Properiy to enter into an a�reement with Lender, in a form approved by Lender, providing for subardinatian of thase fees and such other provisions as Lender may require. "Affiliate of Borrr�wer" means any corporation, partnership, joint venture, limited liability company, limited liability partnership, trust or individual controlled by, under common control with, or which contrals Borrower (the term "control" for these purposes shall mean the ability, whether by the ownership af shares or other equity interests, by contract or otherwise, to elect a majarity aF the dircctars of a corpoxation, to make management decisions an behalf of, or independently to select the managing partner af, a partnership, or otherwisc to have the power independently to remove and then select a majority of those individuals exercising managerial authority aver an entity, and control shall be canclusively preswned in the case of the ownership of 50% ar more of the equity interests). 1$. ENVIRONMENTAL HAZARDS. (a) Except far mattcrs cover�d by a written program af operations and maintenance approved in writing by Lender (an "O&M Program"} ar matters described in Section 18(b), Borrnwer shall not cause ar perrnit any af the following: (1) the presence, use, generatian, release, treatment, processing, storage (including storage in abave grnund and underground stor�ge tanks), handling, or disposal af any Ha�..ardnus Materials on or under the Mortgaged Praperty or any other prop�rty of Borrower that is adjacent to the Mortgaged Property; (2) the transpnrtation of any Hazardous Materials to, from, or across ihe Mortgaged Property; FANNT� MAE MULTIFAMILY SECURiTY INSTRUM�NT - �'orm 4028 06/09 Page 18 NEBRASKA � 1997-2009 N�nnie Mac