1983-102 - Laserfiche WebLink

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ARTICLC V MANAGEMENT, OPERA'rION, MAINTENANCE TAXES AND INSURJ\~lC!~ Section 5.1 Operation, Maintenance and Repair of Proj <=-~ct. (a) The □orrov1er covenants and agrees to maintain and operate the Project as an industrial facility within the meaning of the Act. (b) 'rhe Borrower shall ke...:p and maintain the Project in good repair and operating condition and in as reasonably safe condition as the operation of the Project permits, reasonable wear and depreciation excepted, at its own expense in each instance. The Borrower shall from time to time make all needful and proper repairs, renewals and replacements to the Project. The Borrower shall have the right, at its own expense, to make any alterations or improvements in the Project: provided, that neither the value of the Project nor its utility for the purpose intended is thereby impaired, and provicled further that such alterations or improvements (i) shall be deemed a part of the Projact, (ii) shall be covered i>y the Indenture, the S ecurity Interest and the Mortgage, and (iii) shall be subject to no liens or encumbrances prior to such lien, except Permitted Encumbrances. Section 5.2 Taxes, Other Governmental Charges and Utility Charges. The Borrower will pay , or ca use to be paid, as the same respectively become due, (a ) all ad valorem taxation by the State or by any political subdivision thereof or special district the rein and all other taxes, assess:nents and governmen- tal charges of any kind whatsoever that may Qt any time be lawfully assessed or levied against or with res9ect to the Project or any personal property installed or brought by ~1e Borrower on the Project Site {inclurlin9, without limiting the generality of the foregoing, any taxes levied on or with respect to the income or profits of the n0rrower from the Project and any other taxes levied upon or with respect to the Project which, if not paiJ., will beco:r1e a lien on the Project prior to or on a parity with the lien of the [n~enture or the Security Interest or the Mort~age); (b) all utility and other char3es incurred in the oper:ition, mainten.:rnce, use, occupancy .J.nd upkeer of the Proj~ct; and (c) all 0.sse~21ttents and char,;;es lawfully made by any govern- mental body for public improvements that may be secured by a lien on the Project; l,)rovi<led, that ·.-1ith respect to special assess- ments or other governmenta l char<Je2 that may lawfully be paid in install~ents over a periou of year.5, the □orrower shall be obli- gated to pay only such installments ~s are required to be oaid du~ing the term of this Agreement. -25-