Laserfiche WebLink
maintain) in good condition and repair; shall operate the Property in a businesslike manner; shall <br />prudently preserve and protect its own as well as the City's interests in connection with the <br />Property; shall not commit or permit any waste or deterioration of the Property (except for <br />normal wear and tear); shall not abandon any portion of the Property or leave the Property <br />unguarded or unprotected; and shall not otherwise act, or fail to act, in such a way as to <br />unreasonably increase the risk of any damage to the Property or of any other impairment of <br />City's interests under the this Agreement. Without limiting the generality of the foregoing, and <br />except as otherwise agreed by City in writing from time to time, Developer shall promptly and <br />faithfully perform and observe each of the following provisions: <br />506.1 Alterations and Repair. Developer shall not remove, demolish or <br />materially alter any part of the Property without City's prior consent, except to make non- <br />structural repairs which preserve or increase the Property's value, and shall promptly <br />restore, in a good and professional manner, any Improvement (or other aspect or portion <br />of the Property) that is damaged or destroyed from any cause. <br />507. Compliance. Developer shall comply with all laws and requirements of <br />Governmental Authority (including, without limitation, all requirements relating to the obtaining <br />of Governmental Authority approvals), all Governmental Authority approvals and all rights of <br />third parties, relating to Developer, the Property or Developer's business thereon. <br />508. Taxes and Impositions. Developer shall pay, prior to delinquency, all of the <br />following (collectively, the "Impositions"): (a) all general and special real property taxes and <br />assessments imposed on the Property; (b) all other taxes and assessments and charges of every <br />kind that are assessed upon the Property (or upon the owner and/or operator of the Property) and <br />that create or may create a lien upon the Property (or upon any personal property or fixtures used <br />in connection with the Property), including, without limitation, non-governmental levies and <br />assessments pursuant to applicable covenants, conditions or restrictions; and (c) all license fees, <br />taxes and assessments imposed on City (other than City's income or franchise taxes) which are <br />measured by or based upon (in whole or in part) the amount of the obligations secured by the <br />Property. If permitted by law, Developer may pay any Imposition in installments (together with <br />any accrued interest). <br />508.1 Right to Contest. Developer shall not be required to pay any <br />Imposition so long as (a) its validity is being actively contested in good faith and by appropriate <br />proceedings, (b) Developer has demonstrated to City's reasonable satisfaction that leaving such <br />Imposition unpaid pending the outcome of such proceedings could not result in conveyance of <br />the Property in satisfaction of such Imposition or otherwise impair City interests under this <br />Agreement, and (c) Developer has furnished City with a bond or other security satisfactory in an <br />amount not less than 100% of the applicable claim (including interest and penalties). <br />508.2 Evidence of Payment. Upon demand by City from time to time, <br />Developer shall deliver to City, within thirty (30) days following the due date of any Imposition, <br />evidence of payment reasonably satisfactory to City. <br />11 <br />