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<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 /> 508.3 Books and Records. Developer shall maintain complete books of account <br /> and other records reflecting its operations (in connection with any other businesses as well as <br /> with respect to the Property), in accordance with generally accepted accounting principles <br /> applied on a consistent basis or in accordance with such other principles or methods as are <br /> reasonably acceptable to City. <br /> 11 <br /> 25K-47 <br /> <br />