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pending, or to Trustor's knowledge, threatened actions or proceedings before any court or <br /> administrative agency which may adversely affect Trustor's ownership of the Property. <br /> 7.4 Payment and Performance of Secured Obligations. Trustor shall promptly <br /> pay and perform all obligations of Trustor arising in connection with the Secured <br /> Obligations in accordance with the respective terms thereof. <br /> 7.5 Use of Loan Proceeds; Preservation and Maintenance of Property; <br /> Compliance with Laws. Trustor covenants that it shall use the Loan Proceeds solely for <br /> purpose of financing the Project in accordance with the Loan Agreement. Trustor shall keep <br /> the Land and Improvements in good repair and condition, and from time to time shall make <br /> necessary repairs, renewals and replacements thereto so that the Property shall be <br /> preserved and maintained. Trustor covenants to comply with all federal, state and local <br /> laws, regulations, ordinances and rules applicable to the Property and the Project, including <br /> without limitation all applicable requirements of state and local building codes and <br /> regulations, Prevailing Wage Laws, and all applicable statutes and regulations relating to <br /> accessibility for the disabled. Trustor shall not remove, demolish or materially alter any <br /> Improvement without Beneficiary's consent, shall complete or restore promptly and in good <br /> and workmanlike manner any building, fixture or other improvement which may be <br /> constructed, damaged, or destroyed thereon, and shall pay when due all claims for labor <br /> performed and materials furnished therefor. Trustor shall use the Land and Improvements <br /> solely for purposes authorized by the Loan Documents, shall not commit or allow waste of <br /> the Property, and shall not commit or allow any act upon or use of the Property which would <br /> violate any applicable law or order of any governmental authority, nor shall Trustor bring on <br /> or keep any article on the Property or cause or allow any condition to exist thereon which <br /> could invalidate or which would be prohibited by any insurance coverage required to be <br /> maintained on the Property pursuant to the Loan Documents. <br /> 7.6 Reserved. <br /> 7.7 Inspections; Books and Records. Beneficiary and its agents and <br /> representatives shall have the right at any reasonable time upon reasonable notice to enter <br /> upon and inspect the Property to ensure compliance with the Loan Documents. Trustor <br /> shall maintain complete and accurate books of account and other records (including copies <br /> of supporting bills and invoices) adequate to document the use of the Loan Proceeds and <br /> the operation of the Property, together with copies of all written contracts, Leases and other <br /> instruments which affect the Property. The books, records, contracts, Leases and other <br /> instruments shall be subject to examination and inspection at any reasonable time by <br /> Beneficiary following two business days prior notice. <br /> 7.8 Charges, Liens, Taxes and Assessments. Trustor shall pay before <br /> delinquency all taxes, levies, assessments and other charges affecting the Property that <br /> are (or if not paid may become) a lien on all or part of the Property. Trustor may, at <br /> Trustor's expense, contest the validity or application of any tax, levy, assessment or charge <br /> affecting the Property by appropriate legal proceedings promptly initiated and conducted in <br /> good faith and with due diligence, provided that (i) Beneficiary is reasonable satisfied that <br /> neither the Property nor any part thereof or interest therein will be in danger of being sold, <br /> forfeited, or lost as a result of such contest, and (ii) Trustor shall have posted a bond or <br /> 1172395-3 6 <br /> Commercial Rehabilitation Loan Program <br /> Owner Participation and Loan Agreement <br /> Form: 10-20-09 <br />