Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(i) hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens asserted against the Mortgaged Property if, and so long as, (a) Mortgagor shall have notified Mortgagee of same within five (5) days of obtaining knowledge thereof; (b) Mortgagor shall diligently and in good faith contest the same by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same and the sale of the Mortgaged Property or any part thereof, to satisfy the same; (c) Mortgagor shall have furnished to Mortgagee a cash deposit, or an indemnity bond satisfactory to Mortgagee with a surety satisfactory to Mortgagee, in the amount of the Taxes, Other Charges or mechanic's or materialman's lien claim, plus a reasonable additional sum to pay all costs, interest and penalties that may be imposed or incurred in connection therewith, to assure payment of the matters under contest and to prevent any sale or forfeiture of the Mortgaged Property or any part thereof; (d) Mortgagor shall promptly upon final determination thereof pay the amount of any such Taxes, Other Charges or claim so determined, together with all costs, interest and penalties which may be payable in connection therewith; (e) the failure to pay the Taxes, Other Charges or mechanic's or materialman's lien claim does not constitute a default under any other deed of trust, mortgage or security interest covering or affecting any part of the Mortgaged Property; and (f) notwithstanding the foregoing, Mortgagor shall immediately upon request of Mortgagee pay (and if Mortgagor shall fail so to do, Mortgagee may, but shall not be required to, pay or cause to be discharged or bonded against) any such Taxes, Other Charges or claim notwithstanding such contest, if in the opinion of Mortgagee, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of Mortgagee, the entitlement of such claimant is established.
Contest of Certain Claims. Borrower may contest the validity of Taxes or any mechanic's or materialman's lien asserted against the Project so long as (a) Borrower notifies Lender that it intends to contest such Taxes or liens, as applicable, (b) Borrower provides Lender with an indemnity, bond or other security reasonably satisfactory to Lender assuring the discharge of Borrower's obligations for such Taxes or liens, as applicable, including interest and penalties, (c) Borrower is diligently contesting the same by appropriate legal proceedings in good faith and at its own expense and concludes such contest prior to the tenth (10th) day preceding the earlier to occur of the Maturity Date or the date on which the Project is scheduled to be sold for non-payment, (d) Borrower promptly upon final determination thereof pays the amount of any such Taxes or liens, as applicable, together with all costs, interest and penalties which may be payable in connection therewith, and (e) notwithstanding the foregoing, Borrower shall immediately upon request of Lender pay any such Taxes or liens, as applicable, notwithstanding such contest if, in the opinion of Lender, the Project or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Lender may pay over any cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is established.
Contest of Certain Claims. 39 32. Recovery of Sums Required to be Paid ....................................... 40 33.
Contest of Certain Claims. (a) At its own expense, Mortgagor may directly or through Aurora contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, (i) the amount, validity, or application in whole or in part of any Taxes, Other Charges or mechanic's or materialman's lien asserted against the Mortgaged Property, whether before or after the same is paid, and (ii) the alleged violation of any laws or ordinances affecting the Mortgaged Property, if, and so long as, either:
Contest of Certain Claims. 23 Section 11.9 Time of the Essence................................................................... 23 Section 11.10 Successors and Assigns................................................................ 23 Section 11.11 Renewal, Extension or Rearrangement................................................... 23 Section 11.12 Waivers............................................................................... 23 Section 11.13 Cumulative Rights; Joint and Several Liability........................................ 23 Section 11.14
Contest of Certain Claims. 33. RECOVERY OF SUMS REQUIRED TO BE PAID..................................
Contest of Certain Claims. Any Borrower may contest the validity of Taxes or any mechanic’s or materialman’s lien asserted against its Project(s) so long as (1) such Borrower notifies Administrative Agent that it intends to contest such Taxes or liens, as applicable, (2) such Borrower provides Administrative Agent with an indemnity, bond or other security reasonably satisfactory to Administrative Agent assuring the discharge of such Borrower’s obligations for such Taxes or liens, as applicable, including interest and penalties, (3) such Borrower is diligently contesting the same by appropriate legal proceedings in good faith and at its own expense and concludes such contest prior to the tenth (10th) day preceding the earlier to occur of the Maturity Date or the date on which its Project(s) is scheduled to be sold for non-payment, (4) such Borrower promptly upon final determination thereof pays the amount of any such Taxes or liens, as applicable, together with all costs, interest and penalties which may be payable in connection therewith, and (5) notwithstanding the foregoing, such Borrower shall immediately upon request of Administrative Agent pay any such Taxes or liens, as applicable, notwithstanding such contest if, in the opinion of Administrative Agent, its Project(s) or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Administrative Agent may pay over any cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of Administrative Agent, the entitlement of such claimant is established.
Contest of Certain Claims. Notwithstanding the provisions of paragraphs 5 and 23 hereof, Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's lien asserted against the Trust Property if, and so long as, (a) Borrower shall have notified Lender of same within five (5) Business Days of obtaining knowledge thereof; (b) Borrower shall diligently and in good faith contest the same by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same and the sale of the Trust Property or any part thereof, to satisfy the same; (c) Borrower shall have furnished to Lender a cash deposit (which may consist in whole or in part of funds contained in an existing reserve previously established by Borrower in connection with the Loans for the specific purpose of paying the items being contested), or an indemnity bond satisfactory to Lender with a surety reasonably satisfactory to Lender, in an amount equal to one hundred twenty-five percent (125%) of the amount of the Taxes, Other Charges or mechanic's or materialman's lien claim, plus a reasonable additional sum to pay all costs, interest and penalties that may be imposed or incurred in connection therewith, to assure payment of the matters under contest and to prevent any sale or forfeiture of the Trust Property or any part thereof;
Contest of Certain Claims. Notwithstanding the provisions of Section 4 and subsection 22(i) hereof, Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic’s or materialman’s lien asserted against the Property if, and so long as, (a) Borrower shall have notified Grantee of same within five (5) days of obtaining knowledge
Contest of Certain Claims. 41 4.20 Management and Licensing of the Property ................................. 42 4.21 Annual Budget; Accounts .................................................. 44 4.22
