Common use of Contest of Certain Claims Clause in Contracts

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.

Appears in 4 contracts

Samples: Mortgage (Ramco Gershenson Properties Trust), Ramco Gershenson Properties Trust, Ramco Gershenson Properties Trust

AutoNDA by SimpleDocs

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(c) and (j) hereof, Mortgagor Grantor shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Grantor shall have notified Mortgagee Beneficiary of same such nonpayment and the reasons therefor within five (5) days of obtaining knowledge thereof; (b) Mortgagor Grantor shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Grantor shall have furnished to Mortgagee Beneficiary a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety satisfactory to MortgageeBeneficiary, in the amount of the Taxes, Other Charges or mechanic's ’s or materialman's ’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 Grantor 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; and (e) the failure to pay the Taxes, Other Charges or mechanic's ’s or materialman's ’s lien claim claims 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 . Notwithstanding the foregoing, Mortgagor Grantor shall immediately upon request of Mortgagee Beneficiary pay (and if Mortgagor Grantor shall fail so to do, Mortgagee Beneficiary 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 MortgageeBeneficiary, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeBeneficiary, the entitlement of such claimant is established.

Appears in 3 contracts

Samples: Substitute Management Agreement (Innkeepers Usa Trust/Fl), Security Agreement (Innkeepers Usa Trust/Fl), Substitute Management Agreement (Innkeepers Usa Trust/Fl)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 paragraphs 5 and Subsection 22(i) 23 hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Trust Property if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days Business Days of obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Trust Property or any part thereof, to satisfy the same; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash depositdeposit (which may consist in whole or in part of funds contained in an existing reserve previously established by Borrower in connection with the Loan for the specific purpose of paying the items being contested), or an indemnity bond satisfactory to Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, 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 Mortgaged Trust Property or any part thereof; (d) Mortgagor Borrower 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 Trust Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Trust Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 2 contracts

Samples: Waiver and Agreement (Maguire Properties Inc), Cash Management Agreement (Maguire Properties Inc)

Contest of Certain Claims. Notwithstanding At its own expense, Trustor may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the provisions amount or validity or application in whole or in part of Section 4 and Subsection 22(i) hereof, Mortgagor shall not be in default for failure to pay or discharge any Taxes, Other Charges or mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Trust 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 such Lien is not being foreclosed or such legal proceedings which shall operate to prevent the enforcement or collection of the same and the sale of the Mortgaged Trust Property or any part thereof, to satisfy the same; same and either (ci) Mortgagor shall have furnished within sixty (60) days of the inception of such Lien such Lien is released or discharged of record or is fully insured over by the title issuer that issued the title insurance policy that insures the lien of this Deed of Trust such that the Lien is not an exception to Mortgagee Beneficiary’s title to the Trust Property pursuant to this Deed of Trust, or (ii) Trustor deposits with Beneficiary, by the expiration of such sixty (60)-day period, a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety satisfactory to MortgageeBeneficiary, in the amount of the Taxes, Other Charges or mechanic's ’s or materialman's ’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 Trust Property or any part thereof; (d) Mortgagor Trustor 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 . Notwithstanding the foregoing, Mortgagor Trustor shall immediately upon request of Mortgagee Beneficiary pay (and if Mortgagor Trustor shall fail so to do, Mortgagee Beneficiary 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 reasonable opinion of MortgageeBeneficiary, the Mortgaged Trust Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of MortgageeBeneficiary, the entitlement of such claimant is established.

Appears in 2 contracts

Samples: Security Agreement and Fixture Filing (Republic Property Trust), Property Management Agreement (Republic Property Trust)

Contest of Certain Claims. Notwithstanding the provisions of Section Sections 4 and Subsection 22(i23(h) hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien 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.

Appears in 2 contracts

Samples: Mortgage and Security Agreement (Janus American Group Inc), Second Mortgage and Security Agreement (Janus American Group Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Paragraphs 5 and Subsection 22(i) 23 hereof, Mortgagor Trustor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Trust Property if, and so long as, (a) Mortgagor Trustor shall have notified Mortgagee Beneficiary of same within five (5) days of obtaining knowledge thereof; (b) Mortgagor Trustor 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 Trust Property or any part thereof, to satisfy the same; (c) Mortgagor Trustor shall have furnished to Mortgagee Beneficiary a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety reasonably satisfactory to MortgageeBeneficiary, in an amount equal to 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 Mortgaged Trust Property or any part thereof; (d) Mortgagor Trustor 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 Trust Property; and (f) notwithstanding the foregoing, Mortgagor Trustor shall immediately upon request of Mortgagee Beneficiary pay (and if Mortgagor Trustor shall fail so to do, Mortgagee Beneficiary 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 MortgageeBeneficiary, the Mortgaged Trust Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeBeneficiary, the entitlement of such claimant is established.

Appears in 2 contracts

Samples: And Security Agreement (First Potomac Realty Trust), And Security Agreement (First Potomac Realty Trust)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection subsection 22(i) hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's ’s or materialman's ’s liens asserted against the Mortgaged Property if, if and so long as, as (a) Mortgagor Borrower shall have notified Mortgagee Lender of the same within five (5) days of obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Property or any part thereof, thereof to satisfy the same; (c) Mortgagor for claims in excess of $50,000 or any lien which would be superior to the lien of this Mortgage Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, in the amount of the Taxes, Other Charges or mechanic's ’s or materialman's ’s lien claim, plus a reasonable additional sum sufficient 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 Borrower 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 ’s or materialman's ’s lien claim does not constitute a default under any other deed of trust, mortgage or security interest instrument covering or affecting any part of the Mortgaged Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 if, in the reasonable opinion of MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 2 contracts

Samples: Trust and Security Agreement (Infousa Inc), And Security Agreement (Infousa Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section Paragraphs 4 and Subsection 22(i) 20 hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor shall have notified provided Mortgagee of same with written notice thereof 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 any such Taxes, Other Charges or claim (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 cancelled 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.

Appears in 1 contract

Samples: Rents and Security Agreement (Charming Shoppes Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(i) hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Borrower shall have notified Mortgagee Lender of same such nonpayment and the reasons therefor within five (5) days of obtaining knowledge thereof; (b) Mortgagor Borrower shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender, at Borrower's option, either a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, 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 Borrower 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; and (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 . Notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 reasonable opinion of MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Loan Agreement (Lodgian Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i12(d)(ii) hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property Security Property, or unsecured or operational debt with trade creditors if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days of promptly after obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Security Property or any part thereof, to satisfy the same; (c) Mortgagor Borrower shall provide to Lender title insurance over such items in a manner reasonably acceptable to Lender (with respect to Taxes, Other Charges or mechanic’s or materialman’s lien) or shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, in an amount equal to 125% of the amount of the Taxes, Other Charges or Charges, mechanic's ’s or materialman's ’s lien claim, or AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 48 43412-20/Continental Towers trade creditor 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 Security Property or any part thereof; (d) Mortgagor Borrower 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 Charges, mechanic's ’s or materialman's ’s lien claim, or trade creditor claim does not constitute a default under any other deed of trust, mortgage or security interest covering or affecting any part of the Mortgaged Security Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Security Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Mortgage, Security Agreement and Fixture Financing Statement (Prime Group Realty Trust)

Contest of Certain Claims. Notwithstanding any provisions contained in this Agreement or in any of the provisions of Section 4 and Subsection 22(i) hereofother Loan Documents, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or any mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property if, and so long as, : (ai) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days of obtaining knowledge thereof; (bii) Mortgagor 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 Mortgaged Property Property, or any part thereof, to satisfy the same; (ciii) Mortgagor if the asserted lien is more than $250,000, Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, in the amount of the Taxes, Other Charges or mechanic's ’s or materialman's ’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 Property, or any part thereof; (div) Mortgagor Borrower 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; (ev) the failure to pay the Taxes, Other Charges or mechanic's ’s or materialman's ’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 (fvi) notwithstanding the foregoing, Mortgagor shall Borrower immediately shall, upon request of Mortgagee Lender, pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 reasonable opinion of Mortgagee, Lender the Mortgaged Property shall be in jeopardy or any part thereof or interest therein may be in danger of being sold, forfeited, forfeited or foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the sole judgment of MortgageeXxxxxx, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Loan and Security Agreement (Rf Monolithics Inc /De/)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(c) and (j) hereof, Mortgagor Grantor shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Grantor shall have notified Mortgagee Beneficiary of same such nonpayment and the reasons therefor within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor Grantor shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Grantor shall have furnished to Mortgagee Beneficiary a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety satisfactory to MortgageeBeneficiary, in the amount of the Taxes, Other Charges or mechanic's ’s or materialman's ’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 Grantor 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; and (e) the failure to pay the Taxes, Other Charges or mechanic's ’s or materialman's ’s lien claim claims 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 . Notwithstanding the foregoing, Mortgagor Grantor shall immediately upon request of Mortgagee Beneficiary pay (and if Mortgagor Grantor shall fail so to do, Mortgagee Beneficiary 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 MortgageeBeneficiary, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeBeneficiary, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Innkeepers Usa Trust/Fl

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(c) and (j) hereof, Mortgagor Grantor shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Grantor shall have notified Mortgagee Beneficiary of same such nonpayment and the reasons therefor within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor Grantor shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor if requested by Beneficiary because such contest reasonably could impair Beneficiary's collateral, then Grantor shall have furnished to Mortgagee Beneficiary affirmative title coverage satisfactory to Beneficiary, a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety satisfactory to MortgageeBeneficiary, 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 Grantor 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; and (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 . Notwithstanding the foregoing, Mortgagor Grantor shall immediately upon request of Mortgagee Beneficiary pay (and if Mortgagor Grantor shall fail so to do, Mortgagee Beneficiary 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 reasonable opinion of MortgageeBeneficiary, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeBeneficiary, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Security Agreement and Fixture Filing (Equity Inns Inc)

Contest of Certain Claims. Notwithstanding the any other provisions of Section 4 and Subsection 22(i) hereofthe Loan Documents, Mortgagor shall not be in default for Borrower’s failure to pay or discharge Taxesany tax, Other Charges assessment or mechanic's or materialman's liens lien asserted against the Mortgaged Property if, Collateral shall not constitute an Event of Default if and so long as, as (a) Mortgagor shall have notified Mortgagee of same within five (5) days of obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Property Collateral, or any part thereof, to satisfy the same; (cb) Mortgagor Borrower shall have furnished to Mortgagee a cash deposit, or Lender an indemnity bond satisfactory to Mortgagee Lender, secured by a cash deposit or other security satisfactory to Lender, or with a surety satisfactory to MortgageeLender, in the amount of the Taxestax, Other Charges assessment or mechanic's or materialman's lien claim, 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 Collateral or any part thereof; (dc) Mortgagor Borrower shall promptly upon final determination thereof pay the amount of any such Taxestax, Other Charges assessment or claim so determined, together with all costs, interest and penalties which may be payable in connection therewith; (ed) the failure to pay the Taxestax, Other Charges assessment 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 PropertyCollateral; and (fe) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to dodo so, Mortgagee Lender may, but shall not be required to, pay or cause to be discharged or bonded againstpay) any such Taxestax, Other Charges assessment or claim notwithstanding such contest, contest if in the reasonable opinion of Mortgagee, Lender the Mortgaged Property Collateral or any part thereof Lender's rights with respect thereto shall be in jeopardy or interest therein may be in danger of being sold, forfeited, forfeited or 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.

Appears in 1 contract

Samples: Commercial Loan Agreement (Moody National REIT I, Inc.)

Contest of Certain Claims. Notwithstanding the The provisions of Section 4 and Subsection 22(i) Sections 4.3, 4.5 or 4.12 hereof, Mortgagor Grantor shall not be in default Default for failure to satisfy any Legal Requirement or to pay or discharge Taxes, Other Charges any Imposition or mechanic's or materialman's liens lien asserted against the The Mortgaged Property if, and so long as, (a) Mortgagor Grantor shall have notified Mortgagee Beneficiary of same within five (5) days of obtaining knowledge thereof; (b) Mortgagor Grantor 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 Grantor shall have furnished to Mortgagee Beneficiary a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety satisfactory to MortgageeBeneficiary, in the amount of the Taxes, Other Charges Imposition or mechanic's or materialman's lien claim, or with respect to a Legal Requirement, an amount determined by Beneficiary in its sole and absolute discretion, plus a reasonable additional sum to pay all costs, interest and end penalties that may be imposed or incurred in connection therewith, to assure payment or performance of the matters The mailers under contest and to prevent any sale or forfeiture of the Mortgaged Property property or any part thereof; , (d) Mortgagor Grantor shall promptly upon final determination thereof satisfy any such Legal Requirement or pay the amount of any such Taxes, Other Charges Imposition or claim so determined, together with all costs, interest and penalties Penalties which may be payable in connection therewith; (e) the The failure to satisfy any such Legal Requirement or pay the Taxes, Other Charges Imposition or mechanic's or materialman's lien claim does not constitute a default deferral under any other deed of trust, mortgage or security interest covering or affecting any part of the The Mortgaged Property; and (f) notwithstanding the foregoing, Mortgagor Grantor shall immediately upon request of Mortgagee Beneficiary satisfy such Legal Requirement (and if Grantor shall fails so, to do, Beneficiary may, but shall not be required to, satisfy or cause to be satisfied, any such Legal Requirement) or pay (and if Mortgagor Grantor shall fail so to do, Mortgagee Beneficiary may, but shall not be required to, pay or cause to be discharged or bonded against) any such TaxesImposition or claim, Other Charges or claim notwithstanding such contest, if in the reasonable opinion of Mortgagee, Beneficiary the Mortgaged Property shall be in jeopardy or any part thereof or interest therein may be in danger of being sold, forfeited, forfeited or foreclosed, terminated, canceled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in when a final judgment is entered against the judgment of Mortgagee, Grantor or the entitlement of such Mortgaged Property or claimant is establishedcommences foreclosure proceedings with respect to the Mortgaged Property.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Healthtech International Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(i) hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Borrower shall have notified Mortgagee Lender of same such nonpayment and the reasons therefor within five (5) 10 days of obtaining knowledge thereof; (b) Mortgagor Borrower shall diligently and in good faith contest the same such Taxes. Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, in the amount of the Taxes, Other 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 thereofthereof (which sums shall be deposited into an interest-bearing account); (d) Mortgagor Borrower 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; and (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 . Notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Loan Agreement (Servico Market Center Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(i) Sections 4.3, 4.5 or 4.12 hereof, Mortgagor Grantor shall not be in default for failure to satisfy any Legal Requirement or to pay or discharge Taxes, Other Charges any Imposition or mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Grantor shall have notified Mortgagee Beneficiary of same within five (5) days of obtaining knowledge thereof; (b) Mortgagor Grantor 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 Grantor shall have furnished to Mortgagee Beneficiary a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety satisfactory to MortgageeBeneficiary, in the amount of the Taxes, Other Charges Imposition or mechanic's ’s or materialman's ’s lien claim, or with respect to a Legal Requirement, an amount determined by Beneficiary in its sole and absolute discretion, plus a reasonable additional sum to pay all costs, interest and penalties that may be imposed or incurred in connection therewith, to assure payment or performance of the matters under contest and to prevent any sale or forfeiture of the Mortgaged Property property or any part thereof; (d) Mortgagor Grantor shall promptly upon final determination thereof satisfy any such Legal Requirement or pay the amount of any such Taxes, Other Charges Imposition or claim so determined, together with all costs, interest and penalties which may be payable in connection therewith; (e) the failure to satisfy any such Legal Requirement or pay the Taxes, Other Charges Imposition or mechanic's ’s or materialman's ’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 Grantor shall immediately upon request of Mortgagee Beneficiary satisfy such Legal Requirement (and if Grantor shall fail to do so, Beneficiary may, but shall not be required to, satisfy or cause to be satisfied, any such Legal Requirement) or pay (and if Mortgagor Grantor shall fail so to do, Mortgagee Beneficiary may, but shall not be required to, pay or cause to be discharged or bonded against) any such TaxesImposition or claim, Other Charges or claim notwithstanding such contest, if in the reasonable opinion of Mortgagee, Beneficiary the Mortgaged Property shall be in jeopardy or any part thereof or interest therein may be in danger of being sold, forfeited, forfeited or foreclosed, terminated, canceled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in when a final judgment is entered against the judgment of Mortgagee, Grantor or the entitlement of such Mortgaged Property or claimant is establishedcommences foreclosure proceedings with respect to the Mortgaged Property.

Appears in 1 contract

Samples: Deed of Trust (Grubb & Ellis Healthcare REIT II, Inc.)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection subsection 22(i) hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialmanmaterial man'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; thereof (b) Mortgagor shall diligently and in good faith contest content 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, 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 contestcontent, 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.

Appears in 1 contract

Samples: First Potomac Realty Trust

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Paragraphs 5 and Subsection 22(i) 23 hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor shall have notified Mortgagee of same within five (5) business 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 reasonably satisfactory to Mortgagee, in an amount equal to 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 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 cancelled 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.

Appears in 1 contract

Samples: Security Agreement (Cedar Income Fund LTD /Md/)

Contest of Certain Claims. Notwithstanding anything to the provisions of contrary contained in Section 4 and Subsection 22(i) 2.6 or Section 2.7 hereof, Mortgagor Borrower may, to the extent and in the manner permitted by Governmental Regulations, at Borrower's sole cost and expense, contest Governmental Regulations, Impositions or any other claim that can lead to a Lien against the Property, and the failure of Borrower to pay the contested Imposition or other claim that may result in a Lien against the Property, pending such contest, shall not be in default for failure or become a default, provided that (A) Borrower shall notify Lender of Borrower's intent to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens asserted against the Mortgaged Property if, and so long as, contest such payment at least thirty (a) Mortgagor shall have notified Mortgagee of same within five (530) days of obtaining knowledge thereofprior to commencing the contest; (bB) Mortgagor Borrower shall deposit such payments or post such security as may be, but only to the extent required by Governmental Regulation in connection with such contest; (C) Borrower shall furnish to Lender a cash deposit satisfactory to Lender, or an indemnity bond satisfactory to Lender, with a surety reasonably satisfactory to Lender, to assure payment (including, without limitation, interest, fines and penalties) of, and/or compliance with, the matters under contest and/or to prevent any sale, loss or forfeiture of all or any part of the Property; (D) Borrower diligently and in good faith pursues such contest the same by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same and and/or the sale sale, loss or forfeiture of the Mortgaged Property all or any part thereof, of the Property to satisfy the same; (cE) Mortgagor shall have furnished to Mortgagee a cash depositBorrower, 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 thereof, shall pay the amount of any such Taxes, Other Charges or claim so determined, together with all costs, fines, interest and penalties which may be payable in connection therewith; (eF) the failure to pay comply with the Taxes, Other Charges applicable Governmental Regulations or mechanic's to make payment of any Imposition or materialman's lien other claim does shall not constitute a default under subject Lender to any other deed of trust, mortgage civil or security interest covering criminal liability or affecting to any part of the Mortgaged PropertyLosses and Liabilities; and (fG) notwithstanding the foregoing, Mortgagor shall immediately upon request of Mortgagee pay (and if Mortgagor shall fail so to do, Mortgagee may, but such contest shall not be otherwise interfere with the payment of any amounts 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 paid under this Agreement or any part thereof of the other Loan Documents or interest therein may be in danger the satisfaction of being soldany other Obligations. Notwithstanding anything herein to the contrary, forfeitedso long as Property taxes for the applicable Property are not past due, foreclosedBorrower shall have the right to appeal Property taxes without obtaining Lender consent, terminated, canceled or lost. Mortgagee may pay over any such furnishing a 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 establishedobtaining an indemnity bond.

Appears in 1 contract

Samples: Loan Agreement (Global Self Storage, Inc.)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(i) ------------------------- Sections 4.5 or 4.12 hereof, Mortgagor Grantor shall not be in default for failure to pay -------------------- or discharge Taxes, Other Charges any Imposition or mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor Grantor shall have notified Mortgagee Beneficiary of same within five (5) days of obtaining knowledge thereof; , (b) Mortgagor Grantor 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 Grantor shall have furnished to Mortgagee Beneficiary a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety satisfactory to MortgageeBeneficiary, in the amount of the Taxes, Other Charges Imposition 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 Grantor shall promptly upon final determination thereof pay the amount of any such Taxes, Other Charges Imposition 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 Imposition or mechanic's or materialman's lien claim does not constitute a default under any other deed Deed of trustTrust, mortgage or security interest covering or affecting any part of the Mortgaged Property; and (f) notwithstanding the foregoing, Mortgagor Grantor shall immediately upon request of Mortgagee Beneficiary pay (and if Mortgagor Grantor shall fail so to do, Mortgagee Beneficiary may, but shall not be required to, pay or cause to be discharged or bonded against) any such Taxes, Other Charges Imposition or claim notwithstanding such contest, if in the reasonable opinion of Mortgagee, Beneficiary the Mortgaged Property shall be in jeopardy or any part thereof or interest therein may be in danger of being sold, forfeited, forfeited or foreclosed, terminated, canceled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeBeneficiary, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Cellstar Corp

Contest of Certain Claims. Notwithstanding any provisions contained in this Agreement or in any of the provisions of Section 4 and Subsection 22(i) hereofother Loan Documents, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or any mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property if, and so long as, : (ai) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days of obtaining knowledge thereof; (bii) Mortgagor 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 Mortgaged Property Property, or any part thereof, to satisfy the same; (ciii) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, in the amount of the Taxes, Other Charges or mechanic's ’s or materialman's ’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 Property, or any part thereof; (div) Mortgagor Borrower 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; (ev) the failure to pay the Taxes, Other Charges or mechanic's ’s or materialman's ’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 (fvi) notwithstanding the foregoing, Mortgagor shall Borrower immediately shall, upon request of Mortgagee Lender, pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 reasonable opinion of Mortgagee, Lender the Mortgaged Property shall be in jeopardy or any part thereof or interest therein may be in danger of being sold, forfeited, forfeited or foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the sole judgment of MortgageeXxxxxx, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Commercial Loan Agreement (Rf Monolithics Inc /De/)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(isubsection 23(h) hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien 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 claims 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 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. In addition, notwithstanding the provisions of subsections 23(i), (v) or (w) hereof, Mortgagor shall not be in default for contesting any alleged violation of applicable laws, ordinances, rules or regulations 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 of the same or the termination of any License or the ban on new admissions; and (c) notwithstanding the foregoing, Mortgagor shall immediately upon request of Mortgagee comply with (and if Mortgagor shall fail so to do, Mortgagee may, but shall not be required to, cause the compliance therewith) any such law, ordinance, rule or regulation notwithstanding such contest, if in the opinion of Mortgagee, such violation shall materially effect the operation of the Mortgaged Property (or the value of same).

Appears in 1 contract

Samples: Mortgage and Security Agreement (Emeritus Corp\wa\)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(i) hereofSection 7, Mortgagor shall not be in default for failure to pay or discharge TaxesImpositions, Other Charges or mechanic's or materialman's liens asserted against the Mortgaged Property or for failure to comply with any Legal Requirement if, and so long as, (a) Mortgagor shall have notified Mortgagee of same within five ten (510) 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) unless funds are otherwise reserved, Mortgagor shall have furnished furnish to Mortgagee a cash deposit, or an indemnity bond satisfactory to Mortgagee with a surety reasonably satisfactory to Mortgagee, in the amount of the TaxesImpositions, Other Charges Charges, or mechanic's or materialman's lien claimclaim or penalties or fines relating to the failure to comply with any Legal Requirement, 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 timely upon final determination thereof pay the amount of any such TaxesImpositions, Other Charges Charges, claim, fine or claim penalty so determined, together with all costs, interest and penalties which may be payable in connection therewith; (e) the failure to pay the TaxesImpositions, 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 Xxxxxxxxr shall fail so to do, Mortgagee may, but shall not be required to, pay or cause to be discharged or bonded against) any such TaxesImpositions, Other Charges or claim notwithstanding such contest, if in the reasonable opinion of Mortgagee, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled 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.

Appears in 1 contract

Samples: Kranzco Realty Trust

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i12(d)(ii) hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property Security Property, or unsecured or operational debt with trade creditors if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days of promptly after obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Security Property or any part thereof, to satisfy the same; (c) Mortgagor Borrower shall provide to Lender title insurance over such items in a manner reasonably acceptable to Lender (with respect to Taxes, Other Charges or mechanic’s or materialman’s lien) or shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, in an amount equal to 125% of the amount of the Taxes, Other Charges or Charges, mechanic's ’s or materialman's ’s lien claim, or trade creditor 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 Security Property or any part thereof; (d) Mortgagor Borrower 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 Charges, mechanic's ’s or materialman's ’s lien claim, or trade creditor claim does not constitute a default under any other deed of trust, mortgage or security interest covering or affecting any part of the Mortgaged Security Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Security Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Mortgage, Security Agreement and Fixture Financing Statement (Prime Group Realty Trust)

Contest of Certain Claims. Notwithstanding the provisions of Section Sections 4 and Subsection 22(i23(h) hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor shall have notified Mortgagee of same within five ten (510) 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 evidence of an indemnity bond satisfactory to Mortgagee and otherwise in accordance with the laws of the applicable jurisdiction, 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 reasonable 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 reasonable judgment of Mortgagee, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Concord Milestone Plus L P

Contest of Certain Claims. Notwithstanding the provisions of Section 4 paragraphs 5 and Subsection 22(i) 23 hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Trust Property if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days Business Days of obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Trust Property or any part thereof, to satisfy the same; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash depositdeposit (which may consist in whole or in part of funds contained in an existing reserve previously established by Borrower in connection with the Loan for the specific purpose of paying the items being contested), or an indemnity bond satisfactory to Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, in an amount equal to one hundred twenty-five percent (125%) of the amount of the Taxes, Other Charges or mechanic's ’s or materialman's ’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 Trust Property or any part thereof; (d) Mortgagor Borrower 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 ’s or materialman's ’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 Trust Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Trust Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Security Agreement and Fixture Filing (MPG Office Trust, Inc.)

Contest of Certain Claims. Notwithstanding anything to the provisions of Section 4 and Subsection 22(i) hereofcontrary herein, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee each Lender of same within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Property or any part party thereof, to satisfy the same; (c) Mortgagor Borrower shall have furnished to Mortgagee the Lenders or their joint designee a cash deposit, or an indemnity bond or other security or assurances satisfactory to Mortgagee each Lender with a surety satisfactory to Mortgageeeach Lender, 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 thereofhereof; (d) Mortgagor Borrower 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 Borrower shall immediately upon request of Mortgagee a Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee a Lender 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 Mortgageesuch Lender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee A Lender may pay over any such cash deposit or part thereof hereof to the claimant entitled thereto at any time when, in the judgment of Mortgageesuch Lender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Securities Purchase Agreement (Ramtron International Corp)

Contest of Certain Claims. Notwithstanding At its own expense, Borrower may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the provisions amount or validity or application in whole or in part of Section 4 and Subsection 22(i) hereof, Mortgagor shall not be in default for failure to pay or discharge any Taxes, Other Charges or mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee Lender of the same within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor shall diligently and in good faith contest the same by appropriate such 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 Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, or other security satisfactory to Lender, in the amount of one hundred twenty-five percent of the Taxes, Other Charges or mechanic's ’s or materialman's ’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 Borrower 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 ’s or materialman's ’s lien claim does not constitute a default under any other deed of trustmortgage, mortgage or security interest covering or affecting any part of the Mortgaged Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeXxxxxx, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Security Agreement (NNN Healthcare/Office REIT, Inc.)

Contest of Certain Claims. Notwithstanding the provisions of Section ---------------------------- ------- 4 and Subsection subsection 22(i) hereof, Mortgagor Borrower shall not be in default for failure to -- pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days of obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Property or any part thereof, to satisfy the same; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, 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 Borrower 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 trustMortgage, mortgage or security interest covering or affecting any part of the Mortgaged Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Cytation Corp

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(i) hereofSection 7, Mortgagor shall not be in default for failure to pay or discharge TaxesImpositions, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Property or for failure to comply with any Legal Requirement if, and so long as, (a) Mortgagor shall have notified Mortgagee of same within five ten (510) business 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) unless funds are otherwise reserved, Mortgagor shall have furnished furnish to Mortgagee a cash deposit, or an indemnity bond satisfactory to Mortgagee with a surety reasonably satisfactory to Mortgagee, in the amount of the TaxesImpositions, Other Charges Charges, or mechanic's or materialman's lien claimclaim or penalties or fines relating to the failure to comply with any Legal Requirement, 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 timely upon final determination thereof pay the amount of any such TaxesImpositions, Other Charges Charges, claim, fine or claim penalty so determined, together with all costs, interest and penalties which may be payable in connection therewith; (e) the failure to pay the TaxesImpositions, 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 TaxesImpositions, Other Charges or claim notwithstanding such contest, if in the reasonable opinion of Mortgagee, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of Mortgagee, the entitlement of such claimant is conclusively established.

Appears in 1 contract

Samples: Echelon International Corp

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(iSubsections 2.2(b) or 2.2(h) hereof, Mortgagor shall not be in default for failure to pay or discharge Taxesany tax, Other Charges assessment, or mechanic's or materialman's liens lien 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 Taxestax, Other Charges assessment 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 Taxestax, Other Charges assessment or claim so determined, together with all costs, interest and penalties which may be payable in connection therewith; (e) the failure to pay the Taxestax, Other Charges assessment 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 Taxestax, Other Charges assessment or claim notwithstanding such contest, if in the reasonable opinion of Mortgagee, Mortgagee the Mortgaged Property or any part thereof or interest therein may shall 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.in

Appears in 1 contract

Samples: Settlement Agreement (Maui Land & Pineapple Co Inc)

Contest of Certain Claims. Notwithstanding anything to the provisions of contrary contained in Section 4 and Subsection 22(i) 2.6 or Section 2.7 hereof, Mortgagor Borrower may, to the extent and in the manner permitted by Governmental Regulations, at Borrower’s sole cost and expense, contest Governmental Regulations, Impositions or any other claim that can lead to a Lien against the Property, and the failure of Borrower to pay the contested Imposition or other claim that may result in a Lien against the Property, pending such contest, shall not be in default for failure or become a default, provided that (A) Borrower shall notify Lender of Borrower’s intent to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens asserted against contest such payment at least ten (10) Business Days prior to commencing the Mortgaged Property if, and so long as, (a) Mortgagor shall have notified Mortgagee of same within five (5) days of obtaining knowledge thereofcontest; (bB) Mortgagor Borrower shall deposit such payments or post such security as may be required by Governmental Regulation in connection with such contest; (C) Borrower shall furnish to Lender a cash deposit reasonably satisfactory to Lender, or an indemnity bond satisfactory to Lender, with a surety reasonably satisfactory to Lender, to assure payment (including, without limitation, interest, fines and penalties) of, and/or compliance with, the matters under contest and/or to prevent any sale, loss or forfeiture of all or any part of the Property; (D) Borrower diligently and in good faith pursues such contest the same by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same and and/or the sale sale, loss or forfeiture of the Mortgaged Property all or any part thereof, of the Property to satisfy the same; (cE) Mortgagor shall have furnished to Mortgagee a cash depositBorrower, 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 thereof, shall pay the amount of any such Taxes, Other Charges or claim so determined, together with all costs, fines, interest and penalties which may be payable in connection therewith; (eF) the failure to pay comply with the Taxes, Other Charges applicable Governmental Regulations or mechanic's to make payment of any Imposition or materialman's lien other claim does shall not constitute a default under subject Lender to any other deed of trust, mortgage civil or security interest covering criminal liability or affecting to any part of the Mortgaged PropertyLosses and Liabilities; and (fG) notwithstanding the foregoing, Mortgagor shall immediately upon request of Mortgagee pay (and if Mortgagor shall fail so to do, Mortgagee may, but such contest shall not be otherwise interfere with the payment of any amounts 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 paid under this Security Instrument or any part thereof of the other Loan Documents or interest therein may be in danger the satisfaction 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 establishedother Obligations.

Appears in 1 contract

Samples: And Security Agreement (Strategic Student & Senior Housing Trust, Inc.)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 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.

Appears in 1 contract

Samples: First Potomac Realty Trust

AutoNDA by SimpleDocs

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Paragraphs 5 and Subsection 22(i) 23 hereof, Mortgagor shall not be in default for failure to pay ------------ -- or discharge Taxes, Other Charges or mechanic's or materialman's liens lien 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 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 reasonably 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 of 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.

Appears in 1 contract

Samples: And Security Agreement (Wellington Properties Trust)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 paragraphs 5 and Subsection 22(i) 23 hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Trust Property if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days Business Days of obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Trust Property or any part thereof, to satisfy the same; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash depositdeposit (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 Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, 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 Mortgaged Trust Property or any part thereof; (d) Mortgagor Borrower 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 Trust Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Trust Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Cash Management Agreement (Maguire Properties Inc)

Contest of Certain Claims. Notwithstanding Borrower may contest the provisions validity of Section 4 and Subsection 22(i) hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or any mechanic's ’s or materialman's liens ’s lien or legal requirements asserted against the Mortgaged Property ifProject, and including the rights addressed in Section 6.9 hereof, so long as, as (a) Mortgagor shall have notified Mortgagee of same within five (5) days of obtaining knowledge thereof; Borrower notifies Lender that it intends to contest such Taxes, liens, or requirements, as applicable, (b) Mortgagor shall Borrower provides Lender with an indemnity, bond or other security reasonably satisfactory to Lender (including an endorsement to Lender’s title insurance policy insuring against such claim or demand) assuring the discharge of Borrower’s obligations for such Taxes, liens, or requirements, as applicable, including interest and penalties, (c) Borrower is diligently and in good faith contest contesting the same by appropriate legal proceedings which shall operate in good faith and at its own expense and concludes such contest prior to prevent the enforcement or collection tenth (10th) day preceding the earlier to occur of the same and Maturity Date or the sale of date on which the Mortgaged Property or any part thereofProject is scheduled to be sold for non-payment, 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 Borrower promptly upon final determination thereof pay pays the amount of any such TaxesTaxes or liens, Other Charges or claim so determinedas applicable, together with all costs, interest and penalties which may be payable in connection therewith; , and (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 Borrower shall immediately upon request of Mortgagee Lender 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 TaxesTaxes or liens, Other Charges or claim as applicable, notwithstanding such contestcontest if, if in the reasonable opinion of MortgageeLender, the Mortgaged Property Project or any part thereof or interest therein may be is in imminent danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of MortgageeLender, the entitlement of such claimant is established. The provisions of this Section are subject to the terms of Section 3.4 of this Agreement.

Appears in 1 contract

Samples: Loan Agreement (Columbia Equity Trust, Inc.)

Contest of Certain Claims. Notwithstanding any provisions contained in this Agreement or in any of the provisions of Section 4 and Subsection 22(i) hereofother Loan Documents, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or any mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property if, and so long as, : (ai) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days of obtaining knowledge thereof; (bii) Mortgagor 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 Mortgaged Property Property, or any part thereof, to satisfy the same; (ciii) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, in the amount of the Taxes, Other Charges or mechanic's ’s or materialman's ’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 Property, or any part thereof; (div) Mortgagor Borrower 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; (ev) the failure to pay the Taxes, Other Charges or mechanic's ’s or materialman's ’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 (fvi) notwithstanding the foregoing, Mortgagor shall Borrower immediately shall, upon request of Mortgagee Lender, pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 reasonable opinion of Mortgagee, Lender the Mortgaged Property shall be in jeopardy or any part thereof or interest therein may be in danger of being sold, forfeited, forfeited or foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the sole judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Loan Agreement

Contest of Certain Claims. Notwithstanding anything to the provisions of Section 4 and Subsection 22(i) hereof------------------------- contrary herein, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee Lender of same within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Property or any part party thereof, to satisfy the same; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, 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; provided, however, that if a cash deposit or indemnity bond must be deposited with a governmental authority or a court of competent jurisdiction to accomplish the purposes of clause (b) above with respect to mechanic's or materialmen liens (but not with respect to Taxes and Other Charges), Borrower shall not be required to make such deposit or deliver such bond to Lender if Borrower has made such deposit or delivered such bond to the appropriate governmental authority or court; (d) Mortgagor Borrower 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 Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof hereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Trust and Security Agreement (Archon Corp)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(i) hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Borrower shall have notified Mortgagee Lender of same such nonpayment and the reasons therefor within five (5) days of obtaining knowledge thereof; (b) Mortgagor Borrower shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, 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 Borrower 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; and (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 . Notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 reasonable opinion of MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Management Agreement (Insignia Financial Group Inc /De/)

Contest of Certain Claims. Notwithstanding the provisions of Section Paragraphs 4 and Subsection 22(i) 23 hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien 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.

Appears in 1 contract

Samples: Security Agreement (Ridgewood Properties Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i12(d)(ii) hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Property Security Property, or unsecured or operational debt with trade creditors if, and so long as, (a) Mortgagor Borrower shall have notified Mortgagee Lender of same within five (5) days of promptly after obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Security Property or any part thereof, to satisfy the same; (c) Mortgagor Borrower shall provide to Lender title insurance over such items in a manner reasonably acceptable to Lender (with respect to Taxes, Other Charges or mechanic's or materialman's lien) or shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, in an amount equal to 125% of the amount of the Taxes, Other Charges or Charges, mechanic's or materialman's lien claim, or trade creditor 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 Security Property or any part thereof; (d) Mortgagor Borrower 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 Charges, mechanic's or materialman's lien claim, or trade creditor claim does not constitute a default under any other deed of trust, mortgage or security interest covering or affecting any part of the Mortgaged Security Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Security Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Mortgage, Security Agreement and Fixture Financing Statement (Prime Group Realty Trust)

Contest of Certain Claims. Notwithstanding the provisions of Section Sections 4 and Subsection 22(i23(h) hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor shall have notified Mortgagee of same within five ten (510) 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 evidence of an indemnity bond satisfactory to Mortgagee and otherwise in accordance with applicable law 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 reasonable 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 reasonable judgment of Mortgagee, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Concord Milestone Plus L P

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 lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor shall have notified Mortgagee of same within five ten (510) 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 is in immediate 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.

Appears in 1 contract

Samples: Kranzco Realty Trust

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(i) hereof, Mortgagor Grantor shall not be in default for failure to pay or discharge Taxes, Other Charges any Imposition or mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property if, and so long as, (a) Mortgagor Grantor shall have notified Mortgagee Beneficiary of same within five (5) days of obtaining knowledge thereof; (b) Mortgagor Grantor 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 Grantor shall have furnished to Mortgagee Beneficiary a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety satisfactory to MortgageeBeneficiary, in the amount of the Taxes, Other Charges Imposition or mechanic's ’s or materialman's ’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 Grantor shall promptly upon final determination thereof pay the amount of any such Taxes, Other Charges Imposition 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 Imposition or mechanic's ’s or materialman's ’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 Grantor shall immediately upon request of Mortgagee Beneficiary pay (and if Mortgagor Grantor shall fail so to do, Mortgagee Beneficiary may, but shall not be required to, pay or cause to be discharged or bonded against) any such Taxes, Other Charges Imposition or claim notwithstanding such contest, if in the reasonable opinion of Mortgagee, Beneficiary the Mortgaged Property shall be in jeopardy or any part thereof or interest therein may be in danger of being sold, forfeited, forfeited or foreclosed, terminated, canceled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeBeneficiary, the entitlement of such claimant is established.. partial releases. Grantor shall be entitled to partial releases of the lien of the Deed of Trust on the following terms and conditions:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Behringer Harvard Reit I Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(c) hereofand (j) hereof or any other provision of this Deed or the other Loan Documents, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Borrower shall have notified Mortgagee Lender of same such nonpayment and the reasons therefor within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor Borrower shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a letter of credit, cash deposit, guaranty or indemnity by Guarantor or an indemnity bond reasonably satisfactory to Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, in the amount of the Taxes, Other Charges or mechanic's ’s or materialman's ’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 Borrower 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; and (e) the failure to pay the Taxes, Other Charges or mechanic's ’s or materialman's ’s lien claim claims does not constitute a default under any other deed of trustto secure debt, mortgage or security interest covering or affecting any part of the Mortgaged Property; and (f) notwithstanding . Notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 reasonable opinion of MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be is in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of Mortgagee, contest is defeated and the entitlement of such claimant is establishedestablished by a non-appealable verdict.

Appears in 1 contract

Samples: Profits and Security Agreement (Wyndham International Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(i) hereofhereof or any other Loan Document provision, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's, materialman's or materialman's liens other lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Borrower shall have notified Mortgagee Lender of same such nonpayment and the reasons therefor within five (5) days of a reasonable period after obtaining knowledge thereof; (b) Mortgagor Borrower shall diligently and in good faith contest the same contest, or cause to be contested, such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond reasonably satisfactory to Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, or title insurance satisfactory to Lender with a title insurance company reasonably satisfactory to Lender, 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 Borrower shall promptly upon final determination thereof pay pay, or cause to be paid, 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; and (e) the failure to pay the Taxes, Other Charges or mechanic's, materialman's or materialman's other 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 . Notwithstanding the foregoing, Mortgagor Borrower shall immediately promptly upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Loan Agreement (Wyndham International Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(i) hereof, Mortgagor Owner shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Owner shall have notified Mortgagee Lender of same such nonpayment and the reasons therefor within five (5) 10 days of obtaining knowledge thereof; (b) Mortgagor Owner shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Owner shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, in the amount of the Taxes, Other 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 thereofthereof (which sums shall be deposited into an interest-bearing account); (d) Mortgagor Owner 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; and (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 . Notwithstanding the foregoing, Mortgagor Owner shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Owner shall fail so to do, Mortgagee Lender 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 reasonable opinion of MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Loan Agreement (Lodgian Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(i) hereof, Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor shall have notified Mortgagee of same such nonpayment and the reasons therefor within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor shall have furnished to Mortgagee a cash deposit, or an indemnity bond satisfactory to Mortgagee with a surety reasonably satisfactory to MortgageeMortgagee or such other entity as is required by applicable law, in the amount of the Taxes, Other 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; and (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 trustMortgage, mortgage or security interest covering or affecting any part of the Mortgaged Property; and (f) notwithstanding . 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.

Appears in 1 contract

Samples: Essex Hospitality Associates Iv Lp

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(i) hereof, Mortgagor Borrower 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 Borrower shall have notified Mortgagee Lender of the same within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor 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 Mortgaged Property or any part thereof, to satisfy the same; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, in the amount of the Taxes, Other Charges or mechanic's or materialman's lien claim, plus a reasonable additional sum sufficient 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 Borrower 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 instrument covering or affecting any part of the Mortgaged Property; and (f) notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay or bond over (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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, contest if in the reasonable opinion of MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Ramco Gershenson Properties Trust

Contest of Certain Claims. Notwithstanding the provisions of Section 4 and Subsection 22(isubparagraph (b) of Article 7 hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged any Property if, and so long as, : (a) Mortgagor Borrower shall have notified Mortgagee Lender of same such nonpayment and the reasons therefor within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor Borrower shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety reasonably satisfactory to MortgageeLender, in the amount of the Taxes, Other Charges or mechanic's or materialman's lien claim, or an endorsement to Lender's policy of title insurance with respect to such Property insuring that the lien of the insured mortgage or deed of trust, as applicable, is not impaired, lessened or released as a result of such encumbrance, 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 such Property or any part thereof; (d) Mortgagor Borrower 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; and (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 . Notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 reasonable opinion of MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the reasonable judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Loan Agreement (Candlewood Hotel Co Inc)

Contest of Certain Claims. Notwithstanding anything to the provisions of Section 4 and Subsection 22(i) hereofcontrary herein, the Mortgagor shall not be in default for failure to pay or discharge Taxes, Other Charges Taxes or mechanic's ’s or materialman's liens ’s lien asserted against the Mortgaged Property or to comply with an Environmental Requirement if, and so long as, (a) Mortgagor shall have notified Mortgagee of same within five ten (510) 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 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 or fine or assessment so determined, together with all costs, interest and penalties which may be payable in connection therewith; (ed) the failure to pay the Taxes, Other Charges or mechanic's ’s or materialman's ’s lien claim or fine or assessment does not constitute a default an Event of Default under any other deed of trustMortgage, mortgage the Morgtaged Lease or any other agreement or security interest covering or affecting any part of the Mortgaged Property; and (fe) notwithstanding the foregoing, Mortgagor shall immediately upon request of Mortgagee pay (and if Mortgagor Mortgagee shall fail so to do, Mortgagee Mortgagor may, but shall not be required to, pay or cause to be discharged or bonded against) any such Taxes, Other Charges or claim or fine or assessment notwithstanding such contest, if in the reasonable opinion of MortgageeMortgagor, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Mortgagor may pay over any such cash deposit or part thereof hereof to the claimant entitled thereto at any time when, in the judgment of Mortgageethe Mortgagor, the entitlement of such claimant is established.. [NO FURTHER TEXT ON THIS PAGE] [Signature Page to Leasehold Mortgage and Security Agreement and Assignment of Leases and Rents]

Appears in 1 contract

Samples: Leasehold Mortgage and Security Agreement (Chefs' Warehouse, Inc.)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(i) hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Borrower shall have notified Mortgagee Lender of same such nonpayment and the reasons therefor within five (5) 10 days of obtaining knowledge thereof; (b) Mortgagor Borrower shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, in the amount of the Taxes, Other 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 thereofthereof (which sums shall be deposited into an interest-bearing account); (d) Mortgagor Borrower 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; and (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 . Notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Loan Agreement (Servico Market Center Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(i) hereof, Mortgagor Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Borrower shall have notified Mortgagee Lender of same such nonpayment and the reasons therefor within five (5) days of obtaining knowledge thereof; (b) Mortgagor Borrower shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor Borrower shall have furnished to Mortgagee Lender a cash deposit, or an indemnity bond satisfactory to Mortgagee Lender with a surety satisfactory to MortgageeLender, 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 Borrower 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; and (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 . Notwithstanding the foregoing, Mortgagor Borrower shall immediately upon request of Mortgagee Lender pay (and if Mortgagor Borrower shall fail so to do, Mortgagee Lender 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 MortgageeLender, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled cancelled or lost. Mortgagee Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeLender, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Loan Agreement (Nexthealth Inc)

Contest of Certain Claims. Notwithstanding the provisions of Section 4 Sections 5 and Subsection 22(i24(c) and (j) hereof, Mortgagor Grantor shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's liens lien asserted against the Mortgaged Property if, and so long as, : (a) Mortgagor Grantor shall have notified Mortgagee Beneficiary of same such nonpayment and the reasons therefor within five ten (510) days of obtaining knowledge thereof; (b) Mortgagor Grantor shall diligently and in good faith contest the same such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same thereof and the sale of the Mortgaged Property or any part thereof, to satisfy the samein satisfaction thereof; (c) Mortgagor if requested by Beneficiary because such contest reasonably could impair Beneficiary's collateral, then Grantor shall have furnished to Mortgagee Beneficiary affirmative title coverage satisfactory to Beneficiary, a cash deposit, or an indemnity bond satisfactory to Mortgagee Beneficiary with a surety satisfactory to MortgageeBeneficiary, in the amount of the Taxes, Other 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 Grantor 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; and (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 . Notwithstanding the foregoing, Mortgagor Grantor shall immediately upon request of Mortgagee Beneficiary pay (and if Mortgagor Grantor shall fail so to do, Mortgagee Beneficiary 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 reasonable opinion of MortgageeBeneficiary, the Mortgaged Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Mortgagee Beneficiary may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of MortgageeBeneficiary, the entitlement of such claimant is established.

Appears in 1 contract

Samples: Security Agreement and Fixture Filing (Equity Inns Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.