Common use of Mortgagee's Right to Perform Clause in Contracts

Mortgagee's Right to Perform. If Mortgagor fails to perform any of the covenants or agreements of Mortgagor, Mortgagee, without waiving or releasing Mortgagor from any obligation or default under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness and shall be secured by this Mortgage and shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's default or waive any right or remedy of Mortgagee.

Appears in 3 contracts

Samples: Mortgage (Glimcher Realty Trust), Mortgage (Glimcher Realty Trust), Mortgage (Glimcher Realty Trust)

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Mortgagee's Right to Perform. If Mortgagor fails to perform any of the covenants or agreements of Mortgagor, Mortgagee, without waiving or releasing Mortgagor from any obligation or default under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials of Environmental Concern (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness Obligations guaranteed by Mortgagor and shall be secured by this Mortgage and shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's ’s default or waive any right or remedy of Mortgagee.

Appears in 1 contract

Samples: Third Open End Mortgage, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Bush Industries Inc)

Mortgagee's Right to Perform. If Mortgagor fails shall fail to ---------------------------- pay or perform any of the covenants Secured Obligations, then Mortgagee, upon ten (10) days' prior notice to Mortgagor may, but shall not be obligated to, make (or agreements cause to be made) any such payment or perform (or cause to be performed) any such Secured Obligation of Mortgagor, Mortgageein any form and manner deemed reasonably appropriate by Mortgagee as agent or attorney-in-fact of Mortgagor, without waiving and any amount so paid or releasing Mortgagor from any obligation or default extended, plus reimbursement to Mortgagee for its reasonable out-of-pocket and other expenses, including legal expenses, for each matter for which it acts under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness Secured Obligations and shall be repaid to Mortgagee upon demand. By way of illustration and not in limitation of the foregoing, Mortgagee may, but need not, make payments of principal, interest or other charges on any obligations secured by this Mortgage and any Permitted Encumbrance or other Lien or charge; purchase, discharge, compromise or settle any tax Lien or any other Lien, encumbrance, suit, proceeding, title or claim thereof; pay any premium owing on any insurance policy covering the Mortgaged Property; or redeem from any tax sale or forfeiture affecting the Property or contest any tax or assessment. In making any payment or securing any performance relating to any such obligation of Mortgagor hereunder or thereunder, Mortgagee, so long as it acts in good faith, shall be the sole judge of the legality, validity and amount of any Lien or encumbrance and of all other matters necessary to be determined in satisfaction thereof. No such action of Mortgagee shall be considered as a lien waiver of any right accruing to it on account of the occurrence of any default on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien part of Mortgagor under this Mortgage. No payment , any Event of Default or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's any default or waive event of default under any right or remedy of Mortgageeother Loan Document.

Appears in 1 contract

Samples: Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing (Thermatrix Inc)

Mortgagee's Right to Perform. If Mortgagor fails to perform any of the covenants or agreements of Mortgagor, Mortgagee, without waiving or releasing Mortgagor from any obligation or default under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness and shall be secured by this Mortgage and shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's default or waive any right or remedy of Mortgagee.

Appears in 1 contract

Samples: Mortgage (Astrex Inc)

Mortgagee's Right to Perform. If Mortgagor fails to perform any of the covenants or agreements of Mortgagor, Mortgagee, without waiving or releasing Mortgagor from any obligation or default under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined in Section 17 below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness Obligations and shall be secured by this Mortgage and shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's default or waive any right or remedy of Mortgagee.

Appears in 1 contract

Samples: Mortgage, Assignment of Production, Security Agreement, Assignment of Leases and Rents, and Fixture Filing (American Rock Salt Co LLC)

Mortgagee's Right to Perform. If Mortgagor fails shall fail to pay or perform any of the covenants Secured Obligations, then Mortgagee, upon ten (10) days' prior notice to Mortgagor may, but shall not be obligated to, make (or agreements cause to be made) any such payment or perform (or cause to be performed) any such Secured Obligation of Mortgagor, Mortgageein any form and manner deemed reasonably appropriate by Mortgagee as agent or attorney-in-fact of Mortgagor, without waiving and any amount so paid or releasing Mortgagor from any obligation or default extended, plus reimbursement to Mortgagee for its reasonable out-of-pocket and other expenses, including legal expenses, for each matter for which it acts under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness Secured Obligations and shall be paid to Mortgagee upon demand. By way of illustration and not in limitation of the foregoing, Mortgagee may, but need not, make payments of principal, interest or other charges on any obligations secured by this Mortgage and shall be a lien any Permitted Exception or other Lien or charge; purchase, discharge, compromise or settle any tax Lien or any other Lien, encumbrance, suit, proceeding, title or claim thereof; pay any premium owing on any insurance policy covering the Mortgaged Property; or redeem from any tax sale or forfeiture affecting the Mortgaged Property prior or contest any tax or assessment. In making any payment or securing any performance relating to any rightsuch obligation of Mortgagor hereunder or thereunder, title toMortgagee, interest inso long as it acts in good faith, shall be the sole judge of the legality, validity and amount of any Lien or claim upon encumbrance and of all other matters necessary to be determined in satisfaction thereof. No such action of Mortgagee shall be considered as a waiver of any right accruing to it on account of the Mortgaged Property attaching subsequent to occurrence of any default on the lien part of Mortgagor under this Mortgage. No payment , any Event of Default or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's any default or waive event of default under the Indenture or under any right or remedy of Mortgageeother Security Document.

Appears in 1 contract

Samples: Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing (Planet Hollywood International Inc)

Mortgagee's Right to Perform. If Mortgagor fails to perform Upon the occurrence of any Event of the covenants or agreements of MortgagorDefault, Mortgagee, but without waiving the obligation so to do and without notice to or demand upon Mortgagor and without releasing Mortgagor from any obligation or default under this Mortgageobligations hereunder, may: make any payments or do any acts required of Mortgagor hereunder in such manner and to such extent as either may deem necessary to protect the security hereof, at Mortgagee being authorized to enter upon the Property for such purposes; commence, appear in and defend any time (but action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; pay, purchase, contest or compromise any encumbrance, charge or lien in accordance with the following paragraph; and in exercising any such powers, pay necessary expenses, employ counsel and pay a reasonable fee therefor. All sums so expended shall be under no obligation topayable on demand by Mortgagor, be secured hereby (except as otherwise provided in Section 4.18) pay or perform the same, and the amount or cost thereof, with bear interest at the Default RateRate from the date advanced or expended until repaid. Mortgagee in making any payment herein and hereby authorized, shall immediately be due in the place and stead of the Mortgagor, in the case of a payment of taxes, assessments, water rates, sewer rentals and other governmental or municipal charges, fines, impositions or liens asserted against the Property, may make such payment in reliance on any bill, statement or estimate procured from Mortgagor to Mortgagee. To the extent that appropriate public office without inquiry into the accuracy of the bill, statement or estimate or into the validity of any such amounts tax, xxsessment, sale, forfeiture, tax lien or costs paid by title or claim thereof; in the case of any apparent or threatened adverse claim of title, lien, statement of lien, encumbrance, deed of trust, claim or charge Mortgagee shall constitute be the sole judge of the legality or validity of same; and in the case of a payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, includingfor any other purpose herein and hereby authorized, but not limited enumerated in this paragraph, such payment may be made whenever, in the sole judgment and discretion of Mortgagee, as the case may be, such advance or advances shall seem necessary or desirable to protect the expenses of any litigation full security intended to prosecute or defend the rights and lien be created by this Mortgage; (iv) costs instrument, provided further, that in connection with any such advance, Mortgagee at its option may and is hereby authorized to obtain a continuation report of removal title prepared by a title insurance company, the cost and expenses of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to repayable by the Indebtedness Mortgagor without demand and shall be secured by this Mortgage and shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's default or waive any right or remedy of Mortgageehereby.

Appears in 1 contract

Samples: Security Agreement (Praegitzer Industries Inc)

Mortgagee's Right to Perform. If Mortgagor fails to perform any of the covenants or agreements of Mortgagor, Mortgagee, without waiving or releasing Mortgagor from any obligation or default under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To Mortgagee and the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness and same shall be secured by this Mortgage and shall be a lien on the Mortgaged Property prior to any right, title to, interest in, in or claim upon the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's default or waive any right or remedy of Mortgagee. The Mortgagee, in making any payment hereby authorized (a) relating to taxes, may do so according to any bill, statement or estimate, without inquiry into the validity of any xxx, assessment, sale, forfeiture, tax lien or title or claim thereof; (b) for the purchase, discharge, compromise or settlement of any lien, may do so without inquiry as to the validity or amount of any claim for lien which may be asserted; and (c) in connection with the completion of construction, furnishing or equipping of the Premises or the rental, operation or management of the Premises or the payment of operating costs and expenses thereof may do so in such amounts and to such persons as the Mortgagee may deem appropriate. Nothing contained herein shall be construed to require the Mortgagee to advance or expend moneys for any purpose mentioned herein, or for any other purpose.

Appears in 1 contract

Samples: Indenture (Bayou Steel Corp)

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Mortgagee's Right to Perform. If Mortgagor fails shall ---------------------------- fail to pay or perform any of the covenants Secured Obligations, then Mortgagee, upon ten (10) days' prior notice to Mortgagor may, but shall not be obligated to, make (or agreements cause to be made) any such payment or perform (or cause to be performed) any such Secured Obligation of Mortgagor, Mortgageein any form and manner deemed reasonably appropriate by Mortgagee as agent or attorney-in-fact of Mortgagor, without waiving and any amount so paid or releasing Mortgagor from any obligation or default extended, plus reimbursement to Mortgagee for its reasonable out-of-pocket and other expenses, including legal expenses, for each matter for which it acts under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness Secured Obligations and shall be repaid to Mortgagee upon demand. By way of illustration and not in limitation of the foregoing, Mortgagee may, but need not, make payments of principal, interest or other charges on any obligations secured by this Mortgage and any Permitted Encumbrance or other Lien or charge; purchase, discharge, compromise or settle any tax Lien or any other Lien, encumbrance, suit, proceeding, title or claim thereof; pay any premium owing on any insurance policy covering the Mortgaged Property; or redeem from any tax sale or forfeiture affecting the Property or contest any tax or assessment. In making any payment or securing any performance relating to any such obligation of Mortgagor hereunder or thereunder, Mortgagee, so long as it acts in good faith, shall be the sole judge of the legality, validity and amount of any Lien or encumbrance and of all other matters necessary to be determined in satisfaction thereof. No such action of Mortgagee shall be considered as a lien waiver of any right accruing to it on account of the occurrence of any default on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien part of Mortgagor under this Mortgage. No payment , any Event of Default or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's any default or waive event of default under any right or remedy of Mortgageeother Loan Document.

Appears in 1 contract

Samples: Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing (Thermatrix Inc)

Mortgagee's Right to Perform. If Mortgagee's Expenditures. (a) Mortgagor agrees that if Mortgagor fails to perform any act or take any action which Mortgagor is required to perform or take hereunder or under the Credit Agreement or to pay any money which Mortgagor is required to pay hereunder or under the Credit Agreement, Mortgagee may, but shall not be obligated to, perform or cause to be performed such act or take such action or pay such money to the extent and only to the extent permitted under the Credit Agreement. (b) All costs and expenses incurred by Mortgagee (or any Indemnified Party), including, without limitation, attorneys fees and expenses, all monies paid by (or on behalf of) Mortgagee and the monetary value of all services performed by (or on behalf of Mortgagee) in connection with a Default or Event of Default hereunder or under any other Loan Document, including, without limitation, the (i) the enforcement of any term or provision of this Mortgage or any other Loan Document, (ii) the performance by Mortgagee of any obligation of Mortgagor under this Mortgage or any other Loan Document if Mortgagee elects to so perform, in its sole and absolute discretion, and (iii) any action Mortgagee elects to take, in its sole and absolute discretion, to protect its interest in or the value of the covenants or agreements of MortgagorMortgaged Property, shall be a demand obligation owing by Mortgagor to Mortgagee, as the case may be, and to the extent any payment is made to a third Person, Mortgagee, without waiving or releasing Mortgagor from any obligation or default under this Mortgageupon making such payment, may, at any time (but shall be under no obligation to) pay or perform subrogated to all of the samerights of the Person receiving such payment. All such costs and expenses, monies and the amount or cost thereof, with monetary value of such services performed shall (x) bear interest at the Default RateRate from the date of such incurrence, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts payment or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgageperformance, includingas applicable, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; thenuntil paid, and in each such event, such amounts or costs, (y) (together with interest thereon at such interest) constitute a portion of the Default Rate, shall be added to the Indebtedness Obligations and shall be secured by this Mortgage and all of the other Loan Documents. If Mortgagee shall be a lien on elect to pay any Imposition or other sums due with reference to the Mortgaged Property prior to Property, Mortgagee may do so in reliance on any rightxxxx, title to, interest in, statement or claim upon assessment procured from the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment appropriate Governmental Authority or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's default or waive any right or remedy of Mortgageeother issuer thereof.

Appears in 1 contract

Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Lakes Entertainment Inc)

Mortgagee's Right to Perform. If Mortgagor fails to perform any of the covenants or agreements of Mortgagor, Mortgagee, without waiving or releasing Mortgagor from any obligation or default under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness and shall be secured by this Mortgage and shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's ’s default or waive any right or remedy of Mortgagee.

Appears in 1 contract

Samples: Mortgage, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Bush Industries Inc)

Mortgagee's Right to Perform. If Mortgagor fails to perform any of the covenants or agreements of MortgagorMortgagor contained herein, within the applicable grace period, if any, provided for in the Credit Agreement, Mortgagee, without waiving or releasing Mortgagor from any obligation or default under this Mortgage, Mortgage may, at any time (but shall be under no obligation to) at any time upon delivery of written notice to Mortgagor pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due on demand from Mortgagor to Mortgagee. To Mortgagee and the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of or otherwise related to Hazardous Materials (as defined below) or asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness and same shall be secured by this Mortgage and shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's ’s default or waive any right or remedy of Mortgagee. • Representations and Warranties. • As of the date hereof, to the knowledge of Mortgagor, the Real Estate, and the use and operation thereof, comply in all material respects with all Requirements of Law, including, without limitation, building and zoning ordinances and codes and the Americans with Disabilities Act except for such noncompliance as does not and will not, in the aggregate, result in any Material Adverse Effect. There has not been committed by Mortgagor or, to Mortgagor’s knowledge, any other Person in occupancy of or involved with the operation or use of the Mortgaged Property any act or omission affording any Governmental Authority the right of forfeiture as against the Mortgaged Property or any part thereof. • As of the date hereof, Mortgagor has not received notice of the commencement of any condemnation or other eminent domain proceeding and, to Mortgagor’s knowledge, no such proceeding is threatened or contemplated with respect to all or any portion of the Real Estate or for the relocation of roadways providing access to the Real Estate which would have a Material Adverse Effect. • As of the date hereof, there are adequate rights of access to public ways from the Real Estate and the Real Estate is served by water, sewer, sanitary sewer and storm drain facilities adequate to service the Mortgaged Property for full utilization of the Mortgaged Property for its intended uses. All public utilities necessary to the full use and enjoyment of the Mortgaged Property as currently used and enjoyed are located either in the public right-of-way abutting the Real Estate (which are connected so as to serve the Real Estate without passing over other property) or in recorded easements serving the Real Estate and such easements are set forth in and insured by the Title Insurance Policy. All roads necessary for the use of the Real Estate for its current purposes either (i) have been completed and dedicated to public use and accepted by all Governmental Authorities or (ii) the use thereof is provided by private easement adequate for the present use of the Mortgaged Property. The Real Estate has, or to the knowledge of Mortgagor, is served by, parking to the extent required to comply with all Requirements of Law. • The Real Estate is assessed for real estate tax purposes as one or more wholly independent tax lot or lots, separate from any adjoining land or improvements not constituting a part of such lot or lots, and no other land or improvement is assessed and taxed together with the Real Estate or any portion thereof. • As of the date hereof, to Mortgagor’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Mortgaged Property, nor are there any contemplated improvements to the Mortgaged Property that may result in such special or other assessments. • All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under any Requirements of Law currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, any Mortgage and Security Agreement, have been paid or will be paid. • As of the date hereof, except to the extent waived by Collateral Agent, the survey for the Real Estate delivered to Lender in connection with this Mortgage accurately reflects the Real Estate, and to the knowledge of the Mortgagor does not fail to reflect any material matter affecting the Real Estate or the title thereto, except as set forth in Exhibit B attached hereto. • As of the date hereof, there are no Leases affecting the Mortgaged Property except as provided on Schedule I hereof. • Covenants.

Appears in 1 contract

Samples: Credit Agreement

Mortgagee's Right to Perform. If Mortgagor fails to perform any of the covenants or agreements of Mortgagor, Mortgagee, without waiving or releasing Mortgagor from any obligation or default Event of Default under this Mortgage, may, at any time (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately be due from Mortgagor to Mortgagee. To the extent that any such amounts or costs paid by Mortgagee shall constitute payment of (i) Impositions; (ii) premiums on insurance policies covering the Premises; (iii) reasonable expenses incurred in upholding or enforcing the lien of this Mortgage, including, but not limited to the expenses of any litigation to prosecute or defend the rights and lien created by this Mortgage; (iv) costs of removal of hazardous substances or otherwise other remediation costs related to Hazardous Materials (as defined below) violations of Environmental Laws or the presence of asbestos; or (v) any amount, costs or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such amounts or costs, together with interest thereon at the Default Rate, shall be added to the Indebtedness and shall be secured by this Mortgage and shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Section shall be deemed or construed to cure Mortgagor's default or waive any right or remedy of Mortgagee.

Appears in 1 contract

Samples: Credit and Guarantee Agreement (Young & Rubicam Inc)

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