Payment of Governmental Charges. The Borrower has paid all federal, state and local material taxes, assessments, fees and other governmental charges of which it is aware that have been levied or imposed upon it or its properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP.
Payment of Governmental Charges. The Developer agrees to pay or cause to be paid when due all Governmental Charges (as defined below) which are assessed or imposed upon the Developer, the Property or the Project, or become due and payable, and which create, may create, or appear to create a lien upon the Developer or all or any portion of the Property or the Project. "Governmental Charge" shall mean all federal, State, county, the City, or other governmental (or any instrumentality, division, agency, body, or department thereof) taxes, levies, assessments, charges, liens, claims or encumbrances (except for those assessed by foreign nations, states other than the State of Illinois, counties of the State other than Xxxx County, and municipalities other than the City) relating to the Developer, the Property or the Project including but not limited to real estate taxes.
Payment of Governmental Charges. The Enterprise shall pay or cause to be paid all taxes and assessments or other governmental charges, if any, lawfully levied or assessed upon or in respect of the System, or upon any part thereof, or upon any portion of the Gross Pledged Revenues, when the same shall become due, and shall duly observe and comply with all valid requirements of any governmental authority relative to the System or any part thereof, except for any period during which the same are being contested in good faith by proper legal proceedings. The Enterprise shall not create or suffer to be created any lien upon the System, or any part thereof, or upon the Gross Pledged Revenues, except the pledge and lien created by for Senior Debt and Parity Debt and except as herein otherwise permitted. The Enterprise shall pay or cause to be discharged or shall make adequate provision to satisfy and to discharge, within 60 days after the same shall become payable, all lawful claims and demands for labor, materials, supplies or other objects which, if unpaid, might by law become a lien upon the System, or any part thereof, or the Gross Pledged Revenues; but nothing herein requires the Enterprise to pay or cause to be discharged or to make provision for any such tax, assessment, lien or charge, so long as the validity thereof is contested in good faith and by appropriate legal proceedings.
Payment of Governmental Charges. AND INSURANCE PREMIUMS; ESCROW. Mortgagor, before any penalty attaches thereto, shall pay all taxes, assessments and governmental charges or levies imposed upon or against Mortgagor or the Mortgaged Property ("GOVERNMENTAL CHARGES"), and will not allow to exist any mechanic's, statutory or other lien on the Mortgaged Property or any part thereof except those which are expressly allowed by the Loan Documents. Receipts evidencing payment by Mortgagor of the payments of such Governmental Charges shall be furnished promptly to Mortgagee. In the event of any legislative action or judicial enactment after the date hereof imposing upon Mortgagee the obligation to pay any such Governmental Charge, or deducting the lien of the Mortgage from the value of the Mortgaged Property for the purpose of taxation, or changing in any way the laws now in force for the taxation of mortgages, or debts secured thereby, for state or local purposes, or the manner of the operation of any such Governmental Charge so as to affect the interest of Mortgagee, then, and in such event, Mortgagor shall bear and pay the full amount of such Governmental Charge before penalty attaches for nonpayment thereof. If for any reason payment by Mortgagor of any such Governmental Charges would be unlawful, or if the payment thereof would constitute usury or render the Indebtedness Secured Hereby wholly or partially usurious or uncollectible under any of the terms or provisions of the Loan Documents then Mortgagee, at its option, may declare the Indebtedness Secured Hereby, with interest thereon, to be immediately due and payable, or Mortgagee, at its option, may pay such amount or portion of such Governmental Charges as renders the Loan or Indebtedness Secured Hereby unlawful or usurious or uncollectible, in which event Mortgagor will, concurrently therewith, pay the remaining portion or balance of said Governmental Charges. In the alternative to direct payment of the Governmental Charges by Mortgagor, if an Event of Default occurs Mortgagee may require, at its option, that Mortgagor make monthly deposits with Mortgagee, together with and in addition to payments of principal and interest on the Note, of a sum equal to one-twelfth (1/12) of the annual Governmental Charges, together with one-twelfth (1/12) of the annual insurance premiums described in Section 1.6 below. Said deposits shall be placed in an account with Mortgagee or its designated agent and Mortgagor shall be responsible for all fees and c...
