Common use of Payment of Real Estate Taxes Clause in Contracts

Payment of Real Estate Taxes. Oneida shall pay all taxes, assessments, sewer rents or water rates or sums due under any payment in lieu of tax agreement ("Pilot Agreement") and in default thereof, Mortgagee may pay the same. In the event that Mortgagee shall pay any such tax, assessment, sewer rent, water rate or sums due under any Pilot Agreement, Mortgagee shall have the right, among other rights, to declare the amount so paid with interest thereon immediately due and payable, and upon default of Oneida in paying any such amount with interest thereon, Mortgagee shall have the right to foreclose for such amount as well as any amounts due under the Notes. In the event that Oneida should fail to pay any sum Oneida has agreed to pay pursuant to this covenant for a period in excess of sixty (60) days after the same is due and payable, in addition to any other remedies available to Mortgagee hereunder, Mortgagee may, at its option, require that Oneida deposit with Mortgagee, monthly, one-twelfth (1/12th) of the annual charges for taxes and any other sums Oneida is obligated to pay pursuant to this covenant and Oneida shall make such deposits with Mortgagee. Oneida shall simultaneously therewith deposit with Mortgagee a sum of money which together with the monthly installments aforementioned will be sufficient to make payment of all sums required to be paid hereunder at least thirty (30) days prior to the due date of such payments, it being understood that Mortgagee shall calculate the amount of such deposits and notify Oneida of the sum due. Should an Event of Default (hereinbelow defined) occur, the funds deposited with Mortgagee pursuant to this provision may be applied in payment of the charges for which said funds shall have been deposited or to the payment of any other sums secured by this Mortgage as Mortgagee sees fit.

Payment of Real Estate Taxes. Oneida BMC shall pay all taxes, assessments, sewer rents or water rates or sums due under any payment in lieu of tax agreement ("Pilot Agreement") and in default thereof, Mortgagee may pay the same. In the event that Mortgagee shall pay any such tax, assessment, sewer rent, water rate or sums due under any Pilot Agreement, Mortgagee shall have the right, among other rights, to declare the amount so paid with interest thereon immediately due and payable, and upon default of Oneida BMC in paying any such amount with interest thereon, Mortgagee shall have the right right, subject to the limitations contained in the definition of Secured Indebtedness hereinabove set forth, to foreclose for such amount as well as any amounts due under the Notes. In the event that Oneida BMC should fail to pay any sum Oneida BMC has agreed to pay pursuant to this covenant for a period in excess of sixty forty-five (6045) days after the same is due and payable, in addition to any other remedies available to Mortgagee hereunder, Mortgagee may, at its option, require that Oneida BMC deposit with Mortgagee, monthly, one-twelfth (1/12th) of the annual charges for taxes and any other sums Oneida BMC is obligated to pay pursuant to this covenant and Oneida BMC shall make such deposits with Mortgagee. Oneida BMC shall simultaneously therewith deposit with Mortgagee a sum of money which together with the monthly installments aforementioned will be sufficient to make payment of all sums required to be paid hereunder at least thirty (30) days prior to the due date of such payments, it being understood that Mortgagee shall calculate the amount of such deposits and notify Oneida BMC of the sum due. Should an Event of Default (hereinbelow defined) occur, the funds deposited with Mortgagee pursuant to this provision may be applied in payment of the charges for which said funds shall have been deposited or to the payment of any other sums secured by this Mortgage as Mortgagee sees fit.

Payment of Real Estate Taxes. Oneida Mortgagor shall pay all taxes, assessments, sewer rents or water rates or sums due under any payment in lieu of tax agreement ("Pilot Agreement") and in default thereof, Mortgagee may pay the same. In the event that Mortgagee shall pay any such tax, assessment, sewer rent, water rate or sums due under any Pilot Agreement, Mortgagee shall have the right, among other rights, to declare the amount so paid with interest thereon immediately due and payable, and upon default of Oneida Mortgagor in paying any such amount with interest thereon, Mortgagee shall have the right right, subject to the limitations contained in the definition of Secured Indebtedness hereinabove set forth, to foreclose for such amount as well as any amounts due under the Notes. In the event that Oneida should fail to pay any sum Oneida Mortgagor has agreed to pay pursuant to this covenant for a period in excess of sixty (60) days after the same is due and payable, in addition to any other remedies available to Mortgagee hereunder, Mortgagee may, at its option, require that Oneida Mortgagor deposit with Mortgagee, monthly, one-twelfth (1/12th) of the annual charges for taxes and any other sums Oneida Mortgagor is obligated to pay pursuant to this covenant and Oneida Mortgagor shall make such deposits with Mortgagee. Oneida Mortgagor shall simultaneously therewith deposit with Mortgagee a sum of money which together with the monthly installments aforementioned will be sufficient to make payment of all sums required to be paid hereunder at least thirty (30) days prior to the due date of such payments, it being understood that Mortgagee shall calculate the amount of such deposits and notify Oneida Mortgagor of the sum due. Should an Event of Default (hereinbelow defined) occur, the funds deposited with Mortgagee pursuant to this provision may be applied in payment of the charges for which said funds shall have been deposited or to the payment of any other sums secured by this Mortgage as Mortgagee sees fit.