Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any. (b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above. (c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 4 contracts
Samples: Combination Mortgage, Assignment of Rents, Security Agreement and Financing Statement (Telex Communications Inc), Combination Mortgage, Assignment of Rents, Security Agreement and Financing Statement (Telex Communications Inc), Combination Mortgage, Assignment of Rents, Security Agreement and Financing Statement (Telex Communications Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Senior Secured Credit Agreement, MortgagorGrantor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor Grantor shall within 30 days after the request of Mortgagee Beneficiary deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee Beneficiary in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Senior Secured Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxesPremises
Appears in 4 contracts
Samples: Deed of Trust (Ev International Inc), Deed of Trust (Ev International Inc), Deed of Trust, Assignment of Rents and Leases and Security Agreement (Ev International Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Grantor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”), except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, and (ii) the Grantor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Mortgagor Upon request by Beneficiary, Grantor shall within 30 days after the request of Mortgagee Beneficiary, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other Beneficiary evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Beneficiary in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Beneficiary together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward against the satisfaction Obligations by reason of this Mortgage or on any interest payable thereon for any taxesthe payment of Impositions.
Appears in 3 contracts
Samples: Credit Agreement (Hertz Corp), Deed of Trust (Hertz Corp), Deed of Trust (Hertz Corp)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under Prior to the Credit Agreementdate on which any fine, Mortgagorpenalty, prior to delinquencyinterest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes material taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)assessed against the Mortgaged Property, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Propertyagainst, or arising in respect of the occupancy, use or possession thereof, to the extent they may become a lien on any of the Real Estate, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings and (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition, to the extent payment is required by this Mortgage. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdelinquent to the extent payment is required by this Mortgage, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien Lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 2 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Presstek Inc /De/), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Presstek Inc /De/)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts property taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). If there is an Event of Default which is continuing, Mortgagor shall within 30 days after the request of Mortgagee each due date deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonable acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of If the Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, has failed to pay an Imposition within thirty (30) days of when it is due, Mortgagee with notice to Mortgagor may pay any Imposition after the date such Imposition at any time thereafter. Any sums paid by Mortgagee in discharge of any Impositions shall have become delinquent, be payable on demand by Mortgagor to Mortgagee and to add to the Indebtedness the amount so paid, together with interest from paid shall be added to the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Obligations. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed with respect to any material Imposition, demand in any way as relieving, modifying, or be entitled extending Mortgagor’s covenant to receive pay any credit such material Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or credits toward object to a material Imposition, (ii) Mortgagor shall demonstrate to Mortgagee’s reasonable satisfaction that the satisfaction legal proceedings shall operate conclusively to prevent the sale of this Mortgage the Mortgaged Property, or any part thereof, to satisfy such material Imposition prior to final determination of such proceedings and (iii) Mortgagor shall either (x) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee or (y) maintain adequate reserves in conformity with GAAP on Mortgagor’s books, in each case in the amount of the material Imposition which is being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 2 contracts
Samples: Credit Agreement (Delek US Holdings, Inc.), Credit Agreement (Delek US Holdings, Inc.)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Senior Secured Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Senior Secured Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxesor
Appears in 2 contracts
Samples: Mortgage Assignment of Rents and Leases, Security Agreement and Fixture Filing (Ev International Inc), Mortgage Assignment of Rents and Leases, Security Agreement and Fixture Filing (Ev International Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under by Section 7.12 of the Credit Agreement, Mortgagor, promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all real property taxes and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special real property assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). If there is an Event of Default which is continuing, Mortgagor shall within 30 thirty (30) days after the request of Mortgagee each due date deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, If the Mortgagor has failed to pay an Imposition within thirty (30) days of when it is due, Mortgagee with notice to Mortgagor may pay any Imposition after the date such Imposition at any time thereafter. Any sums paid by Mortgagee in discharge of any Impositions shall have become delinquent, be payable on demand by Mortgagor to Mortgagee and to add to the Indebtedness the amount so paid, together with interest from paid shall be added to the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Obligations. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises Mortgaged Property secured hereby prior to any right or title to, interest in, or claim upon the Premises Mortgaged Property subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed with respect to any material Imposition, demand in any way as relieving, modifying, or be entitled extending Mortgagor’s covenant to receive pay any credit such material Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or credits toward object to a material Imposition, and (ii) Mortgagor shall either (x) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee or (y) maintain adequate reserves in conformity with GAAP on Mortgagor’s books, in each case in the satisfaction amount of this Mortgage or on the material Imposition which is being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 2 contracts
Samples: Credit Agreement (Sprague Resources LP), Credit Agreement (Sprague Resources LP)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor Grantor shall within 30 days after the request of Mortgagee each due date deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or be entitled extending Grantor's covenant to receive pay any credit such Imposition at the time and in the manner provided in this Section unless (i) Grantor has given prior written notice to Beneficiary of Grantor's intent so to contest or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxesobject to an Imposition,
Appears in 2 contracts
Samples: Credit Agreement (Bear Island Finance Co Ii), Credit Agreement (Bear Island Finance Co Ii)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may may, in each case, become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor Grantor shall within 30 days after the request of Mortgagee each due date deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or be entitled extending Grantor's covenant to receive pay any credit such Imposition at the time and in the manner provided in this Section unless (i) Grantor has given prior written notice to Beneficiary of Grantor's intent so to contest or credits toward object to an Imposition,
(ii) Grantor shall demonstrate to Beneficiary's satisfaction that the satisfaction legal proceedings shall operate conclusively to prevent the sale of this Mortgage the Trust Property, or on any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Grantor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Beneficiary in the amount of the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a charge against the Real Estate or any taxespart of the Trust Property.
Appears in 2 contracts
Samples: Deed of Trust (Bear Island Finance Co Ii), Deed of Trust (Bear Island Finance Co Ii)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”), except where (i) (A) the validity or amount thereof is being contested in good faith by appropriate proceedings, and (B) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP, or (ii) the nonpayment thereof would not reasonably be expected to have a Material Adverse Effect. Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee Mortgagee, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under Section 13 of this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 2 contracts
Samples: Open End Leasehold Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Filing (Dayton Power & Light Co), Open End Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Filing (Dayton Power & Light Co)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when --------------------------------------- due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days ----------- after the a request of by Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee Mortgagee, together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Mortgagor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent so to contest or object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee's satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a charge against the Real Estate or any part of the Mortgaged Property.
Appears in 2 contracts
Samples: Mortgage, Assignment of Rents and Leases and Security Agreement (Safety Kleen Corp/), Demand Loan Agreement (Safety Kleen Corp/)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor Upon request by Beneficiary, Grantor shall within 30 days after the request of Mortgagee deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, due and to add to the Indebtedness Obligations guaranteed by Grantor and secured by this Deed of Trust the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or be entitled extending Grantor’s covenant to receive pay any credit such Imposition at the time and in the manner provided in this Section unless (i) Grantor has given prior written notice to Beneficiary of Grantor’s intent so to contest or credits toward object to an Imposition, (ii) Grantor shall demonstrate to Beneficiary’s satisfaction that the satisfaction legal proceedings shall operate conclusively to prevent the sale of this Mortgage the Trust Property, or on any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Grantor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Beneficiary in the amount of the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Trust Property.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement and Assignment of Leases and Rents, Deed of Trust, Security Agreement and Assignment of Leases and Rents (Bush Industries Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 10 business days after the request of by Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described set forth in paragraph 4.1(cSection 4.4 (c) of the Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Mortgagor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent so to contest or object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee's satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall furnish a good and sufficient bond or surety or other security as requested by and reasonably satisfactory to Mortgagee in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a lien against the Real Estate or any part of the Mortgaged Property.
(e) Upon written notice to Mortgagor, Mortgagee after an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee shall keep such funds in a separate account, and Mortgagor shall not be entitled to interest thereon. Mortgagee shall use such funds to pay the Impositions as they become due and any funds remaining may be applied by Mortgagee, in its sole discretion, to the Indebtedness in the reverse order of Maturity.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Senior Secured Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxesat
Appears in 1 contract
Samples: Mortgage, Assignment of Rents and Leases and Security Agreement (Ev International Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right night or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Mortgagor shall demonstrate to Mortgagee's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Mortgagor, Mortgagee during the continuance of an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds but Mortgagor shall be entitled to interest thereon at a rate mutually agreed upon by Mortgagor and Mortgagee.
Appears in 1 contract
Samples: Mortgage, Assignment of Rents and Leases and Security Agreement (Ev International Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind taxes, assessments and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all governmental charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing thereof (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after “Impositions”) in accordance with Section 4.13 of the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such ImpositionCredit Agreement. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy If Mortgagor is in default of Mortgagee its obligation to pay and discharge Impositions as required under this Mortgage or otherwiseSection 5, without notice or demand to Mortgagorthen Mortgagee, to at its option, may pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim, to the extent any such claim could materially affect the lien of this Mortgage, any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
Appears in 1 contract
Samples: Revolving Credit and Security Agreement (Horsehead Holding Corp)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, the Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies amount thereof is being contested in good faith by appropriate proceedings, which the Mortgagee determines suspends the obligation to pay the Imposition and that non-payment thereof will not result in forfeiture, sale, loss or diminution of receipted bills and cancelled checks or other evidence any interest of payment of such Imposition if it is a real estate tax or other public charge the Mortgagee in the Mortgaged Property and (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP, which reserves shall include reasonable additional sums to cover possible interest, costs, and penalties; PROVIDED, HOWEVER, that the Mortgagor shall promptly cause to be paid any amount adjudged by a court of competent jurisdiction to be due, with all interest, costs and penalties thereon, promptly after such judgment becomes final (and, subject to the Mortgagee's rights and remedies during an Event of Default and subject to any provisions set forth in the Collateral Agreements to the contrary, the Mortgagee shall make any sum deposited in such reserve available for such payment); and provided, further, that, in all events, Impositions, interest costs and penalties shall be paid prior to the date any writ or order is issued under which the Mortgaged Property may be sold, lost or forfeited. Upon request by the Mortgagee, the Mortgagor shall deliver to the Mortgagee evidence reasonably acceptable to the Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at the Mortgagor's option, may without penalty or premium be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), the Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of the Mortgagee under this Mortgage or otherwise, without notice or demand to the Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Overdue Rate. Any sums paid by the Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by the Mortgagor to the Mortgagee together with interest at the Default Overdue Rate as set forth above.
(c) As of the date hereof, the Mortgagor shall represents and warrants that the Mortgagor (i) has filed all federal, state, commonwealth, county, municipal and city income and other material tax returns required to have been filed by it and has paid all taxes and other impositions which have become due or pursuant to any assessments or charges received by it, (ii) does not claimknow of any basis for any additional assessment or charge in respect of any such taxes or other Impositions, demand and (iii) has paid in full all sums owing or be entitled to receive any credit claimed for labor, material, supplies, personal property (whether or credits toward the satisfaction not forming an Improvement hereunder) and services of this Mortgage every kind and character used, furnished or installed in or on any interest payable thereon the Mortgaged Property that are now due and owing and no claim for any taxessame exists or will be permitted to be created, except such claims as may arise in the ordinary course of business and that are not yet past due.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the .
(i) Upon reasonable request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein Mortgagor shall affect have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or remedy of Mortgagee under this Mortgage construed in any way as relieving, modifying, or otherwise, without notice or demand to extending Mortgagor, ’s covenant to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from at the time of payment at and in the rate of interest described manner provided in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be this Section 4 unless (i) a charge on the Premises secured hereby Mortgagor has given prior written notice to any right Mortgagee of Mortgagor’s intent so to contest or title toobject to an Imposition, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor shall demonstrate to Mortgagee together with interest at Mortgagee’s satisfaction that the Default Rate as set forth above.
legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (ciii) Mortgagor shall not claim, demand furnish a good and sufficient bond or be entitled surety as requested by and reasonably satisfactory to receive any credit or credits toward Mortgagee in the satisfaction amount of this Mortgage or on the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Samples: Credit Agreement (Doane Pet Care Co)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(csubsection 2.15(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Mortgagor shall demonstrate to Mortgagee's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Mortgagor, Mortgagee during the continuance of an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds but Mortgagor shall be entitled to interest thereon at a rate mutually agreed upon by Mortgagor and Mortgagee.
Appears in 1 contract
Samples: Mortgage, Assignment of Rent & Security Agreement (Day International Group Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or be entitled extending Mortgagor’s covenant to receive pay any credit such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or credits toward object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee’s satisfaction that the satisfaction legal proceedings shall operate conclusively to prevent the sale of this Mortgage the Mortgaged Property, or on any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee in the amount of the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(csubsection 2.15(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Mortgagor shall demonstrate to Mortgagee's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Mortgagor, Mortgagee during the continuance of an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of l/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds but Mortgagor shall be entitled to interest thereon at a rate mutually agreed upon by Mortgagor and Mortgagee.
Appears in 1 contract
Samples: Mortgage, Assignment of Rent & Security Agreement (Day International Group Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due but in any event prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such 193 8 Imposition shall have become delinquentdue, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate Default Rate. Mortgagee shall give Mortgagor notice of interest described in paragraph 4.1(c) its intent to pay any Impositions unless an Event of the Credit Agreement (the "DEFAULT RATE")Default has occurred and is continuing. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Subject to the provisions of Section 6.3 of the Credit Agreement and Section 6 of this Mortgage, Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, provided Mortgagor shall maintain adequate reserves with respect thereto on its books in conformity with GAAP.
Appears in 1 contract
Samples: Credit Agreement (Campfire Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations guaranteed by Mortgagor and secured by this Mortgage the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or be entitled extending Mortgagor’s covenant to receive pay any credit such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or credits toward object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee’s satisfaction that the satisfaction legal proceedings shall operate conclusively to prevent the sale of this Mortgage the Mortgaged Property, or on any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee in the amount of the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under Prior to the Credit Agreementdate on which any fine, Mortgagorpenalty, prior to delinquencyinterest or cost may be added thereto or imposed, Grantor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge and being contested in good faith by appropriate proceedings, (ii) the Grantor has set aside on its books adequate reserves with respect thereto in accordance with GAAP, or (iii) except as otherwise permitted by the Credit Agreement. Upon written request by Beneficiary, Grantor shall deliver to Beneficiary evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to Beneficiary may pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness Secured Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Beneficiary in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Beneficiary together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Deed of Trust (Gannett Co., Inc.)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”), except where the validity or amount thereof is being contested in accordance with the provisions of the Credit Agreement. Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee Mortgagee, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward against the satisfaction Obligations by reason of this Mortgage or on any interest payable thereon for any taxesthe payment of Impositions.
Appears in 1 contract
Samples: Credit Agreement (Servicemaster Co)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under may be otherwise provided in the Credit Agreement, Mortgagor, promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any. ------------------------ 1 Subject to local customs and minimizing tax effects.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, MortgagorGrantor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor Grantor shall within 30 days after the request of Mortgagee Beneficiary deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee Beneficiary in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right night or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) Grantor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Grantor shall demonstrate to Beneficiary's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Trust Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Grantor, Beneficiary during the continuance of an Event of Default (as defined below) shall be entitled to require Grantor to pay monthly in advance to Beneficiary the equivalent of 1/12th of the estimated annual Impositions. Beneficiary may commingle such funds with its own funds but Grantor shall be entitled to interest thereon at a rate mutually agreed upon by Granxxx xxx Beneficiary.
Appears in 1 contract
Samples: Deed of Trust (Ev International Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(csubsection 2.15(c) of the Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes8 taxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Mortgagor shall demonstrate to Mortgagee's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Mortgagor, Mortgagee during the continuance of an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds but Mortgagor shall be entitled to interest thereon at a rate mutually agreed upon by Mortgagor and Mortgagee.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind taxes, assessments and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all governmental charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing thereof (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after “Impositions”) in accordance with Section 4.04 of the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such ImpositionIndenture. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy If Mortgagor is in default of Mortgagee its obligation to pay and discharge Impositions as required under this Mortgage or otherwiseSection 5, without notice or demand to Mortgagorthen Mortgagee, to at its option, may pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim, to the extent any such claim could materially affect the lien of this Mortgage, any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
Appears in 1 contract
Samples: Indenture (Horsehead Holding Corp)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee each due date deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Indenture (Harvard Industries Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinaryexiramdinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect respect:of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"acquisitions”). Upon reasonable request of Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) provide evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such such. Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein Mortgagor shall affect have thye right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or remedy of Mortgagee under this Mortgage construed in any way as relieving, modifying, or otherwise, without notice or demand to extending Mortgagor, ’s covenant to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from at the time of payment at and in the rate of interest described manner provided in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be this Section 4 unless (i) a charge on the Premises secured hereby Mbrtgagor has given prior written notice to any right Mortgagee of Mortgagor’s intent so to contest or title toobject to an Imposition, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor shall demonstrate to Mortgagee together with interest at Mortgagee’s satisfaction that the Default Rate as set forth above.
legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (ciii) Mortgagor shall not claim, demand furnish a good and sufficient bond or be entitled surety as requested by and reasonably satisfactory to receive any credit or credits toward Mortgagee in the satisfaction amount of this Mortgage or on the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior Prior to delinquency, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits profits, gross receipts, and gross receipts intangible recording taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Subject Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Subject Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor Upon request by Grantee, Grantor shall within 30 days after the request of Mortgagee deliver to Mortgagee Grantee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion Grantee showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Grantee under this Mortgage Deed or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Grantee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Grantee together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed or on any interest payable thereon for any taxestaxes assessed against the Subject Property or any part thereof, and shall not claim any deduction from the taxable value of the Subject Property by reason of this Deed.
(d) Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Grantor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Grantor has given prior written notice to Grantee of Grantor's intent so to contest or object to an Imposition, (ii) Grantor shall demonstrate to Grantee's reasonable satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Subject Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Grantor shall furnish a good and sufficient bond or surety as reasonably requested by and reasonably satisfactory to Grantee in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a lien against the Real Estate or any part of the Subject Property.
(e) Upon written notice to Grantor, Grantee after the occurrence of and during the continuation of an Event of Default (as defined below) shall be entitled to require Grantor to pay monthly in advance to Grantee the equivalent of 1/12th of the estimated annual Impositions. Grantee may commingle such funds with its own funds and Grantor shall not be entitled to interest thereon.
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Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled canceled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Mortgagor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent so to contest or object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee's satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a lien against the Real Estate or any part of the Mortgaged Property.
Appears in 1 contract
Samples: Mortgage (Glimcher Realty Trust)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorXxxxxxxxx's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor Xxxxxxxxx to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor Xxxxxxxxx shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Mortgagor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent so to contest or object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee's satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall have set aside on its books adequate reserves as required by GAAP.
(e) Upon written notice to Mortgagor, Mortgagee during the continuance of an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds and Mortgagor shall not be entitled to interest thereon.
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Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts property taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). If there is an Event of Default which is continuing, Mortgagor shall within 30 days after the request of Mortgagee each due date deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonable acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(ba) Nothing herein shall affect any right or remedy of If the Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, has failed to pay an Imposition within thirty (30) days of when it is due, Mortgagee with notice to Mortgagor may pay any Imposition after the date such Imposition at any time thereafter. Any sums paid by Mortgagee in discharge of any Impositions shall have become delinquent, be payable on demand by Mortgagor to Mortgagee and to add to the Indebtedness the amount so paid, together with interest from paid shall be added to the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Obligations. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(cb) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed with respect to any material Imposition, demand in any way as relieving, modifying, or be entitled extending Mortgagor’s covenant to receive pay any credit such material Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or credits toward object to a material Imposition, (ii) Mortgagor shall demonstrate to Mortgagee’s reasonable satisfaction that the satisfaction legal proceedings shall operate conclusively to prevent the sale of this Mortgage the Mortgaged Property, or any part thereof, to satisfy such material Imposition prior to final determination of such proceedings and (iii) Mortgagor shall either (x) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee or (y) maintain adequate reserves in conformity with GAAP on Mortgagor’s books, in each case in the amount of the material Imposition which is being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under Prior to the Credit Agreementdate on which any fine, Mortgagorpenalty, prior to delinquencyinterest or cost may be added thereto or imposed, Grantor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) the Grantor has set aside on its books adequate reserves with respect thereto in accordance with, and if required by, GAAP, or except as would not have a Material Adverse Effect. Upon request by Beneficiary, Grantor shall deliver to Beneficiary evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any, as such installments become due.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after if the date such Imposition shall have become delinquentsame is not paid or contested in accordance with Section 5(a) above, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Beneficiary in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on within 30 days following demand by Mortgagor Grantor to Mortgagee Beneficiary together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Term Facility Credit Agreement (Fender Musical Instruments Corp)
Payment of Taxes and Other Impositions. (a) Except Prior to the same becoming delinquent, and subject to Mortgagor's right to contest as expressly permitted under set forth in Section 4.(3) below, the Credit Agreement, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to the Mortgagee (i) original or copies of receipted bills and an cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion the Mortgagee, acting reasonable, showing the payment of any other such Imposition. If by law any Imposition, at the Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), the Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of the Mortgagee under this Mortgage or otherwise, without notice or demand to the Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by the Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by the Mortgagor to the Mortgagee together with interest at the Default Rate as set forth aboveabove from the date of payment by Mortgagee.
(c) The Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or be entitled extending the Mortgagor's covenant to receive pay any credit such Imposition at the time and in the manner provided in this Section unless (i) the Mortgagor has given prior written notice to the Mortgagee of the Mortgagor's intent so to contest or credits toward object to an Imposition, (ii) the Mortgagor shall demonstrate to the Mortgagee's reasonable satisfaction that the legal proceedings shall operate conclusively to prevent the sale of this Mortgage the Mortgaged Property, or on any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) the Mortgagor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to the Mortgagee in the amount of the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Samples: Mortgage (Edison Mission Finance Co)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under otherwise provided in the Credit Loan Agreement, Mortgagor, prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(ba) Nothing Notwithstanding anything contained herein to the contrary, Mortgagee shall affect any right or remedy of Mortgagee under this Mortgage or otherwisehave the right, without notice or demand to Mortgagorbut not the obligation, to pay any Imposition after make protective advances with respect to the date such Imposition shall have become delinquentMortgaged Property for the payment of taxes, assessments, insurance premiums, maintenance and all other costs incurred for the protection of the Mortgaged Property as contemplated by Section 5301.233 of the Ohio Revised Code, and to add to the Indebtedness the amount so paidsuch protective advances, together with interest earned thereon at the Default Rate from the time date of payment at the rate of interest described in paragraph 4.1(c) each such advance, regardless of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee time when such advance is made, until it is repaid in discharge of any Impositions full, shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate by this Mortgage to the lien fullest extent and with the highest priority contemplated by said Section 5301.233 of this Mortgage, the Ohio Revised Code and (ii) shall be payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(csubsection 2.15(c) of the Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under Prior to the Credit Agreementdate on which any fine, Mortgagorpenalty, prior to delinquencyinterest or cost may be added thereto or imposed, Xxxxxxxxx shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”), except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP, or (iii) except as otherwise permitted by the Credit Agreement. Mortgagor Upon written request by Xxxxxxxxx, Xxxxxxxxx shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Xxxxxxxxx’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to may pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness Secured Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor Xxxxxxxxx to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Mortgage (Gannett Co., Inc.)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Upon reasonable request of Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) provide evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein Mortgagor shall affect have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or remedy of Mortgagee under this Mortgage construed in any way as relieving, modifying, or otherwise, without notice or demand to extending Mortgagor, ’s covenant to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from at the time of payment at and in the rate of interest described manner provided in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be this Section 4 unless (i) a charge on the Premises secured hereby Mortgagor has given prior written notice to any right Mortgagee of Mortgagor’s intent so to contest or title toobject to an Imposition, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor shall demonstrate to Mortgagee together with interest at Mortgagee’s satisfaction that the Default Rate as set forth above.
legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to (cfinal determination of such proceedings and (iii) Mortgagor shall not claim, demand furnish a good and sufficient bond or be entitled surety as requested by and reasonably satisfactory to receive any credit or credits toward Mortgagee in the satisfaction amount of this Mortgage or on the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the Upon reasonable request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) Grantee, Grantor shall provide evidence acceptable to Mortgagee in its reasonable discretion Grantee showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein Grantor shall affect have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or remedy of Mortgagee under this Mortgage construed in any way as relieving, modifying, or otherwise, without notice or demand to Mortgagor, extending Grantor’s covenant to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from at the time of payment at and in the rate of interest described manner provided in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be this Section 4 unless (i) a charge on the Premises secured hereby Grantor has given prior written notice to any right Grantee of Grantor’s intent so to contest or title toobject to an Imposition, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand Grantor shall demonstrate to Grantee’s satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Grantor shall furnish a good and sufficient bond or surety as requested by Mortgagor and reasonably satisfactory to Mortgagee together with interest at Grantee in the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward amount of the satisfaction of this Mortgage or on Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained maintained, for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault too, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Upon reasonable request of Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) provide evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein Mortgagor shall affect have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or remedy of Mortgagee under this Mortgage construed in any way as relieving, modifying, or otherwise, without notice or demand to extending Mortgagor, ’s covenant to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from at the time of payment at and in the rate of interest described manner provided in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be this Section 4 unless (i) a charge on the Premises secured hereby Mortgagor has given prior written notice to any right Mortgagee of Mortgagor’s intent so to contest or title toobject to an Imposition, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor shall demonstrate to Mortgagee together with interest at Mortgagee’s satisfaction that the Default Rate as set forth above.
legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (ciii) Mortgagor shall not claim, demand furnish a good and sufficient bond or be entitled surety as requested by and reasonably satisfactory to receive any credit or credits toward Mortgagee in the satisfaction amount of this Mortgage or on the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the a request of by Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Mortgagor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent so to contest or object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee's satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a lien against the Real Estate or any part of the Mortgaged Property.
Appears in 1 contract
Samples: Credit Agreement (Laidlaw Environmental Services Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under To the extent required in the Credit Agreement, Mortgagor, promptly prior to delinquencythe time when same become delinquent and before any interest or penalties accrue thereon or attach thereto, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxestaxes imposed upon or assessed against the Mortgaged Property), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other reasonably satisfactory evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
Appears in 1 contract
Samples: Credit and Guarantee Agreement (Warren S D Co /Pa/)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, MortgagorGrantor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor Grantor shall within 30 days after the request of Mortgagee Beneficiary deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee Beneficiary in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(csubsection 2.15(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Beneficiary together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) Grantor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Grantor shall demonstrate to Beneficiary's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Trust Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Grantor, Beneficiary during the continuance of an Event of Default (as defined below) shall be entitled to require Grantor to pay monthly in advance to Beneficiary the equivalent of 1/12th of the estimated annual Impositions. Beneficiary may commingle such funds with its own funds but Grantor shall be entitled to interest thereon at a rate mutually agreed upon by Grantor and Beneficiary.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, MortgagorGrantor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, transfer gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor Grantor shall within 30 days after the request of Mortgagee Beneficiary deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee Beneficiary in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or of title to, to interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxesof
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreementset forth in paragraph (d) below, Mortgagorpromptly when due, prior to delinquency, Grantor shall pay and discharge all taxes relating to the ownership and use of every kind and nature the Real Estate (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits transfer and gross receipts gains taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor Upon request by Beneficiary, Grantor shall within 30 days after the request of Mortgagee deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing Except as set forth in paragraph (d) below, nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition (or installments thereof, if Grantor elected to pay in installments as above provided) shall have become delinquentdue, and to add to the Indebtedness Noteholder Secured Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of then payable on the Credit Agreement (the "DEFAULT RATE")Notes. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate rate then payable on the Notes as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Grantor’s covenant to pay any such Imposition at the time and in the manner provided in this Section unless (x)
(i) Grantor has given prior written notice to Beneficiary of Grantor’s intent so to contest or object to an Imposition, (ii) Grantor shall demonstrate to Beneficiary’s reasonable satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Trust Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Grantor shall furnish a good and sufficient bond or surety or other security reasonably satisfactory to Beneficiary in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a charge against the Real Estate or any part of the Trust Property or (y) such Imposition is of a type that is permitted under Section 4.12(2)(ii) of the Indenture.
(e) Upon written notice to Grantor, Beneficiary after the occurrence and during the continuance of an Event of Default (as defined below) shall be entitled to require Grantor to pay monthly in advance to Beneficiary the equivalent of 1/12th of the estimated annual Impositions. Beneficiary may commingle such funds with its own funds and Grantor shall not be entitled to interest thereon.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under may be otherwise provided in the Indenture and the Term Loan Credit Agreement, Mortgagorand subject to Grantor’s right to contest same, prior to delinquency, Grantor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or against, and in each case which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) Grantor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Beneficiary, Grantor shall deliver to Beneficiary evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing Subject to the terms of the Indenture and the Term Loan Credit Agreement, nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquentdelinquent (unless Grantor is in compliance with clause (a) of this Section 2 in connection with such delinquency), and to add to the Indebtedness Secured Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on written demand by Mortgagor Grantor to Mortgagee Beneficiary together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Indenture (Smithfield Foods Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under by subsection 6.3 of the Credit Agreement, Mortgagorpromptly when due, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee each due date deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) After an Event of Default (as defined below), Mortgagee shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds and Mortgagor shall not be entitled to interest thereon.
(e) Mortgagor shall have the right to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving or modifying Mortgagor's covenant to pay any such Imposition in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent so to contest or object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee's satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings, (iii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Mortgagor is subject and shall not constitute a default thereunder and (iv) Mortgagor shall have set aside adequate reserves for the payment of the Impositions together with all interest and penalties thereon.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly may be permitted under by the Credit Agreement, MortgagorMortgagor shall, prior to delinquencythe date on which any material fine, shall penalty, interest or cost may be added thereto or imposed, pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, all vault taxes and all other public charges charges, even if unforeseen or extraordinary, imposed upon or assessed against or which that may become a material lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). , except where the validity or amount thereof is being contested in good faith and by proper proceedings, so long as Mortgagor shall within 30 days after maintains adequate reserves (in the request good faith judgment of Mortgagee deliver the management of the Company) with respect thereto in accordance with GAAP and the failure to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is pay could not reasonably be expected to result in a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such ImpositionMaterial Adverse Effect. If by law any Imposition, at Mortgagor's option, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwiseMortgagee, following the occurrence and during the continuance of an Event of Default, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Grantor shall pay and discharge all taxes relating to the ownership and use of every kind and nature the Real Estate (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits transfer and gross receipts gains taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor Upon request by Beneficiary, Grantor shall within 30 days after the request of Mortgagee deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing Except as set forth in paragraph (d) below, nothing herein shall affect any right or remedy of Mortgagee the Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition (or installments thereof, if Grantor elected to pay in installments as above provided) shall have become delinquentdue, and to add to the Indebtedness Note Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Beneficiary, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) Subject to the terms of the Indenture, Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Grantor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (x)
(i) Grantor has given prior written notice to the Controlling Collateral Agent of Grantor's intent so to contest or object to an Imposition, (ii) Grantor shall demonstrate to the Controlling Collateral Agent's reasonable satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Trust Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Grantor shall furnish a good and sufficient bond or surety or other security reasonably satisfactory to the Controlling Collateral Agent in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a charge against the Real Estate or any part of the Trust Property or (y) such Imposition is of a type that is permitted under subsection 4.04 of the Indenture.
(e) At any time after a Notice of an Actionable Event has been given and remains outstanding, the Controlling Collateral Agent shall be entitled to require Grantor to pay monthly in advance to the Controlling Collateral Agent, on behalf of the holders of the Secured Obligations (or, if Beneficiary is the Controlling Collateral Agent, the Note Obligations), the equivalent of 1/12th of the estimated annual Impositions. The Controlling Collateral Agent may commingle such funds with its own funds and Grantor shall not be entitled to interest thereon.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments Installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Mortgagor shall demonstrate to Mortgagee's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Mortgagor, Mortgagee during the continuance of an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds but Mortgagor shall be entitled to interest thereon at a rate mutually agreed upon by Mortgagor and Mortgagee.
Appears in 1 contract
Samples: Mortgage (Telex Communications Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, On or prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature imposed upon or assessed against or which may become a lien on any of the Mortgaged Property (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the Upon request of Mortgagee Mortgagee, Mortgagor shall, within ten (10) days, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without demand but with five (5) days’ notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or extending Mortgagor’s covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or object to such Imposition, (ii) the legal proceedings could not reasonably be entitled expected to receive result in the sale, forfeiture or loss of the Mortgaged Property, or any credit material part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall (A) establish reserves in conformity with GAAP with respect thereto on Mortgagor’s books or credits toward (B) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee, in each case in the satisfaction amount of this Mortgage or on the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, MortgagorGrantor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor Grantor shall within 30 days after the request of Mortgagee Beneficiary deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee Beneficiary in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the 9 8 Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) Grantor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Grantor shall demonstrate to Beneficiary's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Trust Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Grantor, Beneficiary during the continuance of an Event of Default (as defined below) shall be entitled to require Grantor to pay monthly in advance to Beneficiary the equivalent of 1/12th of the estimated annual Impositions. Beneficiary may commingle such funds with its own funds but Grantor shall be entitled to interest thereon at a rate mutually agreed upon by Grantor and Beneficiary.
Appears in 1 contract
Samples: Deed of Trust (Ev International Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under may be otherwise provided in the Credit Agreement, Mortgagor, promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises that is secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Senior Secured Credit Agreement, MortgagorGrantor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor Grantor shall within 30 days after the request of Mortgagee Beneficiary deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee Beneficiary in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Senior Secured Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) Grantor shall have the right pursuant to subsection 7.3 of the Senior Secured Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Grantor shall demonstrate to Beneficiary's reasonable satisfaction that such 258 8 proceedings shall operate conclusively to prevent the sale of the Trust Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Grantor, Beneficiary during the continuance of an Event of Default (as defined below) shall be entitled to require Grantor to pay monthly in advance to Beneficiary the equivalent of 1/12th of the estimated annual Impositions. Beneficiary may commingle such funds with its own funds but Grantor shall be entitled to interest thereon at a rate mutually agreed upon by Grantor and Beneficiary.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior Prior to delinquency, Mortgagor shall pay and discharge (unless contested in good faith as set forth in Section 4(c) herein) all taxes of every kind and nature imposed upon or assessed against or which may become a lien on any of the Mortgaged Property (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water water, gas, electricity, steam and sewer rents and charges, vault taxes, excises, rates and charges and all other public and governmental charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereofor activity conducted on the Mortgaged Property, or all lawful claims for labor, materials and supplies that, which at any time, if unpaid, may become a Lien on the Mortgaged Property, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee at any time upon request, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without demand but with simultaneous notice or demand to Mortgagor, to pay pay, upon the occurrence and during the continuation of any Event of Default, any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or extending Mortgagor’s covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) the legal proceedings would not reasonably be entitled expected to receive result in the sale, forfeiture or loss of the Mortgaged Property, or any credit material part thereof, to satisfy such Imposition prior to final determination of such proceedings and (ii) Mortgagor shall (A) establish reserves in conformity with GAAP with respect thereto on Mortgagor’s books or credits toward the satisfaction of this Mortgage (B) furnish a good and sufficient bond or on surety as required in connection with any interest payable thereon for any taxessuhc proceeding.
Appears in 1 contract
Samples: Asset Based Revolving Credit Agreement (Roundy's, Inc.)
Payment of Taxes and Other Impositions. Borrower shall keep the Mortgaged Property free from statutory liens of every kind; shall pay, before delinquency and before any penalty for nonpayment attaches thereto, all taxes, assessments and governmental or municipal or public levies, fees, charges, fines or impositions of any nature whatsoever (acollectively, the "Impositions") Except as expressly permitted which are or may be levied or imposed against or in connection with the Mortgaged Property or any part thereof, except when payment for such items has theretofore been made under the Credit AgreementSection of this Mortgage entitled "Monthly Installments of Taxes and Insurance"; shall deliver to Lender, Mortgagoron or before ten (10) days after request made by Lender therefor, receipted bills evidencing payment therefor. Notwithstanding the foregoing, so long as no default, and no circumstance which, with any required notice and/or opportunity to cure would constitute a default under the Obligations is subsisting, Borrower shall have the right to contest the validity of any Imposition by appropriate legal proceedings provided (i) Borrower notifies Lender of Borrower's intention to contest the same prior to delinquencycommencing such contest, (ii) such contest shall pay and discharge all taxes preclude enforcement of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement collection out of or agreement maintained for pursuant to the benefit sale of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any Property in satisfaction of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, (iii) Borrower shall furnish Lender with, at Mortgagorthe option of Lender, a bond or title insurance or other security for the Imposition satisfactory to Lender in Lender's optionsole discretion, may be paid in installments (whether or iv) such contest shall not interest shall accrue otherwise create a failure on the unpaid balance part of such Imposition), Mortgagor may elect Borrower to pay such Imposition in such installments and shall be responsible for the payment of such installments comply with interest, if any.
(b) Nothing herein shall affect any right other provision or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) condition of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageLoan Documents, and (iiiv) payable on demand by Mortgagor upon a final and nonappealable determination of the contest that is adverse to Mortgagee together with interest at the Default Rate as set forth aboveBorrower, Borrower shall pay the amount of the Imposition.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, 1. Mortgagor shall pay and discharge discharge, no later than the last day when same may be paid without interest or penalty, all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall shall, within 30 days after the of specific request of Mortgagee (which shall not be made prior to the earlier of the last day when the Imposition in question may be paid without interest or penalty or the date such Imposition is actually paid), deliver to Mortgagee (i) original or copies of receipted bills and cancelled canceled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and or (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorXxxxxxxxx's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Intercompany Note (Essex Group Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly may be permitted under by the Credit Agreement, MortgagorMortgagor shall, prior to delinquencythe date on which any material fine, shall penalty, interest or cost may be added thereto or imposed, pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, all vault taxes and all other public charges charges, even if unforeseen or extraordinary, imposed upon or assessed against or which that may become a material lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). , except where the validity or amount thereof is being contested in good faith and by proper proceedings, so long as Mortgagor shall within 30 days after maintains adequate reserves (in the request good faith judgment of Mortgagee deliver the management of the Borrower) with respect thereto in accordance with GAAP and the failure to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is pay could not reasonably be expected to result in a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such ImpositionMaterial Adverse Effect. If by law any Imposition, at Mortgagor's option, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwiseMortgagee, following the occurrence and during the continuance of an Event of Default, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness Secured Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Credit Agreement (Health Management Associates Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, On or prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature imposed upon or assessed against or which may become a lien on any of the Mortgaged Property (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the Upon request of Mortgagee Mortgagee, Mortgagor shall, within ten (10) days, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without demand but with five (5) days’ notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or extending Mortgagor’s covenant to pay any such Imposition at the time and in the manner provided in this Section 4 unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or object to such Imposition, (ii) the legal proceedings could not reasonably be entitled expected to receive result in the sale, forfeiture or loss of the Mortgaged Property, or any credit material part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall (A) establish reserves in conformity with GAAP with respect thereto on Mortgagor’s books or credits toward (B) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee, in each case in the satisfaction amount of this Mortgage or on the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as may be expressly permitted under the Credit Agreement, Mortgagor, but in no event prior to delinquency, promptly when due, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall Unless the Impositions are then in the process of being contested in accordance with Section 3(c) below, within 30 days after the of a request of Mortgagee by Beneficiary, Grantor shall deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(bA) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) payable within 30 days of a charge on request by Grantor to Trustee or Beneficiary, as the Premises secured hereby prior to any right or title tocase may be, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(cB) Mortgagor Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or be entitled extending Grantor's covenant to receive pay any credit such Imposition at the time and in the manner provided in this Section unless (i) Grantor has given prior written notice to Beneficiary of Grantor's intent so to contest or credits toward object to an Imposition which exceeds, either individually or the satisfaction aggregate of this Mortgage each such contested Imposition, for any individual parcel or grouping of related parcels, $1,000,000 and, (ii) the legal proceedings operate conclusively to prevent the sale of the Trust Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Grantor shall either (x) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Beneficiary or (y) maintain adequate reserves in accordance with GAAP on Grantor's books, in each case in the amount of the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Trust Property.
Appears in 1 contract
Samples: Credit Agreement (Donnelley R H Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto of imposed, the Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies amount thereof is being contested in good faith by appropriate proceedings, which the Mortgagee determines suspends the obligation to pay the Imposition and that non-payment thereof will not result in forfeiture, sale, loss or diminution of receipted bills and cancelled checks or other evidence any interest of payment of such Imposition if it is a real estate tax or other public charge the Mortgagee in the Mortgaged Property and (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP, which reserves shall include reasonable additional sums to cover possible interest, costs, and penalties; PROVIDED, HOWEVER, that the Mortgagor shall promptly cause to be paid any amount adjudged by a court of competent jurisdiction to be due, with all interest, costs and penalties thereon, promptly after such judgment becomes final (and, subject to the Mortgagee's rights and remedies during an Event of Default and subject to any provisions set forth in the Loan Agreement and the other Loan Documents to the contrary, the Mortgagee shall make any sum deposited in such reserve available for such payment); and provided, further, that, in all events, Impositions, interest costs and penalties shall be paid prior to the date any writ or order is issued under which the Mortgaged Property may be sold, lost or forfeited. Upon request by the Mortgagee, the Mortgagor shall deliver to the Mortgagee evidence reasonably acceptable to the Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at the Mortgagor's option, may without penalty or premium be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), the Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of the Mortgagee under this Mortgage or otherwise, without notice or demand to the Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Overdue Rate. Any sums paid by the Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by the Mortgagor to the Mortgagee together with interest at the Default Overdue Rate as set forth above.
(c) As of the date hereof, the Mortgagor shall represents and warrants that the Mortgagor (i) has filed all federal, state, commonwealth, county, municipal and city income and other material tax returns required to have been filed by it and has paid all taxes and other impositions which have become due or pursuant to any assessments or charges received by it, (ii) does not claimknow of any basis for any additional assessment or charge in respect of any such taxes or other Impositions, demand and (iii) has paid in full all sums owing or be entitled to receive any credit claimed for labor, material, supplies, personal property (whether or credits toward the satisfaction not forming an Improvement hereunder) and services of this Mortgage every kind and character used, furnished or installed in or on any interest payable thereon the Mortgaged Property that are now due and owing and no claim for any taxessame exists or will be permitted to be created, except such claims as may arise in the ordinary course of business and that are not yet past due.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under Prior to the Credit Agreementdate on which any fine, Mortgagorpenalty, prior to delinquencyinterest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under may be otherwise provided in the Credit Agreement, and subject to Mortgagor’s right to contest same, prior to delinquency, Mortgagor shall pay and discharge all taxes material taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or against, and in each case which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any..
(b) Nothing Subject to the terms of the Credit Agreement, nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdelinquent (unless Mortgagor is in compliance with clause (a) of this Section 3 in connection with such delinquency), and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on written demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes.
Appears in 1 contract
Samples: Credit Agreement (Peak Resorts Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Grantor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”), except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, and (ii) the Grantor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Mortgagor Upon request by Grantee, Grantor shall within 30 days after the request of Mortgagee Grantee, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other Grantee evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion Grantee showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Grantee under this Mortgage Deed or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Grantee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Grantee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon 8 7 or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Mortgagor shall demonstrate to Mortgagee's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
Appears in 1 contract
Samples: Mortgage (Telex Communications Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”), except where the validity or amount thereof is being contested in accordance with the provisions of the Revolving Credit Agreement. Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee Mortgagee, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward against the satisfaction Obligations by reason of this Mortgage or on any interest payable thereon for any taxesthe payment of Impositions.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(csubsection 2.15(c) of the Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Mortgagor shall demonstrate to Mortgagee's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Mortgagor, Mortgagee during the continuance of an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds but Mortgagor shall be entitled to interest thereon at a rate mutually agreed upon by Mortgagor and Mortgagee.
Appears in 1 contract
Samples: Mortgage, Assignment of Rent & Security Agreement (Day International Group Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall Grantor shall, within 30 days after the a request of Mortgagee by Beneficiary, deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Grantor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Grantor has given prior written notice to Beneficiary of Grantor's intent so to contest or object to an Imposition,
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Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, MortgagorGrantor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor Grantor shall within 30 days after the request of Mortgagee Beneficiary deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee Beneficiary in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Grantor, Beneficiary during the continuance of an Event of Default (as defined below) shall be entitled to require Grantor to pay monthly in advance to Beneficiary the equivalent of 1/12th of the estimated annual Impositions. Beneficiary may commingle such funds with its own funds but Grantor shall be entitled to interest thereon at a rate mutually agreed upon by Grantor and Beneficiary.
Appears in 1 contract
Samples: Deed of Trust (Ev International Inc)
Payment of Taxes and Other Impositions. (a1) Except as expressly permitted under Prior to the Credit Agreementdate on which any fine, Mortgagorpenalty, prior to delinquencyinterest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(ba) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Table of Contents Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
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Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Trustor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the Upon reasonable request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) Beneficiary, Trustor shall provide evidence acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein Trustor shall affect have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or remedy of Mortgagee under this Mortgage construed in any way as relieving, modifying, or otherwise, without notice or demand to Mortgagor, extending Trustor’s covenant to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from at the time of payment at and in the rate of interest described manner provided in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be this Section 4 unless (i) a charge on the Premises secured hereby Trustor has given prior written notice to any right Beneficiary of Trustor’s intent so to contest or title toobject to an Imposition, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand Trustor shall demonstrate to Beneficiary’s satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Trustor shall furnish a good and sufficient bond or surety as requested by Mortgagor and reasonably satisfactory to Mortgagee together with interest at Beneficiary in the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward amount of the satisfaction of this Mortgage or on Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under To the extent required in the Credit Agreement, Mortgagor, promptly prior to delinquencythe time when same become delinquent and before any interest or penalties accrue thereon or attach thereto, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxestaxes imposed upon or assessed against the Mortgaged Property), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other reasonably satisfactory evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Credit and Guarantee Agreement (Warren S D Co /Pa/)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed (excluding any discount period), Grantor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts property taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor If there is an Event of Default which is continuing, Grantor shall within 30 thirty (30) days after the request of Mortgagee each due date deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, If the Grantor has failed to pay any an Imposition after within thirty (30) days prior to the date that the same is due (unless Grantor is contesting the same pursuant to a proceeding brought by Grantor in accordance with the terms set forth in Section 5(c) below), Beneficiary upon five (5) Business Days prior written notice (unless Beneficiary reasonably determines that failure to sooner pay such amount could adversely affect Beneficiary’s interest in the Trust Property, in which case no notice shall be required) to Grantor may pay any such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the at any time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")thereafter. Any sums paid by Mortgagee Beneficiary in discharge of any Impositions pursuant to this Section 5(b) shall be payable on demand by Grantor to Beneficiary and the amount so paid shall be added to the Obligations. Any sums paid by Beneficiary in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Beneficiary together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any material Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or be entitled extending Grantor’s covenant to receive pay any credit such Imposition at the time and in the manner provided in this Section unless (i) Grantor has given prior written notice to Beneficiary of Grantor’s intent so to contest or credits toward object to a material Imposition, (ii) Grantor shall demonstrate to Beneficiary’s reasonable satisfaction that the satisfaction legal proceedings shall operate conclusively to prevent the sale of this Mortgage the Trust Property, or any part thereof, to satisfy such material Imposition prior to final determination of such proceedings and (iii) Grantor shall either (x) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Beneficiary or (y) maintain adequate reserves in conformity with GAAP on Grantor’s books, in each case in the amount of the material Imposition which is being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Trust Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled canceled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any. To the best knowledge of Mortgagee, there is no proposed tax assessment against Mortgagor or the Real Estate which would, if the assessment were made, would have a Material Adverse Effect upon the value of the Real Estate or the Mortgaged Property.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Mortgagor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent so to contest or object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee's satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a lien against the Real Estate or any part of the Mortgaged Property.
(e) Upon written notice to Mortgagor, Mortgagee after an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds and Mortgagor shall not be entitled to interest thereon.
Appears in 1 contract
Samples: Mortgage (Astrex Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”), except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, and (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee Mortgagee, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward against the satisfaction Obligations by reason of this Mortgage or on any interest payable thereon for any taxesthe payment of Impositions.
Appears in 1 contract
Samples: Credit Agreement (Hertz Corp)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreementset forth in paragraph (d) below, Mortgagorpromptly when due, prior to delinquency, Grantor shall pay and discharge all taxes relating to the ownership and use of every kind and nature the Real Estate (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits transfer and gross receipts gains taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor Upon request by Beneficiary, Grantor shall within 30 days after the request of Mortgagee deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing Except as set forth in paragraph (d) below, nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition (or installments thereof, if Grantor elected to pay in installments as above provided) shall have become delinquentdue, and to add to the Indebtedness Term Loan Secured Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) Grantor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Grantor’s covenant to pay any such Imposition at the time and in the manner provided in this Section unless (x)
(i) Grantor has given prior written notice to Beneficiary of Grantor’s intent so to contest or object to an Imposition, (ii) Grantor shall demonstrate to Beneficiary’s reasonable satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Trust Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Grantor shall furnish a good and sufficient bond or surety or other security reasonably satisfactory to Beneficiary in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a charge against the Real Estate or any part of the Trust Property or (y) such Imposition is of a type that is permitted under Section 11.3 of the Credit Agreement.
(e) Upon written notice to Grantor, Beneficiary after the occurrence and during the continuance of an Event of Default (as defined below) shall be entitled to require Grantor to pay monthly in advance to Beneficiary the equivalent of 1/12th of the estimated annual Impositions. Beneficiary may commingle such funds with its own funds and Grantor shall not be entitled to interest thereon.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Grantor shall pay prior to delinquency, shall pay delinquency any and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyTrust Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien charge on any of the Mortgaged PropertyTrust Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor shall , and procure and deliver to Beneficiary within 30 thirty (30) days after Beneficiary shall have given a written request to Grantor, evidence satisfactory to Beneficiary of the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of timely payment of such all Impositions; provided, however, that Grantor shall not be required to pay any Imposition if it is a real estate tax the amount, applicability or other public charge and (ii) evidence acceptable validity thereof shall currently be contested in good faith by appropriate proceedings. Should Grantor fail to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law pay any Imposition, at Mortgagor's optionthen Beneficiary, without obligation to do so and without notice to or demand upon Grantor and without releasing Grantor from any obligation hereof, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentpast due, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment thereon at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Interest rate. Any sums paid by Mortgagee in Mortgage Trustee or Beneficiary to discharge of any Impositions Impositions, together with any interest charged thereupon, shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien charge of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveDeed of Trust.
(cb) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Estate or any part thereof, and shall not claim, to the extent any such claim could materially affect the lien of this Deed of Trust, any deduction from the taxable value of the Trust Estate by reason of this Deed of Trust.
Appears in 1 contract
Samples: Indenture (Tesoro Petroleum Co Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under by subsection 6.3 of the Credit Agreement, Mortgagorpromptly when due, prior to delinquency, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor Grantor shall within 30 days after the request of Mortgagee each due date deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) After an Event of Default (as defined below), Beneficiary shall be entitled to require Grantor to pay monthly in advance to Beneficiary the equivalent of 1/12th of the estimated annual Impositions. Beneficiary may commingle such funds with its own funds and Grantor shall not be entitled to interest thereon.
(e) Grantor shall have the right to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving or modifying Grantor's covenant to pay any such Imposition in the manner provided in this Section unless (i) Grantor has given prior written notice to Beneficiary of Grantor's intent so to contest or object to an Imposition,
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Upon reasonable request of Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) provide evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein Mortgagor shall affect have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or remedy of Mortgagee under this Mortgage construed in any way as relieving, modifying, or otherwise, without notice or demand to extending Mortgagor, ’s covenant to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from at the time of payment at and in the rate of interest described manner provided in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be this Section 4 unless (i) a charge on the Premises secured hereby Mortgagor has given prior written notice to any right Mortgagee of Mortgagor’s intent so to contest or title toobject to an Imposition, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor shall demonstrate to Mortgagee together with interest at Mortgagee’s satisfaction that the Default Rate as set forth above.
legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (ciii) Mortgagor shall not claim, demand furnish a good and sufficient bond or be entitled surety as requested by and reasonably satisfactory to receive any credit or credits toward Mortgagee in the satisfaction amount of this Mortgage or on the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
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Payment of Taxes and Other Impositions. (a) Except as expressly may be permitted under by the Credit Agreement, MortgagorGrantor shall, prior to delinquencythe date on which any fine, shall penalty, interest or cost may be added thereto or imposed, pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for and assessments under any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, all vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which that may become a material lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after , except where the request validity or amount thereof is being contested in good faith and by proper proceedings, so long as Grantor maintains adequate reserves (in the good faith judgment of Mortgagee deliver the management of the Borrower) with respect thereto in accordance with GAAP and the failure to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is pay could not reasonably be expected to result in a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such ImpositionMaterial Adverse Effect. If by law any Imposition, at Mortgagor's option, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any; provided that all taxes with respect to the Real Estate will be paid pursuant to the terms of the Credit Agreement.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, following the occurrence and during the continuance of an Event of Default, without notice or demand to MortgagorGrantor, to pay any Imposition before or at any time after the date such Imposition shall have become delinquent, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge lien on the Premises Real Estate secured hereby prior to any right or title to, interest in, or claim upon the Premises Real Estate subordinate to the lien and security title of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Credit Agreement (Health Management Associates Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Upon reasonable request of Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) provide evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein Mortgagor shall affect have the right before any delinquency occurs to contest or object in good faith to the amount or, validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or remedy of Mortgagee under this Mortgage construed in any way as relieving, modifying, or otherwise, without notice or demand to extending Mortgagor, ’s covenant to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from at the time of payment at and in the rate of interest described manner provided in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be this Section 4 unless (i) a charge on the Premises secured hereby Mortgagor has given prior written notice to any right Mortgagee of Mortgagor’s intent so to contest or title toobject to an Imposition, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor shall demonstrate to Mortgagee together with interest at Mortgagee’s satisfaction that the Default Rate as set forth above.
legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (ciii) Mortgagor shall not claim, demand furnish a good and sufficient bond or be entitled surety as requested by and reasonably satisfactory to receive any credit or credits toward Mortgagee in the satisfaction amount of this Mortgage or on the Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
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Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) evidence acceptable the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee in its reasonable discretion showing the evidence reasonably sufficient to establish payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes Taxes of every kind and nature (including, without limitation, all real taxes, payments in lieu of taxes, and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxesfees), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled canceled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition.
(e) Upon written notice to Mortgagor, Mortgagee after and during the occurrence of an Event of Default (as defined below) shall be entitled to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds and Mortgagor shall not be entitled to interest thereon.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all real property taxes and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special real property assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). If there is an Event of Default which is continuing, Mortgagor shall within 30 thirty (30) days after the request of Mortgagee each due date deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, If the Mortgagor has failed to pay an Imposition within thirty (30) days of when it is due, Mortgagee with notice to Mortgagor may pay any Imposition after the date such Imposition at any time thereafter. Any sums paid by Mortgagee in discharge of any Impositions shall have become delinquent, be payable on demand by Mortgagor to Mortgagee and to add to the Indebtedness the amount so paid, together with interest from paid shall be added to the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Obligations. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises Mortgaged Property secured hereby prior to any right or title to, interest in, or claim upon the Premises Mortgaged Property subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed with respect to any material Imposition, demand in any way as relieving, modifying, or be entitled extending Mortgagor’s covenant to receive pay any credit such material Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or credits toward object to a material Imposition, and (ii) Mortgagor shall either (x) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee or (y) maintain adequate reserves in conformity with GAAP on Mortgagor’s books, in each case in the satisfaction amount of this Mortgage or on the material Imposition which is being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Mortgagor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Upon request by Mortgagee, Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled canceled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) . Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness Secured Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises Mortgaged Property secured hereby prior to any right or title to, interest in, or claim upon the Premises Mortgaged Property subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) . Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage. Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending Mortgagor's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent so to contest or object to an Imposition, (ii) Mortgagor shall demonstrate to Mortgagee's satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Mortgagor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a lien against the Mortgaged Property or any other part of the Mortgaged Property. Upon written notice to Mortgagor, Mortgagee, after an occurrence of an Event of Default, shall be entitled, unless and until such acceleration is rescinded, to require Mortgagor to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee may commingle such funds with its own funds and Mortgagor shall not be entitled to interest thereon.
Appears in 1 contract
Samples: Indenture (Bayou Steel Corp)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts property taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). If there is an Event of Default which is continuing, Mortgagor shall within 30 days after the request of Mortgagee each due date deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonable acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, prior Prior to delinquency, Mortgagor shall pay and discharge (unless contested in good faith as set forth in Section 4(c) herein) all taxes of every kind and nature imposed upon or assessed against or which may become a lien on any of the Mortgaged Property (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water water, gas, electricity, steam and sewer rents and charges, vault taxes, excises, rates and charges and all other public and governmental charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereofor activity conducted on the Mortgaged Property, or all lawful claims for labor, materials and supplies that, which at any time, if unpaid, may become a Lien on the Mortgaged Property, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee at any time upon request, deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without demand but with simultaneous notice or demand to Mortgagor, to pay pay, upon the occurrence and during the continuation of any Event of Default, any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")due. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or extending Mortgagor’s covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) the legal proceedings would not reasonably be entitled expected to receive result in the sale, forfeiture or loss of the Mortgaged Property, or any credit material part thereof, to satisfy such Imposition prior to final determination of such proceedings and (ii) Mortgagor shall (A) establish reserves in conformity with GAAP with respect thereto on Mortgagor’s books or credits toward the satisfaction of this Mortgage (B) furnish a good and sufficient bond or on surety as required in connection with any interest payable thereon for any taxessuch proceeding.
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Payment of Taxes and Other Impositions. (a) Except 4.1 This Lease is and shall be construed as expressly permitted a “net-net” Lease and Landlord shall receive all rents and all other payments to be made by Tenant under the Credit Agreementterms of this Lease free from any charges, Mortgagorassessments, prior to delinquencyimpositions, expenses or deductions of any nature whatsoever levied during the term hereof. Tenant shall pay pay, as additional rent, all real estate taxes, special assessments or other ad valorem taxes, water charges, and discharge all taxes other governmental charges, general and special, ordinary and extraordinary, of every any kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon whatsoever levied or assessed against or upon the Leased Land or upon the Building or any other improvements on the Leased Land, or any of them during the term of this Lease. Real estate taxes for 1975 and 1976 (payable in 1976 and 1977 respectively), and the last year of the term, shall be prorated between Landlord and Tenant on the basis of the actual tax bxxx for such year when issued and the period of time prior to the commencement of the term or, in the case of the end of the term, the period of time after the end of the term. Tenant shall pay all such taxes or other impositions before the same become delinquent or before any penalty attaches for non-payment thereof. Landlord agrees to file for a tax division if necessary, to divide the Leased Land from other property which may become be included in a lien on any of the Mortgaged Propertytax bxxx. Prior to such division, or arising in respect of the occupancyevent for any reason such division is not accomplished, use or possession thereofthe taxes shall be equitably adjusted between the Leased Land and such other property based on the respective fair market values thereof and Landlord agrees to pay all taxes for such other property before the same become delinquent. If Landlord fails to pay such taxes on such other land, together with Tenant may pay them and deduct the amount paid from rent due to Landlord.
4.2 If, by law, any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, imposition is payable or may be paid in installments (whether or not the interest shall accrue on the unpaid balance of such Impositionassessment for local improvements and betterments payable by Tenant hereunder), Mortgagor Tenant may elect pay the same (and any accrued interest on the unpaid balance of such imposition) in installments and in such event shall pay each such installment as may become due during the term of this Lease before the date when such installment would become delinquent, but shall have no obligation to pay such Imposition in such installments due after or before the commencement or termination of the term of this Lease.
4.3 Tenant may contest the validity or amount of any tax or other imposition and shall give Landlord written notice such fact. Tenant shall not be responsible in default hereunder for the payment nonpayment of such installments with interesttax or imposition as long as Tenant is contesting the same in good faith and provided that the same is paid prior to the time any action is taken to declare a forfeiture for nonpayment thereof. Any such contest may be made in Landlord’s name and Landlord agrees to reasonably cooperate therein, if anybut without expense to Landlord. Tenant shall be entitled to any refund of any taxes or other impositions which have been paid by or on behalf of Tenant under this Lease.
(b) 4.4 Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand be construed to Mortgagor, require Tenant to pay any Imposition after franchise, capital stock, inheritance, transfer tax or income tax assessed or levied against Landlord or against the date such Imposition shall have become delinquent, rentals payable under this Lease or against the partners constituting Landlord.
4.5 Landlord agrees to pay all taxes and to add other impositions assessed or levied against the Leased Land for any period prior to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) commencement of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien term of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveLease.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under Prior to the Credit Agreementdate on which any fine, Mortgagorpenalty, prior to delinquencyinterest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) the Mortgagor has set aside on its books adequate reserves with respect thereto in accordance with, and if required by, GAAP, or except as would not have a Material Adverse Effect. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) . Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, to pay any Imposition after if the date such Imposition shall have become delinquentsame is not paid in accordance with Section 5(a) above, and to add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under Before they become -------------------------------------- delinquent, the Credit Agreement, Mortgagor, prior to delinquency, Company shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxestaxes and PILOT payments), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor The Company shall within 30 10 business days after the request of by Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagorthe Company's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor the Company may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagorthe Company, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described set forth in paragraph 4.1(cSection 2.6(c) of the Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor the Company to Mortgagee together with interest at the Default Rate as set forth above.
(c) Mortgagor The Company shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxestaxes assessed against the Mortgaged Property or any part thereof, and shall not claim any deduction from the taxable value of the Mortgaged Property by reason of this Mortgage.
(d) The Company shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed in any way as relieving, modifying, or extending the Company's covenant to pay any such Imposition at the time and in the manner provided in this Section unless (i) the Company has given prior written notice to Mortgagee of the Company's intent so to contest or object to an Imposition, (ii) the Company shall demonstrate to Mortgagee's reasonable satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Mortgaged Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) the Company shall furnish a good and sufficient bond or surety or other security as requested by and reasonably satisfactory to Mortgagee in the amount of the Impositions which are being contested plus any interest and penalty which may be imposed thereon and which could become a lien against the Real Estate or any part of the Mortgaged Property.
(e) Upon notice to the Company, Mortgagee after an Event of Default (as defined below) shall be entitled to require the Company to pay monthly in advance to Mortgagee the equivalent of 1/12th of the estimated annual Impositions. Mortgagee shall keep such funds in a separate escrow account, and the Company shall not be entitled to interest thereon. Mortgagee shall use such funds to pay the Impositions as they become due and any funds remaining may be applied by Mortgagee, in its sole discretion, to the Indebtedness in the reverse order of the amortization payments required by the Credit Agreement.
Appears in 1 contract
Samples: Mortgage and Security Agreement (V I Technologies Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, MortgagorGrantor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor Grantor shall within 30 days after the request of Mortgagee Beneficiary deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) subsection ___ of the Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
Appears in 1 contract
Samples: Credit Agreement (Ddi Corp)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, MortgagorGrantor, prior to delinquency, shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONSImpositions"). Mortgagor Grantor shall within 30 days after the request of Mortgagee Beneficiary deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee Beneficiary in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(csubsection 2.15(c) of the Credit Agreement (the "DEFAULT RATEDefault Rate"). Any sums paid by Mortgagee Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Beneficiary together with interest at the Default Rate as set forth above.
(c) Mortgagor Grantor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage Deed of Trust or on any interest payable thereon for any taxestaxes assessed against the Trust Property or any part thereof, and shall not claim any deduction from the taxable value of the Trust Property by reason of this Deed of Trust.
(d) Grantor shall have the right pursuant to subsection 7.3 of the Credit Agreement to contest in good faith to the amount or validity of any Imposition by appropriate proceedings diligently conducted with reserves in conformity with GAAP, provided that Grantor shall demonstrate to Beneficiary's reasonable satisfaction that such proceedings shall operate conclusively to prevent the sale of the Trust Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings.
(e) Upon written notice to Grantor, Beneficiary during the continuance of an Event of Default (as defined below) shall be entitled to require Grantor to pay monthly in advance to Beneficiary the equivalent of 1/12th of the estimated annual Impositions. Beneficiary may commingle such funds with its own funds but Grantor shall be entitled to interest thereon at a rate mutually agreed upon by Grantor and Beneficiary.
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Payment of Taxes and Other Impositions. (a) Except as expressly permitted under by Section 7.12 of the Credit Agreement, Mortgagor, promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all real property taxes and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes)nature, all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Property, all general and special real property assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). If there is an Event of Default which is continuing, Mortgagor shall within 30 thirty (30) days after the request of Mortgagee each due date deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, . • If the Mortgagor has failed to pay an Imposition within thirty (30) days of when it is due, Mortgagee with notice to Mortgagor may pay any Imposition after the date such Imposition at any time thereafter. Any sums paid by Mortgagee in discharge of any Impositions shall have become delinquent, be payable on demand by Mortgagor to Mortgagee and to add to the Indebtedness the amount so paid, together with interest from paid shall be added to the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Obligations. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises Mortgaged Property secured hereby prior to any right or title to, interest in, or claim upon the Premises Mortgaged Property subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate Rate. • Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or construed with respect to any material Imposition, in any way as set forth above.
relieving, modifying, or extending Mortgagor’s covenant to pay any such material Imposition at the time and in the manner provided in this Section unless (ci) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or object to a material Imposition, and (ii) Mortgagor shall not claimeither (x) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee or (y) maintain adequate reserves in conformity with GAAP on Mortgagor’s books, demand or be entitled to receive any credit or credits toward in each case in the satisfaction amount of this Mortgage or on the material Imposition which is being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due or prior to delinquencythe date on which any fine, penalty, interest or cost may be added thereto or imposed, Mortgagor shall pay and discharge all taxes taxes, charges and assessments of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts property taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). If there is an Event of Default which is continuing, Mortgagor shall within 30 thirty (30) days after the request of Mortgagee each due date deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence acceptable to Mortgagee in its reasonable discretion showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's ’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of If the Mortgagee under this Mortgage or otherwise, without notice or demand to Mortgagor, has failed to pay an Imposition within thirty (30) days of when it is due, Mortgagee with notice to Mortgagor may pay any Imposition after the date such Imposition at any time thereafter. Any sums paid by Mortgagee in discharge of any Impositions shall have become delinquent, be payable on demand by Mortgagor to Mortgagee and to add to the Indebtedness the amount so paid, together with interest from paid shall be added to the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Obligations. Any sums paid by Mortgagee in discharge of any Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand by Mortgagor to Mortgagee together with interest at the Default Rate as set forth aboveRate.
(c) Mortgagor shall have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any material Imposition by appropriate legal proceedings, but such right shall not claimbe deemed or construed in any way as relieving, demand modifying, or be entitled extending Mortgagor’s covenant to receive pay any credit such Imposition at the time and in the manner provided in this Section unless (i) Mortgagor has given prior written notice to Mortgagee of Mortgagor’s intent so to contest or credits toward object to a material Imposition, (ii) Mortgagor shall demonstrate to Mortgagee’s satisfaction that the satisfaction legal proceedings shall operate conclusively to prevent the sale of this Mortgage the Mortgaged Property, or any part thereof, to satisfy such material Imposition prior to final determination of such proceedings and (iii) Mortgagor shall either (x) furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Mortgagee or (y) maintain adequate reserves in conformity with GAAP on Mortgagor’s books, in each case in the amount of the material Imposition which is being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the Mortgaged Property.
Appears in 1 contract
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit Agreement, Mortgagor, Promptly when due but in any event prior to delinquency, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Trust Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Trust Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"). Mortgagor Upon request by Beneficiary, Grantor shall within 30 days after the request of Mortgagee deliver to Mortgagee Beneficiary (i) original or copies of receipted bills and cancelled checks or other evidence of evidencing payment of such Imposition if it is a real estate tax or other public charge and (ii) evidence reasonably acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at MortgagorGrantor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such 161 7 Imposition), Mortgagor Grantor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee Trustee or Beneficiary under this Mortgage Deed of Trust or otherwise, without notice or demand to MortgagorGrantor, to pay any Imposition after the date such Imposition shall have become delinquentdue, and to add to the Indebtedness the amount so paid, together with interest from the time of payment at the rate Default Rate. Beneficiary shall give Grantor notice of interest described in paragraph 4.1(c) its intent to pay any Impositions unless an Event of the Credit Agreement (the "DEFAULT RATE")Default has occurred and is continuing. Any sums paid by Mortgagee Trustee or Beneficiary in discharge of any Impositions shall be (i) a charge on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this MortgageDeed of Trust, and (ii) payable on demand by Mortgagor Grantor to Mortgagee Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
Appears in 1 contract
Samples: Credit Agreement (Campfire Inc)
Payment of Taxes and Other Impositions. (a) Except as expressly permitted under the Credit AgreementPromptly when due, Mortgagor, prior to delinquency, Grantor shall pay and discharge all taxes of every kind and nature (including, without limitation, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all charges for any easement or agreement maintained for the benefit of any of the Mortgaged Collateral Property, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, vault taxes, and all other public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged Collateral Property, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to as the "IMPOSITIONS"“Impositions”). Mortgagor shall within 30 days after the Upon reasonable request of Mortgagee deliver to Mortgagee (i) original or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it is a real estate tax or other public charge and (ii) Beneficiary, Grantor shall provide evidence acceptable to Mortgagee in its reasonable discretion Beneficiary showing the payment of any other such Imposition. If by law any Imposition, at Mortgagor's option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein Grantor shall affect have the right before any delinquency occurs to contest or object in good faith to the amount or validity of any Imposition by appropriate legal proceedings, but such right shall not be deemed or remedy of Mortgagee under this Mortgage construed in any way as relieving, modifying, or otherwise, without notice or demand to Mortgagor, extending Grantor’s covenant to pay any Imposition after the date such Imposition shall have become delinquent, and to add to the Indebtedness the amount so paid, together with interest from at the time of payment at and in the rate of interest described manner provided in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE"). Any sums paid by Mortgagee in discharge of any Impositions shall be this Section 4 unless (i) a charge on the Premises secured hereby Grantor has given prior written notice to any right Beneficiary of Grantor’s intent so to contest or title toobject to an Imposition, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on demand Grantor shall demonstrate to Beneficiary’s satisfaction that the legal proceedings shall operate conclusively to prevent the sale of the Collateral Property, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings and (iii) Grantor shall furnish a good and sufficient bond or surety as requested by Mortgagor and reasonably satisfactory to Mortgagee together with interest at Beneficiary in the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward amount of the satisfaction of this Mortgage or on Impositions which are being contested plus any interest payable and penalty which may be imposed thereon for and which could become a lien against the Real Estate or any taxespart of the. Collateral Property.
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Payment of Taxes and Other Impositions. (a) Except as expressly permitted under Prior to the Credit Agreementdate on which any fine, Mortgagorpenalty, prior to delinquencyinterest or cost may be added thereto or imposed, Mortgagors shall pay and discharge all taxes material taxes, material charges and material assessments of every kind and nature (including, without limitationnature, all real and personal property, income, franchise, withholding, transfer, gains, profits and gross receipts taxes), all material charges for any easement or agreement maintained for the benefit of any of the Mortgaged PropertyReal Estate, all material general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges charges, and all other material public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Mortgaged PropertyReal Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on any of the foregoing (all of the foregoing are collectively referred to herein as the "IMPOSITIONS"). Mortgagor shall within 30 days after the request of Mortgagee deliver to Mortgagee “Impositions”) , except where (i) original the validity or copies of receipted bills and cancelled checks or other evidence of payment of such Imposition if it amount thereof is a real estate tax or other public charge being contested in good faith by appropriate proceedings, and (ii) the Mortgagors have set aside on their books adequate reserves with respect thereto in accordance with GAAP . Upon request by Mortgagee, Mortgagors shall deliver to Mortgagee evidence reasonably acceptable to Mortgagee in its reasonable discretion showing the payment (if any made in respect) of any other such Imposition. If by law any Imposition, at Mortgagor's Mortgagors’ option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Mortgagor Mortgagors may elect to pay such Imposition in such installments and shall be responsible for the payment of such installments with interest, if any.
(b) Nothing herein shall affect any right or remedy of Mortgagee under this Mortgage or otherwise, without notice or demand to MortgagorMortgagors, to pay any Imposition after the date such Imposition shall have become delinquentdelinquent except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, and to (ii) Mortgagors have set aside on its books adequate reserves with respect thereto in accordance with GAAP, and add to the Indebtedness Obligations the amount so paid, together with interest from the time of payment at the rate of interest described in paragraph 4.1(c) of the Credit Agreement (the "DEFAULT RATE")Default Rate. Any sums paid by Mortgagee in discharge of any such Impositions shall be (i) a charge lien on the Premises secured hereby prior to any right or title to, interest in, or claim upon the Premises subordinate to the lien of this Mortgage, and (ii) payable on within ten (10) Business Days of demand by Mortgagor Mortgagors to Mortgagee Mortgagee, as the case may be, together with interest at the Default Rate as set forth above.
(c) Mortgagor shall not claim, demand or be entitled to receive any credit or credits toward the satisfaction of this Mortgage or on any interest payable thereon for any taxes
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